Bitcoin is a digital currency designed in 2008 by a mysterious individual or a group of people using a pseudonym Satoshi Nakamoto. In 2009, the currency was available to public when its implementation got released as the open source software.
What is Bitcoin Mining?
Bitcoin mining is the procedure of creating new Bitcoin by solving complex computational equation. It is crucial to keep and maintain the ledger of digital transactions upon which Bitcoin (BTC) is based. Crypto miners have become smart over the last few years using complicated hardware to speed up crypto mining operations.
How to Start Bitcoin Mining?
Although it is rarely profitable and extremely difficult, Bitcoin mining (or crypto mining) is still feasible. Though the best results will come from associating with a mining pool, the steps mentioned below can also be taken to get started with Bitcoin mining:
Estimate the profitability
Main expenses will include the cost of mining hardware and electricity. Any profit will primarily depend on the Value of Bitcoin, which is volatile.
Acquire mining hardware
After the initial estimation, the next step is to buy the right mining hardware to start earning through mining. Always choose the best mining hardware, as going with substandard ones will be of no use.
Select mining software
You will need a platform to manage the mining process and access the blockchain. Users can choose from a number of different mining software. Always prefer the one that best suits your requirements.
Install A Wallet
After you have mined BTC, you will need a place to keep and store them, which is known as a Bitcoin wallet. Digital wallets allow you to store your BTC in the cloud. However, they are more likely to be hacked by cybercriminals. Offline wallets are considered safe and secure.
As a writer, Ruben is an advocate of blockchain technology and cryptocurrency in general. He writes about all things from cryptography to economics, with a focus on how it applies to cryptocurrencies. He is also passionate about writing about topics such as decentralization, open-sourced software development, and copyright law.