Time’s have changed, and newer methods of making money have become quite popular! Loads of people are trying to make money online and without leaving their homes. Are you one of them as well? If so, why not give bitcoin mining a chance?
Although mining can be a bit too complicated and tedious to understand for most beginners, the end result will not disappoint you, and it will show you that your time was well invested. If you want to know a thing or two more about bitcoin as well as all the right ways on how to profit in 2020, keep on reading and find out all there is to know!
What is mining?
Mining is a process of adding different transaction records and placing them to Bitcoin’s public ledger, which is known as Blockchain. Every transaction is done through Blockchain and is confirmed instantly. In fact, every user of the network can access this ledger. You can also use it to sort out legitimate Bitcoin transactions and false attempts when trying to re-spend your money. Every block is ‘mined’ and is processed with the help of computers.
If you’re a newbie and you wish to know a bit more about bitcoin or mining in general, check out Southafricatoday.net since they have answers to your questions + will help you understand the basics on how to profit and start out.
How to start mining? Top 5 factors that you should look into
1. Get an amazing mining hardware
At one point and years back it was possible to mine bitcoin with your computer and with some high-speed graphic cards. However, nowadays due to the insane use and increase of this cryptocurrency, this is no longer possible.
Now, you have to purchase a mining software that is designed for Bitcoin mining. Luckily you can find these online and on Amazon.
What is essential, however, is the use of FPGAs and GPUs since these will help you increase your mining power up to 100x, while saving you money on huge electricity bills. Mining bitcoin is quite challenging, time-consuming, and it can get pricey! Especially due to the use of electricity, so heads up before you begin your journey.
2. You should join a mining pool
There are several different mining pools to choose from. Always aim for the best mining pools. The better the pool, the higher your chances of turning profit!
The whole point of these pools is to work with a group of miners together and in a team. You will use their resources, share their hashing power, as well as split theirs and your rewards. This pool will definitely speed up your process of earning money, as well as managing and understanding the basics. It is also a lot better to work in a group and to share it equally, especially if you want to make a noticeable change and a reasonable profit.
3. Download yourself a free bitcoin mining software
You will need a bitcoin mining software since otherwise, you won’t be able to make money. Try to download some free software to start out with. There are several different programs that can help you navigate bitcoin. However, some work better than others.
If you want to use the most popular ones go for the BFGminer and CGminer since these are command-line programs. Some other programs will provide you with a GUI (graphical user interface) for increased ease of use.
Some companies and some mining pools will provide you with their own software, so consider your options before you make your final decision.
4. Create a bitcoin wallet
The next step is to create something that you will need in your journey, which is the bitcoin wallet! This e-wallet will collect and store all of your mined coins that you’ve gathered. One amazing go-to wallet can be Blockchain. Just download your wallet onto your computer and use it with one click of a button, and from the comfort of your home. Once installed, all of your bitcoins are automatically sent to your unique address that only you have access to. However, what you should do is enable a two-step verification if you wish to be extra safe and careful. This way you will know about any potential log-ins onto your account. It is always better to be safe than sorry, and you should always think ahead.
5. Get mining
Once you’ve set up your Bitcoin wallet, it is showtime! The whole bitcoin mining is done in several steps and with the help of a double SHA256 hash function verification. Here, you will validate your bitcoin transactions (each and every kind that you make) and you will start earning and making money after that. For you to mine bitcoin successfully, try to use a high hash rate and give it time. However, always remember that the more computing power you have, the greater your share of the reward. In this case, more is more, so stay optimistic and know your steps!
PS: Stay up-to-date
One last and final tip that we can give you is for you to keep your eyes open for any new updates. Mining is tricky and it can change from day to day, and within hours! Try to read news, forums, as well as blogs by professionals who will keep you informed and in touch with this cryptocurrency.
It’s time for bitcoin mining!
Are you ready to make some money in 2020? The entire mining process does not have to be hard, time-consuming, or tricky to do. Simply follow these simple five tips and tricks, and you’ll be halfway there! Also, look into other sites for more information if you’re a perfectionist and you want to do it the right way. This year is great for new challenges as well as beginnings, so why not profit from the comfort of your home?! Let us know how it all went down in the comments down below!