How to start Bitcoin mining?

Bitcoin mining rig

At first you need to have your own mining rig. At the beginning of the bitcoin mining history, miners only
have very primitive devices. They are like ordinary domestic computers and graphic cards. But today you
cannot acquire those ability for bitcoin mining.
Now a days probably you need to have a specialized customized set up hardware design for this process.
Those system is made by based on the algorithm corresponding to the cryptocurrency you need to mine.
So, when you are planning to mine you must need to choose the correct software. Key factors of your
hardware you selected are,
– Hash rate
– Consumption of electricity
– Price
Either your device is mobile phone or a computer, never mind you need to find the best performance
device. You can use users reviews for these purposes.

Start a Bitcoin wallet

As the next important step, you need to set up the start a bitcoin wallet. When you start a bitcoin wallet
it gives you a bitcoin address. This address includes a public key and a private key. The public key act as a
bank account for you. So, you can give the public key to a person to send or receive bitcoin. Your private
key keeps all your logs and bitcoins you earned. Once you lost your private key you will lose everything
permanently.

Mining pool

Because of the today’s increased cryptocurrency market, it is hard to gain bitcoin today. Even you are a
registered ASIC miner, sometimes your attempt will be impossible. Your single device cannot compete
the huge mining farms all over the world that connected to bitcoin mining. Even you are joining to the
network, earning of profits is not easy.
But there is a solution for this situation. You can join to the situation – corporation between miners
called as the pool. In this method, all the miners in the pool are giving their computation power to
decrypt the bitcoin codes. When your pool is done with the target. It can mine the bitcoin. At the end of
the process the value is divided proportionally. Then, according to the computation power that each
miner provided to the pool, he can earn. Although, the money is lower, this is a regular and guaranteed
process. Also, miners of the pool must pay a service fee to the operator of the pool at the end of each
round.

A mining software to you

Once you established all above requirements, you need a software to connect you to the bitcoin
network and the blockchain. This software bring works to you. After completing them, the software able
to bring them back to the blockchain. Also, some apps give you another details like hash rate and
average mining speed. There are many more software around you to start this. But keep in mind to refer
them before work with them.