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Sorry to be a newbie, But I'm pretty lost. I just set up my first Antminer and don't understand very much. There are three pools suggested as the default. What am I generating as far as currency?

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Antminer is good a a certain type of cryptographic hash: SHA256. So while you can technically hash any cryptocurrency that uses SHA256 (ie. http://www.coinwarz.com/miningprofitability/sha-256) most pools will be focused around Bitcoin and even those that don't mine Bitcoin directly, will give you the option to trade whatever they're mining, directly to Bitcoin.

Some pools can hash several similar cryptocurrencies at the same time but considering their relative values they are hardly worth the bother and admin taken to trade them and you can probably find a pool that does all of this automatically. Go ahead and visit the pools' websites and read their FAQ pages and ask for help on their forums!

Beware though - many, if not most, pools and Bitcoin services are run by Crooks out to steal your money or use your hashing power for their own gain. Look for pools that have been around for several years, and with lots of users and a friendly community!

Also beware! If you are paying for electricity, you are probably going to mine less Bitcoin than the cost of the electricity - so you might as well not mine at all and just spend the money that you would have spent on electricity, directly on buying Bitcoin at an exchange. For older hardware this holds true, even if Bitcoin should reach $3000 each.

  • Thank you for your courteous reply. I trying a S5 and if that can be profitable, I'll look at the S7's. – Stephen Colucci Jan 20 '16 at 5:16

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