Content

• Steps

So you've heard about Bitcoin and are ready to earn your virtual assets. You can buy and sell bitcoins, or you can "mine" them. Mining Bitcoin is essentially the process of verifying other Bitcoin transactions and being rewarded for doing it. It is the central mechanism behind the Bitcoin economy and Bitcoin mining is used to ensure the security and reliability of transactions. The following guide will explain how to mine Bitcoin and the possibility of making a decent amount of money from it.

Steps

1. 

   Buy hardware specially designed for the purpose of mining Bitcoin. When Bitcoin comes out, you can mine it with just the CPU and GPU on your computer. While it is possible to do so, the gains from this approach are insignificant and make it impractical. The cost of the electricity you use will outweigh the money you will earn. Instead, specially crafted hardware allows for better handling with the same amount of power consumption.
   • Hardware is crafted through cards added to a computer, much like a graphics card does.
   • Popular Bitcoin mining hardware brands include Butterfly Labs, Bitcoin Ultra, CoinTerra, and more.
   • Dedicated Bitcoin miners can cost anywhere from a few million to a few hundred million dong, depending on how many operations it can complete in a second.

2. 

   
   
   Get yourself a Bitcoin wallet. Bitcoin is stored in an encrypted electronic wallet to protect your money. It could be a local wallet or an online wallet. Although online services that provide e-wallet services cannot access your wallet, these wallets are still considered less secure because you can still lose money in the event of something very catastrophic. out with them.
   • Most reputable Bitcoin users use local wallets for safety reasons.
   • Local wallets often require verification of the entire blockchain - a history of every Bitcoin transaction. Blockchain storage is what keeps Bitcoin functional and secure. The first block chain sync can take days or more.
   • Popular local wallets include BitcoinQT, Armory, and Multibit. Multibit does not require loading the entire block chain.
   • You can also download wallet apps from your mobile device. They usually don't require the entire blockchain to be loaded. Popular applications include: Blockchain and CoinJar.
   • If you lose your wallet, you will lose money!

3. 

   
   
   Secure your wallet. There is no concept of "owner" with e-wallet, anyone who has access to your wallet can use the money in it as they wish. To avoid this, turn on two-factor authentication and store the wallet on an offline computer: you can store it on a memory card or SD card if you need to exit / dismantle later and take your wallet with you. .

4. 

   
   
   Choose between participating in a "mine" or doing it alone. When you start mining Bitcoin, you have two main options: join an existing mining pool or do it yourself. Mines allow you to share resources and rewards, resulting in faster results. Digging alone can be difficult because spending new Bitcoin is so competitive. Even so, you get to keep everything you dig.
   • If you do not join the mine, you will probably have to operate for a year or more and earn nothing, because Bitcoin will be rewarded for the mine that finds them.
   • Most mines charge a small fee (about 2%) on the money you earn.
   • When you join the mine, you need to create a "miner". It is a sub-account that is used to track your contribution to the mine. You can have multiple miners at the same time. Each mine has its own instructions for creating miners.

5. 

   Download the mining program. Most mining programs are open source and provided for free. Different types of hardware have different mining programs. They run on the command line and will likely need a batch file to start up properly, especially when you connect to a mine.
   • The two most famous Bitcoin mining programs are CGminer and BFGminer. Instead of the command line, EasyMiner runs with a graphical interface.
   • See miner help for details on how to connect to your mine with your Bitcon mining program.
   • If you mine on your own, make sure you have connected your mining program to your personal wallet so whatever you earn is automatically transferred into your wallet. If participating in the mine, connect your personal wallet to the mine's user account. Bitcoin will be transferred as earned.

6. 

   Run your Bitcoin mining program. Once you've set up the program, you can start mining Bitcoin. Run the batch file you just created if needed, watch the program connect and start digging. Most likely the rest of the computer will be as slow as a turtle when the program is running.

7. 

   Pay attention to the temperature. Bitcoin mining programs force hardware to run at full capacity, especially when they were not designed to mine Bit in the first place. Use a program like SpeedFan to ensure that the temperature does not exceed safe limits. Graphics cards should never exceed 80 ° C (176 ° F).

8. 

   Test your profitability. After you have mined for a while, check the parameters to make sure that Bitcoin mining is worth it. How much have you made in the past few days? Compare that with the cost of running a full-speed computer during that time (most video cards use 300-500 watts). advertisement