If you are searching for How to Mine Bitcoins? Everything you need to know about Bitcoins is here. It does not matter if you are a tech savvy or not. Everyone is interested in Bitcoins these days and is searching for the information related to same. Some wants to become traders like the world’s first bitcoin billionaires, others want to gain information about this fancy cryptocurrency. So lets start –
How to Mine Bitcoins? Everything you need to know about Bitcoins
Custom mining hardware
Custom mining hardware is same as the graphic card inserted inside the computer. Mining through normal desktop CPUs and GPUs will ultimately cost you heavy expenses. It’s better to use the dedicated mining hardware for the same.
There are varieties of hardware brands present in the market these days. Such hardware can cost from hundreds to thousands of money. It depends upon the operations and features they can provide.
A bitcoin wallet is the most important component you will need to protect your mined bitcoins and these bitcoins are secured through encryption to protect them from hackers and other threats. Bitcoin is the most popular cryptocurrency in the world. The value and the risk both the entities are in extremes in case of Bitcoins. So a dedicated bitcoin wallet is the most important asset you will need.
Do not worry you do not have to download entire blockchain to regulate your wallet. You can use various bitcoin wallet softwares available at present.
Two factor authentication
A secured two factor authentication is the most important step in mining bitcoins. The reason behind the execution of this step is to secure your bitcoin wallet. Just because anyone can get the access to your wallet if it’s not secure with the two factor authentication. You can secure your wallet in any removable disk that does not have the internet connection.
Join a pool or play solo
Mining bitcoins can be performed in two styles. Either go alone or join a pool. Joining a pool will lead to quick results and the probability of discovering the bitcoins maximize. While playing solo can take months or years. Most of the pools that are live, charges a commission from your earnings and this is reasonable (upto 2% or more) depending upon the pool’s terms and conditions.
Mining programs totally depends upon the type of hardware you are using. You can download these mining programs as they are available on different sources because of their open source properties. These mining programs may need the batch files if you are dealing with the pools.
You can look for the mining programs in your connected pools and you can get the detailed information if you are working with the pools. If you are mining solo everything will be deposited automatically.
Now you are a miner
Now you can start your mining operation after configuring your miner. Your computer will surely get slower as compared to normal once the mining starts. This surely sounds a difficult and complex procedure, but once you get habitual to the same; you will love mining.
Keep track on the hardware’s temperature
If you are not using the dedicated/custom mining hardware, keep track on the temperature of the hardware and make sure it does not go above the limits.
Check if it is profitable or not
Always keep track on the expenses and profit. If it is a profitable deal carry on with the trading; but if you are not satisfied with the same please do not waste your time, money and resources and start something more productive as soon as possible.