Guide to Mining
|IRC Support Group: (Server: irc.herbsters.com Port: 6667) (Channel: #altcoins, #bitcoin)|
|Things to know before we get started...|
|Your work is done in shifts. You are paid when blocks are found.|
|To learn more about the blockchain rewards and hash power - [Click Here]|
|Top 100 Coins by Volume - [Click Here]|
|ASIC (Application-specific integrated circuit)|
|Bitmain Antminer V9||SHA-256||04||Bitcoin, BitcoinCash||notes|
|Bitmain Antminer S7||SHA-256||04.730||Bitcoin, BitcoinCash||notes|
|Bitmain Antminer T9+||SHA-256||10.5||Bitcoin, BitcoinCash||notes|
|Bitmain Antminer S9||SHA-256||13.5||Bitcoin, BitcoinCash||notes|
|Bitmain Antminer S11||SHA-256||19||Bitcoin, BitcoinCash||notes|
|Bitmain Antminer T15||SHA-256||23||Bitcoin, BitcoinCash||notes|
|Bitmain Antminer S15||SHA-256||28||Bitcoin, BitcoinCash||notes|
|Bitmain Antminer S17||SHA-256||52||Bitcoin, BitcoinCash||notes|
|otherb mining pool|
|ASIC Miner (sha256d) - otherb BitcoinCash pool - http://bch.herbsters.com [Click Here]|
|You will need a wallet to trade from currency to coin. - [Click Here]|
- Go sign up for an account.
- Plug in the power cords to the hash boards and controller board.
- Connect your ethernet cord to your miner and then to your router.
- Configure the miner configuration with your choice of pools.
Set your account user and worker in the miner configuration.
|http://slushpool.com||SHA256D||Bitcoin||daily||first mining pool|
|http://btc.com||SHA256D||Bitcoin, BitcoinCash||daily||switch between coins with one click|
|http://kano.is||SHA256D||Bitcoin||1-4 days on average||PPLNS|
|http://bitminter.com||SHA256D||Bitcoin||Monthly||based on last 10 shifts|
|http://coinfoundry.org||SHA256D||Bitcoin, BitcoinCash, LitecoinCash||Monthly|
- Your choice of ASIC (Application-specific integrated circuit) miner and PSU (Power Supply Unit) combinations.
- Purchase from the otherb part catalog - (Bitmain S9, T9+).
- bitmain.com is the manufatuer of ASIC miners.
- ebay.com is a great place to find new and used ASIC miners.
- You need one power supply for each unit you run do not cross cables with multiple devices (one psu for each miner).
|You will need..|
- A standard or heavy duty power cable connection which can maintain 1600W for a Power Supply Unit for your ASIC miner. - [Click Here]
- Fast and stable ethernet internet connection.
- An IP Address to assign to the device once online with the ethernet network cable, DHCP or Static.
- USD to coin wallet to receive and convert your coins; we recommend Coinbase - [Click Here]
- Login access to a pool with username and workers.
- You will need to change the root password on your device once logged in. The default username (root) and password (root).
- The default IP Configuration is DHCP; your router web portal find the device in the list of active ethernet connections to change ip, pool settings..
|Connecting to a mining pool...|
- BitcoinCash Stratum Mining Pool (sha256d) - http://bch.herbsters.com
- Set the miner configurations (address, user.worker, password) and your mining!
- (General Pool) [Click Here]
|What is essentially happenening within the pool...|
- You are creating and stacking blocks in a blockchain.
- When a blockchain is full and your at or near the difficulty rating a block is rewarded to the pool.
- Once received a block the effort of each user in the pool is paid in bitcoin to a wallet the percentage of earnings of effort for this block.
- You will need a wallet to convert USD and coins. - [Wallet]
|Things to do in the time waiting for the delivery of your ASIC Miner and Power Supply Unit...|
- Sign up for a coin wallet to receive and convert your coins this is the address earnings will be recieved at Coinbase - [Click Here]
- The Coinbase wallet now offers transfers withdrawl to paypal.
- Optional: Prepaid debit card with banking and routing numbers link your Coinbase account to buy and sell; we recommend Account Now - [Click Here].
Blockchain & Hashing
|Top 100 Coins by Volume - [Click Here]|
|Your work is done in shifts.|
|You are paid when blocks are found.|
|When someone mining in the pool finds a block you get paid.|
|Your share of the coins from the block depends on your share of the work done.|
|The world most trusted all-in-one crypto company. A blockchain is a growing list of records called blocks, which are linked using cryptography has of the previous block, a timestamp and transaction data (generally represented as a merkle tree root hash.)|
The block reward simply refers to the new coins distributed by the network to miners for each successfully solved block. In Bitcoin the miner that successfully finds a block is rewarded 12.5 BTC for their efforts. In May 2020 the reward for Bitcoin blockchain will half from 12.5 to 6.25 coins rewarded.
A hash is the output of a hash function. Hash rate is the speed at which a computer is completing an operation in the cryptocurrency’s code. Therefore, the amount of hashes are measured in hashes per second. A higher hashrate increases a miner’s opportunity of finding the next block and receiving the block reward.
The luck of a mining pool is probabilistic in nature. Imagine that each miner is given a lottery ticket for a certain amount of hashing power they provide. If you were to provide 1 TH/s of hashing power and the overall hashing power in the network is 10 TH/s then you would receive 1 of 10 total lottery tickets. The probability of you winning the lottery (finding the block reward) would be 10%. So for every 10 blocks found you should statistically find 1 of them. Now imagine that you found 2 out of the 10 blocks, this means that you found a block earlier than you statistically should have on average. You are lucky! Now imagine you found 0 out of 10. This would make you unlucky. Over the long run statistically you should receive on average 1 out of 10 (or 10%) of blocks, but there is short term variance.
All in all, mining is attempting to unlock each block to get the reward that is in it; the more attempts (hashes) you can perform per second the higher the chances you have to get the reward (i.e. the more lottery tickets you have the higher your chance of winning the lottery). Because miners by themselves typically don’t have enough hashing power to consistently find blocks they join a pool that pools everyone’s hash power and combines it to hash blocks. With more hashing power it is easier to find blocks. Then, the reward is split among the miners based on the amount of work they contributed and a small fee is given to the pool operator.