With the recent increasing trend in the price of Bitcoin coupled with its integration into economic activities, it is advisable for every individual to have an investment in Bitcoin no matter how little. There are many ways to get Bitcoin such a buying, earning, mining, etc.
Have you decided to start mining your Bitcoin? Good idea! But there are possibilities that you would be faced with one or more serious problems. This might not be a problem to professional codes, but if you are not and do not have advance experience with Linux and Ubuntu, this article will be of help to get you started. Simply follow the steps below.
1.Purchase a mining rig
Mining a Bitcoin is a very competitive activity as more and more users get in mining activities daily with the latest mining equipment, making it increasingly difficult to keep the pace. To get started, carry out a research to figure out whether Bitcoin mining will ever give you profit. Look out for the reviews for the mining equipment to know which miner is best for you. Note that the initial investment is likely to be at least $2000. Also figure out how long it will take you to cover your expenses. You can easiest get this by using a Bitcoin mining calculator, enter the specification of you chosen bitcoin miner, and the calculator would determine the time frame, just see if this is suitable for you, then proceed to purchasing it. Before now, mining bitcoins on any PC with a graphics card is possible (GPU mining). But nowadays, where mining has become so competitive, you should consider using the ASIC miners – a special computers designed exclusively for mining Bitcoins, the latest and most advanced being Antminer S9.
2. Choose a Bitcoin wallet
Now you have a miner, next is a Bitcoin wallet. There are so many bitcoin wallets out there, google out to find some, better still follow the recommendations on bitcoin.org. Once you’ve got your wallet, get a purse address. This is a long code of numbers and letters. Obtaining the public bitcoin address may vary for each wallet, however it is not too hard. Never mistake your public bitcoin address with your private key, which serve as the password to your wallet. Note that if your wallet is a self-hosted one (offline service), you need to copy the ‘wallet.dat’ file onto the USB flash drive, and print a copy of it. Should in case you lost your PC or it breaks down, with a copy of that wallet.dat file, you will not lose your bitcoins.
3. Join a mining pool
Though you are very close to start mining, but to make more money it is advisable you join a mining pool. A mining pool is a group of Bitcoin miners who unite their computing power to produce more Bitcoins, which usually come out in blocks; a block equals 12.5 bitcoins, and this is almost impossible for a single user to get this money. Once a block is achieved, this is distributed among the pool members in proportion to their contribution. As a result of this, you will be able to make more bitcoins and profit. However, when choosing a mining pool, ask these questions: What is the fees for mining and withdrawal of Bitcoins? How often do they find a block (that is, how often will you get a reward)? Is it easy to withdraw funds? What statistics do they provide? How reliable is this pool? You can get answers through Google.
4. Choose your mining software
You are about ready to start mining Bitcoins. All you need left is to install a mining client on your PC to control your mining rig. Various miners require different software, for instance, Bitminer offers its own software, though some do not. MacMiner is a Bitcoin mining software for Mac users and BFGMiner and 50Miner are popular programs for PC.
5. Start mining Bitcoin
Now you are good to start mining bitcoins! Turn on your miner. Ensure your miner is connected to your computer, most times though the USB, then launch your mining software. When your software opens, select your mining pool and key in your username and password. Hit “Enter” and you are mining already. Depending on your chosen pool, you would be rewarded according to your share of bitcoins. Just ensure that you have entered your correct wallet address when signing up to any pool.
Should in case you are not financially buoyant to purchase a mining rig, read our article on “How to earn Bitcoin through Paid to click (PTC) websites”.