How Do You Mine For Bitcoins?

1 Answer

  1. There are two typical ways by which you can mine bitcoins, although none of them is cheap but you need to know what is safer and better. So what you can do is either go through a cloud mining company, or buy and use your own hardware. I would suggest you to rather follow the former.
    Firstly you need to select your mining company. Pick it wisely as you would find dozens of option. Cloud mining is the practice of renting mining hardware and having someone else do the mining for you and you would be paid for your investment. Once you have picked a cloud mining provider and signed up, you need to pick a mining package. Generally if you pay more then you turn profit faster, although its not always the case. Most cloud mining companies will help you decide by giving you a calculation based on the current market value of Bitcoin, the difficulty of Bitcoin mining, and cross-referencing that with the hashing power you’re renting. Next up you got to pick a mining pool. It’s a method of increasing the chance of earning Bitcoin through mining and it’s a standard practice in the cloud and personal mining. After a while when your cloud mining account starts to fill with bitcoins then you shall select a secure wallet.
    If you want to do it on your own hardware, then you shall face the high costs involved. Hence mining Bitcoin yourself is only recommendable if you have ready access to plentiful and more importantly, cheap electricity and a powerful network connection.

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