In its recent publication Digital Trends told how to mine Bitcoin and what you should consider. This publication concerns personal mining.
Personal bitcoin mining is high-cost method, because nowadays it requires specialized hardware using ASIC chips. This equipment can produce 2.5 GB hash per second, and its energy consumption is about 2.5 watts. Now you understand the expenses...
Before putting money into such hardware you should use a Bitcoin mining calculator to find out your potential profit against all expenses.
If you decided to be engaged in personal mining anyway, then let's start.
Firstly, you have to choose the hardware. You should buy a powerful ASIC miner. According to Digital Trends, the most popular hardware is Bitmain’s AntMiner S9, currently priced at $2,320. Note, the prices of other company's hardware are much bigger. Also you can buy second-hand hardware, but you should consider, that the power and capacity of hardware is closely related to bitcoin mining return.
Then you have to decide whether you want to be a part of a pool of collective miners. If you work alone you can receive a great income, but also you can work for months and do not earn a single bitcoin. Working in pool, you'll receive smaller incomes but they'll be regular. To be a part of the collective you have to pay a fee of your income.
The third step is to download the right software and to link up your machine with secure wallet. So, you can connect a miner to your computer, login to pool and run your software. And you are welcome!
During mining, you have to be in touch with the numbers involved. You must be sure that your set ups are profitable. You have to ask yourself the following questions:
- Do you earn enough bitcoins to compensate your electricity costs?
- Are your bitcoin-miner's temperatures low enough that they do not burn out?
- Is your system quiet enough to not complicate your neighbors life?
If you answered yes to all questions, go on!
Investing in Bitcoin is very interesting and exciting speculation, and if you choose the right approach, it will give you good income. Before you start, do not forget to weigh all advantages and disadvantages, and be careful while working!