Beginner’s tips for mining Bitcoin

Beginner’s tips for mining Bitcoin By Thomas Carey - July 04, 2021

Bitcoin

Are you interested in cryptocurrencies and want to invest in Bitcoins? Have no idea where to start and where to get Bitcoins from? Well, worry not as in this article I will clear all your confusions and will make sure that you start mining Bitcoin like a pro!

  • Get Bitcoin mining rig!

Gone are the days, when old traditional computers use to do the job of mining. Well not anymore. Getting Bitcoin by mining is not an easy job in first place and it cannot be done by simple computers. You need ASIC or Application-Specific Integrated Circuit chips which consumes less energy, is fast and also inexpensive. Though the manufacturing takes times, but the outcome and the speed are really amazing. It is no more possible to mine Bitcoin all alone with all this tough algorithms and the puzzling Maths problem. ASIC is a really powerful machine that manages to solve as many as 14 terahashes per second and its development goes ahead constantly.

  • How to choose an ASIC mining rig?

Well, you have to very really put a finger on choosing a mining rig as they are so many out there enough to confuse a newbie. Having that said speed, hashrate and the electricity consumption are the three important things that you must keep in mind while selecting the ASIC mining rig. Let me tell you that hashrate indicates the number of attempts the ASIC mining rig takes per second to solve the block.

So, apart from paying attention on the above mentioned features, you can also take the help of reviews provided by people to help you clear doubts after going through their experiences.
Price also pays important factor, because ASIC mining rigs are so much in demand, it leads to increase in the price of ASIC mining but make sure to get a affordable one.
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  • Get a Bitcoin wallet

You need to get a Bitcoin wallet in order to store and do treading with Bitcoin. Bitcoin wallet also gives your account a unique address. Bitcoin wallet consists of a public as well as a private address. The public address is for receiving transactions. Like you can give your public address to the person who wants to make a payment to you. Whereas private keys are meant to be kept private only for sending transactions. If you by any chance lose your private keys all the bitcoins and account data will be gone with it forever.

  • Join the mining pool

It is never a good idea to try and mine the Bitcoin all by yourself. The reason is simple that it is a tough job in the first place and you cannot compete with large mining farms all around the world and mining Bitcoins on your own isn´t always profitable.

Well, worry not as there is a solution to it and that is mining pool. You can shake hands with other crypto-traders and coordinate with them to collectively mine bitcoins.

The computing power is divided among all the members of the mining pool equally and though it is a slow and less profitable but the profit is regular. After mining successfully, the profit is divided among all the pool members equally and you have to also pay fee to the pool operator, which don’t worry is quite low ranging from 0 to 2% of the profit.

So, I hope this article was helpful in providing important insight and mining tips to beginners.

By Thomas Carey - July 04, 2021

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