Why should you buy Bitcoins when you can mine it? Bitcoin mining may seem like a capital-intensive process, but it’s a fun and profitable way to stay actively involved in the cryptoverse. The fact that you’re reading this shows that you’ve taken an interest in mining, but you don’t know where to start. Well, building a Bitcoin mining rig starts from deciding which Bitcoin mining hardware you want to use. You can decide to do either GPU/CPU mining, FPGA, or, ASICs.
After you’ve decided which hardware you’d like to use, the next step is to calculate your mining profitability. Remember that the goal is to make a profit. You can get fantastic mining calculators online. After buying the hardware, you need to do the following:
Step One: Download the Bitcoin Mining Software
Buying the hardware is one part, the second part is downloading the software. If you’re using FPGAs or GPU s, you will need a host computer to run the mining software and standard Bitcoin client. The standard Bitcoin client is a software that connects your computer to the Bitcoin network and enables interaction with Bitcoin clients. It forwards transactions and keeps track of the blockchain. It relays info between the Bitcoin network and your miner effectively. The Bitcoin mining rig software, on the other hand, instructs your hardware to do the work. There are many available, and the one you choose will depend on your operating system.
If you buy the ASIC, you may not need a Bitcoin mining rig software as some manufacturers pre-configure everything before you buy it. However, if the model doesn’t come pre-configured, you’ll need to install the mining software.
Step Two: Join a Pool
After you’ve completed your set up, you are advised to join a pool. You can try mining solo, but that isn’t going to be as profitable as you’d expect thanks to the increase in mining difficulty over the years. So, look for a mining pool and start working hard with others.
You’ll get your fair share of every reward generated on the pool.