Bitcoin - How To Mine Bitcoin For Beginners
Netgenz - Stock Tips | How to mine bitcoins can be done with a set of computers and great software and a large amount of electricity. This is different from mining various mining commodities such as gold, silver, or even coal which requires heavy equipment. The price of bitcoin is the highest on record so far, breaking its initial record in April. Bitcoin's status is strong, almost 55,000% compared to last September which had fallen below 44,000 US dollars per chip.
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Understanding Bitcoin Mining
The use of the word mining or mining in bitcoin is actually a parable. In fact, mining bitcoins is a process of solving difficult math problems. This is what makes the process of obtaining this crypto asset a process such as mining gold. In the world, the number of bitcoins that exist or can be mined is limited. That's what makes bitcoin have a high price.
The number of bitcoins in existence is about 21 million bitcoins, in the amount currently scattered, or has been successfully mined about 18.84 million bitcoins. So, what math problems need to be solved and why can you earn bitcoins? The process of splitting mathematical problems as a form of effort to add new blocks in the bitcoin business transaction mechanism is like a ledger called a blockchain.
Each Bitcoin chip is essentially a computer file that is stored in a digital wallet program on a mobile phone or computer. Some Bitcoin owners do business by sending (one or more) digital money through digital wallets.
Then, every Bitcoin business transaction is recorded in the audience details called a blockchain. Mining bitcoin is a step to earn bitcoins. Besides that, you can also earn bitcoins by buying bitcoins on a crypto asset trading platform or selling an item by accepting payments with bitcoins. However, the latter step may be difficult to implement legally in Indonesia. Because bitcoin is not considered as a means of payment in Indonesia.
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Bitcoin Mining Steps
Quoted from 99bitcoins.com, to mine bitcoin, it takes special software and hardware to mine bitcoin. That way, you can't use a PC that you usually have at home. As stated earlier, bitcoin's presence in the world is limited. It can be said, in the process of mining bitcoin, you are also competing with other miners.
The more powerful and faster the pace of computer work you have, the greater your chances of success. However, it must be understood that mining is actually a product of the verification process of a business transaction. Because the specific direction of mining was initially to keep the cash mechanism or blockchain always be decentralized.
Some of the steps for mining bitcoin can be explained as follows:
- Consider profit opportunities. Before starting the bitcoin mining process you need to do some research to consider the profitability. This can be done with a bitcoin mining calculator. It must be remembered again, to be able to mine bitcoin, you need to take a deep enough pocket. In fact, the cost can reach several thousand US dollars. If you don't have enough funds and don't have access to cheap electricity, mining bitcoin is probably not your thing.
- Have a bitcoin mining device. Make sure you have read the various discussions on the internet regarding bitcoin mining hardware. This is needed to be able to know what type of hardware you need. Some of the devices that are quite popular are the Antminer S19 Pro and M30 S++. The device you can buy through the manufacturer directly or buy it on some e-commerce such as eBay and Amazon.
- Have a bitcoin wallet. You need a bitcoin wallet to place the bitcoins you just earned from mining. Besides that, it should be emphasized that you have the address of the digital wallet which usually consists of a long series of numbers and letters.
- Search for bitcoin miner sources. If you are successful in sourcing bitcoin miners and working with them, you will only have a few of the overall algorithm problems to solve. The process that has been carried out together has a greater chance of success in obtaining bitcoins. Later, if the source or pool of the miners is successful in obtaining bitcoins, then the profits will be divided according to the contribution of each miner.
- Have a miner program. The type of miner program will depend on the rig you have. You need to find the right software or program.
- Start mining. Once you have done the various methods mentioned earlier, you are ready to mine bitcoins.