Are you interested in mining Bitcoins but don't know much about cryptocurrencies? Then you can welcome our detailed beginner's manual that will tell you how to mine Bitcoin step by step. If you want to learn more about the principles behind mining and how Bitcoin mining works, read our article Bitcoin mining in theory: tips to earn money
1. Get a Bitcoin mining rig
If you want to start mining in the first place, you must have a mining rig. Although at the beginning of the history of Bitcoin miners used common home computers and later graphics cards, today you will not acquire any Bitcoin with these machines (or more precisely you can earn something, but it will be a really small amount in no time). . long period of time).
Today, Bitcoins are mined using special hardware designated only to mine Bitcoins or other currencies according to the same algorithm. It's called ASICs (Application Specific Integrated Circuit Chips), it uses less power, and it extracts Bitcoins much faster. This device is expensive and time-consuming to manufacture, but its speed is astonishing. The most powerful machines manage to solve up to 14 Tera hashes per second (which means that it makes 1012 attempts to solve a block per second) and their development is constantly advancing to earn money by toptips4u.com.
2. Get a Bitcoin wallet
Tips to earn money: The next important step is to set up a Bitcoin wallet. That is where you will receive your Bitcoins and can manipulate them. Bitcoin wallets allow you to manage your Bitcoin addresses (the Bitcoins themselves are technically stored on the Blockchain).
Each Bitcoin address has a corresponding form of the public key and private key. The public key is made up of a unique combination of characters and looks, for example, like this: 18ukxpD1eqnVjux13ehEz8r4d8py1dSdzw. Basically, it works like a bank account number, so if you want to receive Bitcoins from someone, you have to tell them their public key. Every bitcoin address is public and you can track every transaction that was made. In contrast, the private key is secret and is used to send transactions. If you lose your private key, you will lose your Bitcoins placed at this particular address forever to earn money by toptips4u.com.
3. Join a mining pool
Tips to earn money: Even with the best ASIC miner, it is almost impossible to earn Bitcoin today. A single machine cannot compete with many mining farms around the world and mining Bitcoins on your own is not always profitable. But don't worry, there is a solution to this situation: cooperation between miners in so-called mining pools.
Miners provide their computing power to a pool and when Bitcoins are mined, the profit is divided among the members according to a given power. The income is minor but regular. However, members of a group have to pay a fee to a group operator, the price of fees is usually around 0-2% of the reward received.
You can choose from many groups, this chart from 2017 illustrates the representation of the largest groups. For better guidance, you can use the mining pool comparison on the Bitcoin Wiki. Beginners are encouraged to try Slush Pool, the first pool out there and considered one of the most credible. Here's an interesting fact: a Czech programmer Marek Palatinus is responsible for the birth of Slush Pool to earn money by toptips4u.com.
4. Get a mining program for your computer
You now have your hardware, a Bitcoin wallet, and you have chosen a mining pool, so it is time for a mining client to run on your computer. It connects you to the Blockchain and Bitcoin network. The mining software delivers work to the miners, collects the full results of their work, and adds all the information to the Blockchain. In addition to that, the Bitcoin mining software monitors the miners' activities and displays basic statistics such as temperature, cooling, hash rate, and average mining speed.
In general, many free programs are used to mine Bitcoins, the best programs can run on almost all operating systems and each of them has its advantages and disadvantages. Some mining pools also have their own software.
Beginners will appreciate Nice Hash Miner. It is very easy to use, mine multiple cryptocurrencies, and automatically choose an algorithm that is the most profitable at all times. Download the program and choose a device you would like to mine with.
5. Start mining
Tips to earn money: And now you can start mining and earning Bitcoins! Plug your miner into an electrical outlet, connect it to the computer, and install the mining software. Fill in your wallet and mining pool information in the mining software, choose a device, and let the mining begin!
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