Saturday, 22 February 2014
The Wave Machine
The Simple Wave
1) Register a new CEX.io account
Yes.. Do it Now.. it takes only a minute to verify your account with the email they send you.
2) After verification, log into your new account and click the large blue button "Fund Account"
There are 2 ways of funding. Use the big long code number as your wallet address to transfer Bitcoins from an exchange or copy/paste the code you received from a Voucher.
3) A Voucher is a gift of Ghash and will start mining as soon as it is entered in your account. A Bitcoin deposit will take some time to be verified like any other Bitcoin transactions. (This is what miners do.. verify transactions)
4) When you have Bitcoins shoing in your account balance you can purchase Ghash on the trade page.
You can click the "Instant Buy/Sell" under the trade window. You enter the amount of Bitcoins you have and click Buy.
It will make a purchase at the current price and is easier than trying to chase prices for a better deal.
The trades are very very fast and hard to pinpoint when you are not experienced.
5) Check the CEX.io FAQ for more detailed information.
You will start mining as soon as you purchase any amount of Ghash.
Go to the Ghash.io page (link at the top of your account page) to see your miner in action.
6) Blocks are mined every 10 minutes in average but may take any time from a minute to hours... Then you get a reward according to the amount of work your miner did. (Ghash amount).
Your first payout reward may be negative due to the maintenance fee and the timing of your purchase. But subsequent blocks will get you a profit.
NOTE that Ghash.io will not display an accurate amount of GHS if you have less than 4.2 GHS but your daily average payouts will always be correct.
It takes Money to make Money
Apart from registering a new account (using the link above. Please... I do get a small referal bonus and it doesn't cost you anymore)
You need some Bitcoins to get the wave going.
There are several ways to acquire BTC:
1) You can try one of the many "Faucets". They give free BTC but the process is very slow. Google "BTC faucet"
2) You might be able to sell something and be paid in BTCs. Still a rare thing but eventually this will become more common place.
3) There are a few Bitcoin ATM in some big cities. They take your cash and give you a printout with a QT code that you can scan with a smart phone.
I haven't tried it and can't give more info about this.
4) Purchase BTC with Cash. In Australia the easiest way is to make a purchase from BitTrade Australia
You fill the online form for $50 minimum.
Get and email with a reference number.
Go to the selected Bank branch and make an over the counter deposit within 4 hours.
You receive the Bitcoins soon after at the Address you supplied.
You can use the address code from your CEX account page to get the BTC directly deposited but make sure you have the correct numbers. BTC transactions are always final and cannot be reversed. No exceptions. Be careful.
5) It is still possible to mine some alt coins like dogecoin or quark using your home computer then exchange themfor BTC at one of the big exchanges. (I use Coins-E)
Consider your electricity cost of running your PC 24/7 as your cost of investment.
6) If you register a new account with CEX.io and contact me after 15 minutes I may be able to send you a Voucher for a small amount of GHS to help you get started.
Boosting the Wave
You always get the same basic income from mining as a percentage of your GHS. On average it is around 1% per day.
Compare with your "High Interest" saving account of 4.5% per Year
So there again you are faced with several possibilities.
1) You can purchase or mine more BTC as above.
2) You can directly re-invest your mining rewards into more GHS mining power.
In this case this works like a compound interest account. Every 10 minutes (average) the small mining reward is put to work straight away to earn more.
There is a system that will reinvest automaticaly for as long as your computer is running and online. You are mining alt coins 24/7 remember.
You need to generate an API key from your CEX.io Profile page. Copy both the API and secret numbers before activating it. Once activated the secret is that.. secret.
Go to Cexchanger Assistant and fill the form.
Now you can go Surfing...