In common understanding the Bitcoin mining is a process of an issuance of the electronic currency, which in 2009 was launched by an anonymous developer Satoshi Nakamoto. The main difference of such currency is the total absence of regulated authorities. The value of cryptomoney is provided by the current supply and demand.
With the increasing demand for BTC the interest in how to get that currency increases. The question “How to start the bitcoin mining” is on the tip of tongue of many people which are wishing to capitalize on this new trend.
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It should refer to the theory to start. The participants of the system through their computers begin to match a 64 digit key to the pool of transactions, and the winner gets a reward of 25 BTC. The chances of getting the coveted award are directly dependent on the power of CPU and graphics card.
Usually the graphic processors GPU are being used for mining, which are hundreds of times more productive than CPU. There are also FPGA boards, which are little inferior to GPU, but different more energy efficient.
The algorithm of the system is built in such a way that the total number of bitcoins cannot exceed 21 million. About once every few years, the reward for participants is reduced by half (for example, a couple of years ago the winners were awarded 50 BTC). Now every ten minutes the participants produce 25 BTC.
You have to download a special client from the official Bitcoin website and after installing you can start the issuance. It is necessary to decide whether to work alone (then the chances of getting BTC are very little), or to enter into a cooperation with other participants, thus integrate your production capacity.
But here we are faced with one big problem. It hasn’t enough the capacity of a normal home computer at the current difficulty of the cryptocurrency mining. For getting a profit you need modern computers, tailored to the production process, which cost several thousand dollars. It should also be noted that these computers consume huge amount of power, occupy large space and require constant monitoring and cooling.
These powerful computers join to a large farm for maximize a profit. The largest number of farms for the production is in China, where the cost of electricity is far below the rest of the world. There is also cheap labor which can continuously monitor the health of your farm.
How to start bitcoin mining, if there is no possibility to invest such huge money in special equipment? The answer will be cloud-based services that allow you to rent some part of their capacity.
You can become a full-fledged treasure hunter while investing as much as you want to spend. All investments pay off in six months, and then you start to receive a net profit.
You should not torment your home computer because it still will not bring any results. The majority of BTC miners are already working through the cloud, and this process has proven its profitability and simplicity.