How to Mining Bitcoin for Beginners

Posted on

How to mine Bitcoin may not be known to many people. However, not many people know cryptocurrency but want to mine Bitcoin.

For those of you who want to mine Bitcoin, you need to know a few steps. Here’s how to mine Bitcoin that you can try, as quoted from Master DC, Saturday (14/8/2021).

Get Bitcoin Mining Rig

If you want to start mining, you must have a mining rig. Even though at the beginning of Bitcoin history, miners used ordinary domestic computers, and later graphics cards, today you will not earn any Bitcoins with these machines.

Currently, Bitcoin is mined by specialized hardware intended solely for mining Bitcoin or other currencies based on the same algorithm. These are called ASICs (App-Specific Integrated Circuit chips), use less energy, and mine Bitcoins faster.

These devices are expensive and time-consuming to manufacture, but their speed is astounding. The most powerful engine manages to break as much as 14 terahash per second (which means it makes 1012 attempts to break one block per second) and its development continues.

Get Bitcoin Wallet

The next important step is setting up a Bitcoin wallet. That’s where you will receive your Bitcoins and be able to manipulate them. Bitcoin Wallet allows you to manage your Bitcoin address.

Each Bitcoin address has a matching public key and private key. The public key consists of a unique combination of characters and looks like this: 18ukxpD1eqnVjux13ehEaa8r4d8py1dSdzw.

It basically works like a bank account number so if you want to receive Bitcoins from someone you have to tell them your public key. Every bitcoin address is public and you can trace back every transaction that goes through it.
In contrast, the private key is secret and serves to send transactions. If you lose your private key, you lose your Bitcoins placed at this special address forever.

Join the Mining Pool

Even with the best ASIC miners, it is almost impossible to get Bitcoin these days. One machine cannot compete with the many major mines around the world and mining Bitcoins alone is not always profitable. But don’t worry, there is one solution to this situation which is a cooperation between miners in the so-called mining pool.

Miners give their computing power to the group and when Bitcoins are mined, the profits are divided among the members according to the power given. The income is lower but regular. However, pool members have to pay a fee to the pool operator, the fee price is usually around 0 and 2% of the prize received.

Get a mining program for your computer

Now you have the hardware, a Bitcoin wallet, and a select mining pool. So it’s time to run the mining client on your computer. It connects you to the Blockchain and Bitcoin network.

The mining software assigns work to the miners, collects the complete results of their work, and adds all the information back to the Blockchain. In addition, Bitcoin mining software monitors miner activity and shows basic statistics such as temperature, cooling, hash rate, and average mining speed.

Start Mining

Now you can start mining and earning Bitcoins! Connect your miner to a power outlet, connect it with a computer and install the mining software. Fill your information about your wallet and mining pool into the mining software, select a device, and let the mining begin!

Some advice to send you off: if you want to mine profitably, stay tuned for news from the crypto world. Development is very fast and changes from day today.

Leave a Reply

Your email address will not be published. Required fields are marked *