Bitcoin mining - a rookie experience
Happy New Year
It's my first blog post in year 2018 and it's a new technology.
So it's crypto currency time. Wherever we look it's bitcoin and altcoins. After some thought i decided to try the blockchain. Just like any other technologies i used in the past, i decided to go for something small and easy one. Mining.
Before understanding anything about blockchain, i tried mining. Yes I know it's not profitable one. but decided to go for it just to have some beginning.
So everywhere i looked for mining, it's always high-end GPU/ASIC. I don't have a decent CPU with me. And it says CPU mining is not profitable. Okay. I agree. And i still went for CPU mining. Just because i would like to start taste the bitcoin.
So we need some wallet for keeping my precious currency. Am from India and i found ZepPay . It's a mobile based online wallet. Oh, so there is online and offline wallet. Do i need to go for offline wallet which is more secure? What i am gonna do with a zero balance wallet. So installed zebpay. Where is my BTC wallet? I need to start mining. wait it needs to be verified. After long and lousy verification process my account gets started with a balance of 0.000001 BTC. Wow my first BTC balance. In the meantime i started another wallet in bitcoinIndia which supports multiple currencies. After one and half months i still need to verify that account 😭
Now i need some hardware. Okay look around for something to mine. I found my old samsung lap. Yes i know it's not profitable. It's a dual boot windows7/fedora laptop. So i setup the laptop. It's working fine without some missing keys and non-working DVD.
Pool is something like a group of miners. So in current situation solo mining is not profitable. So i opened an account in slushpool for pool address. Later i found it's useless since i used another one.
There are lot of command line tools for CPU/GPU/ASIC mining. But i would like start as soon as possible. Found nicehash form YouTube channel. Yes the same one which has been hacked last month. Installed the latest software. Wait what happened to my system? Most of my software are not working. But anyway i installed the software. And here comes the moment of truth. Started the software. BOOM it's not supporting my CPU. bit disappointed. Go back to google and ask for a new one. And found minergate which supports both windows and linux. So i switched to fedora and try install the software. To my horror i can't install the software. So switched back to windows and succesfully installed the software. Created my account and here comes my first successful mining. Minergate had a nice web interface which shows what coins we are mining. and also it's give more control over the choice of coins.
Moment of Truth
And her comes the moment of truth. My first trial for mining. I found out that mining altcoins is better option to start with mining. So i went to the mining tab in minergate and started to mine first coin. And that's Infinium-8 and MonetaVerda. I have mined it for about two days. I noticed that my unconfirmed balance had become 1.23 for MonetaVerde and 2.0 for Infinium-8. But can't see any balance. So i searched the Fqa and fund that it's unconfirmed and will add to my balance once it's confirmed. And after 5 days of mining i got 1 Infinium-8 coin. 😋. So i feel like i have conqured the world. But my happiness didn't last long.
I started to search ways to convert my hard earned coin to BTC. Minergate had it's own exchange Changelly . But it's not supporting Infinium-8. So i found another exchange in there tab HitBtc. To my surprise htbtc does not support Infinium-8. So i searched for details about the coin and found out it's no more in trading. 😭 So what to do next. I started mining QuzerCoin(QCN) and Monero(XMR). After one week of mining with different amount of cpu and shutdowns i got 1 QCN.
WOW 😲I got my first valid coin. I have to convert it to BTC as early as possible. Went to changelly to convert it to BTC. OMG it does support minimum of 1000 QCN for exchange. Again back to HitBtc. Copied my wallet address and paste in withdraw form in minergate. And saved. Voila my first transfer.
It's time to exchange QCN and get some BTC. After sometime i can see my QCN after fee in HitBtc account section. But how to exchange it? I spent almost a day to find out how to exchange the coin. Finally i found out how to Exchange it. First transfer it to trading account then got to trading ad sell it. First time i went to market and created my first order for my hard earned 1 QCN. I got 0.00000200 BTC and I can saw my balance in BTC. 😍😎
Yes i made it. After a month of trial and error, loads of articles, youtube videos i created my first BTC. I know it's not profitable one. I tried ByteCoin(BCN) and Ethereum Classic(ETC). Miles to go.
BTC - 3321k6QgGL8GHdZHgj1uPZba1Djp9pHqkb
QCN - 1VBLbsJ3WUq5oDgaQsFFhK54MW2nJKPmHi5kKhZpNQMjKJGmjptruM6L1XfVjXGVLE3HP6uvQdnrLf4X4KCmKJwf1HZ9B6P
LTC - LKb7mVe25rfNnLNkjEZaVR23nTm4JvTfx7
ETH - 0x31534d75a27d5986be1141e215045ae43fc4a6d1
BCN - 29F5x514pDdaPvySBinCKm2pHMHuKLGcbZhtyZDNggaCZDyvhGXJBoLdi7ok6B5SQT6UXUtQgusruCoXbqUZm8VJAfDeAEL