At the time, we teach you how to know if you should invest in Bitcoin, offering you a series of points that you should analyze very well before starting with this practice. Assuming you have come to the conclusion that you would have to dedicate yourself to it, part-time or full-time, surely you wonder how to go about mining Bitcoins and earn money with this activity. Well, today we review the key elements that you should consider.
Well, the first thing you have to know is that this seemingly intimidating industry is not so much like that, and that Anyone can, with some investment and knowledge, start mining Bitcoin at their own home.
Very basically, we can say that each Bitcoins transaction is processed and stored in a chain of blocks, blocks that store that transactional data, and that are added, little by little, to the end of the chain. Bitcoin miners are responsible for creating new blocks, although only one of them can create each block, and who does it is decided by a complex mathematical calculation, PoW or “proof of work”.
In exchange for this effort, the miners are rewarded with a new Bitcoin, in addition to the transaction fees of all the operations of the block so, obviously, it can be a very good deal.
Basic steps to mine Bitcoin
- Get the hardware: Bitcoin mining requires an initial investment in specific hardware, a specialized platform that is capable of solving the algorithms or proofs of work of this highly popular currency.
- Get the software: Once you have the hardware, the next step will be to get the compatible software, enough to distribute the work and add new blocks to the chain. For instance, Nice Hash Miner.
- Join a group: Bitcoin mining does not make sense for an individual only, but you have to move in groups or teams, in order to face powerful rivals, putting your hardware and software at the disposal of an operator, who will take part of your profits, but making sure they are constant … and large.
- Starts: With the above, you are ready to start mining Bitcoin, for which you have to connect your mining hardware to a power outlet, complete the blockchain connection and choose that group.
And how much can a miner earn?
As we said before, solo Bitcoin miners can have a hard time profiting from your effort. Therefore, it is always advisable that you move in these groups or work collectives to obtain benefits.
And what are those benefits? At first, Bitcoin mining has costs, which go beyond investment in equipment, and refer to maintenance, related by case to the payment of electricity.
In many countries there are also taxes on Bitcoin mining, which means that you will have to deduct a percentage from your income as taxes to the treasury, and you must review that before starting.
The latter explains why mining Bitcoin is more profitable in some countries than others.
All the ‘bad’ things being cleared up, earnings will depend on the number of transactions and the price of Bitcoin ultimately, so the more blockchains, currency value, and operations, the greater your profit.
Bitcoin mining graphics card
We have already made it clear that Bitcoin mining requires enormous hardware power, which will also have to be active for long periods of time, so the choice of components is no less.
Now that you know how to mine Bitcoins, you will have to decide on a card. And although there are many valid for their characteristics, we want to stop at three highly recommended models currently.
NVIDIA GeForce RTX 3060 Ti
Considered by many as the best value for money graphics card today, it offers us superlative performance for its value, making it clear that you do not have to pay so much to be satisfied.
Based on the latest NVIDIA Ampere architecture, It is a very interesting outlet both for video games and when mining Bitcoin. Without a doubt, it is a good alternative to get started in this world.
NVIDIA GeForce RTX 2070
If you do not have that much money, or you are not yet convinced that you are actually mining, it is likely that you will find a good ally in the NVIDIA GeForce RTX 2070. Produces less, but also generates less.
On the other hand, it is a proven GPU efficient when it comes to video games, which is why if you finally decide to abandon Bitcoin mining, you will be able to easily sell it to lovers of PC entertainment.
NVIDIA GeForce RTX 3090
Finally, if you only want the best possible performance, we are confident that the NVIDIA RTX 3090 is for you. We talk about a graphics card that leaves no doubt, and can be a great long-term investment.
With 24 GB of GDDR6X VRAM and 10,496 CUDA cores, in some areas you will multiply your earnings with it.
Bitcoin generating machines
At this point, you may find yourself out of stock for many of the aforementioned GPUs, which is why you may have to resort to other options. Among them, Bitcoins generating machines.
Yes, There are Bitcoins generating machines, which have been specially designed with this objective, and considering that these days we need more Bitcoin than Gold, their fame is also on the rise.
An Integrated circuit for specific applications, or SO C, as they are generally called, is a team that has been thought, designed and manufactured to fulfill specific tasks. In this case, generate Bitcoins.
What to keep in mind when buying a Bitcoin generator machine?
There are three essential factors that you have to stop at before buying a Bitcoin generating machine. We talk about price, efficiency and hash or hash rate. By the latter, we mean the rate at which Bitcoin mining hardware can perform intensive math operations. The power itself.
Some models to consider
Bitmain AntMiner is taken as an indisputable reference in this segment, and many of its models are among the favorites of the public, such as the Bitmain AntMiner of the S line, or why not of the T line.
Here, as with graphics cards, the account is easy: the more you invest, the more you can earn.
Anyway, we know that the issue of Bitcoin generating machines is of great interest, and in the future we will probably do a in-depth analysis of some of the best models available today.