Mining Bitcoin: The Complete Guide to Bitcoin Mining.
Learn how to mine Bitcoin, how Bitcoin mining works and how long does it take to mine a Bitcoin in this complete guide .Mining Bitcoin: The Complete Guide to Bitcoin Mining.
What s Bitcoin mining
Some people call mining Bitcoin mining, others call it “mining” but I like mining to mean the process of creating Bitcoins.
You’ll also find “mining” used in a different sense, where Bitcoins are recovered, and then sorted, they are actually “sold” in small numbers for “currency” exchanges and taken out of circulation again.
Bitcoin miners try to solve a series of complex mathematical equations in exchange for Bitcoins, and each time they solve a new equation they are rewarded a certain number of Bitcoins for their efforts.
How to mine Bitcoin
There are several ways to mine Bitcoins. The most common method of mining Bitcoins is using specialised computer rigs known as ASIC or application specific integrated circuit.
How does Bitcoin mining work
The reason you want to mine Bitcoin is to earn some extra cash. Bitcoin mining will take time, so in order to mine Bitcoin you will need a bunch of processing power, which we will call GPU’s. So in order to mine Bitcoin you will need a few things:
These tools are extremely useful, but not essential.
This hardware is what is going to allow you to mine Bitcoin.
It is important to have access to a desktop computer. These are most often running on Intel processors, and are capable of processing 30 to 50+ Bitcoin hashes a second. For the sake of Bitcoin mining, we will assume you want to mine a bitcoin with this computer.
How to mine Bitcoins
I never thought I would get to this point and here I am, looking at mining Bitcoins. I am here for a few reasons:
A few years ago, I stopped mining as the “experts” would tell me I should, this was before it was easy to mine Bitcoins and the price was more like a few cents. And I would still mine them even now when they are higher than they have been, I am not a fan of spending on assets that are not going to appreciate. A few weeks ago, one of my friends got Bitcoin, and a few weeks before that, I found out I could mine Bitcoins if I had some hardware. So I thought “ok, let’s do it”.
How Do I Mine Bitcoins?
First things first, you are going to need a computer. Not a “PC” but a REAL computer with a hard disk and RAM and you also will need a Power Supply.
Bitcoin Mining Hardware.
By late 2014, there was a wealth of mining hardware on the market for all skill levels. In the following section, we list all the latest and best hardware for mining Bitcoin in 2017.
Bitcoin mining devices
Recommended hardware for Bitcoin mining:
Solid-state devices that consume lower power, less noise and cool down more quickly .
Large-scale (cryptocoin) hardware that has hardware partitioning and mounting. The system must have 32GB of RAM and also have support for 4K video cards.
Lesser recommended hardware:
Hardware with integrated cooling.
Hardware without expansion cards or second GPUs.
Hardware with poor fans, less stability and less stable hardware fan control.
Mining Bitcoins using Linux, Debian and Ubuntu can be done using a variety of utilities. Make sure to read the instructions for each of these.
Note: Neither the packages themselves nor the programs themselves are illegal.
You can get started mining without having to do anything.
mintpress – A fork of the popular Mint software for keeping your computers up to date. It has the unique benefit of sharing the same code as Mint software.
MintStats – A dedicated mining program which supports scrypt-based algorithms.
MyMiniMine – A python based script which is the reference mining program for many other clients. It is also easy to clone and is compatible with many other clients as well.
Mining Pool Mining
RiceMiner – A fast, anonymous, and easy to use RpcMiner alternative.
If you want to share a pool with thousands of other miners, you can choose a pool pool to join. A pool pools miners together. Each miner (get mining) on the pool gets a share of the income. A pool has many mining servers that share the hashing power and the rewards. Pooled mining.
Jalpa mining pool
2Pool enables multiple users on the same pool to receive a proportion of the mining income, this pool is better for new miners as they receive more shares than with a dedicated pool. With 2Pool new miners receive 100% of the mining rewards. You can find a pool to join here.
Pools and services
Mining Bitcoin is going to become a really great source of income for more people and after reading this tutorial and deciding to start mining Bitcoin, it’s important that you make it a part of your business plan . Mining Bitcoin is no walk in the park. Mining Bitcoin will take up some of your time, but in my opinion, the reward will definitely outweigh the cost of mining.
Hopefully this tutorial will help you start your Bitcoin mining business. Do you think it would be worth starting a Bitcoin mining business? Or have you had experience with this already? Share your thoughts in the comments below.
This guide is an ongoing series where we discuss each of the 9 cryptocurrencies mentioned in the beginners guide .