Bitcoins are becoming popular and in great demand nowadays, especially because many merchants and online shops are now accepting Bitcoins as payment for products, travel booking, plane tickets, hotel and restaurants, clothes, accessories, watches and rings, computers and gadgets, and many different products all over the world.
Because of this, many people want to learn how to earn and mine Bitcoins to use on their purchases. Although it is a currency that requires no central bank, and that it is not regulated by any government, these cryptocurrency can be exchanged virtually to and from anonymous people. The question now is how to have the Bitcoins.
Bitcoins can be bought outright from Bitcoin traders like the buybitcoins.com. This is your easiest way to have Bitcoins to use, especially for items which are sold for Bitcoins payments only. According to traders, one Bitcoin is equivalent to $188.
Mining Bitcoins is a digital way of managing your Bitcoins transactions, as well as creating Bitcoin wealth. If you have the equipment and skills, it is best to do Bitcoin mining at home instead of buying them. Although this mining activity may require you some extra effort, it should be remembered that mining Bitcoins will also lead to losses.
How to Mine Bitcoins
Bitcoins can be mined at home. You will need a special hardware for Bitcoins mining. One example of the hardware is the FPGAs or Field Programmable Gate Array, which is actually a lot better than the GPU or Graphics Processing Unit. Mining Bitcoins is possible using the GPU, however this type of procedure will require electricity consumption. If you want to mine without consuming much of your electricity, yet gain more profits, it is better to use the FPGA.
Bitcoins can be mined profitably at home by simply joining pool mining. This system is more efficient and productive. You will need to join a group of miners who will work with you and share the earned or mined Bitcoins with them. Here are the simple steps in setting up a pool for Bitcoins mining:
- Online Wallet. You will need to get an online wallet where you can store your Bitcoins. Professional miners would suggest that you use local wallets to protect your privacy.
- Join a Bitcoin mining pool. A pool consists of several mine workers who will work with you. One pool miner that is popular in the market is the Slush’s pool, which charges 2% per block. It is best to join a pool with just the right number of miners who work together because a pool with fewer members may tend to mine slower. However, a pool with many miners would mean smaller payments of mined Bitcoins.
- Get a Miner. You will also need to get a miner under your account who will work as your networker or the person who will use the GPU spare cycle. By doing so, it will power up the mining operations and results into positive mines. Your miner will also handle peer to peer procedures to maintain your network. The GUIMiner is one example of miners or in creating miners, especially if you are using Windows. Once you download it, you will be required to enter the details of your pool and worker to start mining.
- Understand your system. It is your duty to guard your money when doing the mining. If your mining is costing you more on hardware and electricity expenses rather than on gaining profits in Bitcoins, then it is probably time to stop the process or look for another program or pool.
Bitcoin mining at home can be a way to earn, and the best way to start, especially if you are new to this trade and system is to learn more about it first before you jump into the big world of mining Bitcoins.