Mining is one of the common ways to generate bitcoins. However, it requires an outrageous level of caution and awareness in order to mine coins. Else, you will wind up losing more cash than you actually mined.
The first and foremost thing to remember is to never use a single PC. This is because mining process requires an extensive amount of processing power and using only a single PC means you will have to wait for several months, if not years just to be able to mine a few coins.
This approach is only valuable when you utilize a PC for which you don’t need to pay the power charges. So, if you are still interested, here are some steps to help you learn how to get bitcoins.
Steps to How to start Bitcoin mining.
A Bitcoin wallet address is similar to having a PayPal account where you can store coins. The wallet can be stored online or locally on your PC.
In order to use a wallet, you will need to download “Blockchain” which is used to store all transaction records. The information is accessible to everyone which makes the process more transparent.
Step 2 – Join A Pool:
Mining through pools is a fastest way to get bitcoins. A Bitcoin mining pool consists of several computers connected through the internet. The network then breaks a fully assembled block into several smaller blocks to share the workload.
However, there is a risk involved in pools regarding payment.
Since a pool has only one owner, the coins are paid to the owner after mining is finished and there is always a danger that he will keep all the money to himself. To avoid this situation, make sure to choose a trustworthy owner.
Step 3 – Bitcoin Miner Installation on Your PC:
Step 3 involves installing bitcoin on your PC. If you are a beginner, it is suggested to install Kiv’s GUI miner.
Learn more about how to set up a Bitcoin miner here.
Step 4 – Logging In:
Once you have set up the Bitcoin miner on your PC, log into your pool account and enter your wallet address.
Step 5 – Worker Registration:
A worker is a sub-account within your primary pool account. You can have more than one workers running on each PC.
Step 6 – Start Mining:
The last step involves entering your worker credentials and Main Pool URL into Bitcoin mining software to start mining.
Good luck with your venture!
Tags: How to generate Bitcoins