Bitcoin Mining – a helpful guide for beginners
Bitcoin Mining – a valuable guide for beginnersAs the world’s first decentralized digital currency, Bitcoin has revolutionized how people think about money in an entirely new way. The remarkable rise of this new digital currency has opened up many opportunities for almost everyone who wishes to learn about Bitcoin and its underlying technology: blockchain. Of course, mining Bitcoin requires some effort and dedication, but it doesn’t have to be complicated or time-consuming if you know what you’re doing from the beginning.
Let’s Get Started.
What You Need to Start Mining BitcoinTo mine Bitcoin, all you really need is a good mining rig and the right software, which can be downloaded for free and installed in a matter of seconds. But, first, you’ll need a mining rig. These rigs combine specific hardware components with special software that helps the rig do its job.
The hardware components are not all that complicated. Most are available in the toolboxes of any computer stores or online manufacturers from china, like BT-miners. Some of the bitcoin mining hardware is correspondingly present on the e-commerce websites like amazon. As far as the software is concerned, mining Bitcoin is all about math and calculating hashes, which is where the term “hashing” comes from.
1. Hash rate calculationLet’s take two different bitcoin mining machines, A and B. If A produces 16 MH/s and B produces 4 MH/s, hashing a block will require 2 times the work for machine A than it would for machine B. The only thing that matters is the output of your mining hardware.
That means you should choose ASICs or GPUs depending on the mining type you want. GPU mining is faster but uses more energy while ASICs are slower and more expensive but use less energy. The only way to get coins out of this is to find a block by solving cryptographic puzzles and getting rewarded with coins for your efforts.