Bitcoin

Getting started with Bitcoin mining

  • overview – index
  • how bitcoin mining works
  • getting the best bitcoin mining hardware
  • how to start bitcoin mining
  • bitcoin cloud mining contracts
  • hardware comparison
  • download bitcoin mining software
  • join a group bitcoin mining
  • set up a bitcoin wallet
  • bitcoin news
  • other languages

bitcoin mining is hard to do profitably but if you try this bitcoin miner is probably a good choice.

how bitcoin mining works

Before you start mining bitcoins, it helps to understand what it really means to mine bitcoins. Bitcoin mining is legal and is achieved by running SHA256 double-round hash verification processes to validate bitcoin transactions and provide the necessary security for the public ledger of the bitcoin network. the speed at which you mine bitcoins is measured in hashes per second.

Reading: How to get started mining bitcoin

The bitcoin network compensates bitcoin miners for their effort by releasing bitcoin to those who contribute the necessary computing power. this comes in the form of newly issued bitcoins and transaction fees included in validated transactions when mining bitcoins. the more computing power you contribute, the greater your share of the reward.

sometimes you may want to mine a more volatile altcoin like mwc which is superior in scalability, privacy, anonymity and fungibility by using mimblewimble in the base layer.

With the launch of the mainnet in November 2019, it has increased from $0.22 to over $8.00 in its first two months.

MWC Chart

step 1: get the best bitcoin mining hardware

Purchasing Bitcoins – In some cases, you may need to purchase mining hardware with bitcoins. Today, you can purchase most hardware on Amazon. You also may want to check the bitcoin charts. bitcoin mining software

how to start mining bitcoins

To start mining bitcoins, you will need to purchase bitcoin mining hardware. In the early days of Bitcoin, it was possible to mine with your computer’s CPU or a high-speed video processor card. today that is no longer possible. custom bitcoin asic chips offer performance up to 100 times the capacity of the older systems that have come to dominate the bitcoin mining industry.

mining bitcoin with anything less will consume more electricity than you are likely to earn. it is essential to mine bitcoins with the best bitcoin mining hardware created specifically for that purpose. Several companies, such as Avalon, offer excellent systems built specifically for bitcoin mining.

best bitcoin cloud mining services

Getting started with Bitcoin mining

Bitcoin Mining Hardware Comparison

Currently, based on (1) price per hash and (2) electrical efficiency, the best options for bitcoin mining are:

step 2: download the free bitcoin mining software

Once you have received your bitcoin mining hardware, you will need to download a special program used for bitcoin mining. There are many programs that can be used for bitcoin mining, but the two most popular are cgminer and bfgminer, which are command line programs.

If you prefer the ease of use that comes with a graphical user interface, you might want to try easyminer, which is a windows/linux/android click-and-click program.

You may want to get more detailed information about the best bitcoin mining software.

Getting started with Bitcoin mining

Step 3 – Join a Bitcoin Mining Pool

once you are ready to mine bitcoins, we recommend that you join a bitcoin mining pool. bitcoin mining pools are groups of bitcoin miners who work together to solve a block and share its rewards. Without a bitcoin mining pool, you can mine bitcoins for over a year and never earn bitcoins. it is much more convenient to share the work and split the reward with a much larger pool of bitcoin miners. here are some options:

For a fully decentralized pool, we recommend p2pool.

The following groups are believed to be currently fully validating blocks with bitcoin core 0.9.5 or later (0.10.2 or later is recommended due to two vulnerabilities):

  • bitminter
  • ck pool
  • eligius
  • slush pool

Getting started with Bitcoin mining

Step 4 – Set Up A Bitcoin Wallet

See also: Is Solana the Next Bitcoin? | The Motley Fool

The next step to mining bitcoins is to set up a bitcoin wallet or use your existing bitcoin wallet to receive the bitcoins you mine. copay is a great bitcoin wallet and works on many different operating systems. bitcoin hardware wallets are also available.

Bitcoins are sent to your bitcoin wallet using a unique address that belongs only to you. The most important step in setting up your bitcoin wallet is to protect it from potential threats by enabling two-factor authentication or by keeping it on an offline computer that does not have internet access. wallets can be obtained by downloading a software client to your computer.

For help choosing a bitcoin wallet, you can start here.

You will also need to be able to buy and sell your bitcoins. for this we recommend:

  • spectrocoin: European stock with same-day split and can be purchased with credit cards
  • kraken: largest European stock with same-day split
  • guide to buy bitcoins – get help finding a bitcoin exchange in your country.
  • local bitcoins – this great service allows you to find people in your community who are willing to sell you bitcoins directly. but be careful!
  • coinbase is a good place to start when buying bitcoins. We strongly recommend that you do not hold any bitcoin on your service.

step 5: stay up to date with bitcoin news

Keeping up to date with bitcoin news is important to your bitcoin mining earnings. If you want general bitcoin news, we recommend the weusecoins news section.

here is the bitcoin mining news section and here are the 5 most recent articles:

  • advantages of using bitcoin for deposits
  • make good money mining bitcoin? time to invest it
  • why every bitcoin miner needs a vpn
  • some popular places online where you can use your bitcoins
  • the cryptocurrency landscape in china
  • online payments and the future is here
  • is bitcoin mining still profitable in 2018?
  • how to start betting with bitcoins?
  • decentralized casinos are expected to take over the online gambling industry.
  • how to mine smartcash?

on August 1, 2017 beep 148 occurred. To better understand how it works, we recommend reading this uasf guide.

other languages

Arabic – عربى

Burmese –

Chinese (Cantonese) – 广东话

chinese (mandarin) – 普通话

dutch – netherlands

french – français

german – german

Georgian – ქართული

Greek – Ελληνικά

See also: Elon Musks Tweet Fires Up Bitcoin, Dogecoin, Ethereum 3-4% Crypto Market Up

hindi – हिंदी

Indonesian – Bahasa Indonesia

italian – italian

japanese-日本語

Korean – 한국어

Lao – ລາວ

norwegian – norsk

Polish – Polish

Portuguese – Portuguese

Russian – pусский

Spanish – Spanish

Swedish – svenska

Tagalog – Tagalog

Thai – ไทย

Turkish – türk

Vietnamese – tiếng việt

See also: Is Bitcoin Halal or Haram for Muslims? | Al Bawaba

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