Let’s Make Some Babies! – Digital Coins, That Is

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Piggy Bank With Coins

From spending thousands to mine a bitcoin to freely baking some new Tezos, are you ready for the long-term responsibilities of parenthood? If so, let’s make some babies!

In this article, I’m going to briefly explain what it takes to create certain digital coins. There are way too many coins for me to cover them all, but let’s scratch the surface.

These Babies Need To Be Mined

Bitcoin

The first digital coin to be successfully conceived and birthed was the Bitcoin. For some people, it’s the only digital coin they can think of. Currently worth just under $7000 per coin, how are these babies made?

There are two main ways you can mine Bitcoin. I am not going to get into a detailed tutorial; you can find those elsewhere.

  1. Spend over $2000 on your own mining equipment. You’ll need an ASIC, application-specific integrated circuit made especially for mining Bitcoin. You will also need a high-end power supply and a huge amount of electricity. It could take seven years or more to turn a profit. Don’t forget the software!
  2. Get a cloud-mining contract that lasts from 1 to 3 years. Smaller contracts may never profit. Larger ones can take years to earn a profit. You are leasing power from a mining farm to have BTC transferred directly to your wallet. With many people doing this the cost is much lower than method one. Beware of scams!

Litecoin

You’ll need a Litecoin specific ASIC, which operates differently than the ones for Bitcoin. The hardware for Litecoin mining is less expensive than Bitcoin’s as well. Pick out the software that works best with your equipment. All things considered, it will profit you around $11 per month to mine LTC.

You can also use cloud mining. As with Bitcoin mining, beware of scams!

Mining pools resemble cloud mining. Combine your resources with other miners and divide the profits. A lot of consideration should go into selecting the right pool to join. What hardware and software does it use, how many people are using it, and make sure it isn’t a scam!

Learn More About Mining Crypto

Coins on Brown WoodEtherium

Any ASIC will do or just use your own computer. Here I can get a little more detailed about the whole mining origins. Whereas Bitcoin now relies heavily on power consumption, Etherium relies more on what I call gaming mode. Computers use algorithms to solve puzzles on the blockchain.

Since there are many miners, the winner of each puzzle gets Etherium. Do you think it sounds silly? I do too, but values for coins originate with proof of work. Winning the puzzle proves you earned the coinage, and it keeps people from cheating.

Etherium developers are preparing to ditch mining in favor of proof of stake. POS involves having coin holders vote on who validates transactions.

Pi

Probably the easiest method of mining and proof of work ever, Pi is still, dare I say it, in the fetus stage? It’s being mined, but it isn’t yet available for distribution.

Do you have a smartphone? If yes, then you are ready to start mining Pi. Download the app from the Playstore (or the App store). You’ll need an invitation code.

Every 24 hours or so, you will get a notification to click on a circle in the Pi app. This verifies that you are a human and not a bot. You can only mine Pi on one device, so choose carefully the one you’ll be able to tap roughly every 24 hours. Click Here and use my invitation code, (catalan) to start mining Pi.

The app runs in the background and is almost completely unintrusive.

No Mining Required

Tezos

Currently, Tezos is my baby. I have about $60 invested in it, and it’s been shooting up and crashing down like crazy. What I should be doing is baking it. Baking? Yes, baking.

To be an independent baker, you will need at least 10,000 Tezos, which is known as a roll. Rolls are baking rights. You will need a node and a baker and endorser client, which must be online at all times.

If you don’t have enough Tezos to do your own baking, you can delegate your Tezos to someone else. You own your Tezos and you earn the new coins made from your contribution. The delegation service charges a small fee for the service.

Yes, I know, baking is a glamorization of POS.

Proof Of Stake

Far cheaper than most mining endeavors, POS means holding some coinage in a special wallet where it builds up, much like having an interest-bearing account. Different developers have different requirements, but it reminds me of a hen sitting on eggs and wondering if they’ll ever hatch.

Anyway, if you’re in the mood to do some sitting on a POS wallet, here are some cryptocurrencies that may interest you.

Earn Money With Crypto

PIVX

PIVX (Private Instant Verified Transaction) forked (branched out from) DASH in 2016. Currently worth about $0.21 per coin, the annual return is about 4.8%. Get yourself a wallet and enjoy.

Reddcoin

Reddcoin, like BAT and Dogecoin, is a tipping coin; this one is for social media. If you like someone’s content on social media, slip them a few Reddcoin.

Find a wallet and start earning approximately 5% interest.

Neblio

Says Neblio, Staking NEBL makes you an operator of the Neblio Network. Operators verify transactions, provide governance, and create new blocks. Staking NEBL is as easy as leaving your wallet running and connected to the network. By ensuring the network remains healthy, decentralized, and lightning fast, you earn NEBL as a reward each time your wallet stakes a new block on the chain.

Get yourself a wallet and enjoy a 10% interest on a no-minimum-required balance.

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15 Thoughts to “Let’s Make Some Babies! – Digital Coins, That Is”

  1. Rose

    Wow-what a great article you have written on how to make digital coins, I am really interested in the reddcoin because I am a very social person but I do not know I can share someone coins online if I really do love his or her contents , am gonna try it out soon because I really do wanna share some coins and I wanna share some too on social media ,thanks for this review 

    1. Cattington

      Thank you for your kind words, Rose! I’m sure you can find videos about Reddcoin on YouTube that may be helpful. Best wishes!

  2. Benson

    There are so many means of investing online that is well trusted and i have always seen a lot of them again to deliver and some people lose both money and waste their time in the process of trying to make it all work out. But investing in crypto currency has its own risk of them hackng ones account but that being taken care of, you stand a lot to gain for investing in this means.

    1. Cattington

      Thank you for your observations, Benson. 🙂

  3. Rodarrick

    This is rather an interesting outlook on what makes cryptocurrency what it is now and the more reason everyone is investing into it everytime. Mining it can prove to be the difference overtime but surely, it would amount to a lot of profit overtime. This is really a great post here on it. Thank you for sharing all of these here.

    1. Cattington

      Thank you, Rodarrick. It would probably be profitable in the long run, if someone has the patience to wait.

  4. Parveen

    Hello Cattington, Thanks for writing on cryptocurrency and their mining. I am searching about curpto currency mining and find your article. It is very useful for me. I am new in crypto currency world. I found very easy mining from your post is Pi. It can be mined from your phone. just need to download the app. I will use your code and share with my other friends.

    Thank you

    Parveen

    1. Cattington

      Hello Parveen, thank you for the kind words. I wish you well as you mine Pi. 🙂

  5. MrBiizy

    Hello Cattington, I have heard about mining of crypto currency before but I never had a good knowledge and idea of how it is being done. You have a deep knowledge of it and I have learnt a lot from this post. I have not come across most of the coins you talked about but the mining process looks amazing in most of them. I am familiar with Litecoin and Bitcoin. I never knew it’d take years before one can start reaping the benefits in Bitcoin mining.

    All the best and thanks for the info.

    1. Cattington

      Thank you very much for your comment. I’m glad you found the article useful.

      1. MrBiizy

        You’re welcome.

        Compliment of the season.

  6. Tucker

    I appreciate this overview of the Cryptocurrency (being a beginner!). It certainly seems like the currencies that don’t require mining are best for beginners just starting out. Would you agree with that? And I have one more question. Do you have any resources on how to keep cryptocurrency accounts secure? I heard this wild story about someone who had over $250,000 stolen from a Dropbox account (without multi-factor authentication). I would never keep currency in a Dropbox account, but wonder what recommendations you have. Thanks! 

    1. Cattington

      Thank you for commenting, Tucker. There is a man in England who accidentally threw out his hard drive that contained 1700 Bitcoins. When they’re lost, they’re lost. Security is best in a hardware wallet, like Trezor. You just have to make sure you don’t lose it. If it’s stolen, the thief won’t get your money, but unless you have the information backed up, neither will you! I agree with you about Dropbox.

  7. Parameter

    Wahoo, you have not just scratched the surface as you promised, you have opened my eyes to some mining methods I never knew, like Proof Of Stake and Neblio; of great interest is Neblio with her 10% interest.
    Although your post is not meant for beginners, a serious beginner can take advantage of the books on Amazon.
    Looking forward to reading more from your desk.
    Good job

    1. Cattington

      Thank you for your comment, kind Sir. I hope you enjoy staking some Neblio.

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