Gridcoin Follow-up Questions
My saga begins with no idea what gridcoin is but I am grateful for the comments on my previous post about it. You all went a long way to explaining what it is and, it's benefits and some of the cons as well. I haven't figured out how to approach this cryptocurrency yet, though, like I mentioned before, my brother is very enthusiastic about it.
If I may ask a further question then: how would you recommend I go about getting into the whole thing? Is there specific computer specs that I require? I am considering upgrading to a new computer as it is (mine is about 5 or 6 years old), and I think it might be beneficial to keep some of this in mind as I start my search for something new. Again, any thoughts or advice are greatly appreciated.
You have two ways of becoming part of Gridcoin:
As an investor - You will have to set up a wallet and buy some GRC from an exchange. You will then accrue 1.5% interest per annum on the sum, as well as gain/lose value depending on the GRC price fluctuations.
As a miner - You will need to have a wallet and BOINC running. You will be spending clock cycles of your CPU and/or GPU to do BOINC work and will in return be paid out in GRC. The payout is dependent on the size of your contribution relative to the rest of the Gridcoin team.
Of course, there is a third option combining mining and investing.
There is no specific computer you need, as you can 'mine' on everything from androids and R-pis to top end servers. As you would expect, the better your hardware and the more carefully you pick the projects you contribute to, the more you will earn.
Remember that the reward in contributing to BOINC is much more than the GRC payout - you are literally contributing to the bleeding edge of several research fields. I guarantee you, with total certainty, that you WILL be affected by one of the ailments being researched with BOINC at some point in your life. Maybe not directly, but definitely indirectly.
Thank you!
You're very welcome! If you have any more questions, consider these places to get involved:
Or ask away on here and we will help where we can.
Just start on what you have now, it will be able to run BOINC if its 5 years old and you dont need to worry about the cost of buying something new. Seriously, just do it today, download BOINC from here and then once its installed go to Add Project and just choose one, World Community Grid is popular.
Once you have BOINC running with a few projects you like, and its all going smoothly, you can then add Gridcoin and perhaps buy some new equipment. Then you can worry about optimization etc., but the sooner you start, the sooner you finish.
The best way to learn is to try:
I hear; I forget
I see; I remember
I do; I understand
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