How To Start Bitcoin Mining?
Bitcoin is a digital currency. We can called it electric money. It is a cryptocurrency. It has no physical existence. We earn it by solving complex computational math. Bitcoins are technically stored in the Blockchain. It is a digital currency without is independent of banks that can be sent from user to user on the peer to peer bitcoin Blockchain network, it has no need for intermediaries. Bitcoins can be traded for goods or services. The P2P network verifies the transfer of bitcoins between users.
What is bitcoin miner?
Bitcoins user is the Bitcoin Miner. A Bitcoin Miner uses the Bitcoin Miner software to mine the digital currency. Miners give security and confirm Bitcoin transactions. The role of miners is to secure the network and to process every Bitcoin transaction. Miner achieves bitcoin by solving that allows them to chain together blocks of transactions that make Bitcoins famous “Blockchain”.
Bitcoin mining: Bitcoin mining is the process of creating new bitcoin by solving a complex computational math. Bitcoin mining is necessary to maintain the ledger upon which bitcoin based. Miners have become very sophisticated over the last several years using complex machinery to speed up mining operations.
How to start bitcoin mining?
At first we need to know some important information that helps for starting bitcoin mining. If wanted to learn more about bitcoin mining or how Bitcoin mining works read bitcoin mining in theory.
Get a bitcoin mining rig:
At first place, we have to own a mining rig. In the beginning miners used ordinary domestic computers and later using graphic cards but now we will not acquire any Bitcoin with these machines.
Now Bitcoins are mining by special hardware that made just for mining Bitcoins. It is called ASIC (Application-Specific Integrated Circuit chips), uses less energy and mines Bitcoins much faster. It is an expensive device. Its speed is very amazing. The most powerful machines manage to solve as many as 14 thrasher per second (which means it does 1012 attempts to solve a block per second) and its development goes ahead constantly.
How to choose an ASIC mining rig?
If we wanted to start mining, we should follow the parameters during our selection: performance (hash rate), cost of electric power and price. Hash rate indicates how many attempts to solve a block can the machine make per second.
We can go through various miners’ reviews and choose the one which is most profitable to us. Not price only, focus on the overall proportion of price, performance and cost. The most expert miner is the best one. We can inspire our self on the webpage
Asic Miner value:
Where detailed information about new miners is displayed. These devices are high demanded so we could not get these easily. It also effected the price of these devices which varies between hundreds or even thousands of dollars.
We can try to calculate the profitability of the chosen device in an online calculator before buying the ASIC. (f.e. Nice Hash or Coinwarz, for multiple currencies try What to mine). Apart from parameters of our mining rig, the calculation also includes the price of electricity, fees from mining pool or the level of mining difficulty. We will calculate our profit or invest in the beginning.
We can take a consideration the increasing difficulty of the mining as well as declining profit over time. If the difficulty increases by about 10% after 14 days, the profit declines by about the same 10%.
Where should you put your machine? Into a professional data center
Bitcoin mining machine demands a special place because mining rigs are noisy and emit a lot of heat. The service miner housing give a solution to this problem – we can place our machine into a professional data center. We will profit from a lower price of energy, cooled area, constant monitoring and we can avoid noise.
Get a Bitcoin wallet
Bitcoin wallet is a most important for bitcoin mining. That’s where we will receive our Bitcoins and use them. Bitcoin wallets allow us to manage our Bitcoin addresses (Bitcoins are technically stored in the Blockchain).
Each Bitcoin address has a public key and matching private key. The public key comprises of a unique combination of characters and it looks for example like this: 18ukxpD1eqnVjux13ehEz8r4d8py1dSdzw. It works basically like a bank account number so if we want to receive Bitcoins from somebody, we have to tell him our public key. Every bitcoin address is public and we can trace back every transaction that passed through it. In contrast, the private key is secret and it serves to send off transactions. If we lose our private key, we lose our Bitcoins placed on this particular address forever.
There are many types of wallets from simple online wallets, software ones to the most secure hardware and paper wallets. Each wallet has its advantages and disadvantages. Some of them can keep multiple currencies at the same time.
Join a mining pool:
A single machine cannot contest with many large mining farms and mining Bitcoins on our own isn’t always profitable. There is one solution-cooperation between miners in so called mining pools.
Miners give their computing power to a group when Bitcoins are mined; the gain is divided among members according to a given power. It is lower but regular. Members of a pool have to pay a fee to an operator of the pool; the price of fees is around 0 and 2% of the received reward.
This graph is set out the representation of the biggest pools in 2017.Slush Pool is very first pool in existence and it is the most credible ones. Here’s an interesting fact – a Czech programmer Marek Palatines is responsible for the birth of Slush Pool.
We can choose a mining pool, register our self on its website and set our account. Afterward, we will receive a worker ID for our ASIC miner.
Get a mining programmer for your computer
It´s time to get a mining client to run on our computer. Mining software delivers work to miners, collects complete results of their work and adds all information back to the Blockchain. Bitcoin mining software monitors miner´s activities and shows basic statistics.
Many free programmers are used to mine Bitcoins, the best programmers can run on all operational systems. Some mining pools also have their own software.
Beginners will appreciate Nice Hash Miner. It is very easy to use, which is the most profitable in a particular moment. Download the programmer and choose a device for mining.
Now we can start mining and earning Bitcoins! Connect our miner to a power outlet, link it with computer and install mining software. Fill in our information about our wallet and mining pool into the mining software, choose a device, and let the mining begin!
If we want to mining bitcoin with profitability, keep road of the news from the crypto world. The development goes ahead very fast and it changes on a day to day basis.
Find best Bitcoin mining machine:
Bitcoin mining can be highly profitable if we can mine bitcoin properly. In order to, mine bitcoin we need specialized bitcoin mining hardware machine called ASIC. We can find best Bitcoin mining machine through use our knowledge about it. A good ASIC have produced through a high competitive Bitcoin arm race. Entry-level Bitcoin mining devices can be relatively low cost. High-performance miners can range up to over $10,000.When assessing ASIC hardware with the intent of Bitcoin mining. We will need to weigh up the power of the hardware versus the amount of power it draws, along with the cost of electricity in our region.
Is Bitcoin Mining profitable?
finally we can say that bitcoin is an amazing Cryptocurrency. It is electric money. Bitcoin miner creating new bitcoin by solving a complex computational math that is possible through best Bitcoin mining machine. We must need to find the best Bitcoin mining machine.
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