Name: CRYPTOMINING
Uploaded: 2017-08-15T14:21:06.000Z
Duration: 4 min 58 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

This computer is making
me money right now.

Modal verbs - B1

While that might sound
like some scummy pop-up ad,

in reality, it's all
thanks to Cryptomining.

These are digital
currencies that are worth

For example, a single
bitcoin goes for about $2400

Not only has Bitcoin been
recognized as legal currency

in places like Japan,
but you can spend Bitcoin

at a lot of online
retailers, such as Microsoft,

You could even purchase things with PayPal

For example, if you
fire up a mining program

on your computer, it'll immediately start

crunching the numbers on
different transactions

As a reward for doing all that hard work,

you'll gain tiny, tiny
amounts of cryptocurrency.

Typically, this doesn't really equal much.

more and more valuable,
it can actually add up.

There are two different
ways of getting your hands

You can buy and sell them
just like anything else.

So, the market will go up and
down and it does that a lot,

but the theory is, you buy
'em for cheap, sell 'em

for more and you make a profit
just like the stock market.

So what that means is that
some computer has to do

the work of deciding that
hey, someone has money,

In the early days, you could
use an ordinary gaming PC

to mine Bitcoin, but as
it's gotten more popular

and more importantly, there's
more and more competition

a standard gaming PC
to mine Bitcoin today.

There has been other
cryptocurrencies that have sprung up

So, back in 2013, I had
a few different Litecoin

mining rigs set up and generally speaking,

if you have a PC with a solid
GPU, you can make that work.

However, the issue is, as things
get more and more popular,

people design what are called
ASICs, which are literally

custom-designed chips that are purely made

Today though, cryptomining
has seen a major resurgence

and a lot of that is thanks to
a new option called Ethereum.

Now, this is something that
actually does make sense

So, we've been using this
CyberPower PC that we did

a video on recently which
actually is now down to $650,

which is kind of funny because
thanks to cryptomining,

even the graphics card itself
sometimes will go for $650.

like the RX 580 that's
inside is going to be your

NVIDIA options also do
work pretty well too.

If you have a lower end card
that's maybe a little bit

you wanna try mining on
the CPU, it's generally not

Cryptomining really is all about the GPU.

The actual setup for mining is
surprisingly straightforward,

So you just need three things,
a PC to do your mining,

There are lots of options
for creating a wallet,

Not only is it fairly simple
as they do pretty much

all the work for you, but
not only can you buy Bitcoin,

but more importantly, you can
sell them or just spend them.

For the mining program,
a really easy option

and all you need to do is
let it do it's initial setup,

and it handles everything else from there.

Nicehash does take three percent
of everything that you mine

but in return, it's a
completely automatic setup,

so if you're not super
familiar with this stuff,

it works pretty well and
it's even smart enough

to automatically pick
between different algorithms

based on what's going
to be most profitable.

The cool thing is, since
this is just a normal

Windows program, you can
mine whenever you want.

So, say you wanna actually play
some games on your game PC,

So I'm about to throw
some numbers at you guys,

but please take all these
with a giant grain of salt.

This can go way up and way
down pretty much at any point.

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CRYPTOMINING

recognize

average

sense

immediately