Minergate Mining Software Set Up Guide
A Chunky Soup Services Guide Contact Chunky Soup on Simbi at https://simbi.com/chunky-soup/welcome or twitter.com/chunkysoupsvc This guide is for setting up a beginner CPU/GPU miner for your laptop or desktop computer(s) as well as how to withdraw and set up your wallets. Check out my Trading and Exchange guide, my other cryptocurrency informational guides, as well as my Mining Rig Set Up and Purchase guide. All available through Simbi at https://simbi.com/chunky-soup/welcome Step 1 : Visit https://minergate.com/a/b7b58f1f97c81f0e4a5bf0fc and complete the registration. You will need to provide an Email address (please make sure to use one you will remember) and a password (also make sure to use one that you will remember but is also secure). This is the first step in joining over 3.5 million Minergate users. Step 2 : Download the mining software. You can click the large blue "Start mining now" button or you can scroll down near the bottom of the to find older versions of the software and versions for older operating systems. Step 3 : Install mining software. Step 4 : Turn on software and select which cryptocurrencies you would like to mine. You can also select the Smart Miner option and the software will automatically mine the most profitable cryptocurrency based on information within the past hour. I recommend you mine Monero and or Ethereum. You can mine more than one cryptocurrency at a time. You should not mine more than the amount of CPU you have. For example, if you have a duel core processer (CPU) you could mine 2 cryptocurrencies or all both parts of the CPU to mine a single cryptocurrency with more power giving you more hash per second. In a nut shell hash per second is a measurement of mining power. I will provide some basic explanations of terms later. Step 5 : Start Mining! Click the "Start mining" button(s) and you are good to go. While using your computer for other purposes I suggest only using 1 CPU cores for a single cryptocurrency at that time since it may slow down other things you are doing. If you have a more powerful CPU/GPU set up for your laptop or desktop you can easily mine more while also using your computer for other purposes. When you are not using your computer I suggest using more if not all your CPU/GPU power to mine. Let your computer work for you while you are away. Remember computer fans are your friends and do not let you're computer overheat. If you believe your computer is getting to hot, add a small computer fan (or room fan) to remove the heat / lower your mining power slightly. Keep your computer area cool and dry (even when not mining). How to withdraw your cryptocurrency : Step 1 : Sign up for Multi Wallet by Freewallet (A guide to this is found right after this withdraw guide). Minergate uses this wallet and it is secure and trustworthy. You can transfer your cryptocurreny to exchanges or other users from there. More on that shortly. Some cryptocurrencies do not need a Multi Wallet, at this moment they are, Ethereum Classic (ETC) and AEON. Step 2 : Click the "Wallet" button at near the top of the screen. Click the Withdraw button. Make sure you have the minimum amount to withdraw. This amount will vary from cryptocurrency to cryptocurrency. Step 3 : Enter the amount you would like to withdraw. Some withdraws have a fee, these fees are almost always very very low. Step 4 : Enter the email address associated with the Multi Wallet account you would like to withdraw then confirm right below that to OR if its Ethereum Classic or AEON you will enter the wallet address you would like to withdraw to (more on that in a moment). Step 5 : Enter your password next to "Current password" and press "Withdraw". Sign Up for Multi Wallet from Freewallet : A Multi Wallet from Freewallet is required to withdraw most coins from Minergate and is helpful when holding various other coins. Its available on Windows and Mac. They also have mobile apps available. You can download yours at : http://j.gs/CGaP EXTRA: SIGN UP for Changelly for a simple and user friendly way to exchange your newly mined coins : Visit https://changelly.com/?ref_id=00b933af0596 and fill the quick sign up form. MinerGate uses Changelly directly and so do several wallets and services. ETC and AEON Wallets : Need an Ethereum Classic or AEON wallet? Visit and sign up at : Ethereum Classic Wallet : Atomic Wallet at https://atomicwallet.io/ Supports Windows, Mac, Ubuntu, Debian, Fedora and has Android and iOS mobile apps. As well as many other cryptocurrencies. MAKE SURE to write down and save your security phrase. This is how you get back into your wallet in an emergency. After downloading and setting up your Atomic Wallet select "Airdrop" from the side menu, Enter the email address you will associate with this wallet and enter the promo code " VZFNQ ". This will give you FREE Atomic Wallet Coins (AWC) and the promo code doubles the amount. Double check to insure you have the right email and promo code. A plus about Atomic Wallet is that they have a built in and user friendly exchange. This may not always be the most profitable way to exchange, but it is convenient and usually quicker. AEON Wallets : AEON has its own wallet available at : https://www.aeon.cash/ Available for Windows, Mac, and Linux. Once you download the zip file you will extract it to a folder of your choice and select "aeon-wallet-gui" to begin installation. Once again, make sure to backup your security phrase. NOTE : These are wallets not exchanges. These are for storing your cryptocurrency not trading them (Atomic does have a built in exchange option). You can deposit/withdraw/spend from them. Also, its not that out of the norm to have more than one wallet. For example, some people like to use different wallets due to fees or some wallets just do not support every coin. Just make sure you backed up your passwords and security phrases. What if I want to do more? Want to go beyond a computer desktop/laptop set up and get into GPU mining rigs and Cloud mining contracts? I can help you with that as well. I suggest to all new users to set up the mining software shown in this guide to get a basic look into the mining world. Small steps help. The minergate community also has a great cryptocurrency mining pools to work with. What's a mining pool? "In the context of cryptocurrency mining, a mining pool is the pooling of resources by miners, who share their processing power over a network, to split the reward equally, according to the amount of work they contributed to the probability of finding a block." Wiki said it well. There are over 3,500,000 Minergate users, that's a big pool. Cryptocurrency Terminology* : Trading Related Terms: Exchange Websites where you can buy and sell crypto-currencies. Some popular exchanges in North America are: Coinbase FIAT Government-issued currency, such as the US dollar. http://dapalan.com/Uysi Whale Someone that owns absurd amounts of crypto-currency. Limit order / limit buy / limit sell Orders placed by traders to buy or sell a crypto-currency when the price meets a certain amount. They can be thought of as ‘for-sale’ signs. These orders are what are bought and sold against when traders place market orders. Sell wall / buy wall Using a depth chart, traders can see the current limit buy and sell points. The graphical representation on the depth chart looks like walls: http://dapalan.com/UysM Market order / market buy / market sell A simple purchase or sale on an exchange at the current price. Market buys purchase the cheapest ETH available on the order book, and market sells fill the most expensive buy order on the books. Margin trading The act of ‘magnifying’ the intensity of your trades by risking your existing coins. (NOTE: Very risky, only for experienced traders and only on certain exchanges even then) Going long A margin trade that profits if the price increases. Going short A margin trade that profits if the price decreases. Bullish An expectation that price is going to increase. Bearish An expectation that price is going to decrease. ATH All-Time-High. We’ve gotten a lot of these the past couple months. Altcoin Generally any crypto-currency other than Bitcoin or Ethereum. (Though some Bitcoin folks would probably still say Ethereum is an altcoin) Tokens Refers to the ‘currency’ of projects built on the ethereum network that have raised money via issuing their own tokens. Examples: GNT – Golem REP – Augur BAT – Basic Attention Token ICN – Iconomi ICO Initial Coin Offering, somewhat similar to an IPO in the non-crypto world. Startups issue their own token in exchange for ether. This is essentially crowdfunding on the ethereum platform. Shilling / pumping Someone essentially advertising another crypto-currency. If a coin is promised to cure cancer or be the second coming of Jesus, it’s being shilled. Stable coin A crypto-currency with extremely low volatility that can be used to trade against the overall market. Arbitrage Taking advantage of a difference in price of the same commodity on two different exchanges. Often mentioned when it comes to comparing ETH prices on Korean exchanges against US exchanges. FOMO Fear Of Missing Out. The overwhelming sensation that you need to get on the train when the price of something starts to skyrocket. FUD Fear, Uncertainty, and Doubt. Baseless negativity spread intentionally by someone that wants the price of something to drop. FUDster Someone that is spreading FUD. Pump And Dump The recurring cycle of an altcoin getting a ton of attention, leading to a fast price increase, and then of course followed by a huge crash. Bagholder Someone still holding an altcoin after a pump and dump crash. Can also just refer to someone holding a coin that is sinking in value with few future prospects. Market Cap The total value held in a crypto-currency. It is calculated by multiplying the total supply of coins by the current price of an individual unit. This site shows a great run-down of each coin’s market cap: http://dapalan.com/UyrH ROI Return on Investment. The percentage of how much money has been made compared to an initial investment. (i.e., 100% ROI means someone doubled their money). TA Trend Analysis or Technical Analysis. Refers to the process of examining current charts in order to predict which way the market will move next. MACD Moving Average Convergence Divergence. A trend indicator that shows the relationship between two moving averages of prices. More info: http://dapalan.com/Uyqa Bollinger Band A margin around the price of a crypto that helps indicate when a coin is overbought or oversold. More information available at: http://dapalan.com/UyqE General Cryptocurrency Terms: Blockchain The classification of technology that Ethereum falls into. Blockchains are distributed ledgers, secured by cryptography. They are essentially public databases that everyone can access and read, but the data can only be updated by the data owners. Instead of the data residing on a single centralized server, the data is copied across thousands and thousands of computers worldwide. More detailed information available at: http://dapalan.com/UypQ Node A computer that possesses a copy of the blockchain and is working to maintain it. Mining The process of trying to ‘solve’ the next block. It requires obscene amounts of computer processing power to do effectively, but is rewarded with ether. Mining rig A computer especially designed for processing proof-of-work blockchains, like Ethereum. They often consist of multiple high-end graphic processors (GPUs) to maximize their processing power. Fork A situation where a blockchain splits into two separate chains. Forks generally happen in the crypto-world when new ‘governance rules’ are built into the blockchain’s code. Some more information available at: https://en.wikipedia.org/wiki/Blockchain#Hard_forks PoW Proof-of-work. The current consensus algorithm used by Ethereum. PoS Proof-of-stake (not piece of shit). The proposed future consensus algorithm to be used by Ethereum. Instead of mining in its current form, people that own ETH will be able to ‘lock up’ their ether for a short amount of time in order to ‘vote’ and generate network consensus. The plan is that these stakeholders will be rewarded with ETH by doing so. sharding A scaling solution for blockchains. Typically, every node in a blockchain network houses a complete copy of the blockchain. Sharding is a method that allows nodes to have partial copies of the complete blockchain in order to increase overall network performance and consensus speeds. software wallet Storage for crypto-currency that exists purely as software files on a computer. Software wallets can be generated for free from a variety of sources. MyEtherWallet (MEW) is one of the popular. (more on MEW below) hardware wallet A device that can securely store crypto-currency. Hardware wallets are often regarded as the most secure way to hold crypto-currency. Ledger Nano S / Trezor Two of the most popular hardware wallet models. cold storage The process of moving crypto-currency ‘offline’, as a way of safekeeping your crypto-currency from hacking. There are a variety of ways to do this, but some methods most commonly used: —Printing out the QR code of a software wallet and storing it somewhere safe, such as a safety deposit box. —Moving the files of a software wallet onto a USB drive and storing it somewhere safe. —Using a hardware wallet. Ethereum Specific Terms Smart contract Code that is deployed onto the Ethereum blockchain, often directly interacting with how money flows. Not my quote, but: “A normal transaction allows you to send money from A to B. Smart contracts allow you to send money from A to B, on the condition that C happens.” Solidity One of the most popular languages that smart contracts can be written in. Has some similarities to Javascript. Dapp Decentralized Application. This refers to an application that uses an Ethereum smart contract as it’s back-end code. The Flippening A potential future event wherein Ethereum’s market cap surpasses Bitcoin’s market cap, making Ethereum the most ‘valuable’ crypto-currency. This site shows the progress of the Flippening in real-time: http://dapalan.com/Uyo7 Gas A measurement of how much processing is required by the ethereum network to process a transaction. Simple transactions, like sending ether to another address, typically do not require much gas. More complex transactions, like deploying a smart contract, require more gas. Gas price The amount of ether to be spent for each gas unit on a transaction. The initiator of a transaction chooses and pays the gas price of the transaction. Transactions with higher gas prices are prioritized by the network. Wei The smallest denomination of ether. 1 Ether = 1000000000000000000 Wei (1018) Gwei Another denomination of ether. Gas prices are most often measured in Gwei. 1 Ether = 1000000000 Gwei. (109) Finney, Szabo More somewhat common denominations of ether. The full denomination chart: http://dapalan.com/Uyoh Raiden Network An upcoming protocol change to Ethereum that will enable high-speed transfers across the network. It is similar in some aspects to Bitcoin’s planned Lightning Network. The name, I assume, comes from the Mortal Kombat character named Raiden that can shoot lightning. More reading available at: http://dapalan.com/UynI Frontier, Homestead, Metropolis, Serenity The four planned stages of the Ethereum development roadmap. We are currently in the Homestead phase. The Metropolis update is likely to be available sometime in the next year. MEW MyEtherWallet. A free site that can generate ethereum software wallets for you. EEA Enterprise Ethereum Alliance. A coalition of startups and corporations trying to figure out the best way to use this dang thing. Vitalik Buterin One of the primary co-founders of Ethereum (and certainly the most well-known). A brief biography is available at: https://en.wikipedia.org/wiki/Vitalik_Buterin DAO Decentralized Autonomous Organization. An investor-directed venture capital fund built on the Ethereum network that was hacked in June 2016. The hack stole about a third of the DAO’s funds and led to Ethereum being hard-forked the following month. The DAO is often cited as one of Ethereum’s biggest stumbles thus far. Memes: Hodl Long ago, someone on a bitcoin forum got drunk and made a post with this typo in the place of ‘hold’. A meme was born. https://bitcointalk.org/index.php?topic=375643.0 lambo What we’re all going to buy when we’re rich. This is gentlemen “This is it, gentlemen”. Used to point out positive things that are currently happening. http://www.urbandictionary.com/define.php?term=This%20is%20gentlemen (ChunkySoup side note: I have seen this term occasionally used when pointing out negative things) Mooning In the crypto-world, this does not mean exposing your buttocks. It is referring to a price going up astronomical levels. *The above Terms are a list of most used terms from http://dapalan.com/UtBj I have found this page to helpful for noobs. Note : Some links may take you to an ad, there is always a "X" button to click them off or a "Skip" to take you away from them. Chunky Soup Services 2019 All Right Reserved
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