Home » Internet » Can Anyone Mine Bitcoin?

Now only people living very far from progress have never heard of crypto-currencies and especially of bitcoin. Everyone is aware of the fact that this is an wonderful option for passive income, which practically does not need your direct involvement. Bitcoin is a popular monetary unit, one of the most popular digital currencies, since it appeared first and remains the most expensive one these days. But, despite the steady growth of the rate, not all the Internet users are able to determine on the relevance and features of such work. Every person can do this with due attention and the availability of basic knowledge.

If you are ready to approach the issue responsibly, consider mining as a business and invest enough money, in this article we will try to expand on the question how to start bitcoin mining: everything you need to know before making a decision.

Necessary equipment 

We have already mentioned that bitcoin is the most famous and expensive cryptocurrency. That’s why there are a lot of people who hunt for it now, and this figure always grows. The essential tool in this highly competitive activity is a computer-miner. You have to look through the list of several devices for the digital currencies mining, in order to choose the one that is suitable, based on reviews on the Internet. Earlier it was possible to do it without buying ASIC-miners (special computers intended solely for the bitcoin mining) and do all the same on the usual one or using a video card. But the competition has reached such a level that it is even not worth starting without special equipment.

You should be aware that this purchase will not pay its way right away, not earlier than in a year. If your financial situation now does not allow you to make such investments without feeling uncomfortable, postpone this idea to the best times and begin to save up the money supply.

Bitcoin purse 

If you can already be congratulated on the acquisition of a powerful miner, then your next step should be to open your bitcoin purse. In order to store the cryptocurrency, you need an electronic wallet and an address to it. Usually, this is a long line of letters and numbers. Choosing between the public and private addresses, stop at the 1st one.

If you use the program downloaded to the computer instead of online servers, then you have an autonomous wallet. It means that it is extremely important for you not to forget to copy the file wallet.dat to some removable storage medium, print it out and find for it some secluded, safe place. Nobody is immune from computer breakdowns, this way you will not lose your accumulated bitcoins no matter what.

Enlist the support 

Yes, we understand that you want to earn and usually, in other types of business, it means that the fewer the people you have in the team, the more you get. Ideally, the team has to include only one person – you. But this is not this situation. In order to earn more, you need to join the pool (this is a group of bitcoin-miners who have combined their computing resources to mine more). Rewards are issued for the blocks, and one person should be fortunate to get this money.

In the pool, you will have to fulfill smaller and less difficult algorithms, and thanks to the collective efforts you will have more chances to earn bitcoins, which will be distributed among pool members in proportion to their contribution to the common deal.

Cut to the chase 

The last step before mining bitcoins is installing the client program on the computer to manage your equipment. Different computers require different software, and many pools have their own one. Connect the miner to your computer, open the program for mining. Enter your data to enter the pool, and you already start generating the balls that represent your participation in the creation of the next block.

Soundly assess your financial capabilities and desire to engage in mining, because sometimes to buy bitcoins is easier and more profitable than investing in equipment. Study all the options before the process starts and choose the appropriate one.

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