How to Mine Bitcoin. This is a process of mining a new Bitcoin into circulation. Mining Bitcoin is not an easy task, it’s compared to fixing a puzzle. It is difficult for Bitcoin to be mined every ten minutes.
Although Bitcoin mining is hard harsh miners are reward with a crypto token when the complete block of verified transactions which are added to the blockchain. Then miners use domestic computers and graphics cards. But such a machine is no more in use.
Also, mining rewards were paid to those that discover the solution to complex hash puzzles
How To Mine Bitcoin
Get a Bitcoin Mining Rig
To start mining you need to have a mining rig. From the history of Bitcoin, miners use just ordinary computers and graph cards, but today not anymore. However, Bitcoin is mined by special hardware that is designed for mining Bitcoin or other currencies that are on the same algorithm. This known as ASIC (Application-Specific Integrated Circuit Chips), use less energy and mines Bitcoin much faster, and its expensive
How To Choose ASIC Mining Rig
To begin mining, you’ll have to pay more attention to parameter selection, power consumption, performance (hash rate), and price. The hash rate here is the attempt to solve a block that a machine can take each second. To achieve this, you’ll need to check out different miner’s reviews and take the one that is favorable to you. Get to ASIC Miners to get detailed information about any new miners at https://www.asicminervalue.com
Importantly, know that it’s very hard to get the device nowadays as demand is very high. Before you get a miner try and calculate the profitability in an online calculator at https://www.nicehash.com/profitability-calculator
Outside the parameters of a mining rig, including the price of electricity, fees from the mining pool, or the level of mining difficulty when calculating. You’ll know if the mining will yield profit or the amount it takes to invest in the beginning.
Entering a mining pool is the best for any miner, using a single machine you cannot produce Bitcoin for the entire world on your own. However, a group of miners comes together to and Bitcoin is mined. The gain is then divided among the group members as they contributed.
Also, members of a pool are to pay a fee to the operator of the pool, and the fees are always about 0 – 2% of the earning received. The earning may be low but is steady.
The year 2017 graph illustrate the representative of the biggest pools check out the comparison of mining pools on Bitcoin Wiki https://en.bitcoin.it/wiki/comparison_of_mining_pool You can make your choice from different pools, but Slush Pool is recommended for beginners and it’s the first pool that’s incredible and it is developed by Czech programmer Marek Palatinus. Once you choose a mining pool, get register on the website, and set your afterward, you’ll receive an ID for your miner.
Get a Mining Programmed in your Computer
After you have done the above, get your hardware, choose a mining pool. Next, you’ll need to get a mining client to run on your computer. This can connect you to Blockchain and Bitcoin network. Mining software offers work to miners, received the complete outcome of their work, and plus information back to the blockchain
Additionally, Bitcoin mining software monitors miner’s activities and shows basic statistics like hash rate, temperature, cooling, average mining speed.
There are various types of programs that can be used to mine Bitcoin. Even the best of the operating system has its merit and demerit and most mining pools have their own software. Nice hash miner is very recommendable, it’s easy to use, it can mine multiple cryptocurrencies and instantly choose an algorithm that is very profitable now.
Following all the other procedures you can now begin mining and earning Bitcoins. Connect your miner to a power source, link it with a computer and install the mining software. Enter all your information about your wallet and mining pool into the mining software, select a device and start mining. Always keep track of news from the crypto world as development processes.