₦airaland Forum

Nkemzy8:
⁠The bitcoin network broke its all-time high total computing power today

https://ct.com/7n6p

Read up guys

Soul47:
Bitcoin mining is the backbone of the Bitcoin network.

Miners provide security and confirm Bitcoin transactions.

Without Bitcoin miners, the network would be attacked and dysfunctional.


Bitcoin mining is done by specialized computers.

The role of miners is to secure the network and to process every Bitcoin transaction.

Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin’s famous “blockchain”).

For this service, miners are rewarded with newly-created Bitcoins and transaction fees.

#Copied_ from Buybitcoinworlwide.com

HOW IT WORKS

Bitcoin is the most valuable cryptocurrency.

Bitcoin mining can be sub divided into two sections, the ‘PROOF OF WORK’ (POW) (which we would focus) and ‘PROOF OF STAKE’(POS)

To verify these transactions, miners need to solve mathematical problems, which become increasingly more difficult the more miners there are. The more complex the cryptography problems, the more computational power needed to solve them.

Bitcoin, and pretty much every other notable cryptocurrency available, relies on miners to handle the transactions done in their respective blockchains.


In POW: You buy a Bitcoin mining device; ASIC miner (Application Specific Integrated Circuit miner) and run it for a long period of time daily (possibly 20hours or more).
Any device which is not ASIC will not yield you much profit in the long run when you factor electricity cost, so best advice is to go for devices specially designed to mine crypto.
As long as the device is functional you the owner of the miner will be rewarded for running the device.
Now the reward is relative to the hash rate your device provides to the mining pool you join. The mining device I use is AntMiner S9 which cost about 250k.
AntMiner S9 runs at the rate of 14TeraHash per second (14th/s). Last year with this device you get Bitcoin value of $12 daily but due to the increasing difficulty of Bitcoin mining you get barely $5 daily at the moment (including electricity cost). It's not a bad idea investing in this machine if you can afford them in their number. Imagine you buy 4 or 5 of this machine, you get $20 -$25 daily or a little more above it cause this is just an estimate.

AntMiner S9 is not the only ASIC miners for Bitcoin, there are other more profitable ones though on the higher side; example AntMiner T15 (23th/s), with this you get about $8 daily. Another Bitcoin miner is AnyMiner S17 (50th/s), with this you get $17 daily.
There are other companies that produce Mining hardware, AntMiners are produced by Bitmain company, other mining hardware are Dragonmint, Innosilicon, Whatsminer, etc. I haven't used any other one except the AntMiner so can't say much about them but you can always research using Google.
As for how to get them, you can use Amazon or AliExpress to order them directly from wherever place you are, and pay with your MasterCard and await it's arrival.

I believe I have explained how the mining works and it's profitability.

HOW TO SETUP YOUR MINER

When you get the miner; let's assume it's AntMiner S9, it will come with the miner itself and the Power suply.
The power supply is just a small Machine that has 13 cables. Either you use the manual to set it up or watch YouTube videos on how to do it but it's simple. Just connect each cable to the opening on the top of the miner. When you look at the top of the miner you will see those opening, so place the wires there but make sure it goes all the way down, that is, firm.
After that, you will need a router with subscription and good network cause the miner needs to be connected online always to report your miners progress. But it doesn't suck up data the way our smartphones do.
Routers come with Ethernet cable, so connect the ethernet cable from the router to the front of the miner.

Switch on the miner and router and see the magic.

The miner makes small noise, but you can live with it.

After switching on the miner, give it like 5 minutes to boot properly. How to know the miner is done booting is if the green light close to the 'NORMAL' inscription in front of the miner starts blinking intermittently.

If not, give it more Time. But if the RED one starts blinking, then something is wrong, either those cables are not well connected or no data or service in the router.

When the miner is running fine, for the first time it won't be mining into your account, so you need to setup the configuration.

For the internal configuration, I will be brief here cause I believe a YouTube video will be a better guide here.

Create an account with a mining pool, prefarably SLUSHPOOL or ANTPOOL. There are other pools you can look up. But know that you don't pay to join a pool.
After creating a pool, you will get the pool url, use any IP Locator app on your system to get your miner IP address. How to do this it, connect your laptop to the wifi of the router, install the IP locator app in your PC, run the app and hold the IP locator button on the miner then the IP will appear on the PC.
Now put the IP in the url box of your browser, it will request for a username and password, they are root, root.

When you access the miner page, go to miner configuration, you will see pool 1, pool 2, pool 3, so for pool 1, for url, use the url from your mining pool. For username, put any name you like. For password, type anything but make sure it's not blank.

For pool 2 and 3, either you use url address of other pools you have account with or just leave all boxes empty so only pool one will be active (alive).

Click apply and give the miner about 5 minutes to reboot and apply those changes and see what will happen.

After the reboot, as soon as the miner is running normally once again(ie. The normal light is blinking) login to your pool, you will see you have one worker online. That's it.

Again you can login to your miner page and click on Miner status to see what's going on there.

I don't know if there is anything I missed, you can ask questions or do your research.

My advice is that you factor the miner, router and electricity cost and see how profitable it will be for you before venturing into it.

After testing the script that will increase the miners hashrate by 5; thereby increasing profitability, if positive I will inform the house.

All the best.

Have a nice day.

adekennis:
Hi bro, can u put me tru? Im ready to pay fee if you can train me..Thanks

deewon56:
good but can you please help with the teaching how you earn 200$ per day here for newbies on this group not need of sending pm
Thanks hope to hear your feedback

Miarose:
I really need training on this. I don't mind paying.. I find it so difficult to understand despite watching a lot of videos.

Bayokun:
Do you by any chance know vintage?

Balanciego:
It's simple. Margin trading on Bitmex. Even when your trade goes opposite direction, you double up in any of the trend and keep earning.

I will expose the secret here but before that I will like you to read up margin trading and then sign up on Bitmex

Billygent:
My bro, were you part of us that got scammed by that unfortunate vintage?

Bayokun:
I'm yet to get out of the shit bro, millions of debt on my neck... Vintage is wicked and heartless...

Miarose:
Thanks bro. Any links to helpful videos on bitmex and margin trading?

emmy99:
Thanks for the good work you're doing here, I appreciate. What is the least amount someone can use to start trading on Bitmex? Eagerly waiting for you to start dishing out the secrets.

Billygent:
Me too, God go punish am, I just dey pray make I see legit online business

Bayokun:
I'm yet to get out of the shit bro, millions of debt on my neck... Vintage is wicked and heartless...

Balanciego:
who is this Vintage. where u scammed?

Bayokun:
Do you by any chance know vintage?

Bayokun:
Here is the Nairaland thread created to warn others..

https://www.nairaland.com/5166806/

Soul47:
No.
Please what does that mean?

Soul47:
I just read the thread about vintage.

So sorry for your lose.

You need not be told what to do to avoid such again?

On the other hand, you can gain from Bitcoin on your own without giving money to anyone simply by following this thread to learn the crypto trading secrets from the op just like me and others or setting up your own Bitcoin rig if you want to chew pieces of meat.

All the best.

Soul47:
I just read the thread about vintage.

So sorry for your lose.

You need not be told what to do to avoid such again?

On the other hand, you can gain from Bitcoin on your own without giving money to anyone simply by following this thread to learn the crypto trading secrets from the op just like me and others or setting up your own Bitcoin rig if you want to chew pieces of meat.

All the best.

Bayokun:
Here is the Nairaland thread created to warn others..

https://www.nairaland.com/5166806/

Nkemzy8:
⁠Financial regulators must act fast to prepare for Facebook’s Libra stablecoin, according to European Central Bank executive board member Benoit Coeure

https://ct.com/7n6v

Another upcoming opportunit, Facebook Libra coin will sell like mad,once approved and d ICO is on sale I suggest we all fill our bags

AngelHoly:
please......i know i might sound like a set back in this forum but what i have read so far have inspired me to start from anywhere with the little capital i have with me......
I'm a student but please i have like 30k at hand
please can anyone help me with any suggestion that can fit into the cryptocurrency with what i have at hand,please i believe myself a fast learner,very good about anything concerning online and very patient which i know is the virtue of a good investment

please I'm in 400 level studying Medical radiography,i can yield in along with learning and can endure any challenges i might have ...please i feel home as i'm going through this thread

please and please wanna be doing something while in school and don't wanna engage it illegitimately

please help a brother

thanks and God bless

WordpressPhysco:
I was scammed by WHITE MEN.

One of them.

He convinced me that he is a blockchain expert. Meaning, they introduce new Alts to the market while they are paid for their work as a developer. With his proofs, he quickly demanded my email which I gave, he sent a wallet ID saying it was a developer wallet I needed to invest to start earning 5-10% daily (I was fooled again? Hmmm).

Immediately I transferred the money to the wallet. (note, I locked it with SMS AUTH), he transferred the money same minute to his wallet. In fact, I logged in again to see a 2/3 confirmation before it was 3/3.

Anything I can't use my hands and do or work on, I can't invest again, I have lost so much in crypto.

Never trust NO CRYPTO GUY you don't know online because BTC transactions are irreversible.




P.S: if you are tired of scam and you are ready to dedicate the time to make something meaningful, read what I have got for us.
here is the link -

https://www.nairaland.com/5288775/journey-fiverr-sad-lets-make

WordpressPhysco:
I was scammed by WHITE MEN.

One of them.

He convinced me that he is a blockchain expert. Meaning, they introduce new Alts to the market while they are paid for their work as a developer. With his proofs, he quickly demanded my email which I gave, he sent a wallet ID saying it was a developer wallet I needed to invest to start earning 5-10% daily (I was fooled again? Hmmm).

Immediately I transferred the money to the wallet. (note, I locked it with SMS AUTH), he transferred the money same minute to his wallet. In fact, I logged in again to see a 2/3 confirmation before it was 3/3.

Anything I can't use my hands and do or work on, I can't invest again, I have lost so much in crypto.

Never trust NO CRYPTO GUY you don't know online because BTC transactions are irreversible.




P.S: if you are tired of scam and you are ready to dedicate the time to make something meaningful, read what I have got for us.
here is the link -

https://www.nairaland.com/5288775/journey-fiverr-sad-lets-make

Soul47:
Never been scammed, all thanks to God and caution.

On the other hand I notice that my transfer fees are just too much of a fee.

I wouldn't know if it's normal or the issue is from the exchange platform; luno.

I requested to withdraw 631k surprisingly I received 618k meaning about 13k was deducted for transfer fee...
I find it kinda Too big.

Please is it something we should expect normally or are there cheaper exchange platform...

Due to that I haven't withdrawn money again, all locked up.

Any suggestion?

Inehmesit:
Boss, please can I talk to you on what’s app? I have a few questions about this Luno app.

tosyne2much:
Don't whine me jhor