Wednesday, December 27, 2017

What is Bitcoin Mining and How to Mine Bitcoin at Home



Before you begin mining Bitcoin, it's helpful to know what Bitcoin mining actually implies. Bitcoin mining is legitimate and is achieved by running SHA256 double round hash verification processes so as to confirm Bitcoin transactions and supply the required security for the public ledger of the Bitcoin network. 

The rate at which you mine Bitcoins is gauged in hashes per second. It sounds complicated because it is. The backbone of crypto currency is the blockchain. The blockchain requires this computational power to operate. 



The Bitcoin network pays Bitcoin miners for their work by releasing bitcoin to those who provide the required computational power. 


This comes in the form of both freshly given bitcoins and from the transaction fees incorporated in the transactions validated when mining bitcoins. The more computer power you provide then the higher your share of the compensation.


How To Start Bitcoin Mining


To start mining bitcoins, you'll have to get hold of bitcoin mining hardware. In the initial days of bitcoin, it was feasible to mine with your computer CPU or high speed video processor card. Today it's much harder but not impossible. 


You can purchase Customized Bitcoin ASIC chips that provide functionality as much as 100x the ability of older systems to get in the Bitcoin mining business.





Bitcoin mining with anything less will require more in electrical power than you are likely to make. But there is more to it.


It's necessary to mine bitcoins with the very best bitcoin mining hardware developed particularly for that function. A number of business's provide outstanding software created exclusively for bitcoin mining.


Bitcoin Mining Hardware Comparison


Presently, based upon (1) price per hash and (2) electrical efficiency the very best Bitcoin miner choices are:


These Bitcoin mining computers are very expensive but they do deliver very good results. But what if you wanted to try your hand at Bitcoin mining for little or no money. What options do you have? 

Your first option is to use your home desktop computer. Though very under powered it will still mine Bitcoin and will let you learn as it mines. Check to see if your computer has a graphics card. It is important and beneficial because graphic cards are where mining software resides. If you have no graphics card you can still mine using the CPU of your computer. But your real horsepower comes from the graphics card. 

If you don't have a graphics card consider adding one and if you have an older, slower one consider upgrading to the fastest you can afford.


Download Free Bitcoin Mining Software


As soon as you've gotten your bitcoin mining hardware, you'll want to download a specific program employed for Bitcoin mining. There are numerous programs out there that can be employed for Bitcoin mining, however the two most popular are CGminer and BFGminer which are command line programs. They are great for high end machines with multiple graphics cards.

If you want the ease of use that features a GUI, you may wish to try EasyMiner which is a click and go windows/Linux/Android program.



Start Mining with MinerGate 


If you are new to cryptocurrency, and wanting to get a taste of mining without getting involved in the nuts and bolts of mining-- Minergate's GUI consule is the greatest method for you. It is without a doubt the simplest way to get started with mining-- quickly downloaded and installed, fast setup and easy UI. 

When set up, you are on your way with the click of a button-- it's so simple that your grandmother can get it up and working in a couple of minutes.



In case you aren't acquainted with the procedure of mining (method of producing bitcoin and other cryptocurrencies) and wish to get a fast introduction to bitcoin, mining and cryptocurrencies generally, feel free to check out the FAQ and Blog on MinerGate for more info.

While the more recognized cryptocurrencies need miners to invest $1,000 s into computing/specialised hardware, mining altcoins is still achievable and possibly lucrative if you missed out on the early arms race. Get your feet wet in Bitcoin mining with MinerGate

With that stated, let's have a look at if MinerGate is for you and the best ways to start.



What is Minergate


W3Schools
Minergate offers a software application that enables you to mine a range of cryptocurrencies as a part of a pool. Miners connect their hardware to the pool to jointly mine the coin or coins of their choice.

What you need to mine


You can start with a CPU or GPU, minergate software and a stable connection to the web.

Hardware

You can get an acceptable taste of mining even with 3-4yr old devices-- any older and the returns can be low enough to demoralize you prematurely. 

One of my rigs with an AMD FX-8300 CPU and MSI R9280x GPU is committed to Minergate and accruing altcoins.

It goes without saying, the most up to date GPU's would provide you a greater day-to-day return.

CPU: Intel has a certain edge here over its AMD counterparts

GPU: While AMD had the advantage in the early years, Nvidia has indeed caught up in modern times.


Make certain to do your homework before you start. Mining will put added strain on your hardware and possibly lessen its life

Software


Minergate makes it simple to download and set up the software which you can download from their site. The software is presently offered across Windows, Mac, Ubuntu and Fedora.

Web


If you reside in the developing area of the world, quality web access can be a concern. Nevertheless, mining does not need superfast connection speeds or limitless data-- a standard, yet stable connection that enables consistent connection is enough.


Getting started


To begin with, you will need to sign up on MinerGate’s website


Step 1


Go to MinerGate’s website and sign up.




Step 2


Download the GUI Miner.

Step 3


Open the MinerGate application. You will be prompted to sign in – use the credentials you used in Step 1 earlier.


Step 4


Once you are signed in you will land on the smart mining tab within the application. Click on the “Start smart mining button” and you are on your way – no command lines, no GPU settings required– as easy as that.

The smart mining feature within the GUI miner automatically chooses which coin is mined based on current difficulty and exchange rates of the coins. 


In theory, this allows you to mine the most profitable coin at the moment - however, due to constant variation in pricing and changes in difficulty, you should research which coin to mine.


Who is MinerGate for


MinerGate is easily my first recommendation to anyone looking to get their hands dirty and experience mining for the first time.

It won’t satisfy the purists or the tinkerers, but it is a great way to get started. For those of you who want to play around with the setting and optimize your output/hardware performance, you can take a look at the Console miner MinerGate (and others) provide – more on that in another post.

MinerGate Pros
  • Easy to Setup
  • Requires basic ability to operate a computer
  • Can mine multiple coins simultaneosly
Minergate Cons
  • Cannot tweak the hardware settings
  • Limited number of mineable coins

Hope this help smoothen your entry into mining and building your very own crypto fortune :).  Check out MinerGate today by clicking here.


1 comment:

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