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Crypto 'Mining Pool' Basics & How to Avoid the Skullduggery

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Why would you join a cryptocurrency mining pool -- that is, purchase a mining contract? And how can you parse the legitimate operations from the scams? Charlie of CryptoCompare offers up advice based on his own navigation of the exciting seas of the mining pool. Check out our new channel! http://youtube.com/dashorg Connect with us! [website] http://TheDailyDecrypt.com [podcast] https://yourlisten.com/TheDailyDecrypt [tweets] http://Twitter.com/TheDailyDecrypt [facebook] http://Facebook.com/TheDailyDecrypt [RSS feed]: http://mix.chimpfeedr.com/5b92e-The-D... Wanna sponsor a show? http://TheDailyDecrypt.com/Sponsorship Sponsor: EverGreenCoin: http://EverGreenCoin.org, https://bitcointalk.org/index.php?topic=1272091.0 Show links: 'How to Identify a Bitcoin or Ethereum Cloud Mining Scam': https://www.cryptocompare.com/mining/guides/how-to-identify-a-bitcoin-or-ethereum-cloud-mining-scam 'How does cloud mining work?': https://www.cryptocompare.com/mining/guides/how-does-cloud-mining-work 'How to Choose a Contract' (example comparison of Bitcoin, Litecoin, & Ethereum): https://www.cryptocompare.com/mining/guides/how-to-choose-a-bitcoin-or-ethereum-mining-contract Music: 'Too Drunk to Fuck' by Nouvelle Vague: https://www.youtube.com/watch?v=Hapufz1NFkY Contact us: http://TheDailyDecrypt.com/Contact Tip us! See our addresses for Bitcoin, BitcoinDark, Bitshares, Dash, Dogecoin, Ethereum, Litecoin, Monero, Neucoin, Nubits, Nxt, Peercoin & more at http://TheDailyDecrypt.com/Tip-Us ProTip ready: 17LdaZjmiVzY3wfL4af89FAcgFkAgncrQe
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Text Comments (48)
Austin Fisher (5 months ago)
yeah all of these facts are so wrong pointless vid
SamuraiRui (6 months ago)
Those prices in the footer are hilarious xD damn how the world changed in one year
PerfilConectado (7 months ago)
http://PCPOOL.GA Fast pool with low tax: 0.75% only supported coins: Lyra2V2 - Monacoin Vertcoin Scrypt - Litecoin Sha256 - Bitcoin X11 - INSaNe timetravel - MachineCoin neoscrypt - Desire InnovaCoin and new coins coming soon... support and admin with fast contact: [email protected] [email protected] http://PCPOOL.GA
Em Hilsen (9 months ago)
Good insights! Another important thing to know about contract mining is that the return they quote doesn't take into account fluctuating prices and difficulty. I've started developing some side-by-side comparisons to help shed some light on more realistic return prospects. It's a work in progress, but if you take a look, I'd appreciate your feedback - www.how-genesis-mining-works.com
AndrejCibikDesign (11 months ago)
You see those prices under video? :D
Crypto God (4 months ago)
haha was thinking the same thing
Judy Tucker (11 months ago)
Weighing in on the cryptocurrency mining, my experience has been exceptional with over 400 of our members mining with daily returns. I can't say enough good things about our history with mining farms except we all wish we had gotten in sooner. Thanks for the update.
el xero (11 months ago)
Hmm I think this video is mostly about mining contracts and less about pools though guys... Either way subbed, I'm just starting out and loving the content so far! keep up the great work!
Denchai facciolla s. (1 year ago)
http://bitfun.co/?ref=8FCB9B0B3E3C
jehmin jung (1 year ago)
what's better and please think about all aspects. power costs ect. a rig with a few professional grade high 4gb to 8gb autocad type Nvidia or Amd cards let's say 6. or a bunch of little raspberry pies?
Dunand Nadeau (2 years ago)
Mining pools and mining contracts are two different things.
wanwan (2 years ago)
GM is the worst service. literally, they proof nothing.
Héctor G. M. (2 years ago)
Here goes my bit of knowledge: www.badbitcoin.org and the click on "The Badlist". You'll find a massive list of scams/ponzis/etc sites that would gladly rip you off in the name of Bitcoin. Also, the revenue you obtain from those contracts also depend on the difficulty of Bitcoin, which by the way, is skyrocketing, making mining less and less profitable: blockchain.info/charts/difficulty. I have to agree with Charlie that the most transparent companies I've seen are Hashflare and Genesis mining. Is there a link to the whole interview?
Amanda B. Johnson (2 years ago)
+Héctor G. M. Hi, thanks for weighing in and providing additional information. And no, I've not published the whole interview anywhere, but rather pulled all the highlights into this video.
prospero (2 years ago)
Fantastic  DK cover song "Utra- Super- Kitch- Noir".....(If I may coin a term),  Tarantino level.  ABJ- I posted an E-mail to Greg Hunter to Interview You.  Viva La Competition !   Hope to read Mastering Bitcoin soon.  All the Best  not so subtle Ninja.
prospero (2 years ago)
+The Daily Decrypt I sent the Email and sent a couple  of your vids as a "Res Ispa Loquitur"...He covers Economics Politics Banking/Finance.  But I truly believe you are (pardon the expression) a "Super Model of a current and future zeitgeist/reality" that is way under the radar....Me...I try to watch everything, and what you cover I never saw coming and it is here. Further I would find it delicious for it to take the stage now !  And so I try to breath on the Embers.  I was explaining the "trustless contract and the "Arcade/Uber/Dude- biz-model" to someone, and it freaked them out as to the Stonehenge Reality they are in....BTW a piece of advice is buy some Physical Precious metal if you can GLD and SLV look like they are on a breakout and I think the Chinese buying the Chicago Stock Exchange might be to convert it to be a commodities exchange with no speculation futures....."golden rule"  "Those with the gold make the rules.  All The Best Champion. and thanks for your vids and the MUSIC is SEN- SA -TION -AL!  :>!
Amanda B. Johnson (2 years ago)
+prospero Hey, thanks. I'm not sure who that is, but yeah, it'll be cool if he reaches out to me.
Matthew Reece (2 years ago)
Setting up your own miner is easy. I did it in one evening to put my GPU to work when I was not using it for something else.
Matthew Reece (2 years ago)
I have mined LTC, NVC, FTC, DOGE, and VIA.
Amanda B. Johnson (2 years ago)
+Matthew Reece What coin did you mine?
fastenol1 (2 years ago)
Hashnest! legit and easy to use.
Amanda B. Johnson (2 years ago)
+fastenol1 Thanks for the information.
Tawnya Smith (2 years ago)
hashnest.com
fastenol1 (2 years ago)
+Tawnya Smith Me too! Long time with them.
hfjdn (2 years ago)
bitcoin is the last shit this days. Secret meetings behind closed doors coming again. Censorship on reddit, and other places. ddos attacks on other core implementation like bitcoin unlimited xt and so on. Ignorand core developer's that only want to work 4 blockstream funding company interest. bitcoin is not far away from fiat money anymore with central planing behind closed doors and ignorant governance. i am close to leave bitcoin and drop all btc
Jannes Faber (2 years ago)
Scam pumping alert!
Vlad adrian (2 years ago)
who are not scams? We would love to promote their business instead. Based on our research hashflare and genesis were legitimate. Feel free to come over to CryptoCompare and review them or advise us on who the non scams are. We would love to add them to the list.
Money Flow (2 years ago)
When i look for cloud mining reputation i just google "<cloud miner business name> + ponzi". I like the assessment on "Digiconomist" webpage, i.e. Genesis Mining has 3 stars: http://digiconomist.net/fraud-risk-assessment-genesis-mining By the way, I haven't seen a smart contract binding a mining contract. Why would be? P.S.: Hashflare and Hashcoins has a very bad assessment according this page: http://digiconomist.net/fraud-risk-assessment-hashcoins (Just be carefull)
Vlad adrian (2 years ago)
Awesome, i'm at [email protected]
Money Flow (2 years ago)
+Vlad adrian If I find any I'll let u know... If you find one, this is my mail: [email protected] Thank u very much!!!
Vlad adrian (2 years ago)
Yep, perfect antidote, i'm 100% behind that. We did not find any when we were updating our list. I'll let you know as soon as we find one.
Money Flow (2 years ago)
+Vlad adrian would u know about any cloud miner who backs their contract on a smart contract?... It would be the perfect antidote against scammers, don't you think?. If you find anybody offering one, I'd take it.
Vlad adrian (2 years ago)
I think the smart contract /mining contract combination would work really well and would benefit honest companies. Also i think that if one does it, all the serious companies would follow. The fees and pricing schemes are generally the bottleneck I think. We are talking to Oraclize.it to bring our volume weighted average price for each coin to their service. Hopefully that would make more mining contract providers move to smart contracts. I totally agree that smart contracts are the future of mining contracts.
Per Ingvarsson (2 years ago)
more Vlad !
Vlad adrian (2 years ago)
i promise i'm not creepy normally:))
Whats Wrong (2 years ago)
So I've been thinking about mining myself. I have unlimited free energy, but I know nothing about mining! any quick plugnplays?
mrbuttercake (2 years ago)
+www.Crypto-Facilities.com Dank trees growing in a semi cab traveling across the nation.. Imagine that!
Noone (2 years ago)
+Whats Wrong grow pot instead
Money Flow (2 years ago)
Well +Whats Wrong (I'm sorry, I'm rectifying my last answer) You would take a look on an eficiency table, like this one: https://en.bitcoin.it/wiki/Mining_hardware_comparison One of the most eficient hardware your inverter can handle, according this table is AntMiner S7 https://www.bitmaintech.com/productDetail.htm?pid=00020150827084021471OHYdwd9D06A0 You can use TWO of these equipments. Will give you more than 9 TreaHashes per second and runing just 81% of your inverter capability. Depending on the brand of your inverter I recomend you don´t run it over the 95% of capability. That use to be to optimum eficiency point. Regards
Amanda B. Johnson (2 years ago)
+Whats Wrong What a cool situation to be in. Seems like Vlad has some good advice here. Report back if you try something, eh? That would make for a cool episode topic.
Vlad adrian (2 years ago)
You could start with Ethereum mining. Check the guide in the video link. At the current network hashing power and price, ethereum is the most profitable. I don't know how long the price is going to stay up but you can generally switch to a different coin when/if ethereum becomes unprofitable.
slhines7 (2 years ago)
I dig your pigtails:)

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