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HomeTech & GamesHow do you get more Bitcoins? Mine them! Read the complete guide

How do you get more Bitcoins? Mine them! Read the complete guide

Cryptocurrencies are one of the most debatable topic in this era, with Bitcoin being the first cryptocurrency in the world. You must have heard that Bitcoin from your friends or social media and you must have this question in your mind. How do I get Bitcoins?

Well, you can buy them from the open market, but it’s rather pricey these days. There’s another way that you can get yourself some Bitcoins, by mining them!

Here’s a complete guide on how you can mine them. Join the miners club now!

1. Get a Bitcoin mining rig

In a nutshell, Bitcoin mining rig is the hardware which will process the algorithms to mine Bitcoin. At the beginning, ordinary domestic computers were used to mine Bitcoins. However, things changed rapidly when people discovered that graphic cards does a better job in this. In today’s world, these machines are generating Bitcoins so slow that you might as not be bother to use them.

Nowadays, Bitcoins are mined with hardware designed specifically for mining Bitcoins and it is called Application-Specific Integrated Circuit chips (ASIC). These devices can cost you a fortune, however, the mining speed is so powerful that you will generate decent Bitcoin a day.

How do you choose a ASIC mining rig? We recommend you to visit Asic Miner Value as they give you a detail information on each model of ASIC out in the market.

By just having a ASIC mining right will not be enough for you to start mining. You’ll need to maintain this machine and it’s not an easy task. These machines generate tons of heat and noise during the mining process. It’s best to store them in a professional data center where the cool surrounding will help you cool your machine down.

2. Get a Bitcoin wallet

After mining Bitcoins, you’ll need a wallet to store them. A Bitcoin wallet allows you to store and manage them. As for starters, we’ll recommend the software wallet which is easier to manage and suitable for frequent manipulation with mined currency.

Visit the original Bitcoin Core and download the full version of the wallet. It may take up quite a large volume of your hard disk as the information of just a Bitcoin may take up to tens of GBs.

After you are done with all the set ups, just remember to save a copy of your wallet on another device as any failure in your current computer will render your Bitcoins in the wallet to be lost forever.

3. Join a mining pool

As time passes, Bitcoin becomes more difficult to mine. Even with the best ASIC miner, it is impossible for a machine to mine a Bitcoin a day. Furthermore, a single machine cannot compete with the larger mining pools out there too. There’s a saying that goes “when you can’t beat them, join them”.

This will be the perfect example and in this scenario, when a Bitcoin is mined, the gains is shared among the members according to the power that they give in. Usually, members will need to pay a 0% to 2% fee to the operator of the pool.

As for which pool to join, visit the Bitcoin wiki for comparison.

Alternatively, you can mine Bitcoins on your own too. However, given the computing power of a single machine, it might take you forever to just mine one.

4. Get a mining programme on your computer

Now that you’ve got your hardware, wallet and mining pool, it’s time to get a mining programme to start mining. The mining programme connects your computer to a Blockchain and Bitcoin Network. These softwares will deliver work to your computer and collects the completed results of the work and sends it back to the Blockchain.

There are many free programmes out there and each got their own advantages and disadvantages. Some mining pools provide their own software too.

As a starter, it’s best that you use Nice Hash Miner. It is easy to use as it will automatically choose the algorithm which is most profitable for you.

5. Start mining!

You’ve got all the knowledge you need to mine Bitcoins now. Connect your hardware and link it to your computer. Activate your wallet by filling in the relevant information and let the mining begins.

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