Mining Bitcoin is a way for people to get hold of their own Bitcoins without forking out a significant amount of cash for a very insignificant number of Bitcoins. Currently, one Bitcoin is worth around $200, which is a crazily high price to pay for one coin. For this reason, a lot of people decide to turn to mining. If you’re considering mining Bitcoins, here’s four things you will need to get started.
Bitcoin mining calculator
Mining your own Bitcoins can be time-consuming, and it isn’t always as rewarding as you may have hoped it to be. Sometimes you spend more money on mining than you make back in Bitcoins, which makes the whole process kind of redundant. Use a Bitcoin mining calculator to see if mining your own Bitcoins is worthwhile, and if it’s not, make adjustments accordingly.
Even if you’re not mining Bitcoins, having a Bitcoin wallet is pretty essential anyway. However, if for some reason you don’t already have a Bitcoin wallet set up, this should be the first thing that you do. Your wallet is where you’ll be keeping all of your current Bitcoins, as well as any Bitcoins you might earn through mining. You will not be able to set up your own mine or join a mining pool without a Bitcoin wallet.
Do not be fooled into thinking that workers are people; they are not. However, you should definitely think of your workers as people. Workers are essentially the ‘things’ that do the mining for you- your tablet, your phone, your laptop. If you were to say you had three workers mining, you would be saying that you had three devices (e.g. three laptops) logged into your mining pool, trying to mine Bitcoins. Obviously, you can mine more the more devices you have as workers, so go all out here if you like.
You obviously cannot mine Bitcoins without a miner. Again, a miner is not a person, but if it helps you can think of it as one. Your ‘miner’ is software on your computer that does the mining for you. Your miner will then be able to monitor your mining rig, as well as have full control over it. It’s important that when you’re looking for a miner, you do enough research. Make sure you find a miner that is compatible with the software you’re running on your PC (e.g. Windows, Apple, etc.).