Posted on: 13. April 2018

Bitcoin Digital Mining Guide

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Bitcoin Digital Mining Guide

Bitcoin Digital Mining Guide – To start mining Bitcoins, one should first understand what it means. At the advent of cryptocurrencies, Bitcoin was the first digital money. Since then, dozens of other cryptocurrency providers have since emulated it.

Bitcoin mining became exciting when this digital currency enjoyed success. Online, it is often possible to pay for goods and services with Bitcoins in a similar way to traditional methods.

Becoming a digital miner represents an opportunity to earn Bitcoins using a computer. At first, this was feasible and rewarding from home computers – both for amateur and professional miners. After mining grew in global popularity, however, it became less lucrative for home users. This change was due to soaring energy prices and the cost of high-specification hardware.


Bitcoin Digital Mining Guide: what is it and how does it work?

To participate in Bitcoin mining, one needs a digital wallet to enable online payments. E-wallets have private keys to communicate securely in the blockchain network. The blockchain is a shared list of all Bitcoin user transactions.

After ordering an e-wallet from a vendor, you can get started. The Bitcoin network compensates the prospector for his or her contributions to the required computing power for transactions. Rewards are paid in Bitcoins, or credited towards fees. The more computing power a Bitcoin miner user provides, the higher the potential payment.

Bitcoin mining guide: mining = calculating Bitcoins with the computer

Bitcoin mining performs cryptographic calculations called SHA-256 hashes. The level of success depends primarily on the computing power of the local machine. A powerful, high specification computer fitted with a graphics card with at least 2 gigabytes of RAM (random access memory) is necessary.

The more Bitcoin miners there are on the global network, the harder it will be to produce Bitcoins. If you choose to mine from a home office, the right equipment is crucial. Mostly, success is achievable with very high computing power. The following suggestions should help:


Bitcoin Digital Mining Guide

  • Buy powerful hardware for mining; ordinary computing power is not enough
  • Set up a wallet
  • Obtain suitable software, i.e. the Bitcoin client
  • Set up the Bitcoin client
  • Start mining.

Before getting started with the guide below, one should be aware that mining is also possible through collective pools. Additionally, a cost-benefit calculation is advisable before committing.

In summary, although Bitcoin mining was initially worthwhile from home computers, the number of prospectors worldwide has grown. Consequently, mathematical calculation tasks have become increasingly difficult.

Should user numbers reduce, the tasks would be more manageable. However, the demand for mining of Bitcoins and other digital currencies is not likely to fall. Rather, it will probably increase steadily.

Thus, with each new miner, the arithmetic problems become more complicated to solve. In mining pools, the computing power is in effect bundled, so numerous miners participate globally. As a result, the tasks are more likely to be solved than by an individual miner.

Bitcoin Digital Mining Guide: relaxed and lucrative mining with mining pools

Cloud mining enables anyone with no previous knowledge the opportunity to mine cryptocurrency. Cloud miners, such as Genesis, HashFlare or Hashing 24, provide their computing capacity for mining.

Depending on the available funds, an interested party can buy the appropriate computing power from a provider of choice. In this instance, computing power is measured in mega, giga or terahashes per second.

The benefits of starting with a cloud miner are obvious. With a contract, the miner can start immediately, without technical hardware experience. If a task is solved, the miner receives a fair share, depending on the computing power purchased. The provider handles maintenance on the system.


Bitcoin Digital Mining Guide

  • Download software
  • Register with a mining provider, such as Genesis or HashFlare
  • Set up a wallet, if not yet done, e.g. Kraken or Coinbase
  • Create a Mining Client that secures the Bitcoins in the wallet
  • Select Bitcoin as the cryptocurrency
  • Order the required computing power
  • Mine.

Conclusion about the Bitcoin Digital Mining Guide

Users have found that mining Bitcoins through a pool is more lucrative than trying to work alone. We wish good luck to those who want to try alone, outside a collective. However, mines are no longer proving profitable on home PCs.

On the one hand, purchasing the necessary hardware is expensive. On the other hand, electricity costs can be high (especially in Germany). These cost factors could combine to reduce the value of scraped hashes to zero.

The principle of cloud mining is that all registered members pool their computing power to achieve greater success. For mining providers, the yields are distributed fairly among all prospectors, according to the computing power provided.

In pooled operations, the miner can relax and does not need to worry about hardware, maintenance and equipment. The service provider will provide the coins and the best possible equipment to mine the cryptocurrency.

Bitcoin supplies are finite. If you want to take advantage of the opportunity, therefore, it is best to start as soon as possible. As a prospector, you will achieve the most profit and success with a mining supplier.


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