Bitcoin Essentials: Gain insights into Bitcoin, a cryptocurrency and a powerful technology, to optimize your Bitcoin mining techniques

Szmigielski

$32.99

2 (2 Ratings)

Paperback Feb 2016 130 pages 1st Edition

Szmigielski

$32.99

2 (2 Ratings)

Paperback Feb 2016 130 pages 1st Edition

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Bitcoin Essentials

Chapter 2. CPU Mining

In this chapter, we will take a look at some actual mining. We will examine mining as it first started when Bitcoin was released. In those early days, the only way to mine was using the Central Processing Unit (CPU) on your computer and the Bitcoin Core wallet. We will explore mining with a Bitcoin wallet. Once you start mining, you can't help but feel as if you've been transported back to 2009 when Bitcoin was known to only a small group of enthusiasts. As time went by, multi-threaded software was written to take advantage of multiple cores of a CPU.

We will delve into the following topics in this chapter:

CPU mining with Bitcoin Core
CPU mining software
Pros and cons of CPU mining
Best practices when mining with CPUs
Profitability of CPU mining

Note

In this chapter, we are using Ubuntu Linux and all the examples are for that OS.

Profitability of mining

As we have mentioned earlier, the Bitcoin network hash rate is really high now. Mining with a CPU is no longer guaranteed to bring in profits. This is due to the fact that, during the mining process, you are competing with other miners to try to solve a block. You will be at a disadvantage if those other miners are running faster hardware, as your hardware can only make a certain amount of guesses (hashes) in a given time frame.

To compare the mining speed of a few CPU's, look at the following table:

CPU	Mining speed (KH/s)	Power used (Watts)	# of cores
Athlon 64 X2 5600+	6.07	89	2
Athlon II X3 425	9.5	125	4
Phenom II X4 955	22	125	4
FX-8120	46	125	8
FX-8350	65	125	8
Core 2 Quad Q6600	9.68	100	4
Core 2 Quad Q9550	32.2	125	4
Core i3-2130	23	65	4
Core i5-2500K	48	90	4
Core i5-3570K	55	90	4
Core i7-3930K	98	200	12

Table. 2.1: Comparison of mining speed of CPUs

As you can see, CPU's do not hash very fast. The fastest...

Key benefits

Learn how to use the advanced features of Bitcoin wallets
Set up your Bitcoin mining operations to mine with efficiency
Explore what the future holds for mining and blockchains in this pragmatic guide

Description

Blockchain is being billed as the technology of the future. Bitcoin is the first application of that technology. Mining is what makes it all possible. Exploring mining from a practical perspective will help you make informed decisions about your mining setup. Understanding what the future may hold for blockchains, and therefore for mining, will help you position yourself to take advantage of the impending changes. This practical guide starts with an introduction to Bitcoin wallets, as well as mining hardware and software. You will move on to learn about different mining techniques using the CPU, GPU, FPGA, and ultimately the ASIC as an example. After this, you will gain an insight into solo mining and pool mining, and see the differences between the two. The book will then walk you through large-scale mining and the challenges faced during such operations. Finally, you will take a look into the future to see a world where blockchain-based applications are commonplace and mining is ubiquitous.

Who is this book for?

If you have never mined before, this book will ensure that you know what mining is all about. If you are familiar with Bitcoin mining, then it will help you to optimize your mining operations at a deeper level. A basic understanding of computers and operating systems is assumed, and some familiarity with cryptocurrency basics would be an added advantage.

What you will learn

Get introduced to Bitcoin mining from the ground up
Find out about mining software and the different types of mining hardware
Master setup techniques to enable efficient mining
Examine the pros and cons of the different types of mining hardware
Deduce the differences between solo and pool mining
Take a peek into professional mining farms
Explore the future of mining and blockchain-based applications

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David Jameson Apr 07, 2016

Whenever I look at a new book and the first thing I see is the phrase "a software", I know the book has not had a decent competent editor involved. I'm sure I'm going to see things like "its" used when "it's" was expected and vice versa.Please! "Software" is an uncountable noun. It can't be prefixed by the indefinite article.Some of us still like English to be written properly. Don't skimp on quality.I kinda gave up, I have no time for poor writing/editing.

Amazon Verified review

Eth Jun 26, 2017

very basic and not well explained.

Bitcoin Essentials: Gain insights into Bitcoin, a cryptocurrency and a powerful technology, to optimize your Bitcoin mining techniques

What do you get with Print?

Bitcoin Essentials

Chapter 2. CPU Mining

Note

Mining with Bitcoin Core

Pros and cons of mining

Pros of mining

Cons of mining

Best practices when mining with CPUs

Profitability of mining

Summary

Page 1 of 6

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Bitcoin Essentials: Gain insights into Bitcoin, a cryptocurrency and a powerful technology, to optimize your Bitcoin mining techniques

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Description

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What you will learn

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