HOW TO START MINING LITECOIN ON LAPTOP FOR FREE

If these two facts are taken into account, the total cost of electricity to mine a Bitcoin in Nigeria would amount to approximately в‚¦88,000. In Nigeria, according to an inquiry made by Nairametrics from an Ikeja Electric staff, a Class A tariff that provides 20 hours of electricity a day would cost в‚¦57.10 per kilowatt. According to The DigiconomistвЂ™s Bitcoin Energy Consumption Index, one Bitcoin transaction is estimated to take 1,544 kWh to complete or the equivalent of approximately 53 days of power for the average US household. This is the most important cost to consider and it is the major determining factor as to whether or not to venture into the mining business. The cost of electricity for Bitcoin Mining This will cost between в‚¦10 million to в‚¦20 million, depending on what works best to power the mining rig.

HOW TO START MINING LITECOIN ON LAPTOP FOR FREE

There are even mining software for free online but itвЂ™s best to get a more reliable software that will cost between $100 to $3,000.ДЄnother very key cost is the cost of a standby, industry generator to power the mining rig in case of power failure which is a common occurrence in Nigeria. YouвЂ™ll also need to choose Bitcoin mining software to join the Bitcoin network but this isnвЂ™t nearly as expensive as hardware. READ: South African brothers vanish with $3.6 billion in Bitcoin READ: Bitcoin miners are outrageously rich, earn $4 million per hour In particular, Bitcoin miners make sure that Bitcoin is not being duplicated which is a major problem when it comes to printed currencies as counterfeiting is always an issue. When Bitcoin miners add a new block of transactions to the blockchain, part of their job is to make sure that those transactions are accurate. Regular transactions made in-store or online are documented by banks, point-of-sale systems and physical receipts but Bitcoin miners achieve the same thing by clumping transactions together in вЂњblocksвЂќ and adding them to a public record called the вЂњblockchain.вЂќ Nodes then maintain records of those blocks so that they can be verified in the future. When someone sends Bitcoin anywhere, it is called a transaction. In a more technical sense, cryptocurrency mining is a transactional process that involves the use of computers and cryptographic processes to solve complex functions and record data to a blockchain. Mining has a magnetic appeal for many investors interested in cryptocurrency because miners are rewarded for their work with cryptocurrency tokens. Bitcoin can be mined, just like we do with natural resources.

How to start mining litecoin on laptop