With the Internet becoming popular by every day, it is not just a form of communication and entertainment. For some, the Internet is where they make money and there’s a lot of money to be made. It’s like you’re sitting under a mango tree and you get to keep all the mangoes you can pluck. Don’t get me wrong and think it is easy money, you still need to pluck it.
Bitcoin mining is one of the major ways to make money. If you’re not familiar with the Bitcoin currency please read my ‘Bitcoin Explained’ article. Bitcoin transactions have to validated in order for them to be complete. This is done by running SHA256 double round hash verification processes which validate the transactions and provide security for Bitcoin’s public ledger.
In return the Bitcoin network gifts the miners who contributed processing power with Bitcoins. This comes from the newly generated Bitcoins and the transaction fees. The person who offers the most processing power receives the most Bitcoin. In order to mine, you need to buy Bitcoin mining hardware which is readily available on the Internet. In the early
In order to mine, you need to buy Bitcoin mining hardware which is readily available on the Internet. In the early days, it was possible to mine with your computer especially if you had a good processor and a very powerful GPU. Today custom Bitcoin ASIC chips offer way more power than ordinary systems and it is no longer possible to mine using your normal PC. Technically speaking you can, but your power bills will be way higher than your income.
Once you’ve bought your mining hardware which will require some sort of investment, the intensity depending on the type of mine you want, you will need mining software. This is available freely online.
The most popular miners are CGminer and BFGminer. There are various miners ranging from CLI to GUI miners and it’s all just a matter of preference.
The next thing you’ll need to do is to join a mining pool. These are pools where people join together to mine and share the spoils. Going in alone might leave mining for a very long time without earning anything. As the Swahili say ‘Umoja ni nguvu’ (unity is strength).
You will also need a Bitcoin wallet. If you have an existing wallet if you have one else you’ll need to get one. The Bitcoins will be sent to your wallet using your unique address. Please make sure to use two-factor authentication to secure your wallet from potential threats. You obtain a wallet by downloading wallet software into your computer. You will also need to find a place to buy and sell Bitcoins.
Lastly, make sure to stay up to date with Bitcoin news. Now you’re ready to make some money!