One of the rules of cryptocurrency mining is that block should be found in certain amount of time, which is fixed. This guarantees the stable and predicted money volume generation. However mining itself can be compared to lottery. While in the real lottery a chance that you win is fixed and miserable in mining it can be adjusted to guarantee the the period of block discovery.
So here are the basic steps how to set up money transfer from your pool. As a result of your mining you would get some coins as a reward. You will definitely want to transfer this reward time to time to your wallet or exchange account because it is not a good practise to keep everything in the pool. One day your pool can disappear or just go down, when you need your money and there is not much to do about it.
In the beginning you would only need to generate some receive addresses in order to receive money to your wallet once they are mined. The money transfer in the cryptocurrency network goes from one address to another. You could generate as many addresses as you like.
Simple definition of wallet would be the program, which allows you to store your coins. Every coin has it's own wallet. As a beginner you would only need a wallet for particular coin you want to collect, e.q. hold for some time.
Is it a file, or something else? In short: Crypto currency is a long list of transactions written from the first day of the creation of particular coin. If it is too short. Just read the longer explanation below.
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AboutWelcome! This place is my attempt to gather all possible mining info, problems and solutions in one place.So that miners would not need to seek around hunders of forums. Categories
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