Digital currency is now a trendy and easy way to transfer money and using for business. If you think about hard cash or bank money transfer system then you must remember that to do so, you have to visit the bank often whereas you can easily do anything like transfer, merchandise work, shopping etc. and much more without any burden. Bitcoin is also same as the digital currency which is very much popular in the market now.
How do you can mine Bitcoin?
Well, if you think to be a miner you must know the hurdles of it first. First of all, this is a very specialized job for the miners and less profitable if you work as an amateur. You have to set up a warehouse of machines where you can get cheap electricity cost because the system will run continuously 24X7. It can lead to a high electric bill at end of the month. The huge setup is very much expensive to run and you will not see any profit as you expect.
However, if you think to mine, there is a way which you have to follow to mine Bitcoin.
Step 1- get hardware for Bitcoin mining
You need a specialized computer known as ASIC miners which are used for the mining Bitcoin (not gambling bitcoin). Trying to do such thing is your laptop or PC will give you a single penny in a year and consume thousands of money as electricity.
Step 2- Mining Pool
After your hardware, you need a mining pool. Without it, you will able to get mining payout for the block you will find. When you will join in the pool, your hardware’s hash rate will be shared and once the pool finds a block, you will get a payment based on your share percentage of the hash rate in the pool. If the contribution is 1%, you will get .125 Bitcoin from 12.5 Bitcoin as a reward.
Step 3- Get the mining software
The software links the hardware to the mining pool that you have selected. This software helps to decide the hash rate while joining in the pool. Beside of that, the software also indicates you to send the payout in the correct Bitcoin address. You need a Bitcoin address or wallet to collect the Bitcoin in your account. This mining software can be run on Mac, Linux and windows.
Before mining, make sure that Bitcoin mining is legal and authorized by the regulatory body in your country. Most of the country allowed Bitcoin mining and you have to pay taxes on your earning. So, start mining today.