BitCoin Mining – Process, Mining Pools, Hardware, Software, Countries etc

Bitcoin mining has increased its popularity since 2010. Because of the increasing in the bitcoin value VS The dollar, people knowing bitcoin facts and its usage in the deep dark web. So every techie wants to start mining and earn bitcoins. As a result, so many companies and individuals started mining bitcoins. Also, lot of bitcoin miners are introduced in the market and people are investing their money in bitcoin mining hardware.

BitCoin Mining
BitCoinMining

What is BitCoin Mining?

Bitcoin mining process is basically solving complex mathematical problems using your computational power. In return, you will earn some coins if you are lucky. These mathematical computations are used to maintain the bitcoin transaction network. In simple words, a person who is mining these coins is helping to maintain the transactions of bitcoins happening around the globe.

Who are Mining BitCoins?

Large bitcoin mining operations are happening in china and other countries. They are using special industrial like a setup for mining.  At the early stage, computers are used to mine. But they are very slow and the complexity of mining a single coin is increasing day by day. So, these fellows have updated their technology and now using the GPUs and ASIC miners.

How long have they been mining bitcoins?

These people who mining bitcoins are saying that they will work from dawn to dusk and mining competition is increasing day by day which ultimately leads to low earnings. They are investing a lot for this task. Costs include hardware, power supply, and manpower.

But even though the mining complexity is increasing and they get a little fraction of a coin there is no problem because of the increase in the value of this currency. They are working 24hours a day and 7days a week without stopping bitcoin miners.

How to Mine BitCoins?

You need to have a large computational power to mine a single bitcoin. Using a GPU Miner or ASIC Miner is a good idea. Alternatively, you can use USB Miners or Your Desktop for Cryptocurrency mining. Just buy the hardware and follow its user manual. Or Setup bitcoin mining software on your computer or Laptop. Before this step, you need to know about Wallets like copay or some other and Mining Pools too. You need to join in a good bitcoin mining pool and get a user Id with a password. Use these password in the Bitcoin mining software’s and click the start mining button. Then after some time depending on the speed of your hardware shares will be generated and your share is shown on your mining pool dashboard.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.