One of the most significant obstacles I encountered when I started using Bitcoin for investment and profits was that most of the sites obtained written for advanced users. I am not a professional programmer. I have no experience with Ubuntu, Linux and a minimal experience with Mac. So, it is the person or group who wants to start most easily.
1. Obtain a Bitcoin mining facility
Bitcoin mining is a highly competitive niche to reach. More and more miners are coming on board with the latest mining equipment. Before starting with Bitcoin Mining, you must perform your due diligence. That means you need to know if bitcoin mining is also profitable for you.
The best way to do this is to use an operational Bitcoin calculator. Just enter the Bitcoin Miner data you want to buy and see how long it will take to make a profit or profit. However, I can tell from the start that you probably can not exploit bitcoins unless you have a few hundred dollars left.
When you have finished your calculations, it is time to get your minor. Be sure to review our various opinions about the Bitcoin mining equipment to understand which one is best for you. Today, the Antminer S9 remains the newest and most Powerful miner.
By the way, it is important to say that in the past, it was possible to acquire Bitcoins with your computer or with a graphics card (also known as a GPU). Today, however, the mining niche has become so competitive that it needs to use ASIC miners, personal computers built exclusively for the extraction of bitcoins.
2. Get a Bitcoin wallet
The first thing to do is a Bitcoin wallet. Since Bitcoin is an Internet-based currency, you need a place where you can save your bitcoins. Once you have a wallet, make sure you have the address of your wallet. It will be a long sequence of letters and numbers. Each wallet has a different way of getting the public Bitcoin address, but most wallets are quite simple. Keep in mind that you need your public bitcoin address, not your private key (which is like a password for your wallet).
If you are using a self-powered wallet (that is, you have downloaded a program on your computer, and you are not using an Internet service), there is another critical step. Make sure you have a copy of the wallet.dat file on a USB flash drive and print a copy and keep it in a safe place. Here is a tutorial on how to create a secure wallet. The reason is that if your computer fails and you do not hold a copy of your wallet.dat file, thou will lose all your bitcoins. You do not go with another person; They will disappear forever. It's like burning money.
3. Find a bowl of mine
Now that you own a wallet, you probably do, but if you want to earn bitcoin (money), you may have to join a mining pool. A mining pool is a group of Bitcoin miners that combine their processing power to create more bitcoins. The reason why you should not go alone is that the bitcoins are distributed in blocks, usually 12.5 at a time, and if you are not lucky, you will not get any of those coins.
A grouping will provide you with smaller, simpler algorithms that you can solve, and all of your combined work will make it easier for you to respond to the most critical algorithm and collect bitcoins distributed in the group based on your contribution. It will create a more constant amount of bitcoins and get a higher return on investment.
When choosing a mineral exploration group, you should ask some questions:
- What is the reward method? - Proportional / Payment per share / Based on results / PPLNS
- What fees do you charge for the withdrawal and withdrawal of funds?
- How often do you find a block (how many times will you reward me)?
- Is it easy to withdraw money?
- What statistics do you offer?
- What is the stability of the pool?
To answer most of these questions, thee can use this excellent BitcoinTalk contribution. You can also find a complete comparison of the mining groups in the Bitcoin wiki. For the demonstration, I will use Slush's Pool when I search for Bitcoins. Once you have logged in with a pool, you will receive a username and password for that particular group, which we will use later.
Follow the link to go to their website and click on the "Register here" link at the top of the page also follow the instructions step by step. After setting up your account, you must add an "employee." Basically, for every child you have, you must have a worker ID so the group can track your contributions.
4. Obtain a mining exploration program for your computer
Now that you have covered the basics, we are almost ready to help you. You need a mining client to run on your computer so you can control and monitor your mining facility. Depending on the mine you have received, you must find the right software. Many mining groups have their software, such as Bitminer, but not others. Here you can see a list of Bitcoin extraction software.
I'm using a Mac, so I'm using a program called MacMiner. The most popular program I have found for a PC is BFGMiner and 50Miner. If you want to compare different operating systems, you can do it here.
5. Start to extract
OK, I hope everything is ready to go now. Plug your miner into an outlet and turn it on. Also be sure to connect it to your computer (usually via USB) and open your data mining software. First, enter your mining group, your username, and your password.
Once configured, it will start looking for bitcoins. You will begin to the compilation versions that are part of your work to find the next block. According to the pool you have selected, you were paid for your share of the money - just be sure to enter your address in the required fields when connecting to the pool. Here is a full video of me in action: