Cryptocurrency Mining for Dummies

Untangle the steps to mine crypto, including new coins and services
 
The cryptocurrency market moves quickly and miners and investors need the latest information to stay ahead of the game. This edition of Cryptocurrency Mining For Dummies has the insight you need to get started with mining. You'll learn what goes into building a mining rig that can complete cryptocurrency transactions and reap the rewards in the form of new coin. You also discover how to join existing mining programs. Whatever your crypto goals, Dummies will make it easy for you to understand, engage in, and invest in mining. You'll even get an up-to-date primer on the evolving legal situation and an idea of what to expect in the future of crypto.
* Understand the basics of mining cryptocurrency and get started with your own mining operation
* Explore the latest cryptocurrencies and mining services so you can mine your own or invest wisely
* Get involved in crypto mining with the hardware you already have, or build a new, powerful mining machine
* Become an expert on the latest mining trends so you can identify new ways to profit in the crypto space
 
With this book, you've got insider advice on choosing which cryptos to mine, riding out market fluctuations, creating pool accounts, and more. There's no time like the present to get started with crypto mining.

Inhaltsverzeichnis

Introduction 1
 
About This Book 1
 
Foolish Assumptions 2
 
Icons Used in This Book 2
 
Beyond the Book 3
 
Where to Go from Here 3
 
Part 1: Getting Started with Cryptocurrency Mining 5
 
Chapter 1: Cryptocurrency Explained 7
 
A Short History of Digital Dollars 8
 
First, take the Internet 8
 
Add credit card confusion 8
 
Add a dash of David Chaum 9
 
Result? DigiCash, E-Gold, Millicent, CyberCash, and More 10
 
The Bitcoin white paper 10
 
Bitcoin: The first blockchain app 11
 
Who (or what) is Satoshi Nakamoto? 12
 
What's the Blockchain? 13
 
Blockchain around the world -- the blockchain network 13
 
Hashing: "Fingerprinting" blocks 14
 
Blockchain is "immutable" 15
 
Where's the Money? 16
 
What's the Crypto in Cryptocurrency? 18
 
Public Key Encryption Magic 20
 
Messages to the blockchain 21
 
Signing messages with the private key 22
 
The blockchain address -- your money's home 22
 
Sending a transaction message 23
 
Unraveling the message 24
 
The Basic Components of Cryptocurrency 25
 
What's in a wallet? 25
 
Private keys create public keys 26
 
Public keys create blockchain addresses 26
 
The private key controls the address 26
 
Where Does Crypto Come From? The Crypto Mines (Sometimes) 27
 
Chapter 2: Understanding Cryptocurrency Mining 29
 
Understanding Decentralized Currencies 30
 
Exploring the Role of the Crypto Miner 31
 
Making Cryptocurrency Trustworthy 32
 
Reaching Agreement through Consensus Algorithms 34
 
Looking at the Cryptocurrency Miner 35
 
Making the Crypto World Go 'Round 37
 
Chapter 3: Building Blocks: The Transaction's Journey to the Blockchain 39
 
The Cryptocurrency Network 40
 
Submitting Transactions 44
 
Looking at transaction fees 44
 
Change address 46
 
Verifying the transaction 47
 
Competing for Bitcoin, the ten-minute contest 48
 
Winning the Bitcoin 50
 
Chapter 4: Exploring the Different Forms of Mining 53
 
Proof-of-Work Algorithms 53
 
Proof-of-work applications 55
 
Proof-of-work examples 56
 
Upsides 58
 
Downsides 59
 
Proof-of-Stake Algorithms 60
 
Proof of stake explained 60
 
Proof-of-stake selections 62
 
PoS example cryptocurrencies 63
 
Upsides 64
 
Downsides 64
 
Hybrid Proof of Stake/Proof of Work 65
 
Hybrids explained 66
 
Hybridized examples 68
 
Upsides 68
 
Downsides 69
 
Delegated Proof of Stake 69
 
Delegated Byzantine Fault Tolerance 69
 
Proof of Burn 70
 
And More 71
 
Part 2: the Evolution of Cryptocurrency Mining 73
 
Chapter 5: The Evolution of Mining 75
 
Proof of Work Mining Evolution 76
 
CPU mining 76
 
Adoption of GPUs 76
 
Rise of the FPGAs 77
 
Dominance and efficiency of ASICs 77
 
The Days of Solo Mining 79
 
Pool Mining 80
 
What is a mining pool? 80
 
Choosing a pool 81
 
Pros and cons of pool mining 82
 
Cloud Mining 83
 
Pool mining versus cloud mining 84
 
Pros and cons of cloud mining 84
 
Chapter 6: The Future of Cryptocurrency Mining 85
 
Incentivization of Energy Exploration 85
 
Underutilized hydroelectric dams 86
 
Oil and gas flaring 87
 
Continued Computational Efficie

Über den Autor / die Autorin

Peter Kent and Tyler Bain are coauthors of Bitcoin For Dummies, 2nd Edition. Peter created the Crypto Clear video course to assist would-be investors in understanding cryptocurrency. He is also the author of SEO For Dummies. Tyler is a professional electrical engineer and an active crypto miner.

Zusammenfassung

Untangle the steps to mine crypto, including new coins and services

The cryptocurrency market moves quickly and miners and investors need the latest information to stay ahead of the game. This edition of Cryptocurrency Mining For Dummies has the insight you need to get started with mining. You'll learn what goes into building a mining rig that can complete cryptocurrency transactions and reap the rewards in the form of new coin. You also discover how to join existing mining programs. Whatever your crypto goals, Dummies will make it easy for you to understand, engage in, and invest in mining. You'll even get an up-to-date primer on the evolving legal situation and an idea of what to expect in the future of crypto.
* Understand the basics of mining cryptocurrency and get started with your own mining operation
* Explore the latest cryptocurrencies and mining services so you can mine your own or invest wisely
* Get involved in crypto mining with the hardware you already have, or build a new, powerful mining machine
* Become an expert on the latest mining trends so you can identify new ways to profit in the crypto space

With this book, you've got insider advice on choosing which cryptos to mine, riding out market fluctuations, creating pool accounts, and more. There's no time like the present to get started with crypto mining.

Produktdetails

• Autoren: Tyler Bain, Tyler Kent Bain, Kent, P Kent, Peter Kent, Peter (Consultant) Bain Kent, Peter Bain Kent
• Verlag: Wiley, John and Sons Ltd
• Sprache: Englisch
• Produktform: Taschenbuch
• Erschienen: 30.06.2022
• EAN: 9781119885368
• ISBN: 978-1-119-88536-8
• Seiten: 352
• Themen: Ratgeber > Recht, Beruf, Finanzen; Sachbuch > Politik, Gesellschaft, Wirtschaft > Geld, Bank, Börse; Sozialwissenschaften, Recht,Wirtschaft > Wirtschaft > Betriebswirtschaft; Kryptowährung, Finance & Investments, Finanz- u. Anlagewesen, Kapitalanlagen u. Wertpapiere, Investments & Securities, Krypto-Mining