Bitcoin mining on computer is one of the ways to mine BTC coins that many people choose instead of spending a large amount of money to buy Bitcoin through reputable virtual currency exchanges. To profit from this, you need to calculate very carefully and accurately to see whether or not you really succeed when there is no advantage in terms of technology and configuration. In this article, we are going to guide you through 8 basic steps of computer Bitcoin mining for beginners.
8 basic steps on how to mine Bitcoin on a computer
Step 1: Buy specialized hardware for Bitcoin mining
The fact that the rate of the virtual currency Bitcoin has not stopped rising for a long time makes more people want to own the most valuable cryptocurrency in the world. Along with the attractiveness of Bitcoin mining rewards, the specialized hardware that supports mining this coin gets hotter. Many hardware companies have captured and manufactured equipment specifically for Bitcoin mining, making it faster and more efficient to process transactions and generate new blocks than usual. In order to be able to confirm transactions and connect to the Blockchain chain, these devices must solve special cryptographic math problems.
See more: When will the Pi network be on the ground? Actual information about Pi Network on Chinese floor
Purchasing specialized hardware for Bitcoin mining makes mining speed faster and more stable, thus improving your efficiency. The specially designed hardware allows for better handling with the same power consumption.
- The hardware is custom-made through cards that are added to the computer, which is similar to a graphics card.
- Popular Bitcoin mining hardware brands today include Butterfly Labs, Bitcoin Ultra, CoinTerra, etc.
- Specialized hardware for Bitcoin mining costs from a few million to several hundred million, depending on the number of operations it can complete per second.
Currently on the market there are many different hardware for this purpose, so you need to learn and consider carefully before you decide to invest in the purchase, as you may have to spend a large amount of money. You should also note that the downside of these specialized hardware is that they can only mine Bitcoins, not for other purposes, so it is very difficult to liquidate them.
For more information on Bitcoin mining, see:
step 2: Create a Bitcoin wallet
Bitcoin is known as one of the coins that cannot be owned like other physical assets, so creating a virtual wallet address to store while mining is paramount. Currently, there are two types of wallets you can choose from: cold wallets and warm wallets.
- Hot wallet is also known as software with which users can spend cryptocurrencies at any time as long as they are always on the internet to be able to stay connected to the Bitcoin network.
- A cold wallet is a hardware device, in the form of a compact USB, with the function of encrypting and protecting the private key of all the currencies it supports. Cold wallets are usually offline most of the time, so all your assets are always isolated from the internet platform, which helps to minimize unauthorized access.
Depending on the purpose and use of the plating, you can choose one of the two types of wallets above. However, if you are not an ordinary person to exchange cryptocurrencies on an online platform, it is much safer to choose cold wallets.
step 3: Protect your wallet
The characteristic of virtual currency wallets is that there is no concept of “owner”, anyone who successfully accesses your wallet can use the money in it as they wish. It is this feature that requires users to really focus on securing their wallets from outside attacks.
Also, there have been many cases where the wallet owner himself was unable to log in because he forgot his password, which inadvertently caused the assets you stored to go to nothing. So, in addition to performing basic security factors like two-factor authentication, SMS activation, you also need to remember the password you used.
See also: Know what is a polygon? Information about the virtual currency MATIC
Step 4: Choose between joining a “mining pool” or doing it yourself.
Before you start mining Bitcoin, you have two options, join an existing miner or do it yourself. As for the mining pool, it allows you to share resources and rewards, getting results faster. On the contrary, mining alone can be difficult because it is very competitive to spend new Bitcoins at this point.
However, the advantage of this form is that you will keep everything you dig. If you don't join a mining pool, you could end up working for a year or more without earning anything. Most mines charge a small fee (about 2%) on the money you earn. When joining a certain mine, you will have to create a “miner”. It is a sub-account used to track your contributions to the mine. You can have multiple miners at the same time. Each mine has its own instructions for creating miners.
See also: General information about binance transaction fees
Step 5: Download Bitcoin mining program on your computer
Most Bitcoin mining programs today are open source and available for free. Depending on different types of hardware, there will be different mining programs. They can be run from the command line and will likely require batch files to be properly initialized, especially when you are connected to a mining pool.
See also: What is Defi staking? Instructions on how to place detailed orders from A to Z
The two most famous Bitcoin mining programs that you can download today are CGminer and BFGminer. If you like an easy-to-use program with a graphical user interface (GUI), try EasyMiner, a one-click program that runs on Windows/Linux/Android operating systems.. Before performing BTC mining, you should view the miner's help section for detailed information on how to connect the mine to your Bitcoin mining program.
For those who choose to mine on their own, please make sure that you have connected your mining program to your personal wallet so that what you earn automatically goes to the wallet. If you are participating in the mine, connect your personal wallet to the mine user account, then Bitcoin will be transferred when you successfully mine.
View more: What is a stop limit order? Instructions on how to place stop limit orders on Binance exchange
Step 6: Run your Bitcoin miner
After selecting and downloading the desired mining program. You launch the program and start mining Bitcoin. Run the batch file you just created, if necessary, watch the program connect and start mining. Most likely, the rest of the computer will be as slow as a turtle when the program is running.
Step 7: Watch the temperature
Bitcoin mining programs often force hardware to run at full capacity, especially when they were not specifically designed to mine BTC in the first place. Therefore, you might consider using a program like SpeedFan to ensure that the temperature does not exceed a safe threshold.
Graphics cards should never exceed 80 °C (176 °F). High temperatures when the machine works continuously with the GPU, causing overload and even short circuit. In particular, each GPU will produce temperatures of up to 80 degrees during operation. With terrible machines to dozens of machines working in a continuous environment 24/7, the amount of heat released is extremely terrible. If safety measures are not taken, fires and explosions are very likely to occur.
Step 8: Check profitability when mining bitcoin on computer
After participating in mining for a while, check the parameters to make sure your Bitcoin mining is the right choice. You should compare how much you've earned in the last few days with the cost of running your computer at full speed during that time (most video cards use 300-500 watts) to get an accurate answer for your computer's work. However, BTC mining is not a way that can be successful in a day or two, so don't be too hasty.
See also: The most detailed guide on how to use the binance app
Epilogue
Bitcoin, like many other fads, can generate quick profits, but it is also proportionate to the corresponding level of risk. In short, Bitcoin mining requires a lot of skill and patience from the “miners”. Above is the content of instructions on how to mine Bitcoin on computer for beginners. I hope the above information will provide you with the basic knowledge before becoming a “cool” miner. Good luck.
See also: how much does the pi network cost? Pi future price prediction