Chances are good that you’ve been hearing about all of news regarding Bitcoin over the course of the past couple of years. You’ve heard that the price of the cryptocurrency continues to rise, and that you should get in on the mining now, so you can take advantage of potential profits. Of course, you may not know how to get started in this field, or even what it takes to mine Bitcoin. It’s time to take a breath and learn the basics of what you need to know to get started in mining bitcoin.
You Need the Right Hardware
In the past, when Bitcoin was first getting started, it was possible to utilize the graphics cards on your computer to do mining, either part time of fulltime. However, as the field advanced, and the need for more processing power increased, it became impossible for those who were only using their video cards to compete with those who were using dedicated pieces of hardware.
Today, if you want to mine bitcoin, you will need to have an ASIC bitcoin miner. These are available through companies such as Antminer, which offer a selection of different devices. When you are choosing your device, you will ideally choose an option that can offer a high hash rate. The hash rate is essentially the processing power that you are adding to the network. A higher hash rate means your equipment will be making more calculations, and that can increase your chance of getting a reward. Of course, the machines that have high hash rates tend to be more expensive.
When it comes to the hardware, you should also know that it’s often a good idea to have more than one machine, and to have a location where you can run the machines. They tend to be noisy, and they can create a lot of heat, so you will need ventilation.
Consider Joining a Mining Pool
While you may be able to mine on your own, you will find that becoming a part of one of the large mining pools on the Bitcoin network, such as Antpool, can provide you with more of a regular income from the Bitcoins. With a pool, you are putting your resources – your hardware – to work with all of the other miners in the pool. Together, you work to solve the blocks. When you do, you receive the reward, which is currently 12.5 Bitcoins. This reward is then split among the miners in the group. Becoming a part of a large group can provide you with a bit more stability, but it does mean you are sharing the reward with many more people.
Bitcoin mining is getting more competitive. Those who want to mine Bitcoin fast and who want to earn from their endeavors will need to make sure they are always utilizing the best equipment (see more at Antminer S9 stats) and upgrading when they have the chance. There is still a lot to be earned from mining, so get started as soon as possible.