For those living under a rock, Bitcoin is basically a cryptocurrency. Mining is the most famous process through which one can earn Bitcoins as a reward. Without thinking much about Bitcoin Loophole, you are going to get a sense of Bitcoin mining in this article. We have made this article easy to understand even for people who do not have much knowledge about cryptocurrencies.
Bitcoin mining rig:
A mining rig is basically the first step in order to start mining. Now just a few years back when things used to be simple, people could mine Bitcoins just with a personal domestic computer. However as demand has gone up that has become history. It has become practically impossible to mine with those devices anymore. Though you can you will end up earning very small amount or none at all in a long time span. So it is essential for you to own special hardware that is designed for Bitcoin and all other cryptocurrencies which are run by the same algorithm. The name of the hardware is Application-Specific Integrated Circuit chips which basically use whole lot of less energy while mining bitcoins and naturally can mine really fast.
Get a wallet:
After the rig part is done and the mining has started, you will need space to store them. That’s where comes the need of having a Bitcoin wallet in order to store them. These wallets will also allow you to handle your Bitcoin addresses. There are various kinds of wallets, from software ones to paper wallets. You will have to remember though to analyze the pros and cons properly before acquiring one.
Set a program:
After the hardware and the wallet, you will have to connect to a virtual society known as a mining pool. After you have done that, connect to a mining program that will help you to connect to Bitcoin and blockchain network and start mining.