Bitcoin mining isdifficult to do profitablybut if you try then thisBitcoin mineris probably a good shot.
Before you start mining Bitcoin, its useful to understand what Bitcoin mining really means. Bitcoin mining is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. The speed at which you mine Bitcoins is measured in hashes per second.
The Bitcoin network compensates Bitcoin miners for their effort by releasing bitcoin to those who contribute the needed computational power. This comes in the form of both newly issued bitcoins and from the transaction fees included in the transactions validated when mining bitcoins. The more computing power you contribute then the greater your share of the reward.
Sometimes you may want to mine a more profitable altcoin likeMWCwhich is superior for scalability, privacy, anonymity and fungibility.
– In some cases, you may need to purchase mining hardware with bitcoins. Today, you can purchase most hardware onAmazon. You also may want to check thebitcoin charts.
Tobegin mining bitcoins, youll need to acquire bitcoin mining hardware. In the early days of bitcoin, it was possible to mine with your computer CPU or high speed video processor card. Today thats no longer possible. Custom Bitcoin ASIC chips offer performance up to 100x the capability of older systems have come to dominate the Bitcoin mining industry.
Bitcoin mining with anything less will consume more in electricity than you are likely to earn. Its essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. Several companies such as Avalon offer excellent systems built specifically for bitcoin mining.
Another option is to purchase in Bitcoin cloud mining contracts. This greatly simplifies the process but increases risk because you do not control the actual physical hardware.
Being listed in this section is NOT an endorsement of these services. There have been a tremendous amount of Bitcoin cloud mining scams.
Hashflare Review:Hashflare offers SHA-256 mining contracts and more profitable SHA-256 coins can be mined while automatic payouts are still in BTC. Customers must purchase at least 10 GH/s.
Genesis Mining Review:Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced.Zcash mining contractsare also available.
Hashing 24 Review:Hashing24 has been involved with Bitcoin mining since 2012. They have facilities in Iceland and Georgia. They use modern ASIC chips from BitFury deliver the maximum performance and efficiency possible.
Minex Review:Minex is an innovative aggregator of blockchain projects presented in an economic simulation game format. Users purchase Cloudpacks which can then be used to build an index from pre-picked sets of cloud mining farms, lotteries, casinos, real-world markets and much more.
Minergate Review:Offers both pool and merged mining and cloud mining services for Bitcoin.
Hashnest Review:Hashnest is operated by Bitmain, the producer of the Antminer line of Bitcoin miners. HashNest currently has over 600 Antminer S7s for rent. You can view the most up-to-date pricing and availability on Hashnests website. At the time of writing one Antminer S7s hash rate can be rented for $1,200.
Bitcoin Cloud Mining Review:Currently all Bitcoin Cloud Mining contracts are sold out.
NiceHash Review:NiceHash is unique in that it uses an orderbook to match mining contract buyers and sellers. Check its website for up-to-date prices.
Eobot Review:Start cloud mining Bitcoin with as little as $10. Eobot claims customers can break even in 14 months.
MineOnCloud Review:MineOnCloud currently has about 35 TH/s of mining equipment for rent in the cloud. Some miners available for rent include AntMiner S4s and S5s.
Currently, based on(1)price per hash and(2)electrical efficiency the best Bitcoin miner options are:
Once youve received your bitcoin mining hardware, youll need to download a special program used for Bitcoin mining. There are many programs out there 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 GUI, you might want to try EasyMiner which is a click and go windows/Linux/Android program.
You may want to learn more detailed information on thebest bitcoin mining software.
Once youre ready to mine bitcoins then we recommend joining aBitcoin mining pool. Bitcoin mining pools are groups of Bitcoin miners working together to solve a block and share in its rewards. Without a Bitcoin mining pool, you might mine bitcoins for over a year and never earn any bitcoins. Its far more convenient to share the work and split the reward with a much larger group ofBitcoin miners. Here are some options:
For a fully decentralized pool, we highly recommendp2pool.
The next step to mining bitcoins is to set up a Bitcoin wallet or use your existing Bitcoin wallet to receive the Bitcoins you payis a great Bitcoin wallet and functions on many different operating systems.Bitcoin hardware walletsare also available.
Bitcoins are sent to your Bitcoin wallet by using a unique address that only belongs to you. The most important step in setting up your Bitcoin wallet is securing it from potential threats by enabling two-factor authentication or keeping it on an offline computer that doesnt have access to the Internet. Wallets can be obtained by downloading a software client to your computer.
For help in choosing a Bitcoin wallet then you canget started here.
You will also need to be able to buy and sell your Bitcoins. For this we recommend:
SpectroCoin- European exchange with same-day SEPA and can buy with credit cards
Kraken- The largest European exchange with same-day SEPA
Buying Bitcoin Guide- Get help finding a Bitcoin exchange in your country.
Local Bitcoins- This fantastic service allows you to search for people in your community willing to sell bitcoins to you directly. But be careful!
Coinbaseis a good place to start when buying bitcoins. We strongly recommend you do not keep any bitcoins in their service.
Staying up to date with Bitcoin news is important for your bitcoin mining profits. If you want general Bitcoin news then we recommend theWeUseCoins newssection.
There is theBitcoin Mining News Sectionand these are the 5 most recent articles:
Making Good Money Mining Bitcoin? Time To Invest It
Some Popular Online Places Where You Can Use Your Bitcoins
Decentralized casinos expected to take over the online gambling industry
On 1 August 2017 BIP 148 occurred. To better understand how that works we recommend reading thisUASF Guide.