Bitcoin is treated as one of the most important inventions of this century. It allows the users to send or receive money from anywhere on the earth without any kind of security risk. Besides, Bitcoin is the most popular cryptocurrencies and global payment system of the current time. The value of Bitcoin has already risen up to 40 times. It is believed that the price of Bitcoin may reach $40,000 by the end of 2018.
Typically, most of the people invest an amount of money for earning Bitcoin. However, you can earn from Bitcoin without investing in Bitcoin mining. Today I will discuss how to mine Bitcoin from your computer.
What is Bitcoin Mining?
Bitcoin is not like the paper money and it doesn’t control by any centralized bank. Then where the Bitcoin comes from? Well, Bitcoin mining is the process of verifying the transactions happening by Bitcoin. The miners use specialized mining software or the GPU and CPU of the computer to mine bitcoin. The miners solve mathematical problems which issue a small number of Bitcoin as a reward.
This process helps to add the past transaction records to the public ledger of Bitcoin. The past transactions record is known as Blockchain. With respect to its name, the Blockchain is a block of a chain. It helps to endorse transactions on the other networks for happening. The Bitcoin Mining both helps the miner to earn and keep the currency safe and secure.
The quantity of Bitcoin discharged by mining each block is known as block reward. The block reward decreases to half in every four years or 210,000 blocks. When the Bitcoin is started the reward was 50 and now it is decreased to 25. So, it is becoming difficult to mine bitcoin day by day.
Two Ways of Bitcoin Mining
Based on hardware functionalities, you can mine Bitcoin in three ways. They are:
- Bitcoin Mining with Computer: This is the less powerful way of mining Bitcoin. The CPU/GPU of your computer will be used for mining Bitcoin. You will need powerful graphics card installed on your computer.
- Bitcoin Mining with GPGA: The GPGA is an integrated chip which is specially designed to use as a mining hardware. This hardware is sold separately and allows you to customize it before using on your PC. It increases the power of your computer’s GPU and CPU.
- ASIC Bitcoin Miner: The ASIC Bitcoin is a specialized device which does only one task, Bitcoin mining. Typically, these devices are very expensive. But they can mine bitcoin faster than other ways. It consumes a less electric power for mining.
We will discuss the process of mining bitcoin from your computer, as other ways are very expensive for average peoples.
How to Mine Bitcoin from Your Computer
Actually, Bitcoin mining with a computer is so slow that it is not considered as a standard process anymore. However, if you have a high configuration PC with high-end graphics card you may mine from your PC. Follow the below steps to mine bitcoin from your computer:
Step-1: Create a Bitcoin Wallet
At first, you will need a Bitcoin wallet to keep the Bitcoin you earn from mining. Whenever you sign up for a Bitcoin wallet, they will give you a unique wallet address. The address must be public to receive and send coins.
Step-2: Join a Mining Pool
At this step, you will need to join a mining pool. Mining Pool is a group of Bitcoin miners who combine their computer powers to earn Bitcoin. As you know, Bitcoin is rewarded in every block, it is quite hard to mine alone. So, you should join a mining pool to mine Bitcoin faster.
Step-3: Download a Mining Program
Now, you will need to download a mining program to your computer. The mining program will give you the control to monitor your mining rig. BFGMiner and 50Miner are two of the famous mining client of the current time. If you use a mac, you can use MacMiner.
Step-3: Configure the Program and Mine
Open the mining software and configure it with your mining pool username and address. You will get a percentage every time the pool completes a block. The Bitcoin will be added to your PC.
Bitcoin mining with a PC is a very lengthy process and it takes a lot of electrical energy. So, it is better to buy a mining machine for a fast mining.
Hopefully, the above guide will help about to know about how to mine Bitcoin from your computer easily. If you have any question about Bitcoin mining, please let us know.
