Bitcoin mining
Bitcoin mining is completely different and you must have a lot of knowledge about it, the method of earning bitcoins is commonly called as bitcoin mining. There are many methods of mining. Generally, we need a very good computer to do mining. The computers that we use at home such as Macbook will not be in these ordinary computers, for this you will need a very high quality computer which will cost you at least 5 to 7 lakh rupees. You can also use one or more computers.
Methods of Bitcoin Mining
In the computer that you created, there are some software and methods for bitcoins and you installed them, now one person sends some bitcoins to another, then the bitcoins will go from one computer to another computer, this account is from a computer that you have already set up.
You’ll get a small amount of bitcoins for doing it, but it’s a very small amount, because the bitcoins are being sent to each other’s computers, the account is properly verified, the setup works, and what happens is that the small amount of charges here are very small. It takes a small amount of that setup but it will not be taken from the account of the person sending it, it will be generated automatically, as a result of which I will not suffer any loss, it is called mining or creating.
What is miner
We use bitcoins for online payments or transactions and, when such bitcoins are transacted online, the transactions are verified. Those People or employer who verify these bit-coin transactions are called miners.
Miners have to do some work to create bitcoins. They get block rewards only if they can complete certain tasks. Simply put, miners are the lifeblood of the Bitcoin network. The transactions we make in Bitcoin are stored in ledger form on the blockchain. When you send 0.50 bitcoins from 1 BTC in your address to your friend’s address, your address will have 0.5 bitcoins and your friend’s address will increase by 0.5 bitcoins.
The job of the miner is to update such information and verify the authenticity of the transaction and merge the transaction information into a block. However, the most difficult thing is to solve a mathematical problem.
What does it take to mine Bitcoin?
As mentioned earlier currently Bitcoin mining is not possible with CPU/GPU. To mine Bitcoin you must invest in ASIC miner. Everything you need for mining-
- 1. ASIC Miner
- 2. Internet connection
- 3. electricity
In terms of miners, there are different types of miners according to price and performance. The higher the hashrate the miner can generate, the higher the profit in mining. Because, the more efficient your miner is, the faster it can solve mathematical puzzles. And whoever can solve it first will find the next block.
I said this to understand in simple language, but with a miner you cannot find a block because the work of finding a block is being done by many people in the world at the same time. So how do you mine with an ASIC miner? Surely trying to find the answer?
Computer configuration
You need a good quality computer for bitcoin mining If you have a good quality computer, then you can mine bitcoins but for bitcoin mining you need a completely different computer which includes –
Motherbaord: You can take any ROM dual core, i core five or i core seven, but you should take a graphics card that has 4 to 6 graphics card slots.
Ram: 4gb or 8gb you can take any 8gb will be your advantage later.
Hard Disk: Hard disk you can take any 500gb or 1tb it doesn’t matter.
Graphics Card: 4 to 6 graphics cards are needed for this, the price of a graphics card is around 20 to 35 thousand rupees and the graphics card is around 1.5 lakh rupees.
Power supply: You will need 2 or 1 power supply of good quality, which will cost around 30 thousand rupees.
Monitor: You can take any monitor.
Apps : There are many types of apps available for Bitcoin mining like (cripto back) which you can use.
Who can do Mining?
As I said before, in this case you need to have a powerful and high performance computer system. While not affordable for everyone, mining can generally be done by anyone if they have a high-end computer and know how to do it.
Bitcoin Mining Income
Income can increase or decrease, if the miner increases, then the difficulty of mining will increase and the income will be less. If the miner is less then the difficulty will be less and the income will be more.
Bitcoin mining is not that much money you can earn, if your set-up is very good, if you set up 50 to 60 very good computers, if you are thinking of making very good money, you can make roughly 10 dollars a day. You can earn which is equal to 745 rupees in our Indian Rupees
How bitcoin mining works, how to earn bitcoins and who can mine, I could answer all the questions you had about bitcoin mining. In fact, the price and demand for Bitcoin were low a few years ago, so those who bought Bitcoin at that time, today have an opportunity to earn huge profits.
However, if anyone are thinking of buying some Bitcoin right now then think twice. Because, in recent days its demand & price has increased to a great and heavy extent.
Types of Bitcoin Mining
Mining is generally of two types. Solo and pool mining.
Solo mining is one person mining alone with as many miners as they have. Meaning, you are working on finding blocks with whatever hash power you have.
Pool mining, on the other hand, involves multiple people using their collective power to find blocks together. So for those who will be mining with one miner, there is the provision of pool mining. There are many pools where you can pool your hashrate with others to do mining. The rewards are then shared together.
By solo mining you can’t do anything with a small device because the mining difficulty is too high. So it is wise to join a mining pool and mine all devices together unless you want to make a huge investment.
Some essential links for Bitcoin mining
- Miners – Bitmain, Canaan
- Bitcoin Mining Pools- Antpool, F2pool, Poolin, Viabtc.com, Braiinspool,
- Bitcoin Network Hashrate – Miningpoolstats
- Bitcoin Profit Calculator – Whattomine
- Ethereum Mining Pools- Ethermine.org, Sparkpool.com, F2pool, Hiveon.net, 2miners.com,
- Ethereum Network Hashrate – Miningpoolstats
- Ethereum Profit Calculator – Whattomine
Checkout this article: Difference Between Crypto Coins and Tokens!
