Don't mine Bitcoin

by Alex Ellis

In the video below I want to share with you some reasons why you should not be mining Bitcoin and despite what people may have told you - you can actually make money from mining cryptocurrencies with your CPU and GPU with Docker.

I'll start with a video, then give you a glossary of terms and two key resources that will let you dip your toes in mining cryptocurrencies.

Watch the video

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Glossary:

  • Bitcoin - a popular cryptocurrency. It's now too hard to mine Bitcoin on your own
  • Bitcoin wallet - a Bitcoin wallet stores your currencies and comes with one or many addresses that can be used in transactions
  • Mining pool - a distributed pool of computers pooling resources to mine a cryptocurrency. This could be Bitcoin or something else
  • Accepted shares - these are shares you have contributed to a mining pool and represent the work you have done
  • Minimum payout - this is the amount of shares or payment you can accrue before it is sent over to your Bitcoin wallet
  • Exchange - an exchange is where you can sell Bitcoin for other currencies such as Euros and Dollars.

Further resources:

Here is my Mine-With-Docker project which will allow you to start mining cryptocurrencies and get paid for the shares you submit to a mining pool within minutes such as Nicehash.com. All you need is Docker on your local machine or in the cloud.

My buddy and fellow Docker Captain Tom has put together a Bitcoin wallet where the proceeds go to charity. Find out about his project: Techies 4 Temple St.

So subscribe to my channel and follow me on Twitter for more.