What is Bitcoin?
Bitcoin is a decentralized digital coin that uses a peer-to-peer
payment system (P2P) or an internet pro...
1. Bitcoins are created by a process called mining.
2. Mining itself is a process of adding transaction records to Bitcoin...
•Bitcoin mining is a very
competitive business and it
only makes sense if you don't
care if you make a loss or a
profit, o...
• There are specific devices
based on custom ASIC
chips which that have
dominated the industry.
• It is difficult and almo...
• Buy the three main hardware:
GPUs, FPGAs, and ASICs
• GPUs (your computer’s CPU)
are the least powerful mining
hardware....
• ASICs Bitcoin miners is where there is real action.
• You will mine bitcoins with ASICs at mind-crushing speeds,
with re...
2. Bitcoin mining software
• You will need to install a software to instruct the hardware you
work with. The bitcoin clien...
3. Bitcoin wallet
• Bitcoin is an internet based currency and you need
a place to keep your Bitcoins.
• You can either sto...
5. Join a Pool
• A pool is a group that combines their computing power to make more
Bitcoins.
• You have to work with a gr...
• One of other reasons you should not go alone is
that you are awarded easier algorithms to solve
and you will usually be ...
It is important to calculate the
projected profitability of your
miner to see how long it will take
to pay back your inves...
Bitcoin is money and you can also be a huge step forward in
making more money. You should never expect to get rich with it...
There's an increasing amount of businesses and individuals
accepting bitcoins the same way they do with dollars or euros
a...
Top 6 Tips for Bitcoin Mining
Top 6 Tips for Bitcoin Mining
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Top 6 Tips for Bitcoin Mining

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learn to make money 24/7 with your computer, graphics card or dedicated hardware with mining. A process of adding transaction records to Bitcoin's public ledger of past transactions.

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Top 6 Tips for Bitcoin Mining

  1. 1. What is Bitcoin? Bitcoin is a decentralized digital coin that uses a peer-to-peer payment system (P2P) or an internet protocol which uses cryptography to control the creation and transfer of money. It is not regulated by a central organization (like other coins). They are managed by bitcoin miners that confirm Bitcoin transactions and add them to a decentralized transaction log every ten minutes. Normaly, the capitalized word (Bitcoin) refers to the technology and network, whereas lowercase word (bitcoin) refers to the currency itself.
  2. 2. 1. Bitcoins are created by a process called mining. 2. Mining itself is a process of adding transaction records to Bitcoin's public ledger of past transactions. It is designed to be resource-intensive and difficult so that the number of blocks found each day by miners remains steady. 3. a Computer network participants verify and record payments into a public ledger in exchange for transaction fees and newly minted bitcoins. 4. Bitcoin mining is a process that helps manage bitcoin transactions. 5. You can exchange Bitcoins through a computer without an intermediate bank or other financial institution. 6. One bitcoin is divided into 100 million smaller units (that is eight decimal points) called satoshis, so you can make small payments.
  3. 3. •Bitcoin mining is a very competitive business and it only makes sense if you don't care if you make a loss or a profit, or if you plan to do it for fun. •It is experiencing explosive growth in internet transactions. ─It is therefore important to understand Bitcoin, what mining is and the tips for Bitcoin mining.
  4. 4. • There are specific devices based on custom ASIC chips which that have dominated the industry. • It is difficult and almost impossible to mine with anything less 100x the capability of older systems. • It's therefore crucial to mine with purpose built bitcoin mining hardware. • You must first of all aquire a bitcoin mining hardware. • In the olden days it was possible to mine using a high speed video processor card. Nowadays it is impossible. • There are specialty hardware designed to do nothing but mine for bitcoins. 1. Buy hardware
  5. 5. • Buy the three main hardware: GPUs, FPGAs, and ASICs • GPUs (your computer’s CPU) are the least powerful mining hardware. But if you try, you can enhance your bitcoin hash rate by adding graphics hardware to your computer and equip yourself with a motherboard that can take multiple boards to safe on running separate PSUs for different boards. • FPGAs is an intergrated circuit designed to be configured after being built and enables a mining hardware manufacturer to buy the chips in volume.
  6. 6. • ASICs Bitcoin miners is where there is real action. • You will mine bitcoins with ASICs at mind-crushing speeds, with relatively low power consumption. • You can get the most powerful ASIC such as Gridseed Scrypt ASIC, with a dual mining option and a faster mining speed.
  7. 7. 2. Bitcoin mining software • You will need to install a software to instruct the hardware you work with. The bitcoin client and mining software are two main software you need to install. ▫ There are several mining software you can use depending on your operating system such as windows, Mac OS X and others. For instance, you will need a software for Gridseed Scrypt ASIC miner although some newer models promise to ship with everything pre-configured. • Other smart developers even produce mining operating systems for specific hardware used to power a USB-connected ASIC miner.
  8. 8. 3. Bitcoin wallet • Bitcoin is an internet based currency and you need a place to keep your Bitcoins. • You can either store it locally or store it online. • You will as well download the Bitcoin client for your Operating System and install it. • The Bitcoin client will download the blockchain which can take long time because it is over 6 gigabytes of data.
  9. 9. 5. Join a Pool • A pool is a group that combines their computing power to make more Bitcoins. • You have to work with a group of other miners on available blocks, because Bitcoins are always awarded in blocks • Create workers to mine and enter your wallet address into your pool information.  The pools are mainly characterized by the fees they charge per block and the number of users.  Pools with many users usually result in smaller payments and pools with fewer users could result in bigger payments and they could also have a slower discovery time • Make sure the pool owner doesn’t steal all your bitcoins, by gaining more experience, use the Slush’s pool and have created three workers as sub-accounts with their own passwords.
  10. 10. • One of other reasons you should not go alone is that you are awarded easier algorithms to solve and you will usually be awarded 50 at a time. • All of your combined work will make you more likely to solve the bigger algorithm and earn Bitcoins that are spread out throughout the pool based on your contribution. •You will make a more consistent amount of Bitcoins and will be more likely to receive a good return
  11. 11. It is important to calculate the projected profitability of your miner to see how long it will take to pay back your investment. •You can include the cost of your hardware, hash rate, power consumption, the current bitcoin price and the network difficulty. How hard it is to solve transaction blocks is determined by the network harsh rate and ASIC devices, it is likely to increase as ASIC devices come into the market
  12. 12. Bitcoin is money and you can also be a huge step forward in making more money. You should never expect to get rich with it because it is like any other business opportunity that include risks. But you will stand little chance of success, mining bitcoins, unless you work with other people. Bitcoin has developed at a very fast rate so far and investing time and resources on anything related to it, requires entrepreneurship. It is upon an individual to evaluate the costs and the risks involved in Bitcoin mining. You can get high performance bitcoin mining hardware from Gridseed Scrypt ASIC designed with advanced technology and highly integrated design to provide multiple function and low cost solution.
  13. 13. There's an increasing amount of businesses and individuals accepting bitcoins the same way they do with dollars or euros and if you are already set up you can start mining. You will make a more consistent amount of Bitcoins and will be more likely to receive a good return on your investment.

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