Last Updated on October 8, 2020 by CryptoCreed
What is Bitcoin Mining?
Don’t know what is cryptocurrency mining?
Mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions. This ledger of the past transaction is called the blockchain as it is a chain of blocks. The blockchain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the blockchain to distinguish legitimate Bitcoin transactions from attempts to respend to coins that have already been spent elsewhere.
BTC mining is so-called because it resembles the mining of other commodities; it requires exertion and it slowly makes new currency available at a rate that resembles the rate at which commodities are like gold are mined from the ground.
The purpose of BTC mining is to allow Bitcoin nodes to reach a secure,tamper-resistant consensus.
Types of Bitcoin (BTC) Mining:
There are two ways to mine Bitcoin, Cloud Mining, and Hardware mining. You can purchase Bitcoin cloud mining contracts. Bitcoin cloud mining is easy and comfortable but it increases risk because you do not have your own control over physical hardware. And Hardware mining is more costly than cloud mining but it generates good profit if you have a large amount of money to invest and low-cost electricity.
This Are The Best Bitcoin Cloud Mining Services :
Genesis Mining: Genesis is one of the trusted and largest Bitcoin and scrypt cloud mining providers. It provides three Bitcoin cloud mining plans; 100 GH/s (26$/Lifetime Contracts) ,2,000 GH/s (499$/lifetime contracts) and 10,000 GH/s (2,400/Lifetime Contract).
Use promo code: KeRypm to get 3% off!
Hashflare: Hashflare offers SHA-256 mining contracts for 1.20$/10GH/s.
More Bitcoin Cloud Mining services list will be added in the next post after reviews. 🙂
Hardware or GPU Mining Guide
Bitcoin Mining Hardware
Mining rig or hardware was the first to need or the first step to start Bitcoin cloud mining. You can buy mining hardware from the internet or from amazon.
AntMiner S7, Antminer S9, and Avalon6 are the newest and best Bitcoin hardware mining (buy products only after reviewing sellers.)
Get Bitcoin Wallet
To receive your Bitcoin’s that you mined you need to set up a Bitcoin wallet or use your existing Bitcoin Wallet. You can find the best and secure Bitcoin wallet for you Bitcoin’s here.
Software For Bitcoin Mining
Once you received your mining hardware and got your Bitcoin address. So now you need to download a special program used for mining. There are many programs out there that can be used for mining, but CGminer and BFGminer are the most used and popular amongst all BTC mining software.
Find And Join A Mining Pool
When you are ready to start mine bitcoins, we recommend joining a Mining Pool. The groups of miners working together to solve a block and share the rewards in between them are the mining pool. Without joining any BTC mining pools it’s very hard to earn any bitcoin, it’s better to join a mining pool and work together
You can find the best comparison of the mining pool.
Let’s Start Mining
So everything is completed now it turns to start to earn Bitcoin’s. Connect your miner to a power outlet, and connect with your computer too Ó and open your mining software. Start filling in details like mining pool, username, and password. If you don’t know how to cryptocurrency mining then contact if for any assistance.
FAQ of Bitcoin or BTC Mining
Is bitcoin mining legal?
It depends on the country you are living in. Different country comes with different laws.
Is bitcoin mining free?
Now you may have a question that bitcoin mining free? Actually, it is not. But if managed to get hardware and electricity for free then it is possible.
Is bitcoin mining worth it?
It is only worth it if you can get a huge mining setup or cheap electricity.
Bitcoin mining from android is possible?
Yes, but I am sure you will not get a profit so it is not profitable even though it is possible. How bitcoin mining is done.
It’s better to buy bitcoin than self mining. How to Mine Bitcoins For Free