The success of bitcoins and other cryptocurrencies during the last couple of years has meant that we have a lot of new investors taking interest in mining and other activities related to the industry. This has meant that there are many novice enthusiasts who have no idea of cryptocurrencies and mining, but would like to gain some information and make a head start.
One thing that is easily noticeable in most of the other guides to mining is that most sites have used technical and fancy terms that are hard to comprehend and interpret by the new investors who have little to no experience with Linux, Ubuntu or Mac. So, here is a simple guide to mining for all beginners wishing to get their hands wet in the profit being generated through mining.
Get a Rig
You may hear all these success stories about people who have generated millions through mining, but let me tell you that bitcoin mining is developing into a very competitive niche. As the niche gets crowded with more and more miners every day, the complexity in mining increases. Before you starting out with bitcoin mining, you need to do some research and find out answers for questions such as ‘Is bitcoin mining successful for you?’
The best way you can calculate your profits or return on investment is through a bitcoin mining calculator. Enter the data regarding the Bitcoin miner you have in mind and you can easily see how long it will take for you to make a profit.
Once you have your calculations done and have decided on the investment, it is time for you to get your hands on your miner. The Antminer 59 is the most powerful miner nowadays as it promises a high speed with security and feasibility.
Get a Bitcoin Wallet
Getting a bitcoin wallet is the second step of the process and is as important as getting the mine itself. Because bitcoins are based on the internet, you need to have a place where you can securely place your earnings. Once you have a wallet, note down the number or the wallet address with you, for future use.
Find a Mining Pool
Before you get ready to go, you need to join a mining pool. A mining pool is basically a pool of a group of Bitcoin miners who use the concept of efficiency to combine the power of their mines to make more Bitcoins. The reason you should opt for a pool is because bitcoins get awarded in blocks, which you may not be able to capitalize on alone.
There are numerous factors that you need to take into perspective while joining the pool. Research the pool and ensure its credibility and reward system before you join in.
After you have joined a mining pool, you just need to connect your miner to an outlet and fire that beast up. Connect it to your computer via a USB and open up your pre-installed mining software. Enter your mining pool username and password and get set for some mining.