Bitcoin mining is the process of verifying transactions in each blockchain. It validates each transaction and then publicly shares the transaction across peer-to-peer networks for all to see. Bitcoin miners are the people responsible for verifying and withdrawing every transaction before adding it to a block to create a blockchain. Once a miner puts the next block in the blockchain, he can claim a reward that is usually in the form of bitcoin. The more you solve mathematical calculations the more rewards.
You do not need to be a professional software developer or coder to take part in bitcoin mining. Below is an easy to follow step-by-step guide for bitcoin mining beginners.
Get a bitcoin mining hardware
Bitcoin mining hardware
The mining world is becoming more complex as higher computing forces are employed in mining. With so much investment in hardware, the higher the level of mining, the harder it is to make a profit. Bitcoin mining is highly competitive and you need to do adequate research before investing in a hardware. Previously it was possible to use your personal CPUT bitcoins in mining but with mining complexity, this method is no longer effective. You need to buy a specially built computer whose main purpose is to dig bitcoin.
Get a Bitcoin Wallet
You need to have a wallet to store your digital currency locally or online. A wallet comes with a public wallet address and a private key or password which is the most important detail to note. If your wallet is self-hosted, you need a copy of your wallet.dat file to prevent you from losing your investment. It acts as a backup wallet in case of any mishap on your machine. You can even get wallets for their mobile devices. The highly recommended wallet is a self-hosted or locally made wallet.
Find a pool to join
It is recommended that you choose to join a mining pool or a single mine. A mining pool is a group of miners who come together to share resources and share prizes. A pool guarantees you a quick return as well as combining your computing power for a greater result. Each pool has its own rules, reward procedures and fees for mining. You just have to be more discriminating with the help you render toward other people. Excavation alone is complicated and you cannot make any return on investment.
Get a mining software for your computer
There are several free mining programs depending on the hardware you are using. The mining program helps monitor and control your hardware. Some common mineral programs are Cigminer, BFG Miner and Easyminer. If you are in a pool, it is advisable to consult them when connecting your pool to your program. Programs run on a command line and may require a batch file to get started properly.
After all you are ready to go. Run your mining program and get started by entering your pool username and password. You will notice your machine slowly while the miners are working.
It is very important to monitor the temperature closely as the software heats up your hardware. Some programs like SpeedFan can check the temperature. You don’t even want to literally risk your investment before you start working. After a while, you should check how much you are earning to see if your investment is worth continuing.