All Secrets to Online Bitcoin Mining

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online bitcoin miningIf you are interested in Bitcoin and want to mine some coins, it’s not very hard to do. We can tell you how. The miner’s mission is to solve a block and get bitcoins. What is a block? A block is data of the most recent transactions provided by Bitcoin ― consequently, blocks make up a ‘block-chain.’ These transactions are recorded in a global Bitcoin network and cannot be changed once this is done. Such a system is very reliable and therefore, all transactions may be proven and no bitcoin can be forged. In fact, the blockchain system is one of the main innovations. Just imagine, every single block is proven and is guaranteed to follow after the previous one. That’s why double-spending bitcoins is almost impossible. They simply cannot be printed like US dollars by the Federal Reserve System or forged by counterfeiters. It’s great.

So, your computer must verify all transactions, and this allows the Bitcoin system to run. The prize for that are bitcoins, which are given by the system to you. How do you like that? It’s definitely great to get a pack of bitcoins. Well, let’s make everything clear and look into this process.

Ready, Steady, Go!

To start mining, you need to create a bitcoin wallet and download a software for your computer (which is called ‘Client’). They are all free. There is a minimum you have to do for mining, but the problem is you probably will never mine a single coin using your own computer due to the extremely low speed of your PC. Therefore, if you’re looking for some profit and are going to make money via mining, you definitely need to invest more.

Why We Choose ASIC

Well, if you’re serious about making money with Bitcoin, follow these steps. As it was said, mining needs high speed ― in other words, ‘hashes.’ You may have KHs (Kilo Hashes), MHs (Mega Hashes), GHs (Giga Hashes), or even THs (Terra Hashes) on your mining equipment. Personal computers do not usually have lot of MHs, so you won’t earn money using them. For profitable business, you need hundreds of GHs, at least. Therefore, even Graphic Processing Units, which are usually used in games or visual effects, do not matter nowadays. In order to do some serious mining, you need a good ASIC.

Related: Is it Okay to Mine Bitcoins with Your PC?

An ASIC is an Application-Specific Integrated Circuit which is designed and developed especially for mining. ASICs are faster and are more powerful, efficient, and productive than any other Graphic Processing Unit. Do you want to earn money in such a way? An ASIC is the best choice for mining.

Then, as it was said, you need an online bitcoin wallet, if you haven’t got one yet. You can create one for free. Download the Bitcoin client if you haven’t done so yet and find a pool. What is a pool? Well, a pool is a kind of network for miners that gathers everyone’s ASIC or GPU capacity and collaborates for bitcoins. Profit earned is much lower than when you mine alone; however, it is stable and steady.

On the other hand, you could solve a block by yourself, but it may take years or even decades. Exactly how long will it take? Nobody knows. It’s like the lottery. That’s why working in a pool is better than working alone.

Get to Work

To get coins with ASIC, you also need special software. You should download a recent release of a program like BFG Miner.’ After downloading, open the application on your computer and type into the URL the pool you have chosen. Then, make a username and password and follow the instructions. When you’re logged in, your computer, using all devices and equipment it has, will start to mine with thousands and thousands of individuals from around the whole world.

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