How to mine bitcoin is not an easy thing, especially for beginners because it requires qualified equipment and devices. If you are interested, check out the following guide!
Bitcoin is becoming one of the best investment alternatives that are increasingly popular.
Currently, there are several ways to get bitcoin, especially for beginners. One way to get new bitcoins is to mine bitcoins.
For some people, mining bitcoin is not an easy matter. It’s just that, if you do it seriously, the opportunities you get will be profitable.
However, it’s a good idea to know what bitcoin is if you’re interested in diving into this one investment!
What is Bitcoin
Quoted by the BBC, bitcoin is described as a cryptocurrency, namely virtual currency or digital currency.
Bitcoin owners can use digital currency as a means of payment to buy products or pay for services.
The inventor of bitcoin is Satoshi Nakamoto which was first launched on the internet in 2009.
Bitcoin is not controlled by banks but is supported by decentralized peer-to-peer technology.
The way bitcoin works are quite unique. Each bitcoin chip is basically a computer file stored in a digital wallet application on your phone or computer.
Bitcoin owners transact by sending digital money through the digital wallet.
There are three ways that can be done to get bitcoin, namely:
- Buy bitcoin using money
- Sell goods and accept payments with bitcoin
- Mining bitcoin using a computer
What is Bitcoin Mining?
Quoted by Kompas, the term mining is closely related to how to get bitcoin.
Mining bitcoin or mining bitcoin is like mining gold. Quoted by Kontan, mining can be done with computers and software on a bitcoin mining server.
For mining bitcoin, miners need very powerful computers, large electricity, and super-fast internet.
This is because bitcoin mining activities require large computing power.
There are at least four ways, namely:
- Mining in the mining pool
- Cloud mining
- Solo mining
- Bitcoin trading platform
4 Ways to Mine Bitcoin
Mining in Pool Mining
One way to mine bitcoin is to mine in a mining pool.
Quoted by Kontan, this method is simply that you join forces with other miners in a pool for mining bitcoin.
Later, you share the rewards for the results obtained from mining the bitcoins.
Through this car, first, you have to register to a pool or pool.
Furthermore, all miners who are in the same pool agree to share any bitcoin rewards with the other pool members.
Quoted from cryptocurrency.id, cloud mining is a bitcoin mining method that does not need to have sophisticated computing tools.
You can use cloud mining provider services.
For example using genesis mining, hashflare, hashing24, and so on.
The advantage of this approach is that there is no need to have in-depth knowledge of mining hardware.
In addition, there is no need to buy expensive and unaffordable equipment.
It’s just that, how to mine bitcoin with cloud mining has a high risk.
Quoted from the same site, solo mining can be an alternative to mining bitcoin.
This way, you don’t have to share your income with anyone else. However, you must provide advanced equipment.
For example PC, motherboard, graphics card, hard drive, RAM, and so on.
You will also have to provide a large amount of electricity and solve complex mathematical algorithms to generate bitcoins.
Solo mining is usually done by experts so it is not easy for beginners to do.
You can use ASIC (Application Specific Circuit Chips) hardware for mining activities.
You also need to use bitcoin mining software, including Bitcoin miner, BTC miner, easy miner, CG miner, and BFG miner
Bitcoin Trading Platform
Another way to mine bitcoin is to use a bitcoin trading platform.
This option can be an alternative because you can simply download the application on your cellphone.
A number of bitcoin mining applications include:
- Crypto Miner
- AA Miner
- NeonNeon Miner
- Droid Miner