You've already heard about Bitcoin Mining and you want to start the adventure, this article is for you!
What is mining?
It's very simple, mining is an essential practice for the existence of some Blockchains (1), without which cryptomonts (2) working with Proof Of Work could not be exchanged.
Indeed, each minor is a central element in the verification of transactions for this type of blockchain, for example, if a person "A" wishes to send 1 Bitcoin to his friend "B", the information of the sending is noted in the BlockChaine and then received by several minors.
Each minor receives the block (3) containing the transaction and then using his GPU (4) or CPU (5) solves complex computations, then after successful completion, confirms that "A" holds at least 1 Bitcoin and wishes to send one to "B".
If enough minors confirm the transaction, usually 6, the transaction is done.
Why Miner?
After understanding how it works, it is now necessary to know the interest of a minor in using his or her equipment to operate a system that does not belong to him or her.
Bitcoins mining consumes electricity to run and uses, in several years, the GPUs or CPUs used without stopping.
As previously mentioned, minors check transactions, which allows for a decentralized and unsecured system by a bank or any other organization, which is one of the Bitcoin principles.
Mining is therefore essential for Bitcoin and some other cryptomonnaies, which is why, for their work, miners recover part of the transaction costs and create a certain number of Bitcoins, currently 12.5, a figure that is decreasing as the number of Bitcoins already created increases.
The figure will have reached 0 when the total number of Bitcoins created will be 21 million.
Can my computer undermine?
For Bitcoin mining, a standard computer may be enough to raise a few tens of euros per month, but many companies use ASICS, a kind of extremely cooled processor specially made for mining, so they are not reusable as the main processor of a computer but can only mine.
These ASICS are selling for quite expensive and are increasingly difficult to make a profit, because the more miners there are with powerful machines, the more difficult mining becomes, the harder it becomes to have a piece of this coveted good, and thus to pay back its purchase in addition to electricity. In addition, all X blocks, the miners' remuneration is divided by 2.
How and with what miner?
Well, now that you know how mining works and its usefulness, you need to know how to mine Bitcoin.
There are many more or less interesting softwares like ClayMore, but to get started NiceHash software remains excellent.
- Start by clicking on the link below to go to the NiceHash page: https://www.nicehash.com/
- Click on " register " for you to create an account, then enter a valid email address and a password, check the CAPTCHA box and then the " I accept Therms of use ".
Then, go to your email address to click on the link received in the NiceHash email confirmation email.
After you have created your account go to the tab " DashBoard " and copied the code composed of numbers and letter, it is a public key that will allow the software to send the Bitcoins in your Wallet (6).
Once the account has been created, you still need to download the NiceHash software and configure it:
Go to the link below to download the software according to your graphics card:
https://miner.nicehash.com/
- Launch the software and then run the BenchMarks in the tab " Hardware Details ", then go to the tab " Wallet " where you can enter your email address or code available on the NiceHash website. :
All you have to do is press " Start " to start mining, you can see in the green card your Balance in Bitcoin and Euro, the latter value can change depending on the price of a Bitcoin.
In the card placed above you will see an average value of Bitcoins that you will earn in 1 day.
How do I get my Bitcoins back?
After retrieving more than 0.002 Bitcoins (approximately 2 weeks for my pars), go to the NiceHash site then go to the " Wallet "tab, and to finish click on " WithDraw ":
Click on " WithDraw to my Coinbase account ", and enter your email address from a CoinBase account (https://www.coinbase.com/dashboard) that you will need to create beforehand:
Then click on " Add to withdrawals ", you will receive your bitcoins between 10 minutes and 2 hours on your CoinBase account.
From CoinBase options are available to send them to other sites.
!!!! Over-intensive use of your equipment (heats too high, Overclocking too intense) can lead to a faster deterioration of the equipment!!
Glossary:
(1)BlockChain: Technology enabling the verification and exchange of virtual currencies or information.
(2)cryptomonnaies: Bitcoin-inspired virtual coins.
(3)block: Transaction groupings in a BlockChain.
(4)GPU: Graphics card.
(5)CPU: Processor.
(6)Wallet: Electronic wallet.
So this is the end of this article, hoping that it has you more. Thank you for your reading and attention, don't hesitate to leave a comment if you want more information, and to UpVote my article if you feel like it.
