It is no secret to anyone that Bitcoin is a controversial topic, as it is considered a kind of investment and commodity, and many people use it as a currency for payments and transactions, and while many invest their money in buying Bitcoin, others choose the field of mining.
In this report, the American magazine “Inspiration Feed” provided everything you need to know about the Bitcoin mining process, and since the mining process is difficult, you need to follow these instructions step by step.
What is the Bitcoin mining process?
The process of mining Bitcoin is very similar to the process of searching for gold in its mines in the ground, but here we mine the currency through the computer, it is the process of documenting the transactions made by Bitcoin by other users, which the individual working in mining is rewarded and verified. It has an additional profit from that digital currency.
But this process has become very difficult with the great technological development and the increase in the number of miners, so some other methods have been resorted to, and anyone can contribute to mining Bitcoin to obtain parts of the Bitcoin digital currency, but the mining process consumes a huge part of energy, which may affect On the size of the profits generated from this process.
The miner needs to verify previous Bitcoin transactions, and will charge the equivalent, and after verifying the value of “1MB” of Bitcoin transactions, the miner is entitled to earn Bitcoin. And if you want to start mining Bitcoin, you need to confirm each transaction, and you have to verify that your transactions are legitimate, and that they will help you get the reward.
The days of using home computers to mine Bitcoin are gone, as the time has changed now and people are using special mining devices that consume less energy and mine Bitcoin at a faster rate. And in order to get the mining device, you have to invest a large amount of money, and although its price may be exorbitant, its speed will astonish you, and there are many Bitcoin mining devices, but they are different from each other, you have to choose one of them by taking a number of factors into consideration. Pay attention to the performance, electric power consumption, and price of the device, and you can also use the reviews or the opinions of miners to determine your final choice.
Create a Bitcoin wallet
After choosing the right Bitcoin miner for you, you need to create a Bitcoin wallet to receive your coins, with the help of this wallet you will be able to manage your Bitcoin balance. There are several types of Bitcoin wallets, but they are not the same, and each wallet has advantages and disadvantages that you need to know to compare between them and choose the appropriate option, and you can adopt a phone wallet, or a paper wallet that provides additional protection for your bitcoins.
The next step is to join a mining pool because it is not possible to earn Bitcoin with one device, and you cannot mine Bitcoin even by owning the best device, so you should seek help from other miners by joining a mining pool, when you are working on mining Bitcoin within a group you can split the profits On all members, your income may be low but it will be regular, and remember that you must pay a fee to the server of the mining pool, there are many mining pools, and all you have to do is choose one of them.
Choose a mining program
Once you purchase a mining device, create a Bitcoin wallet, and join a mining pool, you have to search for a mining program for your computer, the mining program will work, collect results and then record transactions on the blockchain (it is like a public Bitcoin ledger that records all financial transactions in “blocks”). There are many free bitcoin mining programs to be found, and you should check the characteristics and features of each program.
Start the mining process
After following all the previously mentioned steps, the mining process can start to earn Bitcoin, and all you have to do is connect the mining device to the electricity and the computer, and it is also important to install the mining program by providing the necessary information for the mining program and choosing the device, you can start the mining process. To be a profitable mining operation, you always have to keep up with the news related to the cryptocurrency market or Bitcoin.