Understanding bitcoins is just one aspect of jumping into the market. This post is for you to make the most of your mining software to earn more bitcoins!
What is Bitcoin mining?
How did that fiver in your wallet get there? The US government decided at some point to print and distribute it, and every business in the country agreed to accept it in exchange for goods and services.
Bitcoin mining is intentionally resource-intensive so that the number of blocks found each day by miners remains stedy. This mimics the rate of availability of commodities like gold.
So you want to become a bitcoin miner?
STEP 1: BUY HARDWARE
To begin with mining, you have to use either a GPU card, FPGA or ASIC machine. If you are just starting out, an ASIC miner will be best for you.
STEP 2: DOWNLOAD FREE SOFTWARE
Your computer can become a bitcoin-mining zombie, even when you are not at computer. If you want to mine more bitcoins, you need to buy some hardware. Most popular softwares for bitcoin mining are BFGminer, CGminer, EasyMiner.
STEP 3: GET A WALLET
You will need a bitcoin wallet so you can keep track of and store the bitcoins you make from mining. Make sure you store your address in a safe and secure place and consider making a hard copy to be stored in a secret place. If your computer crashes and you lose access to your bitcoin wallet, you will lose your bitcoins. No one gets them, it is like burning money.
STEP 4: JOIN A POOL
While many miners began competing for the limited supply of blocks, people found that they were working for months but didn’t found a block and receiving no reward for their mining efforts. This made mining something of gamble. To even the odds, miners started organizing themselves into pools so that they couls share rewards more evenly. Blocks are solved much faster by miners in the pools, and bitcoins are distributed according to the amount of work each person put in.
Hope you liked the post and if you have any query then please comment down so that we can solve it!