BitBar (BTB) is the unique alternative to Bitcoin. This crypto-currency is said to be a compilation of two projects: the RareCoin project and FairNova project. Its technology is based on Novacoin, and showcases the unique features of RareCoin. BitBar uses the scrypt algorithm as its proof of work scheme and offers a block reward of 0.15662 BTB every 10 minutes.
While BitBar mining helps keep the entire network secure, this process also offers a great opportunity to earn free BTB. In order to begin mining, you’re required to have a wallet client. Keep in mind that you need a BitBar wallet so you can send, receive, and store BTB. Select from a variety of wallets, which are available for Windows and Linux operating systems. Simply install the wallet client and you’re good to go.
Once you have your own wallet, you’re now ready to start mining. At this point you can do solo mining or join a pool of miners. The race to get a block of BTB is highly competitive; hence, if you set out mining on your own, it may take a very long time before you can make a return. Pooled mining allows you to earn smaller yet steadier amount of profits. Also, if you’re using consumer-grade hardware, then pooled mining may be the only way that you will ever mine any BTB at all.
The BitBar mining pool pays for every solution you send. So, when any miner of the pool sends a good solution of the block, the pool will start the distribution of earned coins among participants. All miners of the pool who sent some possible solutions will receive a reward that’s calculated according to the number of shares sent. The more time your computer mines, the more coins you get.
To date, the BitBar difficulty rate is currently experiencing high fluctuations, and has set its current difficulty adjustment to 16 blocks. This crypto-currency banners a fast, continuous difficulty and reward calculation.
Keep in mind, though, that you have to calculate your potential earnings while mining. The BitBar calculator computes the mining results that you can acquire with a given hardware specifications. All you have to do is enter the required details to calculate your estimated expected returns.
Meanwhile, if you’re new to using BitBar, you can try your hand with some BitBar faucets available online. These faucets will give you small amounts of BTB, perfect if you haven’t used any crypto-currency before.
BitBar (BTB) is currently traded against Bitcoin only over at Cryptsy and Bter exchanges. Since BTB is relatively new in the trading markets, the BitBar price/value is weak when pitted against a more stable crypto-currency like Bitcoin. With barely 38,428 blocks solved, its value is playing on the 0.088 price point. Nonetheless, you can still trade BTB on the trading markets; but you should expect to earn fewer BTC when selling BTB.