For beginners, Bitcoin mining is an energy-intensive process of introducing new Bitcoins into the ecosystem.
Simple? No. Don’t jump into conclusion
I want you to view it as a mode of creating new currencies by your government. But unlike any government in the world, Bitcoin supply is fixed and regulated by laws; Laws like that if mathematics that can’t be broken overnight.
Wait, it is also not as easy as banks printing new currency notes. Instead, a lot of energy and work, and energy intensive, is put into this and is carried out before producing a single Bitcoin, which is called proof of work.
Considering the truth that Bitcoin cryptocurrency is based on blockchain technology, we strongly advice you to understand the concept of blockchain. Because not having an understanding in Bitcoin and blockchain, then this article might not really be of great help here.
Step 1 – Get The Best Bitcoin Mining Hardware Purchasing Bitcoins
In some cases, you may need to buy some mining hardware with bitcoins in them. Amazon is one of the best parts where machines could be bought to mine Bitcoin.
How to start Bitcoin mining
To start mining cryptocurrency coins, you will need to get bitcoin mining hardware. In the founding days of bitcoin, it was possible to mine with your desktop or high speed video processor card. Today that’s a past stuff you can’t write about.
Bitcoin mining with anything lesser than the best mining hardware will consume more in electricity than you are likely to earn. It’s important to mine cryptocurrency/bitcoins with the best of the best bitcoin mining machines built specifically for that purpose.
Step 2 – Download Free Bitcoin Mining Software
After hitting on a good mining Bitcoin hardware, it’s time to download a special program used for Bitcoin mining.
Two most popular mining machines are CGminer and BFGminer which are command line programs, these are many programs that can’t be used for Bitcoin mining.
Step 3 – Join A Bitcoin Mining Pool
Just after Bitcoin have been mined then it is recommended to join a mining pool. These Bitcoin mining pools are groups of Bitcoin miners who are working side by side to solve a blockchain and share the gains.
Bitcoin mining pool without a mining machine, you might just start mining bitcoins for over a long time and never get to earn any bitcoins.
Step 4 – Set Up A Bitcoin Wallet
Coming right up after joining a Bitcoin mining pool, the next is to create a Bitcoin wallet to mine or receive Your Bitcoin. Copay is could be referred to as the preferred Bitcoin wallet and it functions on several different operating systems.
Delivery of Bitcoins is done by using unique methods such as addressees sent to your Bitcoin wallet. This step actually is the best so as to secure you from threats by enabling two-factors or being offline on a computer that isn’t connected to the internet.
For help in choosing a Bitcoin wallet, to be able to buy and sell your Bitcoins, then we recommend:
SpectroCoin: An European exchange with the ability to be able to buy with credit cards
Kraken: This being the largest European exchange.
Buying Bitcoin Guide: This guide helps in showing you a place to do your Bitcoin exchange in your country.
Local Bitcoin: This service makes room for you to search for people in your society willing to sell bitcoins to you directly. But we advice you should be careful!
Coin base: This is a good place to begin when bitcoins are being bought. We advice you do not keep any bitcoins in their service.
Step 5 – Stay Up To Date With Bitcoin News
Being prompt on news could be an aid when mining Bitcoin, that is if you are interested in making profits. In having a general knowledge in information then we would recommend WeUseCoins news section.
In there is the Bitcoin Mining News segment. And these are the 5 most recent articles:
– Is it Possible to Achieve Compound Growth in Cloud mining and Bitcoin Mining Investment?
– How To Get Started With Bitcoin Gambling?
– The Digital Gold That is Having a Love Affair With Online Gambling Sites.
– How To Mine Smartcash?
– Two Reasons All Bitcoin Users Should Install a VPN Right Now.
– Decentralized casinos expected to take over the online gambling industry.