Do you want to profit from bitcoin?.. Learn how to mine it
It's no secret that the digital currency (bitcoin) is a controversial topic, as it is considered a kind of investment and commodity, and many people use it as a currency for payments and transactions, while many invest their money in buying bitcoin, others choose the field of mining.
In this report, the American "inspiration feed" has provided everything you need to know about the bitcoin mining process, and since the mining process is complicated, you need to follow these instructions step by step.
What is the Bitcoin mining process?
The process of mining bitcoin is very similar to the process of finding gold in our own underground mines, but here we extract currency using a computer. He gets additional profit from this digital currency.
But this process has become very complicated with great technological development and an increase in the number of miners, so some other methods have been reported, and anyone can contribute to bitcoin mining to get parts of the bitcoin digital currency, but the mining process consumes a huge part of energy, which can affect the amount of profit received from this operation.
The miner needs to confirm the previous bitcoin transactions and charge an equivalent fee, and after checking the value of “1 MB” of bitcoin transactions, the miner has the right to earn bitcoins. And if you want to start mining bitcoins, you need to confirm every transaction, and you need to make sure that your transactions are legitimate and that they will help you get rewarded.
bitcoin miner
Gone are the days when home computers were used for bitcoin mining, times have changed, and people use special mining devices that consume less energy and mine bitcoins faster. In order to get a mining device, you will have to invest a large amount of money, and although its price may be exorbitant, its speed will amaze you, and there are many bitcoin mining devices, but they differ from each other, you should choose one of them by taking a number of factors into account, since you you should pay attention to the performance, power consumption and price of the device, and you can also use the reviews or opinions of miners to make your final choice.
Create a Bitcoin Wallet
After choosing a bitcoin mining device suitable for you, you need to create a bitcoin wallet to receive your coins, with this wallet you will be able to manage your bitcoin balance. There are many types of bitcoin wallets, but they are not the same, and each wallet has advantages and disadvantages that you need to know in order to compare and choose the appropriate option, and you can use a phone wallet or a paper wallet that provides additional protection for your bitcoins.
mining complex
The next step is to join the mining pool, because it is impossible to earn bitcoins with one device, you cannot mine bitcoins even with the best device, so you will have to seek help from other miners, by joining the mining pool, when you mine bitcoins in a group, you can share the profits to all participants, your the income may be low, but it will be regular, remember that you have to pay a commission to the mining pool server, there are many mining pools, and all you have to do is choose one of them.
Choose a mining software
Once you buy a miner, create a bitcoin wallet, and join a mining pool, you need to find mining software for your computer. The mining software does the work, collects results, and records transactions on the blockchain (a public bitcoin ledger that records all financial transactions in “Blocks”), and can Find many free mining programs to mine bitcoins, and you should check the characteristics and features of each program.
start the mining process
After following all the previously mentioned steps, you can start the mining process to earn bitcoins, and all you have to do is connect the mining device to electricity and the computer, it is also important to install the mining program by providing the necessary information for the mining program and selecting the device, you can start the mining process. In order for the mining process to be profitable, you should always keep abreast of the news related to the cryptocurrency or bitcoin market.