How to Mine Bitcoins: Simple & Easy Steps for a Cryptocurrency Shower
Now, you may know about Bitcoin as well as its benefits. For the beginner, mining bitcoin may be perplexing that leaves you feeling like you need a good nap. But fear not! I am here to walk you through it step by step and the result will certainly make you jubilant. Let’s dive into it.
First Step: Prepare a Best Bitcoin Mining Hardware
Mining Bitcoin is easier if you make use of the application-specific integrated circuit (ASIC) . This is a special hardware designated just for mining Bitcoins or other currencies.
The price of ASIC is a bit high. But the best is the cheapest, you can’t even imagine how incredible the speed is.
You may ask if you can use a personal computer to mine. In fact, it was the initial way to mine Bitcoin when it came out. Now, however, it does not work. Or if it does, you just gain an insignificant amount for ages. And the cost of electricity you use will exceed the amount you earn
Therefore, ASIC is a must-have tool for mining Bitcoin.
Second Step: Get a Bitcoin Wallet
You can't mine without a Bitcoin wallet. It allows you to obtain the Bitcoin you mine as well as your Bitcoin address.
Bitcoins are delivered to your Bitcoin wallet by using a unique address, accessed by only you and no other.
The Bitcoin address has a form of public key and private key. While the public key works as a bank account number that you can tell to other people to receive Bitcoin from them, the private key is secret and it serves to send off transactions.
You can easily get a Bitcoin address by downloading it on your computer. There are various types of wallets, from simple software to secure hardware or paper wallets, each one has its pros and cons.
If you are a fresh miner, you should go for a software wallet. It is quite easy to manage and practical for frequent manipulation with mined currency.
Third Step: Join a Mining Pool
For all practical purposes, gaining bitcoin is just pie in the sky when you do it by yourself today. Be that as it may, you can cooperate with other miners in a mining pool which allows you to share resources and rewards, thereby getting results faster.
Next Step: Get a Mining Program for Your Computer
Most of the mining programs are open source and freely available. The best programs are able to run on almost all operational systems and each of them has its pros and cons.
The two well-known programs to mine Bitcoin are BFGminer and CGminer. Besides , some mining pools will provide their own software.
Last but Not Least: Start Mining
After setting up your Bitcoin wallet and linking it to your mining rig, you are ready to mine and earn Bitcoins.
All you have to do now is connect your miner to a power outlet, link it with a computer and install mining software. And then fill in your information about your wallet and mining pool into the mining software, choose a device, and let the mining begin.
Extra tip: Never buy anything at full-price. Make use of Bitcoins promo code to save a fair bit on buying.