You’ve probably heard of Bitcoin, the most famous crypto currency. It’s a digital currency, and new units of currency are generated by “mining.” This is a computationally intensive task, and it requires a lot of processing power. Essentially, the computer is rewarded for solving difficult math problems. This processing power is used to verify transactions, so all that number crunching is required for the crypto currency to work. That’s the basic explanation.
Bitcoin isn’t the only crypto currency, Litecoin was inspired by and is very similar to Bitcoin.
Mining programs tap into your computer’s hardware resources and put them to work mining Bitcoin, Litecoin, or another type of crypto currency.
Your desktop computer or laptop at home just isn’t powerful enough to profitably mine Bitcoin, Litecoin, or other cryptocurrencies. Doing this profitably requires specialized mining rigs with specialized hardware and cheap electricity.
Watch the video below to see the only way to mine crypto currency with profit
So, even if you put your computer to work mining Bitcoin for your own profit, you’d actually lose money. You’d run up your power bill as your computer draws more power, and you’d make back less than it would cost you in power.
But the problem isn’t just a financial one. These types of software kick in when your computer is at a low-power state, putting those idle resources to work. So, instead of using a small amount of power and running cool, your computer will run full-blast when you’re not using it, fans kicking into high gear to dissipate all that heat. If the software isn’t programmed properly — or if it’s just too greedy — it may continue running even while you’re using your computer, slowing tasks down and ensuring your computer is running at full tilt all the time. Too much heat can actually cause damage, especially if your hardware is already flaky or if your computer is packed with dust and isn’t properly ventilated.
BitCoin Profitability Calculators
BFGMiner – Modular ASIC/FPGA/GPU miner in C
Bitcoin Miner by GroupFabric – Free easy-to-use DirectX GPU miner on the Windows Store
CGMiner – ASIC/FPGA/GPU miner in C
MacMiner – A native Mac OS X Bitcoin miner based on cgminer, bfgminer, cpuminer and poclbm
Asteroid – Mac-specific GUI based on cgminer
EASYMINER50Miner – A GUI frontend for Windows(Poclbm, Phoenix, DiabloMiner)
BTCMiner – Bitcoin Miner for ZTEX FPGA Boards
Bit Moose – Run Miners as a Windows Service.
Poclbm – Python/OpenCL GPU miner
DiabloMiner – Java/OpenCL GPU miner
Phoenix miner – miner
Cpu Miner – miner
Ufasoft miner – miner
Pyminer – Python miner, reference implementation
Open Source FGPA Bitcoin Miner – a miner that makes use of an FPGA Board