How To Mine Bitcoins At Home: A Step By Step Guide
September 1, 2018
Bitcoin is often known as Digital Gold, as similar to gold it has to be mined. Bitcoin mining is a technical process which usually takes a lot of efforts and sometimes you won’t be able to mine even a single coin. If you decide to start mining bitcoin you should follow a few steps as below.
1) See if it is profitable to mine bitcoin: Bitcoin mining is a complicated process that not only needs a lot of technical expertise but also needs a lot of patience. Mining Bitcoin needs miners to solve few mathematical puzzles that keep getting complicated with every step. After solving the puzzle the miner adds a new block to the blockchain and receives a share of Bitcoin. Bitcoin Trader scam review. But it is not always a possibility that you will be able to solve the puzzle and sometimes you might end up without earning any bitcoin. If you want to own a share of Bitcoin you can get them through other options like buying it or accepting it for payment of services.
2) You need an expensive Rig: Mining Bitcoin is a computational process that needs a powerful high-end computer to perform the transactions. You won’t be able to use your personal computers or laptops for solving the complicated mathematical puzzles.
3) You need a miner’s pool: Mining Bitcoins is a difficult process; even after using a high-end Rig it is difficult to mine the bitcoin alone. In order to speed up the process, miners usually work in a group of miners commonly known as mining pool. Once the problem is solved and a new block has added the members of the mining pool share the rewards based on their contribution to the process. You can join one of such mining pools by considering the below points:
- The frequency of finding a new block, this will increase your chances of getting rewards.
- How is the reward shared?
- Fees for mining and what the withdrawal process is?
- Stability of the pool.
You can choose the appropriate pool by comparing many other pools, once joined you can start working on the pool by using your username and password.
4) Mining Program or Software: Once the hardware required for Bitcoin is set up and the pool is selected, you can look for the suitable mining software. This software is a mining client that you need to run your computer in order to control the mining process. Most of the times the mining pools have their predefined mining programs and you can use it by joining the pool. If not you can choose your own mining program based on the rig you are using.
5) You are ready to go: Once the hardware and software are set up you can start the mining process. To begin with, you need to login to your mining pool using your username and password. You can start the mining process once all this is set. You get your reward allocations, as per your pools reward policy, based on your share in the mining process.