Mining Litecoin / Bitcoin Cryptocurrency with an ASICs Miner

Hi There, nice to be back. I'd like to share more on my cryptocurrency journey with mining.

Previously I mentioned that I started with cloud mining contracts from Hashflare.io. After that I started to try out getting an ASIC(Application Specific Integrated Circuit) miner for mining litecoin, these are chips specifically designed for a single purpose, namely mining different types of cryptocurrency, and in this case namely litecoin(which uses Scrypt Algorithm). It was a small investment of about $150sgd for a used Gridseed Chip GC3355 Blade Miner running a hashrate of about 5.2Mh/s. Here's what the equipment looks like:

   

It was a good learning experience figuring out how to setup and run this unit. For those wondering about how ASICs work, in a nutshell, there are many algorithms and each cryptocurrency coin blockchain uses a particular algorithm which they are based on, so these mining chips can only perform calculations for the algorithm they are made, and needless to say, each algorithm has it's own advantages. Some of the algorithms are scrypt, sha-256, X11, cryptonight, Ethash, Equihash, and the list goes on. I'll probably share more on my setup and create another post and possibly include a video to share more details at a later time.

If you're curious, I bought it from Aliexpress. Here's the link if you'd like to find out more: https://www.aliexpress.com. Personally I found that this was a good platform for me to experiment with a low cost equipment and get my fundamentals right before moving on the bigger guns. In my next post I'll write more on the ASICs miner. Thanks for reading, I hope my journey can help you decide on how you embark on yours. Do let me know if you have any thoughts that you'd like to share. See you again.

What is Cryptocurrency? And can it bring financial freedom?

Hi There. Great to see you again.

Today I'd like to share a little more on my bitcoin journey. As I took the steps to learn more about cryptocurrency, I think the questions that needed answering was "What is Cryptocurrency and  Bitcoin?", "Is this real?", Can this really bring financial freedom?" and "Can I use this or cash this out?" Thus i began my endeavor.

A number of people has asked me what Cryptocurrency, Bitcoin, Litecoin, Ethereum...  is all about, so I've always tried to put it into simple terms so that a lay person can understand it. Basically, cryptocurrency is a digital currency, secure, transparent and a trustless system(You don't have to trust a bank, visa or master card to perform the transaction for you). It is not governed by any country, is driven by supply and demand, and it's value depends on the price at which it is currently traded. It operates 24/7, 365 days a year. Transactions that take place are stored in what we call a blockchain, and anyone can download or view this information. There are well over 1500 cryptocurrencies at this point of time, and Bitcoin is the first decentralized cryptocurrency which started in 2009.

Cryptocurrency is real, and in my opinion, there are a few things that could happen, there will be a few standing established cryptocurrencies at the end of the day, it could become a world currency in time to come, or all of it just crashes and burns.

Can Bitcoin bring financial freedom? I think it's possible, but it takes time and some planning. I wouldn't encourage you to place all your eggs into 1 basket though, but would rather recommend diversifying into other avenues like stocks, property, online business... I'll share more on these at a later stage.

The big question I had on my mind was whether I could cash this out. And from what i found out, the short answer is yes. The only thing about this is that the verification process is really long(more than 1 month), which is actually quite ridiculous if you ask me, but ok I guess if you're in it for the long term. One of the trusted platforms that I use is Coinbase(You can get some free Bitcoin on your 1st purchase). This platform enables you to buy, sell and transfer Bitcoin(btc), Bitcoin Cash(bch), Ethereum(eth) & Litecoin(ltc).

If you find my information useful, and like to embark on Cloud Mining. you can use my affiliate link to Bitcoin Mining at hashflare.io.

Do share with me know your thoughts or ideas. I'll write more in the coming days. Thanks for reading and see you again.