Do we even need to say how quickly technology is developing every single day? 9 to 5 job is no longer the main priority of the majority of people in the world. Many individuals are now trying to make money and ensure financial stability with some of the most modern technological inventions. One of the ways they can reach their goal is by getting familiar with digital currencies.
The popularity of digital currencies is growing in all parts of the world for many reasons. Logically, the law adaptation of different countries had the strongest influence on that type of scenario. On the other hand, cryptocurrencies have become present in mainstream media, and that has grabbed the attention of many people.
Trading Is the First Option for Many!
Anyway, the first thing you have in mind when we talk about cryptos is trading. Most people would gladly decide to trade BTC, but not all people have enough money to invest in it. Because of that, there is a certain group of people that would gladly trade with some other digital currencies.
One of the preferred cryptos (after BTC) is Ethereum without any doubt. In case you are not familiar with this virtual currency, then we suggest you try to gain enough pieces of information before investing your first penny. Despite that, for more info check this review about certain Ethreum traders that will make your trading journey easier. It is software that uses some simple price calculations that can potentially predict the price changes on the market.
What about Mining?
As the subtitle suggests, mining is also one of the options that you have. It is not a secret that those who do not want to trade BTC because it seems too confusing to them will decide on mining. Of course, this doesn’t mean mining is a lot easier; people simply have different interests and types of intelligence they would want to use to ensure financial stability.
Anyway, when we talk about Bitcoin, the supply is limited as you probably know to 21 million BTCs, and this type of number is never going to change. That is probably one of the main reasons why Bitcoin seems like a reliable investment even after many ups and downs it experienced in the past.
Anyway, the precise number of mined Bitcoin is hard to determine because it changes all the time. Currently, while you are reading this article, there are around 2 million and 300 thousand BTCs left to be mined in the future. When exactly the miners will manage to mine them all is something we can’t predict. It strongly depends on the demand people will have in the future.
So, How Should You Mine Bitcoin?
As we said, no one says that mining is easier than trading. People that have the type of “trading intelligence” will even consider it difficult. Yet, even if you like how mining procedures look, no one says you will become a rich person over the night. Because of that, we would like to provide a couple of tips that will help beginners start their journey successfully.
First Thing – Get a Minning Rig
We will start with the basic things. The first thing you will have to do is to get a mining rig. If you have read the Bitcoin history, then you know that people were primarily using basic computers for this type of job. However, the technology is improving daily, and basic PC is no longer going to be enough.
Mining rigs are actually a specific type of hardware that you use to mine BTC. Of course, you can also use them for some other digital currencies that are using the same type of algorithm. It would be unfair to say these pieces of hardware are cheap; on the contrary, they are very expensive and require a lot of electricity. However, if you are willing to sacrifice your free time and learn how to mine like a pro, then this type of investment will pay off in the end.
So, what exactly should look for? If money is not the problem, then you should purchase the mining rig that will bring the best results. The most powerful ones are able to manage 14 terahashes per second. In other words, this means the machine is capable of managing 1012 attempts to solve a block per single second.
After That – Get a Bitcoin Wallet
After you manage to mine a certain number of BTCs, the next thing is to find the place where you will store them. The software you need to get to do this successfully is Bitcoin wallet. These wallets allow their owners to manage the BTC address.
It is important to mention that every possible Bitcoin address comes in a form of a public key. More precisely, it comes in a form of a letter and number combination (something similar to a credit card number). Anyway, thanks to that code, you will easily track all the transactions that you made.
On the other hand, there are also private keys, and they are quite the opposite of the public ones. If you lose the private key, the place where you stored BTCs is also gone forever.
There are multiple types of Bitcoin wallets, but we will not mention them all here. Something that would like to say is the fact that software wallets are the best ones. They are pretty safe and easy to use. In other words, beginners will easily store their coins without any need to worry about their own safety.
Become a Member of a Mining Pool
Don’t even try to mine Bitcoins alone because you won’t manage to complete the procedure with ha single machine (even the best one). You need to become a member of a mining pool to reach the best possible results.
A mining pool is actually a group of miners that together use the computing power to mine. After they successfully achieve their goals, they divide the reward based on the power they provided. Indeed, the income will be much lower, but you can be sure it is going to be regular.
Yet, there is one thing you need to be aware of. Every member of the mining pool is paying a certain fee to the pool operator that is often less than 2% of the reward value. If you see this fee is more expensive than that, then there is no reason to become a member of that team because it won’t be too profitable.