How To Mine Bitcoin : One of the biggest problems People Facs when they are looking to start mining Bitcoin for investment and profit . There are most of the sites which are written for the advanced user. Mos of the People Dealing with Bitcoin are not professional coders, They have no experience with Ubuntu, Linux and minimal experience with Mac. So, this is for the peoples or group that wants to get started the easy way of ” Mining Bitcoin ” .
How To Mine Bitcoin – Using Personal Mining Method
Personal mining for Bitcoin is rare today because of the high cost involved. Although you can mine alternative cryptocurrencies with consumer hardware, mining Bitcoins in 2018 requires specialized hardware built using application specific integrated circuit (ASIC) chips designed specifically for mining. They are not cheap to buy or run.
Because of the high costs involved, mining Bitcoin yourself is only recommendable if you have ready access to plentiful and more importantly, cheap, electricity and a powerful network connection. Before investing in any hardware or mining set ups, it is imperative you use a Bitcoin mining calculator to see if you can actually turn a profit with all costs considered. Follow all these steps , step by step to know How To Mine Bitcoin
Choose your hardware
If you are dead set on mining, you need to buy yourself a powerful ASIC miner. Most of the modern options are built using the same chips, but they all use different power supplies and some are more efficient than others. The most praised at the time of writing is Bitmain’s AntMiner S9, which is currently priced at $2,320, but new orders aren’t slated to ship out for a few weeks. Other, more immediate sellers charge a huge markup and are unlikely to be cost-efficient.
Second-hand hardware is also an option, but bear in mind that mining hardware can burn out very quickly, so there is no guarantee that your newly acquired bargain will last long enough to turn a profit for you. You can also opt for older hardware or the GPU you have on your gaming rig, but again, there’s no guarantee how long it will last and as Bitcoin mining difficulty increases, they may no longer be able to work fast enough to earn Bitcoin for you. This was the First step of ” How To Mine Bitcoin “
Choose a mining pool
Once you have your hardware and it’s setup, ready to go. You need to decide whether you want to mine Bitcoin alone or as part of a pool of collective miners. Doing it by yourself could mean greater rewards (mining rewards are 12.5 Bitcoin at the current difficulty level) but if you get unlucky or don’t have much hashing power, you could mine for months or even years without earning a single Bitcoin. Being part of a pool means more regular, smaller rewards based on how much you contribute. You’ll also have to pay a fee of your earnings to be a part of the collective.
Choosing a mining pool goes beyond the scope of this article, but suffice to say there are guides to the best ones out there. In a nutshell, joining an established, low-fee pool is likely to be your best bet. But you may have specific needs which only some will cater to.
Download the right software
The final steps to starting to mine Bitcoins involve downloading the right software. Also linking up your hardware with a secure wallet. There are bunch of different options, but they all essentially the same thing. The actual setup process of your chosen hardware and software . This will be dependent on your choices thus far, but if you’ve done everything correctly. Then you should be ready to mine. Connect your miner up to your PC, login to your pool, start the software and you’re mining.
Check the numbers
From here, the most important thing you can do is stay abreast of the numbers involved. As Bitcoin difficulty goes up, you need to make sure your set up is staying profitable. Are you earning enough Bitcoins to cover your electricity costs? Are your Bitcoin miner’s temperatures staying low enough that they aren’t going to burn out? Is your system staying quiet enough to not annoy your neighbors?
If you answered yes to all of those, then sit back and watch your Bitcoins pile up. Or sell them. Or convert them into something else. It’s totally up to you. How To Mine Bitcoin