As the price for Bitcoin rises and falls dramatically, more users are wondering how they can get in on the action — and for good reason. Earning a few Bitcoin, or Ethereum, or any of the other cryptocurrency, could mean thousands of dollars in profit, and your home gaming machine may be able to churn them out using some simple software. Have you tried to mine bitcoin? Are you thinking about setting up a mining rig? Are you already swimming in a Scrooge McDuck-style room full of them? Let us know in this week’s reader poll.
— Digital Trends (@DigitalTrends) July 10, 2017
Mining cryptocurrency is surprisingly easy, assuming you have the proper hardware. Our handy guide to mining will walk you through all the steps necessary to start making money, if you’re so inclined. Just make sure to take into account the increase in your power bill that comes along with it.
You should know, however, that cryptocurrency is a volatile market, and not just in the sense that the value can change overnight. Without much regulation, sites that act as wallets may be shut down by hackers or those interested in taking the coins for themselves, or the site’s proprietors may shut it down and disappear in the night with your hard-earned cash. There are ways around this, and they involve keeping codes locally stored, or even using a physical coin wallet that keeps your money safely stored away from the prying eyes of the Internet.
It isn’t just Bitcoin that’s causing quite a stir over the last few weeks. Another cryptocurrency, Ethereum, has begun to take hold thanks to some innovative new practices and support from the tech community. It’s just one of many cryptocurrency options out there, and like any of them, hype and user interest will drive its success.
Join us at 10:00 AM PST on Tuesday, July 11th as we discuss the implications of the newfound vigor for cryptocurrency, as the Bitcoin price skyrockets into thousands of dollars each. We’ll also talk hardware pricing, and try to explain the sharp rise in price on mid-range cards like the RX 480 and RX 580 on the secondary market.
- What is an ASIC miner?
- How to mine Bitcoin
- How to buy Bitcoin
- These are the best cheap GPU deals for October 2020
- How to sell Bitcoin