There may be many people who are interested in Bitcoin mining. They are wondering what its characteristics are in the first place? By mining, you can get bitcoin without buying cryptocurrency. And if the price of bitcoin rises, it is possible to get a tremendous profit. However, many people have difficulty in Bitcoin mining or do not know how to do it. This time, you will thoroughly know the characteristics of mining and the method that even individuals can earn. First of all, Register to know the features of mining and the mechanism for getting rewards for mining.
- 1. What is mining?
- 2. Types of mining that individuals can do
- 3. How do you mine? Explain how even individuals can do it?
- 4. Conclusion
What is mining?
In the first place, mining refers to the work of verifying and approving transaction data on the blockchain. In virtual currency, a technology called blockchain that encrypts transaction history, classifies it into blocks, and manages transactions by connecting each block with a chain is used.
Multiple transaction data is stored in one block, which is characterized by being stored on various networks around the world.
Types of mining that individuals can do
Many people who are interested in Bitcoin may want to start mining or are wondering if there is any mining that individuals can do. If the trading environment is aligned, even individuals can mine. Specifically, the following two mining methods are available.
Types of mining that individuals can do
- Solo Mining
- Mining Pools
Let’s take a closer look at each mining type.
As the name suggests, solo mining is a method of mining by one person. You can only use your own PC to approve blocks and get rewarded. The merit of solo mining is that you can receive rewards alone. It is necessary to have reasonable processing power, but since all profits go in by yourself, it is the most profitable efficiency as long as there is an environment.
A mining pool is a method in which one person performs one mining. In solo mining, even if you lose in specs, it will be easier to receive mining rewards by processing with the cooperation of multiple PCs. There is a great chance that you can get rewards. Since processing by multiple people, the rewards you receive will also be divided by the number of people. In addition, when using a mining pool, it is necessary to download dedicated software and pay a commission, so it is not highly profitable.However, among the mines available to individuals, it is the easiest to enter and recommended for beginners.
How do you mine? Explain how even individuals can do it?
There may be many people who want to earn bitcoin by mining. As individuals can do mining, mining pools are recommended. To start a mining pool, follow these three steps:
How to Mine Fast?
- Have what you need to start mining
- Install mining software
- Start mining through mining software
From now on, we will thoroughly explain how to mine and what you need.
1. Prepare what you need to start mining
First, let’s take a closer look at what it takes to mine Bitcoin.
What you’ll need
- Mining PC
- Equipment to cool the heat of the PC
First of all, to do mining, you need to approve the block using your own PC. Power of the PC, it is desirable to use a PC with high processing power as much as possible. Therefore, let’s prepare a PC for mining, since the speed of mining changes according to the processing.
Equipment to cool the PC
During mining, the PC performs processing at high speed, so it consumes the energy of electricity and generates heat. If the electronics get too hot, they will short-circuit, so they must be cooled during mining. In particular, the video card and graphics board will be hot, so prepare equipment to cool down. PC cooling fans are sold at mass electronics retailers and on Internet shopping.You can also have a small fan for mining, so let’s buy it. In addition, although it is simple, it is also possible to take measures by applying a handheld fan to the graphic board.
This time, you get the method and type of mining. You need a really advanced computer with the right software to start mining. But you can easily participate in mining by utilizing a mining pool, etc. However, Bitcoin has a halving, and miners’ rewards are getting smaller and smaller, so you need to calculate whether it will be profitable or not.