The Bitcoin craze has taken over the world, and you can join the fun by mining your own Bitcoins at home. Bitcoin mining is essentially the process of verifying Bitcoin transactions and adding them to the blockchain, which you get rewarded in Bitcoins. So while it’s not a literal digging for Bitcoins, it’s still a way to build your Bitcoin wallet. In this article, we will walk you through the process of starting Bitcoin mining at home in simple and easy steps. Remember that this can be both a time and resource-intensive task so ensure you are ready to commit before you begin.
1. Understanding Bitcoin Mining
Bitcoin mining is a complex process that involves solving complex mathematical problems. The individual or group of individuals who solve these problems first get to place the next block on the blockchain and claim the rewards. These rewards can be transaction fees attached to the transactions they added to the blocks, plus additional Bitcoins granted from the network.
2. Required Hardware
In the early days of Bitcoin, it could be mined directly from a home computer. As the difficulty of mining has intensified, you will now need specialized hardware called ASIC (Application Specific Integrated Circuits) miners. These are specifically designed for mining Bitcoins. Another option is to join a cloud mining service that rents mining power to individual miners.
3. Setting Up a Bitcoin Wallet
Before you start mining, you have to set up a Bitcoin wallet where your mined Bitcoins will be stored. You can do this by Continue reading...