How to mine bitcoin? Tips for Successful BTC Mining

Bitcoin Mining - Source:Pixabay
Bitcoin Mining - Source:Pixabay

This article will explain what bitcoin mining is, how to mine bitcoins, the benefits, and drawbacks of bitcoin mining, and if it is still lucrative.

3 Methods to mine Bitcoin

  1. A wallet may be used to conduct cloud mining (we recommend Shamining and GMiners)
  2. You may join a bitcoin mining pool to mine Bitcoin
  3. With mining equipment, you can mine bitcoin from the comfort of your own home.

How to mine bitcoin? The 3 best solutions

Mining Bitcoins may be done in various ways, either alone at home or as part of a mining pool.

Bitcoin cloud mining is the simplest and most cost-effective technique to mine bitcoin.

Bitcoin cloud mining entails utilizing the computer resources of a Bitcoin mining firm.

In some ways, you’re effectively leasing the company’s computer and storage resources.

Cloud mining eliminates the need for technical expertise or the purchase of expensive mining gear. You won’t risk destroying your computer’s processor, and you won’t have to pay the high power costs associated with individual mining.

Bitcoin Mining - Source: Pixabay.com
Bitcoin Mining – Source: Pixabay.com

Cloud mining is also quicker, allowing you to mine bitcoins and other cryptocurrencies in a matter of hours. You may also buy Bitcoin on several platforms.

However, some platforms rely on an intermediary, which reduces your profit when mining. Many cloud mining platforms are new to the market, so select a reliable platform (for example Genesis mining).

Best mining app: Shamining

In 2018, a group of cryptocurrency enthusiasts and IT professionals decided to establish a new cloud mining platform, which quickly became successful.

Shamining is a London-based firm that delivers high-quality, fairly cost mining services to the worldwide bitcoin community in the most effective manner. The central concept is a fast device with a large shared hashing capacity.

Best mining app: Shamining

Currently, the service has over 17,000 crypto investors from various nations on board, and the cloud mining platform is rapidly expanding. With regular feedback and a user-friendly policy, many users have already designated SHAMINING as the finest trustworthy cloud mining service. Join today to receive a 37 percent bonus on your first deposit.

GMINERS: The Most Innovative Mining Application

In 2022, GMINERS is the most promising cloud mining platform. The London-based startup aims to give top-notch Bitcoin cloud mining customer care to crypto investors. To present, there are over 3000 approved users mining bitcoin for daily rewards. GMINERS also focuses on environmentally friendly technology as a regulated hashing provider. The firm employs renewable energy sources to power data centers in Iceland, Georgia, and Kazakhstan (such as solar panels and wind turbines).

GMINERS: The Most Innovative Mining Application

GMINERS now has a return rate of 143 percent: If you purchase a one-year contract for €5,000 today, you will receive €600 within a month (all fees and costs are already included in the contract price). As a result, when the plan’s period is up, you’ll be paid €7,200. Maintain the cloud mining process by reinvesting your cash to produce even more BTC. With Bitcoin’s price climbing, this is the ideal strategy to get consistent passive income.

Most Trusted Cloud Mining Application: ECOS

ECOS is a reputable corporation that was one of the first cloud mining companies to obtain legal status. It was founded in the Free Economic Zone in 2017. Over 100,000 people utilize ECOS throughout the world.

Users can choose from a number of mining contracts offered by the firm. A mining contract’s minimum price is $125. This agreement is valid for a duration of twelve to fifty months. Daily payments, a clear transaction history, and contemporary equipment are all advantages of ECOS. You may also purchase mining equipment there.

ECOS is much more than just a cloud mining platform. It’s the first cryptocurrency investing platform that combines all digital asset products and tools into a single ecosystem. Exchange, wallet, and investment wallets are also available. A smartphone app is also available for the platform.

To allow new users to try the platform, ECOS offers a free one-month mining contract.

How To Do Bitcoin Cloud Mining?

In the tutorial below, we explain how to do bitcoin cloud mining step by step.

Step 1: Open a Bitcoin Wallet

If you wish to mine Bitcoin, you’ll need to first create a Bitcoin wallet to store your currency. There are several alternatives open to you:

  • Make use of a digital wallet: These are wallets that you may install on your PC (if you are mining Bitcoin on a PC) or mobile device. They allow you to track its progress in real-time. Some wallets, like those provided by Blockchain, are extremely efficient.
  • Open a physical wallet: They can take the form of USB keys or physical storage areas that include private keys.

Step 2: Open an account on a cloud mining platform

To start mining bitcoins, you will need to open an account on a bitcoin cloud mining platform.

To create your account, you will need to provide the following information:

  • E-mail address
  • A password
  • A phone number

Step 3: Go to the “Miner” tab 

After you’ve made your account, navigate to the cloud mining platform’s “Miner” page to start mining Bitcoin for free.

You may start mining Bitcoins from your phone if your preferred platform has a mobile mining application.

Step 4: Start mining Bitcoin 

All of the operations are usually handled by the broker. To mine bitcoins, simply return to the program or website. Every four hours, you can restart the operation. To begin the transaction, simply click the green “4h” button on the broker’s website. That’s all there is to it. Mining proceeds are usually sent into your account every 30-40 minutes. The income from mining may subsequently be used to exchange assets on the site.

2. Mining Bitcoin with a mining rig

If you wish to mine bitcoins on your own, you’ll need to get an ASIC first. With the growing difficulties of mining, these devices have become nearly vital. We recommend that you keep the following parameters in mind while purchasing an ASIC:

  • The cost: The following two variables will have a direct impact on it. Machines for beginners start at a hundred euros, but more competent gear will rapidly approach €3,000.
  • The hash rate: a greater rate simply allows you to mine more Bitcoin since you can solve the mathematical issue posed much faster.
  • Electricity usage is an important factor to consider. This may not be the greatest approach if your equipment allows you to mine 2 times quicker but uses 3 times more electricity. On this point, the ideal way to mine Bitcoin is to establish the optimal balance between extraction speed and power consumption.

You’ll need to install the Bitcoin software and set up it for JSON-RPC before you can start mining Bitcoin at home. Bitcoin miners notably like the CGminer or BFGminer software.

The Best Bitcoin Mining Rigs

To mine Bitcoins, you can rely on the following rigs:

  • Bitmain Antminer S9i
  • Halong Mining Dragon Mint T1
  • Bitmain Antminer T9
  • Pangolin Whatsminer M3X

3. Join a mining pool

It’s a way to combine your expenses and increase your chances of mining Bitcoin.

A mining pool is primarily designed for novice miners. As a result, all participants of the Bitcoin network pool their funds.

Because the profit created by one of the mining pool members is shared among all miners, this method will allow for more consistent profit generation and distribution.

One of the advantages of bitcoin mining pools is that they enable faster processing. The discovery process will be sped up and you will be able to mine faster than if you were alone if you have numerous nodes on the same network.

Another benefit of using a mining pool is that your earnings will be more consistent since blocks will be approved faster and more frequently.

Keep in mind, however, that the gains will be shared among all Bitcoin network users.

3 Best Bitcoin Mining Pools (Mining Software)

Here are 3 examples of mining software you can trust for successful bitcoin mining.

  • Poolin:  mining software mines about 18% of all blocks
  • F2pool: one of the oldest mining pools
  • BTC.com: Mining software that mines 15% of the entire Bitcoin network block

What is bitcoin mining?

Bitcoin mining has nothing to do with Bitcoin ownership. Mining Bitcoins entails dedicating processing resources to the Bitcoin network. Computing power may be delivered in a variety of ways:

  • Through a PC
  • Via machines dedicated to bitcoin mining such as RIGs or ASICs

The computer power gathered will be utilized for a variety of purposes, the most significant of which is to secure and authenticate Bitcoin transactions.

What is bitcoin mining? Source: Pixabay

This computer power will also let the blockchain to run smoothly by ensuring that the blocks are well articulated one after the other.

A block must be mined every 10 minutes in order for Bitcoin to operate. Bitcoin, unlike fiat currencies like the euro or the dollar, is created by people.

Mining is a process in which very powerful computers use their computational power to help the blockchain.

Some key figures on Bitcoin: 

  • 2009: Year of the launch of Bitcoin
  • 2141: In the year 2141, we will reach the maximum number of Bitcoin in circulation
  • Over 18 million: Number of bitcoins currently in circulation today
  • 21 million: This is the maximum number of Bitcoin that will be in circulation in 2141

Although the debut in 2009 has resulted in the creation of more than 18 million tokens out of a total of 21, the rate of Bitcoin mining is slowing. Indeed, for every 210,000 blocks resolved, the pace at which Bitcoin is produced is half.

This is referred to as the Bitcoin halving. If 50 Bitcoin were generated every 10 minutes in 2009, just 6.25 Bitcoin are made every 10 minutes currently. The Bitcoin source code contains all of this information.

If you are interested in Bitcoin, you should definitely look into traveling to El Salvador.

How Does Bitcoin Mining Work?

Bitcoin mining is based on the ” Proof of Work ” or proof of work premise. This idea is responsible for Bitcoin’s high security.

The Proof of Work is a notion that has been around since the mid-1990s. It was a matter of developing and applying anti-spam software to combat harmful emails at the time.

The miners are the ones who make the Proof of Operate concept work.

Concretely, this method works in three steps:

1- Miners authenticate the legitimacy of transactions by verifying incoming data on the ledger.

2- Following verification, they add a new block to the chain.

3 – Bitcoin is used to compensate miners. The Proof of Work will determine which miner will be allowed to construct the next block and how the Bitcoin pieces will be distributed among the many miners on this bitcoin network based on a set of rules (consensus).

One of the system’s advantages is that it is clearly apparent to everyone. As a result, anybody may act and notice suspected fraud. The system is built on a foundation of extreme openness.

Steps for building a new block:

  1. A transaction is included as part of a block.
  2. All minors can examine the transaction’s legality and, if required, confirm it.
  3. Miners choose the header from the previous (most recent) block to use as a “hash” in the new block. A graphics card can help speed up the process significantly.
  4. The miners must solve a mathematical problem that can only be solved by incredibly powerful computers. When a solution is identified, the block is added to the channel and broadcast throughout the network.

Here is a schematic overview of how mining works.

The Benefits of Bitcoin Mining

  • Be awarded Bitcoin, which may still rise in value after successfully surviving the health crisis.
  • Participate in the concept’s collective defense. One of Bitcoin’s strongest features is its completely decentralized transaction management mechanism.
  • Solve a math problem to earn money while staying at home.
  • Participate in a decentralized notion that is distinct from standard payment methods.
  • Collective mining, whether through a mining pool or cloud mining, increases the possibility of getting Bitcoins.

The Disadvantages of Bitcoin Mining

  • A very high cost of power: Because electricity in France is significantly more costly than in other nations across the world, such as China or some Asian countries, mining profitability is greatly reduced.
  • High-tech hardware is required: Bitcoin mining is not only energy-intensive, but it also necessitates the usage of technological apparatus that may be rather costly. Another aspect that impacts profitability is this.
  • On a worldwide basis, bitcoin mining consumes a lot of energy. According to some assessments, mining would consume more power than nations such as Israel, Switzerland, or Greece.
  • Every 2016 block, the difficulty of mining is raised, perhaps rendering mining hardware outdated sooner.
  • If you mine alone, you are unlikely to be credited for creating a new block.

How Much Money Can I Earn Mining Bitcoin?

Bitcoin mining is no longer profitable for individuals. Going through cloud mining platforms may be more fascinating.

If the miner’s activity was fully voluntary at the time of Bitcoin’s introduction in 2009 and served only to build the cryptocurrency, the growth in the cryptocurrency’s price has fundamentally transformed the activity.

The blocks that would be added to the blockchain at the time were incredibly simple and far less hefty than they are now.

This is why anyone could mine Bitcoin using technology that would be considered obsolete today.

Transaction Fees

Transactions must be validated by miners. The network charges an extra fee each time a Bitcoin transaction is made. The miners’ verification of the transaction is covered by this extra charge. This is how miners are compensated.

Knowing where you stand can help you determine how much money you can make mining Bitcoin. If you live in a place where electricity is cheap, mining may be more appealing, as long as you have a powerful computer.

As mining becomes more challenging, miners are forced to invest in machinery that is more efficient but also more expensive. This is why the mining industry is moving toward miner consolidation.

However, some people are willing to risk their money by mining Bitcoin in the hopes of a future price increase.

What Determines Bitcoin Mining Earnings?

As you may have guessed, mining Bitcoin is dependent on a number of factors, including:

  • Your current address
  • Your computer’s or mining system’s processing power

In truth, the biggest issue with Bitcoin mining is that it is extremely competitive, and despite the halving (dividing the payout by two), there are still a large number of miners.

Mining or Buying Bitcoin?

As previously stated, the two operations are quite dissimilar. You do not become the owner of the Bitcoins you mine via mining.

The number of Bitcoin miners continues to rise despite the reduction. If you want to mine instead of buy, we recommend using a cloud mining option.

Buying Bitcoin will probably be a better option if your profile is more than that of an investor. Platforms such as eToro exist to facilitate this, allowing you to trade cryptocurrencies such as Bitcoin.

When trading CFDs with this company, 67 percent of regular investor accounts lose money. You should consider if you can afford to risk losing all of your money. Crypto assets are unregulated financial products that are extremely volatile. EU investments are not protected.

Mining with one of the options described above is probably the best and easiest choice if you have a relatively small budget.

If you managed to already get enough Bitcoins, either via Mining or trading, you should consider to use Bitcoins to pay your rent or buy a plane ticket with Bitcoin.

Mining or Buying Bitcoin? Source: Pixabay

Cloud mining is still a viable option for obtaining Bitcoin for free under certain circumstances.

As a result, no single solution is superior to the others in terms of effectiveness. The context is crucial. Mining Bitcoin will be more appealing if you live in a nation with cheap electricity prices, such as China.

Conclusion: Is Bitcoin Mining Worth It?

If you wish to start mining as an individual, the cost of energy and the money necessary for the machinery to be acquired is likely to make it unprofitable.

The only option that could be feasible is to own your own electrical generator. Today, it is evident that the expense of mining Bitcoin is more than the potential benefit.

However, by working with a cloud mining firm, you may boost your performance while earning extra money. Cloud mining options allow you to mine quickly and simply from the comfort of your own home, without incurring high power costs or investing in expensive mining equipment.

Alternatively, you can buy Bitcoin instead of mining it.

How To Mine Bitcoin? Summary

  • This article will explain what bitcoin mining is, how to mine bitcoins, the benefits, and drawbacks of bitcoin mining, and if it is still lucrative.
  • Bitcoin cloud mining is the simplest and most cost-effective technique to mine bitcoin.
  • Bitcoin cloud mining entails utilizing the computer resources of a Bitcoin mining firm.
  • After you’ve made your account, navigate to the cloud mining platform’s “Miner” page to start mining Bitcoin for free.
  • Here are 3 examples of mining software you can trust for successful bitcoin mining.
  • Cloud mining options allow you to mine quickly and simply from the comfort of your own home, without incurring high power costs or investing in expensive mining equipment.
  • What is the most effective software to mine Bitcoin? CGminer or BFGminer software are fantastic tools to start mining Bitcoin if you go through an ASIC. How to calculate my profitability in Bitcoin mining? Some services, like as the “What to Mine” website, allow you to calculate your profitability as a bitcoin miner for a variety of cryptocurrencies.
What hardware is needed for Bitcoin mining?

The hash rate is the first criterion to consider when selecting Bitcoin mining gear. This should be set to the highest level feasible. It’s also crucial to monitor the hardware’s energy usage in relation to its hash rate.

What efficient hardware under €1,000 to mine Bitcoin?

The Antminer T17 + offers excellent value for money when it comes to Bitcoin mining. It is frequently available for less than €1,000.

What is the most effective software to mine Bitcoin?

CGminer or BFGminer software are fantastic tools to start mining Bitcoin if you go through an ASIC.

How to calculate my profitability in Bitcoin mining?

Some services, like as the “What to Mine” website, allow you to calculate your profitability as a bitcoin miner for a variety of cryptocurrencies.

Are there more effective solutions than mining as an individual?

Yes, absolutely. Joining a mining cooperative or using a cloud mining service allows you to combine your costs, which might be enormous.

What is Blockchain?

Blockchain is the backbone of Bitcoin. It is she who ensures its proper functioning.

What is the halving?

The incentive paid to bitcoin miners has been halved. The first bitcoin halving occurred in 2012, when bitcoin was priced at $12. This time, the payout has been reduced from 50 Bitcoin to 25 Bitcoin. The decrease in payout is frequently offset by an increase in the price of Bitcoin.

Is it necessary to download the blockchain to start mining?

No, you don’t need to download the complete blockchain to mine Bitcoin.

Is it possible to start mining other cryptocurrencies?

Yes, that’s correct. It’s also something to think about if you want to mine on your own without being part of a larger group. In comparison to Bitcoin, certain cryptocurrencies have a lot of promise, and mining difficulty is still low.

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