free web hit counter

Bitcoin Mining: How To Get Started

bitcoin mining

If you’ve read our articles on how Bitcoin works and what mining is, you might be interested in mining some Bitcoins of your own. You will need hardware, software, and a source of energy that won’t break the bank. The main two things you should focus on when shopping for Bitcoin miner hardware is the hash rate and the energy consumption.

What is a hash rate?

Bitcoin transaction blocks are large chunks of data that take up space. Fortunately, they can be compressed down into a hash. That process requires a lot of processing power, because your computer has to figure out the right hash. The hash rate is the number of attempts your computer can make every second. The higher the hash rate, the more likely you are to solve transaction blocks and win Bitcoins.

How much energy does it use?

The most expensive part of Bitcoin mining is the amount of electricity it costs. There are certain places where Bitcoin mining simply isn’t profitable because of the energy bill. You need to calculate whether or not the Bitcoins you mine with offset the cost of electricity. The easiest way to do that is to divide the hash rate with how many watts of energy your hardware uses.

bitcoin mining

What Bitcoin mining hardware do you need?

You have three options when it comes to Bitcoin mining hardware: a regular computer, a custom-built miner, and a purpose-built mining rig.

CPU and GPU

You can in theory use any CPU to mine Bitcoin. Everyday devices like your laptop, tablet, and smartphone won’t get you very far, however. They’ll be slow, consume a lot of energy, overheat, and break down before you’ve made any significant profits. So why are people still mining in this way? The likelihood is that they aren’t mining for Bitcoin, but rather other tokens like Litecoin. Whereas Bitcoin requires dedicated mining hardware, other cryptocurrencies have been set up in a way friendly to CPU mining. You can also install a powerful graphics card to boost your hash rate. The graphical processing units (GPU) in graphics cards will help with the mathematical calculations required for mining.

FPGA

Getting a Field-Programmable Gate Array (FPGA) is a step up from CPU and GPU mining rigs. Bitcoin mining hardware manufacturers will purchase regular chips and customize them for mining before installing them into computers.

ASIC

Buying an Application Specific Integrated Circuit (ASIC) is the best option out of the three mining setups. They are specifically designed to mine Bitcoin at high speeds, while keeping energy consumption low. ASICs will get you more bang for the buck, but it’ll also cost a pretty penny to purchase.

bitcoin mining

What Bitcoin mining software do you need?

You’ll need mining software for your mining hardware, and a Bitcoin client to connect to the network.

Standard Bitcoin client

You need to connect your mining rig to the Bitcoin network to get started. The standard Bitcoin client will connect you, and download the Bitcoin blockchain to your computer. The blockchain is now over 185 GB, so you’ll need enough space to store it.

Bitcoin mining software

Bitcoin mining software is like an operating system for your mining rig. The kind of software you’ll need will depend on your setup. There are programs available for CPU/GPU and FPGA setups, regardless of whether you’re using Windows or Mac OS X. Newer ASIC mining rigs will come with their own software, but older ones may require you to install a separate program.

 

Previous «
Next »

9 Comments

  1. Fantastic beat ! I wish to apprentice whilst you amend your website, how could i subscribe for a weblog website? The account aided me a appropriate deal. I were tiny bit acquainted of this your broadcast provided vivid clear concept

  2. Wow! Thank you! I permanently wanted to write on my blog something like that. Can I implement a part of your post to my website?

  3. Well I truly enjoyed reading it. This article offered by you is very useful for correct planning.

  4. Howdy, i read your blog occasionally and i own a similar one and i was just wondering if you get a lot of spam comments? If so how do you stop it, any plugin or anything you can suggest? I get so much lately it’s driving me crazy so any support is very much appreciated.

  5. I like the helpful info you provide in your articles. I will bookmark your weblog and check again here regularly. I’m quite certain I will learn many new stuff right here! Good luck for the next!

  6. Hey there this is kind of of off topic but I was wanting to know if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding knowledge so I wanted to get guidance from someone with experience. Any help would be enormously appreciated!

  7. Good day! Do you use Twitter? I’d like to follow you if that would be ok. I’m absolutely enjoying your blog and look forward to new updates.

  8. A person essentially help to make seriously posts I would state. This is the first time I frequented your web page and thus far? I amazed with the research you made to create this particular publish extraordinary. Wonderful job!

  9. F*ckin’ awesome things here. I’m very satisfied to look your article. Thanks so much and i’m taking a look forward to touch you. Will you please drop me a e-mail?

Leave a Reply

Your email address will not be published.