Bitcoin mining is the process through which new BTC coins are generated. Miners would have to solve computationally challenging math problems. The first miner to do that will be rewarded with new Bitcoins. Initially, the reward was 50 BTC per block but now it is 12.5 BTC. Are you too looking forward to mine Bitcoins? Yes, one can always purchase Bitcoins from exchanges. But, if mining seems profitable for you and you have easy access to affordable electricity, go ahead with mining. The post below offers a brief on how to proceed with Bitcoin mining at home like a pro.
Get the miner
The first thing to do here is to get the miner. The heightened popularity of Bitcoin mining has led to a sea of mining hardware devices in the current market – but not will be compatible for you. It’s better to check the reviews of different miners before you make the final call. There are several sites online where market experts diese Meinungen veröffentlicht about the pros and cons of different miners. The one you choose should be a highly reputed name backed by a long list of satisfied miners. Your chosen hardware should also promise low electricity consumption and high rate of profitability.
Get your wallet
You would need to place to store the mined Bitcoins and a BTC wallet is the most important thing here. Go for hard wallets or cold wallets for your own safety. There are online wallets as well but being virtual entities, they are prone to hacking. On the other hand, hard wallets are offline wallets and hence beyond the reach of hackers. Every wallet comes with its unique public and private keys. The private key is the wallet password. Needless to mention, you should not share your wallet’s private key with anyone.
Look for mining pool
Mining costs would be more affordable if sign up with mining pools. In fact, when one a joins a pool, he usually gets easier and smaller challenges to solve. There is just one thing- if the pool wins, the reward would be shared between members. In other words, no one person will have full access to the entire reward amount. If you are okay with, you should definitely sign up with a reliable mining pool. Here are some points to check prior to joining mining pool-
- Type of reward method
- Mining and withdrawal fees
- How often the pool gets rewarded?
- Does fund withdrawal look easy here?
- Check the stability quotient of your chosen mining pool
The pool you choose should be a name of repute in the market, backed by a commendable track record of cracking the problems. Your selected mining pool must also assure easy and affordable mining as well as withdrawal fees.
Get mining software
You will need a dedicated software program to control and monitor mining rig. Now, mining pools might have their very own software but it’s not the case with every such pool. If your chosen mining pool doesn’t have a one, it’s better to invest in one of your own. You must get a comparative study on 5-6 such software programs before the final investment.
Once you are all set with the necessary mining accessories and hardware, it’s finally the time to start Bitcoin mining.