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Bitcoins and other crypto-currencies are mined by special computers and stored in digital wallets. Reuters At the recent in the City of London, it was said that 2014 will be the year for bitcoin mining, as the crypto-currency is soon to reach a tipping point where creating it will no longer be possible for the average user.

Amid the hugely volatile price, its use for buying Class A drugs, and multimillion-dollar cyber heists, it's sometimes easy to forget where bitcoin came from, and how it and other crypto-currencies are created. Mining is the term given to the process of producing virtual currencies like bitcoin and litecoin, where computers solve mathematical equations and are rewarded with coins for their efforts. When bitcoin launched five years ago coins could be easily mined using a home computer or laptop, but the currency is pre-programmed to make mining more difficult over time, resulting in a situation now where only specially-made computers can mine efficiently.

Which coin should I mine? Bitcoin may have grabbed all the crypto-currency headlines in 2013, but it's far from alone. Litecoin is widely regarded as the silver to bitcoin's gold, and with a price of around £20 to £30 per coin, it is substantially cheaper than the £500-plus bitcoin. But with dozens of crypto-currencies available - including - there are plenty of options to choose from. And while some might be overlooked for being almost worthless - one dogecoin is equal to less than £0.01 - the return on any investment made in the currency could be huge. The Neptune can mine up to $2,000 worth of bitcoins every day. It sells for $13,000.

KnCMiner When bitcoin was launched in 2009, any regular computer could be used to mine it. The process of solving mathematical equations was performed by the computers' CPU (central processing unit), but as the difficulty increased, mining through the CPU became impossible and instead users recruited the extra power of their GPU (graphical processing unit). From then on an arms race developed, as miners scrambled to produce more and more powerful computers with rows of graphics cards, such as the high-end Radeon HD 7950 and Radeon 290X. When creating your mining machine, feel free to bulk it up with extra GPUs, but remember they can be very power demanding - with multiple graphics cards running at once, the right power supply will be important to keep everything stable and running as efficiently as possible.

Other than a basic motherboard and as many graphics cards as you can afford, there isn't much more to think about as far as hardware is concerned; add a hard drive (but remember, your mined coins are not necessarily stored on here) and you're good to go. Software As the mining rig has been assembled from scratch, an operating system needs to be installed. This commonly means Windows, but Microsoft's software is not best-suited to crypto-currency mining - and some members of the bitcoin community consider it to pose too much of a security risk to be trusted. Instead, miners should consider the Linux operating system, for which a number of mining-optimised builds already exist, such as and - the former only works with litecoin, but both come with mining software included in the operating system. For other mining software - for Windows, Linux and Mac - visit bitcoin's own.

Once an operating system and mining programme have been chosen and installed, next you will need a wallet in which to store your coins once they have been mined. Rather than storing coins as pieces of data - like a digital photograph - you store encryption keys which give you access to the coins. Instead of a hard drive containing, say, 100MB of bitcoins, you actually store a private key which tells the trading network how many coins you have - what your balance is.

It is the private key - a long list of letters and numbers - that is stored in your wallet, or written down on paper if you prefer. If your private key is lost or stolen, then access to your coins is also gone forever.

Example of a bitcoin card-wallet, produced by DealCoin. Official Dogecoin DOGE Mining Software. IBTimes UK Hot Wallet vs Cold Storage A 'hot wallet' refers to a coin wallet which is connected to the internet - either by desktop computer or smartphone - while cold storage refers to wallets kept on devices not connected to the internet, like a USB thumb drive. Hot wallets are instantly available to the user, while cold storage wallets cannot be accessed or hacked into remotely over the web. Keeping a hot wallet with the private key to a large sum of bitcoins would be like walking outside with a huge wad of cash in your pocket - it's safer to leave your money in the bank and your bitcoin keys in an offline 'cold' wallet. Wallets can be made in three places - on your computer as an application, as a mobile app on your smartphone, or on the web, where it is stored by a third party. Wallets stored on your computer are susceptible to hacking as they often leave your private key un-encrypted by default - as hackers will know where to look, should they gain access to your PC, it is important to encrypt the file containing your key with a strong password.

Malware and keystroke loggers However, a hacker using malware to track your keystrokes - and thus the passwords you enter while using your computer - could still steal your coins. Basic practice here is important: keep your antivirus software up-to-date and keep your wits about you. An alternative to storing your wallet on your own computer is the web-based wallet, such as Blockchain.info. These wallets function in a similar way except the encryption keys are stored on the service provider's server, rather than your own computer; these keys are encrypted and only accessible using your password. Online wallets also offer two-factor authentication, whereby any login attempt by you (or a potential thief) requires your password, plus access to your mobile phone which is sent a code to be entered while logging in. Finally, Blockchain.info offers the use of a second password, used for each bitcoin transaction you make (rather than the same as used to log into the wallet) and it is entered using your mouse and an on-screen keyboard to avoid keyloggers.

Keeping crypto-coins safe might sound like hard work, but given the dramatic rise in bitcoin's value over the last 12 months, a few extra security stages will always be better than having your coins stolen with no way of getting them back. Although primarily a digital currency, some physical bitcoins have also been produced. IBTimes UK Joining a mining pool or going it alone As we have already said, mining bitcoins is almost impossible without a powerful, dedicated computer.

Thankfully there is another option in the form of mining pools, where multiple users can contribute computing power to a single pool. Because many computers are working together, coins are mined more quickly - but remember, the rewards will be shared across the pool. Access to mining pools can be found at and, with the former taking a small 1.5% cut of any coins you mine. Meanwhile, Middlecoin will use the power of your computer to automatically mine the most valuable alternative coins; the service then converts these into bitcoins and transfers them to your wallet. Get mining That's just about it - if you're happy mining dogecoin or some of the lower-valued crypto-currencies, then you don't need to spend a huge amount on mining equipment.

If, however, you want to earn big money mining bitcoins, then an outlay of tens of thousands of pounds will be needed to make a healthy profit in a relatively short time frame.

By Andy Dwelly, Developer, Condign Systems, UK So I built a dogecoin mining rig '€” as you do. Well, perhaps it was not quite as straightforward as that. I'€™d become aware of Dogecoin a few weeks into the new year, and thought: 'fun _and_ profit, what could possibly go wrong?' € Well, I did get a few things wrong, and it would be a stretch to call the whole experiment profitable so far '€” but it has been fun., if you hadn'€™t heard of it, is one of a growing family of crypto currencies that are alternatives to Bitcoin.

Each one offers a supposed advantage: is hardened to improve anonymity; is more suitable than Bitcoin for mining with cheap GPUs; and Dogecoin, er, offers a picture of a silly internet meme '€” a Japanese Shibu Inu dog in fact (1). Despite its seeming lack of features, when Dogecoin was introduced in 2013, it became wildly popular.

Some users managed to; others funded a project involving. The whole Shibu thing looked like a very savvy marketing move, and although I find it slightly odd to mention '€˜currency'€™ and '€˜marketing'€™ in the same sentence, it did seem to be working.

I did a bit of research, priced out a rig that would pay for itself within 18 months, and then decided '€” generously '€” to offer the 'chance of a lifetime'€ to my co-workers. I did this: • So they wouldn'€™t ask why I was spending so much time staring at Reddit crypto currency subreddits, and • So I could take advantage of the office'€™s free electricity. (The electricity is not really free of course, but it doesn'€™t cost the company where I work either '€” it'€™s part of the lease agreement.

We checked the lease contract and strangely enough there is no mention of crypto currency mining in the '€˜forbidden activities clause'€™, although I was surprised to discover that we'€™d promised not to run a house of ill repute. I mean '€” really? Had the building manager seen us? We'€™re hardly HoIR material.) Deciding what parts to order turned out to be surprisingly easy '€” there'€™s plenty of information out there on which motherboards, GPUs, cabling systems, and so on, could be assembled to make a GPU-based mining rig. As it happened, the only sticking point was that I'€™d forgotten to include an on-off switch, and nobody seemed to want to talk about power supplies. In the end we used a paperclip for the switch and the cheapest power supplies we could find.

They cost about £40 (CDN $73) and I think were made by a division of the Chinese Red Army that normally handles tractors. We didn'€™t bother with a case: a desk draw with some duct tape and recycled cardboard folders did the job. You can see the '€˜Frankenrig'€™ running here, and astonishingly, it did actually mine Dogecoin. Soon after I got it running, I departed on a long delayed skiing holiday in Norway in a happy (and entirely delusional) state of mind. I was several miles along a ski track with only my family and a passing polar bear for company when I got a call on my mobile: My co-workers: We'€™ve decided to add some more cards, can we use your Amazon account to get another power supply?

Me: No problem, but I really think we need to get a better brand of supply '€” how about Corsair? My co-workers: Nah '€” these are working fine. Me: Um, actually'€¦ My co-workers: The bear rolled its eyes at me and went off to investigate a nearby seal hole. When I got back to the office, the rig was running with one extra card and another '€˜Red Army'€™ brand power supply in parallel with the two others. The whole thing operated for about three hours and then unceremoniously shut down '€” one of the supplies had given up the ghost. We sent it back but rather than wait for a replacement, I schlepped out to the local computer shop for a similar supply. This one lasted a few minutes before shutting down, and also bringing down the breakers to our office.

Most of our office building is occupied by a video games company. We often see its employees wandering around the corridors with bored or haunted expressions on their faces: they know that, like the soldiers of WW1, they will soon be ordered over the top to face down a storm of oncoming C++ bugs (each object pointing to another one and saying '€˜that'€™s me over there'€™). Personally, I feel sorry for them (I mostly program in a variety of Lisp these days, (it turns out Paul Graham was right (who knew?))).

We borrowed one of their very high end power supplies: a work of art with a solid feel to it and the cables separately packaged in an ivory inlaid mahogany box (2). Plugging this one in melted the wall socket and took out the entire floor. Fortunately, my assumption was that we'€™d managed to run 35 amps through a motherboard and 4 GPUs turned out to be incorrect when we had the wiring checked '€” by some miracle the valuable bits had survived. So we put together a new frame, bought a new proper power supply and put together the rig you see here. It'€™s worked perfectly (and more or less uninterruptedly) since. Alas, while this was all going on, the value of Dogecoin dwindled away to around a tenth of what it was when we started. Last week, we regretfully decided to give up on Dogecoin. The rig is currently beginning to work on Litecoin.

I'€™ve got almost a hundredth of one of those now! (1) Checking last week I discovered that there'€™s now Gaycoin. (2) This is an exaggeration, it was polyester and velcro'€¦.