Beginner’s Guide To Mine Bitcoins At Home
As we all know that Bitcoins are becoming more and more popular these days. Currently, it’s price reached $240 and, no doubt, it’s an attractive asset to invest in.
However, mining is not as easy as it seems. Somehow, it’s difficult to mine a good number of bitcoins with the help of your personal computers, GPUs, or ASICs that are particularly designed for mining. Nevertheless, the speeds are too fast that people can’t manage to mine coins at home like they could a couple of years back. One of the major reasons is skyrocketing electricity bills. Obviously, if you run several computers or GPU for a whole day, you’ll add up more into your power bills. The best solution to resolve this problem is to use a USB bitcoin miner, which is compact, offers more speed and consumes less power.
Here in this article, I’m going to discuss 5 steps to mine bitcoins with the USB bitcoin miner.
- Do Your Due Diligence Before Starting Out
If truth be told, Bitcoin mining becomes a competitive niche to get into. With more and more miners exploring the field with latest mining hardware’s, the intricacy to mine raises with each passing day. So, it’s good to do some homework, whether it’s profitable for you or not. You can find out the profitability with the help of a Bitcoin mining calculator. You just have to enter the data of the Bitcoin miner you’re going to use for buying and you’ll get the information, whether it will going to be profitable for you or not.
- Have A Bitcoin Wallet
Now the next important step to do is to get a Bitcoin wallet to save your internet based currency. Once you’ll get the wallet; just have your wallet address as well. It will be in the form of a long sequence of numbers and letters. Always remember that you will need your Public bitcoin address instead of Private key or password. In case of self-hosted wallet (program downloaded on your PC), you must have a copy of the wallet file on a thumb drive.
- Choose A Reliable Mining Pool
Once you have the wallet; now you need to join a mining pool if you actually want to make Bitcoins. Mining pool – it’s a group of Bitcoin miners who uses their computing powers to generate more coins. As a matter of fact, Bitcoins are awarded in chunks (typically 12.5 at one time) and sometimes you’re so unlucky that you’ll be getting nothing of these.
So, when it comes to a mining pool, you’ll be given smaller yet easier algorithms that once joint will help you to solve bigger algorithms and you’ll get the Bitcoins based on your contributions. In this way, you can make Bitcoins more consistently and will likely get a good ROI.
- Get A Right Mining Software For Your PC
Now you’re almost ready for bitcoin mining. Just get a mining client to run on your PC. It will help you control and monitor your mining rig. You have to find a right software depending on your mining rig. Some mining pools offer their own software’s such as Bit miner, but it’s an exception.
- You’re Ready To Mine Bitcoins
So, now you’re all set to start your Bitcoin mining. Just connect your miner with the a power plug and switch it on. In the meantime, try to make sure that it is also connected to your computer via USB and launch your mining software. Now enter your mining pool username and password and start mining for bitcoins right away.