How To Mine Bitcoin? Know How It Works And the Computing System That's Needed
I've come to think of it, some people need a principal/primary main idea to how mining Bitcoin works and possibly on a later run develop interest in mining, this article is a paraphrase of what mining Bitcoin is in a bid to educate and pass across the required basic knowledge for mining activities else this topic wouldn't have belong here but it is solely targeted on begginers having one or two questions regarding how btc mining works.
Take note there's much of practical aspect to mining btc than the ones stated in this article
Here is a beginners guide to how mining Bitcoin works, the required devices, techniques and power supply for the mining process. But in a nutshell, here is the summary I've coupled together underlisted.
Computer skills
Electricity power source
Stable Internet supply
High functioning computer system
Mathematics/statistical skills
Knowledge of GPU and ASICS
Develop speedy typing skills
Research other minners
Devote time
Seek fund
Mining Bitcoin is a very technical process and requires huge processing power. Basically, the processing power of the computer will be directly proportional to the rate or mining speed, and thus, profit. So, if a person's computer is slow, it may not produce enough Bitcoins.
To mine Bitcoins, one can use a normal computer that has a CPU, motherboard, RAM, and storage. The only difference and the most important requirement here is the graphics processing unit (GPU) or the video card. A high-performance GPU is an essential aspect if a person wants to mine Bitcoin.
Bitcoin mining is done using specialised hardware called ASICs that stands for Application-Specific Integrated Circuits. This is to tackle the problems of the computer and upgrade the processing power.
The requirement of GPU and ASICs could be collectively heavy on a person's pocket. One also needs to have a constant active internet connection for this work.
The other important aspect is the requirement of electricity for mining machines. It is said that the largest Bitcoin miners were operated in China where the electricity was cheaper as compared to the developed nations.
A person should be able to bear the cost of running a home-based system for mining Bitcoins. Also, a cooling device would be needed to prevent the system from overheating.
Bitcoin mining could be a bright opportunity for digital coin makers but it clearly demands adequate infrastructure to work accordingly.
