How Do I Start Mining Bitcoin? – Understanding bitcoins is just one aspect of jumping into the market. How can you make the most of your mining software to earn more bitcoins?
Thus, the first and foremost approach is understanding mining bitcoin or what bitcoin mining is all about. Thus let us start by trying to answer the question; What is Bitcoin mining?
Mining Bitcoin – What Is Bitcoin Mining?
How did that fiver in your wallet get there? The U.S government decided at some point to print and distribute it, and every business in the country (and others) 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 remain steady. This mimics the rate of availability of commodities like gold.
To get started with mining bitcoin, there are series of things and steps to put in place and follow. We will look below on some of the things to do in order to start mining successfully.
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Steps To Become Bitcoin Miner
To start mining bitcoin, observe the following steps;
1. Buy Hardware
To begin mining bitcoin, you have to use either a GPU card, FPGA or ASIC machine. If you’re just starting out, an ASIC miner will be best for you.
2. Download Free Software
Your computer can become a bitcoin-mining zombie, even when you are not at te computer. If you want to mine more bitcoins, you need to buy some hardware. Most popular software; BFGminer, SGminer, EasyMiner.
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3. Get a Wallet
You 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 bitcoins, no one gets them; It is like burning money.
4. Join a Po ol
As more and more miners began competing for the limited supply of blocks, people found that they were working for months without finding a block and receiving no reward for their mining efforts.
This made mining something of a gqmble. To even the odds, miners started organizing themselves into this so that they could share rewards more evenly. Blocks are solved much faster by miners in pools and bitcoins are distributed according to the amount of work each person put in.
Hope this article on how to start mining bitcoin is helpful? Do share your comments and thoughts with us, using the comment box below.
