Bitcoin mining is a sort of business that can be started virtually. As the name implies, this business venture uses a bitcoin – a digital currency available only in central banks of any country. You can check from the Google’s currency converter to know the updated value of a bitcoin.
Investing in bitcoin mining is very interesting and you have two options to choose from such as mining a block of bitcoins from your computer or join a pool. The latter is the fastest way to gain return on investments. The payment may be smaller, but you can expect to get them regularly.
Here’s a guide for those who want to invest in bitcoin mining.
- Choose the best bitcoin mining hardware
To start with bitcoin mining is to acquire a mining hardware. You can use Custom Bitcoin ASIC chips that performs up to 100x faster than the older version of systems. Another option to find the best mining hardware is to buy bitcoin cloud mining contracts. It’s also important to compare the hardware in terms of electrical efficiency and price per hash.
- Download bitcoin mining software
Aside from the bitcoin mining hardware, it is also essential to acquire a special program for bitcoin mining. The good thing is that you can download bitcoin mining software free from the Internet. But, make sure to try the demo version to get the hang of operation prior of starting the real version. You can use mining software that are command line programs such as BFGminer or the CGminer.
- Join the bitcoin mining pool
The next step is to join the bitcoin mining pool in which you can share your work and at the same time earn rewards. If you want higher return on investment, you should use fully decentralized pool that is p2pool.
- Acquire a bitcoin wallet
Once you have joined in a bitcoin pool, the next thing to do is to acquire a bitcoin wallet in which your bitcoins are sent. When setting up your bitcoin wallet, make sure that it is secured from possible threats.
- Stay updated with bitcoin exchange news
To maximize your bitcoin mining profits, you should stay updated with the current bitcoin news.
If there are other people working under your account, make sure to register them in your bitcoin pool account.