Bitcoin Mining Guide -How Bitcoin Mining Works
What is Bitcoin Mining?
Mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions. This ledger of the past transactions 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 block chain to distinguish regiment Bitcoin Transactions from attempts to respend coins that have already been spent elsewhere.
Bitcoin 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 Bitcoin mining is to allow Bitcoin nodes to reach a secure, tamper, resistant consensus.
Types of Bitcoin Mining:
There are two ways to mine Bitcoin, Cloud Bitcoin mining, and Hardware Bitcoin 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 on 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. 🙂
Bitcoin Hardware Mining Guide
- Bitcoin Mining hardware
Bitcoin mining rig or hardware was the first to need or the first step to start Bitcoin cloud mining.you can buy Bitcoin mining hardware from the internet or from amazon ♥
- 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 BITCOIN WALLET
- Download mining program for your computer
Once you received your Bitcoin mining hardware and got your Bitcoin address. So now you need to download a special program used for bitcoin 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 bitcoin mining software
- Find and join a Bitcoin Mining Pool
When you are ready to start mine bitcoins, we recommend joining a Bitcoin Mining Pool. The groups of miners working together to solve a block and share the rewards in between them are the bitcoin mining pool. Without joining any bitcoin mining pools it’s very hard to earn any bitcoin, it’s better to join a mining pool and work together
- 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 details like the mining pool, username, and password.
It’s better to buy bitcoin than self mining.