How to start mining and my research about Mining

Mining of Crypto Currency

So, our topic was to mine the crypto currency and present how to start mining. What you need for mining.

What is mining?

                Mining, or Crypto currency mining, or crypto mining is a process in which transactions are verified and added to the block chain digital ledger.

So, there are two methods for mining.

• Solo Mining
• Mining Pool

Solo Mining

A solo mining is a solo process where the miner completely does his task of mining operations without any helping hand.

Mining Pool

            A mining pool is the pooling of resources by miners, who share their processing over a network, to split the reward equally, according to the amount of work they contributed to the probability of finding a block.

Crypto currency for mining

There are many crypto currencies in the digital world like:

•          Bitcoin
•          Ethereum
•          Litecoin
•          Vertcoin
•          Onecoin

But our topic was to mine onecoin because we need minimum specs for mining of Onecoin.

OneCoin

OneCoin is a Ponzi Scheme due to its organizational structure and because of the previous involvement of many of those central to OneCoin in similar schemes. It was described by The Times as one of the biggest scam in history.

US Prosecutors have alleged the scheme bought in approx $4 billion worldwide. In China, law enforcement recovered 1.7 billion yuan (US$267.5 million) while prosecuting 98 people. Ruja Ignatova disappeared in 2017 near the time a secret US warrant was filed for her arrest and was replaced by her brother, Konstantin Ignatov. Most of the leaders have now disappeared or been arrested. Greenwood was arrested in 2018, as was Ignatov in March 2019. In November 2019 Ignatov pleaded guilty to charges of money laundering and fraud. The total maximum sentence for the charges is 90 years in prison.

VertCoin

Vertcoin is an open-source cryptocurrency created in early 2014 that focuses on decentralization. Vertcoin uses a proof-of-work mechanism to issue new coins and incentivize miners to secure the network and validate transactions.

I downloaded the vertcoin application (One Click Minor) from their website www.vertcoin.org . But there are some errors in the application.

 

LiteCoin

                Then I search best software for mining and I found easy miner for this purpose. So, I downloaded it. Then I created my wallet in coin base.

And it was working great. But we need high specs for mining the litecoin. But after start of mining, my pc slowly got heated and I stopped it.

Generate public address for coin. And then copy a coin base address in given field and give the email address for logs. And start mining.

It'll work but you have to make a system with high specifications.

Hardware needed for mining:

• GPU (atleast 6)
• Processor (atleast Core i3)
• Fan (for cooling)
• And a electricity generator

Thank You