Are you thinking of bitcoin mining as a lottery agent? But that’s not the case. Bitcoin mining is a technical process to invest and have more bitcoins. It will also reward the members of your chain.
It is not only about making additional new coins. Instead, it includes the validation of blockchain transactions. In this article, we’ll discuss the steps on how and why you can mine.
Steps Of Bitcoin Mining
Most people use hardwares for bitcoin mining to generate new coins every 10 minutes. However, the following are the steps if you want solo mining.
Set Up The Hardware
In the beginning, select the hardware you want to use for bitcoin mining. You can also use your pc or laptop, but it will not generate more coins. For successful mining, you must use powerful hardware specifically designed for mining bitcoin.
For this, you can use Antminer, the best hardware for you. You can also use hardware if you don’t have much money. Moreover, there is a need for some deep computer knowledge to operate the hardware. Therefore, spend some time learning before starting mining.
After the completion of hardware setup and validation, there is a need to create a bitcoin wallet. It is necessary for your mining work rather than the investment. You have the option to create different types of wallets.
These types of wallets have their privacy and setup. For security concerns, you must create a wallet with the best security.
Install Mining Equipment
After having hardware and creating a wallet, it’s time for the mining equipment. To install and configure the equipment, you also need some technical knowledge to handle it. However, you’ll need some extra knowledge if you plan to link other miners.
Most miners do this linking to boost their mining capacity. Some hardwares consists of a component named a graphical user interface. It enables the miners to equipment configuration with a mouse.
A few hardwares require command line knowledge that the developers use.
Now all set up, and you must do only one thing to start mining. Download the copy of a blockchain with the bitcoin you are going to mine. After pressing the start button, you can rest and have a break. Now, all your setup is known as the rig. Now, all you have to do is to check the mining periodically. It will run 24/7 to make you more bitcoins.
Why Mine Bitcoin?
You can take this mining similar to gold mining as these are both energy consuming and give you a better reward at the end. Thus, you can mine bitcoin to have more profit.
What is the time duration of one bitcoin mining?
It will take 10 minutes to create one bitcoin during bitcoin mining.
How much money is required for it?
Most of the spending is on hardware, electricity, and the internet. It usually costs you thousands of dollars as per your selection.
Can you mine without hardware?
There are also other ways for mining. Instead of hardware, you can use cloud computing mining.