Have you ever dreamed of mining for silver, gold or other items that’s not visible to the eye? Did it seem like to much money to invest for safety gear and travel expensive? If you said yes, than keep on reading. Today I will be listing the top four tips you need to know before mining Bitcoins.
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Yes, Bitcoins in the new way to make money online. Buying and selling them can make your bank account grow within days. Below are the top four tips you will need to know.
1-Find Out Is Bitcoin Mining For Me?
Using a calculator that works with Bitcoin can help you to find out if you can make a profit or not. A good website to use is whattomine.com. Once you are the site all you need to do is input the Bitcoin miner information into the buying part. Than the program will do the rest for you.
I most point out you will need over one hundred dollars to even get started in mining Bitcoins.
Now that you have calculated your profit, you need a hardware. Check out the Antminer S9 for a better understanding of mining hardware.
The Bitcoin Wallet will be download to your computer. Have you ever used PayPal? If so than you know you have an online wallet that is locked with a password you crated. The Bitcoin Wallet will need to have an address. This is made up of numbers and letter, make sure you wright down this code. I must tell you it will be a length code. Why is this address/ code important? This is used to keep track of your Bitcoins and the exchange rate. Never give out your password (private key code), only give the address when you are asked for it when mining.
3-Mining Pool to Join
Are you getting excited about mining? The next step to making money will be to find a mining pool. Once you find a great pool to join you will see the groups joint power helps to collect more Bitcoins. Never try to do this on your own. You are less likely to be awarded any big amounts of Bitcoins. However, with the mining pools you can receives 12 blocks or more at a time. Here is some facts to check out when joining a mining pool
Is the pool stable?
Is it easy to withdrawal my funds?
Does the pool often get rewarded (this mines you may or may not make a profit)?
Do I have to pay a fee to enter the pool or to withdrawal money?
4- A mining program for your computer.
Mining programs can be had for Mac or Windows online. However, I would recommend using 50Miner for windows If you are like most people and are into Mac than MacMiner is your best program. No matter what program you need, it will give you the ability to monitor and control your mining rig. If the mining rig you have has its own software than use it. Keep in mind the pool you join will give you the name of their software for you to use.