What is Bitcoin? This is the most famous Cryptocurrency on the Market (in addition to being created for a very beautiful purpose by Satoshi Nakamoto), BTC has many powerful enemies. Understand!
Is It Still Possible to Mine Bitcoin at Home? As?
Is It Still Possible to Mine Bitcoin and Cryptocurrencies at Home? As? This is a question that many crypto enthusiasts have. We will answer that question in this post and also give you some solutions!
What is Bitcoin Mining?
Bitcoin and Cryptocurrency Mining is one of the most fascinating processes of the 21st century and, despite not being done, properly, in an "underground mine" and there are no miners with their pickaxes there, it is an extremely interesting and revolutionary process.
Mining Bitcoin at home today from PC, or worse, from Mobile, is extremely difficult and requires an absurd computational power, so it is unlikely that you will be able to mine at home, especially if you live in a country like Brazil, where the cost of energy is extremely high.
Bitcoin Mining is extremely important for the protection of the network and, without a doubt, for turning the cryptocurrency into a deflationary asset, causing btc to increase in value over time, because as the miners' reward decreases, the asset becomes scarcer. It's the famous law of "supply and demand".
Bitcoin is much scarcer than Gold.
Mining Bitcoin in the Cloud, be careful!
Is Mining Bitcoin in the Cloud Worth It? What is it for and how to do it? - This is a very complex issue, we will explain why below:
In theory, the cryptocurrency cloud mining process is quite simple: rent computers (often from decentralized companies) to be able to mine Bitcoin for you, so far so good, it seems like a very interesting idea, but there is a question not very pleasant!
Many scammers have used this "pain" of people to apply scams, because it is a fact that, to mine btc, it is important to have an extremely robust machine, essentially, the video card. So they make a platform where you "rent" a PC with the computing power you want (and give you an estimate of how many blocks will be mined) to do Mining: the better the PC, the more expensive it will be.
And then, they place a Bitcoin Wallet to make the deposit and you, all naive, make the transfer, but the truth is that the computer will never be available to you, so be very careful with the idea of "mining bitcoin in the cloud" or , "mine bitcoin by cell phone", this sounds like a scam and it is very difficult to find any serious company that provides this type of service, even if you think: "it wouldn't be easier for these companies to mine btc directly instead of offering this type of service "? Having a critical mind in this market is extremely important.
Don't get carried away by the ambition to get rich, always be rational.
What is Bitcoin Mining for?
Bitcoin Mining is an extremely complex process where mining pools, that is, machines, do the solving of extremely complex mathematical calculations and when they solve these problems, they are rewarded with satoshis (fractions) of bitcoin! In simpler words, it is mining that causes new bitcoins to enter the market.
The fastest machine in solving these mathematical problems will be rewarded the most, while the not so fast machines, although they are also rewarded, their rewards are much smaller.
That's why they say it's impossible to hack btc, because to invade this network so strong, even the strongest in the world, it is necessary to have a machine even stronger than that of the miners: an impossible task.
"Oh, but there's quantum computing that's coming." Yes, Google itself is in the process of "development" of a quantum supercomputer capable of breaking cryptography, however, it is still a long way from having a power capable of destroying the Blockchain. Not to mention that as technology in general evolves, the crypto world evolves double, so there is nothing to worry about.
It is Bitcoin Mining that makes your Blockchain so secure.
Have you heard about Bitcoin Core? What is it? This is perhaps the most famous Software on the cryptocurrency market, as all users can view it! Let's meet.
What are Bitcoin, Ethereum or any other Blockchain Layers? It's a little known term among crypto investors, but it's an essential concept for all those who want to venture into this market!
In this content, we will show you what the Bitcoin White Paper is and introduce you to some interesting points. All content in this article comes directly from the bitcoin.org created by Satoshi Nakamoto in 2008.
How Much Does a Bitcoin Miner Earn?
Know that you are unlikely to be able to Mine Bitcoin at Home, many miners were migrating to Ethereum, however, with the latest relevant update, The Merge, the cryptocurrency no longer has the same mining as bitcoin, in computing power. , then this is no longer possible!
So keep in mind that "how much a bitcoin miner earns" will depend on how much you're willing to spend on more machines. Some miners earn very well, but also invest heavily in their own equipment.
It is always important to remember that in Bitcoin, there is a thing called "halving" that causes Cryptocurrency, every 4 years, to reduce the miners' reward in half, so if you are not willing to always be investing in new cards, video, you will be left behind!
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How to Mine Bitcoin, what does it take?
You already know that it is necessary to have one or more computers of extreme power to mine this scarce and decentralized asset, however, there are other points that you need to know about Mining Bitcoin:
- Invest in high-powered machines: it is essential that you have state-of-the-art machines to mine this cryptocurrency and be rewarded with greater values;
- Cheap Energy: this is another extremely important detail! There is a country in Central America called El Salvador that is investing heavily in this. As the country is full of volcanoes that emit clean energy, the government encourages miners to migrate there, spending is 0 on energy!
- Bitcoin Wallet: It is also necessary to have a Bitcoin Wallet in order to receive your satoshis. This is the easiest and least time-consuming process to do. You will be able to create a wallet both inside and outside exchanges, either through hardwallets or coldwallets.
- Mining Pools: this is where you join a "community" and offer your computing power with other members, when mining (both you and your partners) share the reward;
- Have a Mining program: there is no point in having the computational power, energy, wallet, being part of mining pools and not having mining software! There are many programs, among them, the best known are: EasyMiner, CGMiner and BFGMiner.
Is Bitcoin Mining Worth It?
It is a fact that, nowadays, it is not worth mining bitcoin at home, let alone, by smartphone! That does not exist! However, there are some solutions for you, dear reader, who really want to do cryptocurrency mining at home!
Some other cryptocurrencies do not have the Hashrate as high and competitive as Bitcoin. We always mention here on the site the case of Litecoin, which is an excellent cryptocurrency and alternative to btc to mine.
So, How to Mine Litecoin?
Litecoin is the second cryptocurrency to be created and is also widely used worldwide as a means of payment! Not to mention that its fundamentals are very similar to Bitcoin: some compare it to digital gold and silver.
Their network, despite not being as strong as btc's, is also very secure. This means that it can be an opportunity for you who are reading. If the network is not as strong, it means that there is less competition and, in addition, you contribute to the security of the network. It is much easier to Mine Litecoin than Bitcoin. Any relevant gaming computer today - with a suitable video card of 8gb or more - can mine this asset!
And this one, you can mine at home.
To mine Litecoin, you will be able to use the Binance exchange itself! There they have an article explaining the whole process in case you have questions. This is the Article.
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The idea of freedom is fascinating and Bitcoin gives us that in many ways. Explaining ideas of a decentralized web on the Bitcoin Lovers website.