How to mine Bitcoin and earn Bitcoin for beginners from A to Z

Bitcoin is currently the most expensive virtual currency and is a quite hot phrase that is no longer strange to us. Basically, Bitcoin mining is actually using the majority of computer power to perform computational tasks for the virtual currency's blockchain, contributing to the creation of new blocks for the blockchain chain. From there you will be paid with a predetermined amount of virtual currency. However, it sounds simple, just let the computer work at full capacity and you have money, this is truly a "dream job" for many people. That's why many people are now starting to learn and want to participate in Bitcoin mining. And the following article Taimienphi will share with you instructions for mining Bitcoin for beginners . Readers, please follow along.

Instructions for mining Bitcoin for beginners

1. Create a Bitcoin wallet

The first thing you need to do to participate in Bitcoin mining is to create a Bitcoin wallet, because Bitcoin is an online virtual currency so you need a place to store these Bitcoins. For details on creating a Bitcoin wallet, readers can refer to the article on how to create a Bitcoin wallet on Blockchain that we shared earlier. Once you have created yourself a Bitcoin wallet, remember this wallet address because it will be a long series of random characters including lowercase letters, letters and numbers that are difficult to remember.

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Additionally, if you are using a self-hosted Bitcoin wallet (meaning you have downloaded a program to your computer and are not using an Internet-based service), there is an additional very important step of creating a copy the wallet.dat file on a storage device such as a USB, print the copy and keep it in a safe place. The reason is that if you have a computer crash and don't have a copy of the wallet.dat file, you will lose all your Bitcoins. Currently, the price of Bitcoin is also being traded at an ever-increasing price, accompanied by many "unsafe" wallet creation and Bitcoin mining sites, so to ensure your bitcoin is safest, you should choose Choose the best bitcoin wallet creation sites, the current bitcoin price is worth thousands of dollars.

2. Find a Bitcoin mining pool

After you have created your wallet, to start earning Bitcoin you need to join a Bitcoin mining pool . A Bitcoin mine is a group of Bitcoin mining systems that combine their computing power to generate more Bitcoins. Bitcoins are awarded in blocks, usually 12.5 at a time, and unless you're extremely lucky, you won't receive any Bitcoins.

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In a Bitcoin mining pool, you will have smaller and easier algorithms to solve and all the work combined will make you more likely to solve larger algorithms and earn Bitcoin spreads. spread throughout the mine based on your contributions. Essentially, you will generate a certain amount of Bitcoin and are likely to receive a large return on your initial investment.

When choosing a mining pool to join, you will need to ask a few questions:

What is the bonus method? - Rate/ pay per share/ point based/ PPLNS

Fees for mining and withdrawals?

How often is a block found (i.e. how often do I get a reward)?

How to withdraw money easily?

The statistics they provide?

How to stabilize the mine?

Basically, for every Bitcoin mining system you run, you will need a worker ID so that the Bitcoin mining pool can keep track of your contributions.

3. Choose Bitcoin mining equipment

Bitcoin mining is a quite competitive field because there are more and more mining systems with the most modern hardware but it is difficult to mine every day. Before starting to mine Bitcoin, you need to carefully calculate whether Bitcoin mining will bring you profit. The best way to do this is to try using a personal computer to mine Bitcoin . Simply enter the data of the Bitcoin mining system you are planning to buy and see how long it takes to make a profit. However, one thing you should know is that if you don't have a few hundred dollars , you can't mine Bitcoin. Once you have done the calculations, it is time to get the mining system. Be sure to check out Bitcoin mining hardware reviews to understand which mining system is best for you. Previously, Bitcoin mining usually only required a computer or graphics card (also known as GPU mining). However, now Bitcoin mining pools have become more competitive and you will have to use ASIC mining systems - special computers tightly programmed to mine Bitcoin.

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This has partly answered the question of whether laptops can mine Bitcoin or not for some of you, right? So, laptops can mine Bitcoin , but not all machines will bring you results.

4. Choose a Bitcoin mining program for your computer

After you have learned the basics of mining Bitcoin, you are now ready to mine Bitcoin. You will need a Bitcoin mining account to run on your computer from which you will be able to control and monitor your Bitcoin mining equipment. Depending on what you are mining Bitcoin for, you will need to find the right software. Many mining pools have their own software like Bitminer but some do not.

5. Start mining Bitcoin

For example, here Taimienphi uses Mac, so we will use a program called MacMiner. If you use Windows operating system PC devices, you can refer to BFGMiner and 50Miner . Our job now is to connect the mining system to a stable power source and turn it on. Make sure you also connect it to your computer (usually via USB) and open the mining software. Enter your Bitcoin mining pool information, username and password and start mining.

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Once successfully configured, the system will essentially start mining Bitcoin.
 

If you are just starting to invest in Bitcoin and want to know how to mine Bitcoin on your Android phone or iPhone, you can refer to Taimienphi's article to mine coins effectively and help your investment assets grow quickly.

Above are all basic instructions for mining Bitcoin for beginners. Although the article is sketchy, the core elements to be able to earn Bitcoin that Taimienphi talks about are complete. Readers who follow any additions can respond right below and we will discuss the hottest topic today. Besides, if you encounter malicious code when using Bitcoin radio, readers can refer to how to remove it here to protect your computer.

Many people are also interested in trading platforms, including the Darwinex trading platform. To understand more about this floor, let's review Drawinex floor in this article.

David Pac

Update 15 June 2024