How to mine bitcoins
Searching a new way to earn money is something really common nowadays and more if we speak about online business. Bitcoin is one of the most used online currencies in the world, being at least 900 times more valuable than US dollar. This make people interested in mining bitcoins. It is not really that hard at all, all you need is certain equipment, software, but please keep in mind that you could be slapped with a really expensive electricity bill.
How to mine bitcoins? What do I need?
First of all, you will need your bitcoin wallet. So go ahead and create a wallet. There are a huge number of bitcoin wallets which are made in order to keep your bitcoins safe! Bitcoin is a cryptocurrency. And as an online currency, it could be stolen by hackers, even stolen from your computer. If you keep the file which have the information about your bitcoins and your pc is stole or lost, you may lose your bitcoins also if you haven’t saved it on a wallet.
Secondly, you need a miner. Miners are a kind of hardware which were made in order to solve mathematical problems in order to receive a certain number of bitcoins. You can cloud mining but the physical kind is the most used option. Bitcoin is a safe but at the same time a volatile currency, that’s why mining and investing in some miners is a good choice in order to start a profitable business.
There are different models between different prices. One of the cheapest is the antminer s7 bitcoin miner which is made in order to make at least 0.15 bitcoins per month and it cost 479$. As you can see, this is a long term investment. So, if you are trying to have fast money, please do not think that bitcoins are the best way to do it. Bitcoins represent money, but it could take time.
Solving a block of mathematical problems to have bitcoins is going to be difficult considering the size of the blockchain network. There is a certain cycle in which a block could be easier to solve than in other dates.
Hash of a block which is what define bitcoin mining difficulty should start for a certain number of zeros and a hash with a lot of zeros will be more difficult to be solved, so it will take more time, so it will cost more and give low profit.
This always can change, but if you constantly mine you will see that it is profitable.
How to mine bitcoins (Online)
Data centers will sell you mining capacity in order to not make you buy any equipment, this is known as Cloud mining. This mean that you won’t have to take care of electricity bills, equipment, or any other offline issue that could show up.
As you can see, just like everything in life, you need to spend money to make money. You should only have certain things in order to start mining, as well a miner or at least a membership in one cloud bitcoins mining service.