Content

• Steps

So you've heard about bitcoin and are ready to participate in the accumulation of digital wealth.You can buy and sell bitcoins, or you can mine (mine) this cryptocurrency. Bitcoin mining is the process of verifying other Bitcoin transactions for which users are rewarded. Thus, mining is used to ensure the safety and reliability of Bitcoin transactions. This article will guide you on how to mine Bitcoins and make enough money.

Steps

1. 1 Purchase the appropriate equipment. At the very beginning of the emergence of bitcoins, they could be mined using a regular computer. While it is still possible, this mining method has become ineffective. Electricity costs will exceed your earnings from mining cryptocurrency. Therefore, you will need powerful equipment (accessories).
   • Special components are boards that are connected to the motherboard in the same way as a regular video card.
   • Specialty components are made by Butterfly Labs, Bitcoin Ultra, CoinTerra and many others.
   • A computer dedicated to mining bitcoin can cost anywhere from a few hundred dollars to tens of thousands of dollars, depending on its power.
2. 2 Get a bitcoin wallet. Bitcoins are stored in digital wallets that are encrypted to protect your money. These wallets can be local or networked. Remember that online services that store users' wallets are considered less reliable, as money can be lost in the event of equipment failure at the service.
   • Most users recommend using local wallets (for security reasons).
   • Local wallets usually require verification of the entire blockchain, that is, the history of all Bitcoin transactions. Blockchain is a system (namely a database) that allows you to secure transactions with bitcoins. The first blockchain sync can take a day or more.
   • Popular local wallets include BitcoinQT, Armory, Multibit. Multibit does not require downloading the entire blockchain.
   • You can also download a dedicated app for your mobile device. It doesn't require downloading the entire blockchain. Popular apps include Blockchain and CoinJar.
   • If you lose your wallet, you will lose money!
3. 3 Secure your wallet. The wallet does not have a specific owner, so anyone who has access to your wallet will be able to manage your money. To prevent this, enable two-factor authentication and store the wallet on a computer that does not have internet access.
4. 4 Join a pool (group) of miners or mine bitcoins alone. Pools allow you to share resources and split mined bitcoins, which can lead to a rapid increase in savings. Mining alone is extremely difficult (as there are many competitors), but in this case, all the mined bitcoins will only go to you.
   • Without joining a pool, it can take a year or more before you start mining bitcoins, as bitcoin is awarded to the pool that mined it.
   • Most pools charge a small percentage (around 2%) of your earnings.
   • When joining a pool, you need to become a "worker". This is a sub-account used to track your contribution to Bitcoin mining. You can have several sub-accounts at once. Each pool has its own instructions for creating subaccounts.
5. 5 Download a special program. Almost any mining software is available for free and depends on the hardware you are running on. The mining programs run on the command line and you may need to create a batch file if you join a mining pool.
   • The most popular mining programs are CGminer and BFGminer. EasyMiner has a graphical interface.
   • Read the reference section of your pool for information on joining a pool with a specific mining program.
   • If you are mining bitcoins alone, pair the program with your wallet so that whatever you earn is automatically sent to your wallet. If you have joined a pool, you link your wallet to your subaccount.
6. 6 Open the mining program. To do this, run the batch file (if you created one) and make sure the mining process has started. Most likely, your computer will slow down a lot, since almost all of its performance will be spent on cryptocurrency mining.
7. 7 Watch your temperature. Mining puts a strain on computer components, especially if they are not intended for mining. Use SpeedFan to monitor the temperature of your components. The temperature of the video card should not exceed 80˚C.
8. 8 Check your mining profitability. After a few days of work, check if mining is worth it. How much have you mined over the past few days? Compare that to your electricity bill (most graphics cards use 300-500W).