Mining is the process of using a computer to perform complex calculations on data blocks that maintain the Bitcoin network. Miners are rewarded for their efforts with a certain amount of Bitcoin cryptocurrencies.
Bitcoin (BTC) is quickly becoming the primary task of people using specialized ASIC devices (integrated circuit of specific applications), although if you have one or more powerful graphics cards, you can still generate a small profit by assembling your own mining device . You will learn more about this in the following steps.
The real benefit you get will depend on a number of factors. The first is your "hash rate"; In other words, the real processing power of your machine. Computers designed for mining, or 'rigs' as they are commonly known, require large amounts of electricity, which will increase operating costs. The complexity of mining also increases over time.
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Bitcoin itself is a highly volatile virtual currency and, although it has recently made huge profits, it can also plummet in value. Keep this in mind if you plan to keep any BTC you extract instead of selling it immediately. If you want to have a rough idea of how much you can get from mining, use one of the many online profitability calculators (for example, 99 Bitcoins ).
While technically you can try to mine Bitcoin on your own, it is very unlikely that your platform alone solves the complex sums necessary to receive a reward. Instead, you must join a mining group. As the name implies, it is a set of multiple machines connected together, committed to a collaborative mining effort. The rewards of Bitcoin harvested are shared among all those who contributed the processing power to the effort.
However, keep in mind that the way earnings are shared can vary from one group to another. You can get more information about group mining in the Bitcoin Wiki .
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- Choose your miner
An easy, but not cheap, way to start with Bitcoin mining is to buy an ASIC device like the AntMiner S9 . These devices have been specifically designed to mine Bitcoins, which means that they will generally give you the best return on your investment.
However, as mentioned before, these ASIC devices are expensive. The S9, for example, currently sells for around € 2,100 (around $ 2,490). Usually, you will have to buy a separate power supply unit that will cost you something like another € 300 ($ 360). These devices are usually designed specifically to mine Bitcoin and will not work if you try to use them to extract other cryptocurrencies (for example, if Bitcoin falls drastically in value).
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Alternatively, you can build your own cryptocurrency mining platform . While these are not as efficient in terms of power speed and hash, they require less upfront expenses and can extract other currencies that you can then exchange for BTC. In the simplest terms, these are computers with multiple powerful graphics cards installed. These GPUs can be designed primarily to generate complex graphics when playing games, but they also lend themselves well to deal with the complex calculations involved in cryptocurrency mining.
To begin, you will have to buy a case for the machine. Most of these are simple metal frames to allow heat to dissipate easily. Next, you must choose a motherboard, processor, storage unit, power supply, some RAM and finally one or several high performance graphics cards. The AMD Radeon RX 580 and the Nvidia Geforce GTX 1070 are usually included in the group of graphics cards recommended for mining .
If you need more advice, see our guides on how to choose the best mining GPU and the best mining base plates . You will have to assemble the machine and install the operating system and mining software for yourself, so you should only follow this route if you know the technology and are familiar with computers.
If none of these options appeals to you, you can rent hash power from cloud mining companies . These companies have data centers dedicated exclusively to Bitcoin mining. Because they are centralized, they can buy bulk machines and use efficient methods to generate electricity.
Most companies will offer you a fixed amount of Gigahash (GH / s) of mining power for a fee. The advantage of this approach is that you do not need to buy any expensive hardware. However, tariffs for cloud mining will vary, and another point to consider is the scammers who pose as cloud mining companies. Check the Bitcoin Wiki for a list of reputable cloud mining companies.
- Set up your Bitcoin wallet
Once you have made the decision that mining is right for you, you should also set up a Bitcoin wallet to store your winnings.
If you are making a mining investment and do not plan to spend any of your coins soon, consider using a website like Bitcoin Paper Wallet Generator to create a 'paper wallet'. Then, you should only write down the 'public' address that you can use to receive payments.
You can check your Bitcoin wallet balance securely at any time by visiting Blockchain.info and entering your payment address in the search bar in the upper right corner. Do not allow anyone to see your private keys, since anyone who has access to your paper wallet can control your virtual cash.
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If you plan to withdraw your BTC regularly or make payments, consider using a software wallet. The Electrum light wallet is available for all major desktop and Android operating systems. When you create your wallet, Electrum will generate a 'seed' of a dozen random words to use as a private key. This means that you can restore your Bitcoin wallet if something happens to your computer.
Si usas una billetera de software como Electrum intenta hacerlo en una máquina que no esté conectada a Internet para que no pueda ser pirateada. Esto se conoce como “almacenamiento en frío”. El sitio web de Electrum contiene instrucciones para configurar una billetera de “observación” para el uso diario que puede mostrar tu saldo pero no puede realizar pagos por sí mismo. O para obtener instrucciones completas sobre cómo configurar el almacenamiento fuera de línea seguro, consulta nuestro artículo sobre cómo crear una billetera de Bitcoin de almacenamiento en frío segura utilizando Bitkey.
- Elije un grupo de minería de Bitcoin
The next stage is to register in a mining group or "pool". By joining a mining pool, you can work remotely with other cryptocurrency miners to solve blocks, sharing both the workload and the reward. It is theoretically possible to mine alone, but you will need really powerful hardwarefor it to be woth it. Doing it for yourself could mean greater rewards (mining rewards are 12.5 Bitcoin at the current difficulty level), but if you have bad luck or do not have much hash power, you could extract for months or even years without winning a single Bitcoin. Being part of a group means smaller and regular rewards depending on how much you contribute. You will also have to pay a small fee for your earnings to be part of the collective.
Next, we will guide you in the steps that you must follow to register in Slush Pool . We have chosen this mining pool because it is a reliable grouping and that we have used several times, but the same procedure can be used for any of the main groups.
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- Register in Slush Pool
Go to the Slush Pool website and click "Register here" in the upper right corner. On the registration page, choose a username, then enter your email address and password. The Slush Pool website will send you a confirmation email. Click on the link to validate your email address.
Upon entering, you will see that a "worker" (or "worker") was created so you can start mining. Although it is not mandatory, you should ideally have one worker per device.
To create a new worker, go to the " Workers " section within Slush Pool, and click on the "New worker" button. When you are finished, you only have to click on "Create"