How much do you know about Bitcoin mining?

If you are interested about Bitcoin mining, then you are in the right place. Read this article completely to get an overall idea about Bitcoin mining.Click here to know about free bitcoin.

Why are cryptocurrencies mined?

Bitcoin and other cryptocurrencies are decentralized currencies. No legal entity controls cryptocurrencies.

It is the users who decide the fate of a cryptocurrency. Some of the most popular cryptocurrency are Bitcoin, Ethereum, Ripple, Bitcoin cash, etc.Click here to know about free bitcoin.

In a centralized economic system, it is the duty of a bank to update the register of its customers. But in the cryptocurrency system, there are no banks or third payment operators. So we need someone or something to check the transactions and add them to the blockchain. This is the work of the miners.

A minor is a computer or cryptographic network node that checks transactions. Miners use special software to stay connected to the network and participate in the mining process. And in exchange for their contribution, the system rewards them with a fixed amount of money.

Hardware in mining

Bitcoin mining is an incredibly competitive in which diving without the right kind of hardware support will get you nowhere. Standard CPUs do not have enough power to perform the hash functions at the speed at which they are required.

The best available is the AntMinerS9 with 14,000,000,000 MHashs / ​​s, but in a slightly cheaper price range, the AntMinerU3 with 63,000 MH / s or the BFL SC with 10,000 MH / s are also good alternatives.

Software in mining

As the currency is divided into blocks, once you have your equipment, the next step is to join a Bitcoin mining pool, otherwise you will not be able to claim rewards or earn change. You will need to install a mining client on your computer so that you can control and monitor your mining system.

Depending on the mining equipment you have, you will need to find the right software. For bitcoin mining, the best software for Mac users is MacMiner. For others, the software CGMiner, BFGMiner, BitMiner or BTCMiner are the software we recommend.

Once all these elements are installed, it is absolutely essential to download a Bitcoin wallet to store and have a look at your digital currency.