Start Mining Now
Bitcoin mining is a great way to earn cryptocurrency while providing a valuable service to the global network of users. Miners can set up a hardware operation by themselves or join forces with a large venture via cloud mining. If you are looking to enter this field in 2020, here is what you need to know about the business.
Bitcoin mining is a great way to earn cryptocurrency while providing a valuable service to the global network of users. Miners can set up a hardware operation by themselves or join forces with a large venture via cloud mining. If you are looking to enter this field in 2020, here is what you need to know about the business.
What Does It Take to Mine Bitcoin in 2020
Bitcoin mining
is a transaction security and validation service done via distributed computer
systems each racing to solve complex mathematical problems before the
competition. Miners keep the global ledger consistent and
immutable by repeatedly adding newly requested transactions into a block, which
is then broadcast to the network and verified. For providing their valuable hashing power to the cryptocurrency network,
miners are rewarded each time a new block is created by them in this fashion.
The most popular bitcoin mining
machines are the Antminer series from Bitmain, but there are additional hardware
offerings from companies such as Microbt, Canaan, Ebang, and a few others. Take note that while
some machines are available to be purchased off shelf already, or even
immediately as second hand goods in online markets, when the newer models come
out there is often a waiting period until they are shipped, and you need to
take that into consideration.
Other than the upfront cost of the
hardware, your main expense as a miner is electricity. The power is primarily
for operation of the computer systems themselves, but also for ventilation and
air conditioning systems that might be needed depending on the situation. This
is why professional miners routinely migrate around the world to locations that
can offer them an optimal combination of lower electricity prices and hospitable weather.
Once the hardware is all set up, you
then need to direct your mining machines to a mining pool such as F2pool,
Poolin, Btc.com, and Antpool. These are groupings of miners that compete to get
a block together and share the rewards according to the contributed hashing
power, thus spreading the work and streamlining the revenue for each one.
How to Start Cloud Mining With Bitcoin.com
An easier alternative to setting up
your own mining operation is to go for cloud mining. This is a way to generate
cryptocurrency that doesn’t require buying any expensive equipment,
or installing the infrastructure needed for it. All you have to do is find a
provider that you trust and buy a contract from them, which is in essence
renting hash power in a dedicated facility. Bitcoin.com is one such provider,
with a cloud
mining service focused on bitcoin cash (BCH)
and BTC.
