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Bitcoin 101: How to Earn BTC with Mining Pools

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Thinking about purchasing a Ledger Nano Hardware Wallet? Browse their official website: https://www.ledgerwallet.com/r/67ef Want to join coinbase to begin your crypto journey? Here’s a link to get free $10: https://www.coinbase.com/join/558828dc34383271a500003b Step up your game and Check Out Binance too: https://www.binance.com/?ref=10080191 Find me on Steemit: www.steemit.com/@heiditravels Twitter: @blockchainchick Instagram: @hheidiann LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW GPU mining no longer an option for BTC: https://bitcoin.stackexchange.com/questions/41125/is-gpu-mining-still-an-option Mining Pool Hub: https://miningpoolhub.com/ Detailed comparison of popular BTC mining pools: https://www.buybitcoinworldwide.com/mining/pools/ Slush Pool: https://slushpool.com/home/ Ethereum Mining Pools: https://forum.ethereum.org/discussion/3659/list-of-pools Monero Mining Pools: http://www.moneropools.com/ Bitcoin Mining software options: https://www.bitcoinmining.com/bitcoin-mining-software/ Mining Pools allow miners to come together and pool their computing power in order to increase the chance of mining a Bitcoin block. Proof of Work mining dictates that the miner with the fastest hash rate has the best chance to mine a new block and receive not only the block rewards, which are brand new Bitcoins, but also the transaction fees paid by those who’s transactions were included in the block that they successfully mined. The use of mining pools means that you combine your computing power with others, you contribute to a faster hash rate and increase your chances of mining a new block. The rewards are then dispersed according to the amount of hash power contributed. If you want to mine Bitcoin using a GPU setup, just know that you most likely will not be contributing very much computing power to the mining pool compared to others who are using ASICs, and your payouts will reflect this. If you want to mine using a GPU setup, I’m going to suggest that you explore other coins that are GPU mining friendly. Monero for example has recently taken a stand against ASIC mining. In fact, they’ve decided to fork their code in order to keep ASICs from taking over and potentially causing their network to centralize. If you want to join a mining pool, this means you’ll need to have a computer or mining rig dedicated to run and be connected to the internet 24/7. You’ll also need to configure your mining rig or computer to direct its hash power towards the mining pool of your choice. Lastly, you’ll need an appropriate wallet to which your payments will be sent. There are many guides available that help you to install the Bitcoin mining software, I’ll include links down below so you can check out a few. There are some fundamental things about mining pools that are counterintuitive when it comes to Bitcoin and other cryptocurrencies as well. Here’s the deal. The thing about the Bitcoin network that has always been its strength is its decentralization and open source code. I know I’ve said it many times on this channel, but it’s something that will always bear repeating. Decentralization removes the risk of a single point of failure. It keeps decision making where it should be, in the hands of the many who work to secure and maintain the network. Once we start playing around with centralization it opens the door for power grabs and corruption. Open source code and information is also vital because it allows anyone to learn about and understand the different systems that come into play with not only Bitcoin but other networks as well. Granted, it’s rare to find a system that is completely decentralized, but things like mining pools don’t exactly help the cause. So I want to encourage all of you to look into running your own fully validating nodes. These nodes are what monitor and ultimately keep the blockchain in check and maintain its integrity. All of that being said, if you’re still interested in being a part of a mining pool, here are some things I urge you to be aware of: * It’s a form of centralization * Does the owner of the mining pool control how the entire pools hash rate affects the Bitcoin network? (AntPool) * Is the payment system transparent? * Do you receive portions of the transaction fees as well or just block rewards? * Always be as aware as possible of the decisions made by the owner of the pool. If they are not transparent of their stance on issues, I would not recommend being a part of their pool.
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Text Comments (32)
J F (1 month ago)
Wow this is a hole new language that I did not understand at all. What is the GPu set up can you speak in leman terms?
Crypto Conversations (5 months ago)
Thumbs up here
mclarenf45 (5 months ago)
Good tips, as much as people want to decentralize it always ends up being centralized, the bigger the mining pool the bigger the reward, someone can run a mining rig on their own but the operating cost doesn't make things possible. About asic miners they can only do one thing, however with GPUs various blockchain and other related tasks can be done.
N2 DaAIR (6 months ago)
I see bitcoin has bit it again! It’s kinda funny, watching all these people hoping and praying with every second that this crypto crap is gonna make them money and all it does is keep tanking. Yea, buy some more! BTW, I have a country I can sell ya!
N2 DaAIR (6 months ago)
Seriously, why are you people even dreaming that this crypto crap is worth wasting your time and money for? Wake up man, in just a short time all this worthless pretend currency will be ridiculed profusely and absolutely laughed at as a viable investment option. It’s happening right in front of your eyes-Bitcoin and pretty much all of the others are headed to zero. Worthless!!! Blockchain will continue, but crypto is dead.
N2 DaAIR (3 months ago)
Crypto Tips we’ll see who’s laughing last. Must be pretty tough, watching the majority of your investments dwindling further and further on their way to zero. Maybe laughing about it helps you out, better than crying I guess.
Crypto Tips (6 months ago)
LOL
AGXIII (6 months ago)
thanks ma'am for a great tip! like it!
Mattias Jaya d'Ambrosio (6 months ago)
Thanks for the video CT, I agree with you running a full node helps to secure btc network, but it's not that easy too. Furthermore I would like to know if you have a link for altcoins compared with their hashrate power. Anyway always a pleasure seeing prettiest youtuber on a mysterious land of the world. See ya :D
paoad (6 months ago)
Nice video, and well explained. Personally, I more into Proof of Stake projects. So staking rather than mining :) One of my favorites PoS projects is DeepOnion, with a really honorable stake reward at 10%. All I need to do is just have my wallet running and unlocked and that's all. Easy way to make easy money without breaking your computer.
g s (6 months ago)
Can someone please explain how this staking thing works ? Electricity is very expensive where I live so Mining is not profitable. Does staking use less electricity ? and what would be good coins to start staking ?
AGXIII (6 months ago)
yeah you've got a point! i use to stake also that DeepOnion for about 4 months and so far so good specially for the current value now ,well that is a great deal to buy bunch of it .
John Wijnberg (6 months ago)
Mmm...senegal ?
Dell Laptop (6 months ago)
Please teach us. I am ready to pay for ur teaching
Dell Laptop (6 months ago)
Heidi i need ur telegram id
Canindian Crypto (6 months ago)
Top five Crypto Chick!
Andy Raman (6 months ago)
What is the difference between dark pools and OTC
Crypto Tips (6 months ago)
I believe dark pools allow big time traders to move large amounts of coins without spooking the crowds and causing panic sells.
Alan Ellis (6 months ago)
NIce job!
Daniel Rojas (6 months ago)
Loved the legacy Pentium 4 computer.
vusal huseynli (6 months ago)
Heidi, can you talk about where to store smaller cryptopia coins efficiently? Ones you can't store on a ledger nano. Aside from downloading a million individual wallets. Any tips??
Crypto Tips (6 months ago)
Thanks for the request, I’ll look into this and come up with some options in a future video
Christopher Howard (6 months ago)
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Schuwall (6 months ago)
That`s the video I had been waiting for! :) Thanks!
Deborah C. Bryant (6 months ago)
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Anddy Michael (6 months ago)
Yea, that's a nice one. indeed those guys are reliable and can be trusted too cus they helped me out with my btc wallet. contact them if you have issues with your wallet. There's nothing to worry about cus they are reliable.
Jason Hamilton (6 months ago)
Their service is equivalent to success tried made profit and their platform changed my financial status.
Scott Lee (6 months ago)
I'm a little wiser. Mahalo CT.
mkmstillstackin (6 months ago)
Great overview!
Michael Mwakazi (6 months ago)
Awesome
Nickao (6 months ago)
Please, allow subtitles! I need to understand you better ! Thanks
Crypto Tips (6 months ago)
I provide the typed version of each video down in the description :)
Crypto Coin Cyprus (6 months ago)
Well said my dear mwaaaaaaaaaaaaaaaa
alam usman (6 months ago)
hello heidy hw u doing

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