Bitcoin Mining Guide
On this occasion, we will discuss the Bitcoin mining guide in 5 easy steps. But keep in mind, the focus of this discussion is on mining Hardware (Mining Rig). This method where because it is the best option for mining Bitcoin and Altcoin is still profitable to date is by way of Mining Rig.
Cloud Mining (Cloud-Based Mining) will not be discussed because it is still prone to occur SCAM. In addition, the return of capital takes a long time, even can reach 10 to 12 months. By using Mining Rig, the return on capital can be obtained only within 3-6 months.
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How does Bitcoin Mining Work?
Before you start mining Bitcoin, it’s important to understand what Bitcoin is actually mining. Bitcoin mining is the process of running a hash for SHA256 verification and validation of Bitcoin transactions, which will provide security for Ledger (the decentralized ledger) on the Bitcoin network.
The network will compensate for the hard work and computing power of the miners, by providing Bitcoin wages.
Here’s a quick step to start your Bitcoin mining trip:
Step 1: Get the Bitcoin Mining Tool
To start mining Bitcoin, the first and foremost thing you need to prepare is the Bitcoin mining equipment or called the Mining Rig. However, both devices are no longer able to solve the complex SHA256 puzzle.
The Custom ASIC Custom Bitcoin chip is the best option right now. If calculated, the ASIC chip is capable of offering performance up to 100 times the GPU system capability.
If you really intend to mine Bitcoin, then ASIC Hardware is the only way. When you force yourself to use GPU / VGA, then your income will certainly not be worth the money and time spent.
How come? Blockchain Bitcoin uses Proof-of-Work, so during the mining process, Rewards will be more dominated by higher-performing devices. In fact, GPU / VGA is currently far behind ASIC.
One recommended unit is to use the Antminer and Avalon Type, with a unit price of about $ 500 – $ 2,000.
Step 2: Download the Bitcoin Mining Software
Once you have the hardware, the next step is to download a special program used for Bitcoin mining. There are many programs on the Internet that are provided free of charge and you can use them for free.
Recommendations from us are two of the most popular ways of CGminer and BFGminer. Console-based programs like this are usually lighter, stable, and very rarely crash.
In addition, the details shown are also very complete, so you can quickly understand what’s going on in your mining process.
But if you prefer the ease of use, you can choose GUI-based programs like Easyminer that can be used easily, either on Windows, Linux, or Android.
Step 3: Joining Mining Pool
Once your tools are ready to mine Bitcoin, the next step is to join the Mining Pool Bitcoin.
Without joining Mining Pool, you can actually still mining Bitcoin. However, mining Bitcoin itself cannot currently produce 1 block within 1 year.
So it’s much more convenient to join in ‘group work’ and share the Reward with other members.
As a recommendation, a fully decentralized Mining Pool is P2Pool. In addition, a mining pool fully believed to validate blocks with Bitcoin Core 0.9.5 or later (0.10.2, having resistance to DoS attacks) is BitMinter, CK Pool, Eligius, and Slush Pool.
Step 4: Set the Bitcoin Wallet
The next step before you start mining Bitcoin is to set the Bitcoin wallet. To receive Bitcoin your payment results, of course, you need a Bitcoin wallet, right?
Copay is the best choice because it can be used on different operating systems. Copay also provides hardware wallets. The next recommendation is in Coinbase, as there are various advantages such as having more than 10 million active subscribers, and their usage is supported in 32 countries.
In order to get a more diverse selection, you can read the recommendations in article 7 Best Bitcoin Wallet Provider.
Bitcoin mining results will be sent to your Bitcoin wallet using a unique address (private address). The most important step in this process is to secure the Bitcoin wallet from potential threats that may occur such as hacking.
This can be prevented by enabling 2-step security or storing it on your computer offline.
Step 5: Start Mining and Maintenance
Once everything is available and configured, your mining process can start. But keep in mind, you should pay attention to the following factors during the mining process:
- Electricity and internet. Electrical and Internet Stability is the number one priority. If Electricity is unstable, then risk damaging your Hardware. Internet stability is also required, as mining processes will occur online 24/7 non-stop.
- Hardware Temperature. The mining program demands the maximum performance of your hardware. To avoid overheating, use a program such as SpeedFan to ensure your Hardware temperature does not exceed the safe limit. The maximum temperature on the mining tool is 80 degrees Celsius.
- Your profits. After doing the mining within a certain time, check back how much your income and expenses, ranging from internet charges, electricity, maintenance, etc. This calculation aims to ensure that the process you are running remains profitable.
Best bitcoin miner software
Bitcoin mining software sold on the market has different prices and varying capabilities, some of this Bitcoin mining software is the best bitcoin miner software.
CGMiner ranks first as the best Bitcoin mining software on the market because of its versatility. CGMiner is an open-source that can run on Mac, Windows, and Linux, compatible with mining hardware: GPU, FPGA, and ASIC.
Bitcoin miner CGMiner software also has several other advantages. Such as continued detection of new blocks. Remote interface capabilities, and the ability to scale to hash levels of various sizes without delay.
BFGMiner can run on most operating systems such as Mac, Windows, and Linux. Miner BFGMiner modular software is also compatible with FPGA and ASIC mining hardware.
Bitcoin mining software BFGMiner has the ability to simultaneously hash on the Scrypt and SHA256d algorithm. Besides that, it is able to mine any cryptocurrency at the same time.
Other features include integrated overclocking, full monitoring, and fan speed control.
EasyMiner is a GUI-based open source Bitcoin mining software. This software can be integrated with your cryptocurrency wallet. You can mine various cryptocurrencies like Bitcoin, Litecoin, and others, but this is only available for Windows operating systems and ASIC mining hardware.
Using this bitcoin mining software, you can choose the “Moneymaker” mode, which makes you use the strata pool to mine Litecoin. Or you choose “Solo”, which allows you to choose the type of pool, the cryptocurrency you want to mine, and the specific hash algorithm associated with the cryptocurrency you choose.
BitMinter is a GUI based open-source mining software. same as Easyminer but the difference is that you can run it on Windows, Mac, and Linux and it is also compatible with mining hardware such as GPU, FPGA, and ASIC.
Using Bitcoin Mining BitMinter software, you must join a Bitcoin mining group. The group has had more than 450,000 registered users since 2011. Why you have to join a mining group before you can use the software because they want to make it more reliable for their users to mine Bitcoin and win higher payments.
BTCMiner is a cloud-based mining software with more than 352129 users. This Bitcoin mining software supports FPGA mining hardware. One of the features of BTCMiner is that the dynamic frequency scaling is based on error measurement.
Which makes mining software automatically choose the frequency with the highest hash level. BTCMiner also offers power-saving mode, overheating protection, and Bitstream is ready to use. So you can run mining software without Xilinx software or licensing.
Best bitcoin miner app for android
The Bitcoin mining software mentioned above is for desktop. Now I will give the best approach to mine cryptocurrency on Android.
MinerGate branching application that can run on Windows, Mac, and Ubuntu, but can also be used for the Bitcoin Miner Android app.
Besides mining Bitcoin, you can mine for several altcoins, including Monero, Dash, DigitalNote, MonetaVerde, and QuazarCoin. There is also an internal wallet, where users can save mining coins.
This is the most popular application that has become one of the best Bitcoin mining apps. With a user-friendly interface and its performance often receives good reviews. Despite its name, this application supports many altcoins.
Bitcoin mining calculator
To calculate the estimated income of the mining there are several bitcoin mining calculators available, which you can use to calculate your income predictions.
All you have to do is fill in the form in the box provided with hashing power, power consumption, cost per kWh, and pool fee. This will be able to estimate your income for one month more accurately.
We recommend finding a Mentor.
In closing, here are the last suggestions we can provide. Find a mentor to guide you in the Bitcoin mining world.
The mentor here is someone who is more senior and more knowledgeable and the ins and outs of crypto. By having a mentor, at least you can learn not to make common mistakes of beginner miners.
You can also ask about the best design, the best equipment, the best Software, or any other information about his experience in the Bitcoin mining world.
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