While it’s easy to earn money where it’s basically given, making money is different because it requires more management and hard work on your part to achieve the end result. And so when it comes to Bitcoins, you’ll come to realize that Bitcoins are more difficult to earn, so the best way to earn Bitcoin is to make Bitcoin. But is there are a way on how to make Bitcoins?
A popular option on how to make bitcoins is to simply mine for it. If you’re unfamiliar with the term, mining in general means it’s a process of obtaining materials from a location. And with an online currency like Bitcoin, you’ll be needing to mine for them if you want to earn them over long periods of time.
For first timers in general, the idea of mining for digital currency can sound like a chore, possibly even an intimidating challenge for the unprepared. These tips will help you in a way so that as you continue to work on how to make more bitcoins, you will better understand how mining works, how and when you can start mining for bitcoins, what kind of software and solutions you should take, the location of the best areas to mine for bitcoins, and how to set yourself up the best and most optimal bitcoin earnings.
Fortunately, you won’t have to worry about the legal troubles as bitcoin mining is completely legal. This is because the process itself runs the SHA256 double round hash verification. This results in the whole process being validated, meaning that you can engage in bitcoin mining without running into much trouble.
What are the things you need before you get started?
The first thing you need is hardware. Now, you’ll be needing bitcoins in order to purchase the necessary hardware, but once you’re set up, you’ll be able to earn bitcoins at a steady rate. In the early days, bitcoin mining was done mainly via a computer CPU and/or a processor card with a very high speed. With bitcoins, you can purchase a custom-made ASIC chip made specifically for bitcoin-related usage. This is among the best that you can get because anything less will not only negatively affect your rate of mining but also consume a lot more electricity.
The next and another optional method are to find a cloud service specifically for mining. If you’re unaware of what the “cloud” is, it’s basically data that is stored outside of your computer, so that with an internet connection, you can access it anywhere, regardless of computer. On the other hand, it’s best to do research when applying for a cloud service, as many consider it as high-risk for scammers and faulty services.
Two of the services generally suggested by experienced bitcoin miners are Hashflare and Genesis Mining.
Steps to Make Bitcoin
Once your Bitcoin mining computer is setup, you’ll need to download mining software into your computer. While there are a lot of available software on the market, but it is generally suggested to use CGminer and BFGminer. According to experts, these are command line programs.
2. Mining Pool
Next is to join a Bitcoin mining pool. What it is that they’re essentially groups of individual miners working together to solve blocks and share rewards. This is especially important because if one miner succeeds, it is shared with the rest of the pool. Because if you decide to work alone, the process can take a very long time, often ending up with you coming up empty-handed.
3. Bitcoin Wallet
And once you start mining, be sure to not forget about a Bitcoin Wallet. Like with physical cash that you keep in your pocket, Bitcoin wallets safely stores all your earned Bitcoins. When you earn Bitcoins, they are immediately sent to the wallet for safekeeping.
4. Stay up to date
Even if it’s not part of your mining rig, it’s wise to keep up with the news. As part of a market, Bitcoin has its own prices, which rises up and down depending on the market. Staying up to date has helped many on when to buy bitcoins cheap, and sell them when their selling price is high.