With the growing technology and new investment opportunities, new ways to make money online keep hitting the market now and then. As there are tons of new ways to make money while staying at home, only a few of them are worth your time and efforts. Not to mention mining cryptocurrency is among the most trending of them all currently.
Being the first cryptocurrency ever to successfully establish the P2P (Peer 2 Peer) trading network around the globe, Bitcoin is high in demand. The majority of the altcoins are following Bitcoin and supporting it for a long time. Launching similar features and trading facilities in the market. But they can not surpass the big bull BTC due to its overall market evaluation and recent price hike events. No wonder investors are choosing Bitcoin for both trading and mining.
Is It Possible To Make Money With Bitcoin Mining?
Whether it’s the cryptocurrency industry or other ways to invest your money, taking the right decision is the only thing that decides your profit and loss. Cryptocurrency trading is a highly volatile activity but it has a lot of potential at the same time. Due to the uneven market conditions and higher risk, a lot of people avoid investing in cryptocurrencies. Therefore, choosing alternative methods like Bitcoin mining sounds better. That is not as risky as cryptocurrency trading and easier to implement.
What Is Bitcoin Mining?
Bitcoin mining is not a new concept at all, because the concept of mining cryptocurrencies has been around the market for a decade now. And if you are among those few people who don’t know about Bitcoin mining, then you are missing out on a high potential investment opportunity for sure.
Mining Bitcoins is a process of completing cryptocurrency transactions with the help of powerful computational resources. To put it simply, different people provide computational resources to the blockchain, which include high-quality graphic cards and efficient processors. Later the Blockchain network sends a complex equation to these nods in order to solve them as quickly as possible. The computers solve them to mark a transaction as complete and help the BTC network to continue the Bitcoin trading 24/7.
Hence, the people who provide computational resources for solving the transaction blocks are known as Bitcoin miners. Whereas, the entire process of completing the different transaction blocks is known as Bitcoin mining. The minors receive a small number of Bitcoins for free as compensation for helping the network by completing the transaction process without any problems.
How To Start A Bitcoin Mining Business?
Starting a successful Bitcoin mining business is rather simple if you know the exact process. However, it is not that easy as it sounds, because the main leading element for starting a successful bitcoin mining business is enough resources. Without enough resources and investment, you won’t be able to generate any decent profit at all. Below is a complete run down to help you get started with your first ever Bitcoin mining business in a few steps.
Step 1: Efficient hardware resources
The first and the most important thing to start a Bitcoin mining business is choosing the appropriate hardware. We recommend investing in several mining resources if you wish to cover up your expenses more quickly and start generating pure profit from the mining business. This means the earlier you start, the more quickly you will be able to recover your investment. Choosing the right hardware for the mining process is as important as deciding whether to start this business or not.
Therefore, you have two options for hardware requirements. Either you can choose ASIC miners that are highly efficient and expensive at the same time. Or you can invest in a number of GPU cards that are capable enough to solve the complex blockchain equations quickly than other minors collectively.
Choosing the first option will not require anything except a reliable power source. Not to mention ASIC miner pricing starts from $2000 and goes up to $13,000 depending on the efficiency and ROI calculation. Whereas, if you decide to build a mining rig with graphic cards, it will cost you additional components as below.
- Mining rig frame
- A processor (Dual Core recommended)
- Robust power supply for your mining rig
- CPU Cooling fans to maintain the temperature
- A motherboard capable to mount more than 4 graphic cards at a time
- Connectors for the motherboard, graphic cards, and power supply
Step 2: Set up the mining program
Cryptocurrency mining directly works with different blockchains. As the cryptocurrency network depends on blockchains, you need a way to connect to the blockchain directly. And participate in the activities related to transactions. So you can monitor your overall mining progress while keeping an eye on the cryptocurrency price lists at the same time.
Therefore, we recommend installing a mining program in your operating system. So you can connect your Bitcoin mining rig directly with the blockchain. And get vital information like hash rate and performance-related metrics for your setup. You can choose among the trending mining software from the market like AwesomeMiner or MultiMiner. Setting up the mining program will help you analyze the details and estimate the profit margin much easier. Allowing you to take future decisions whether you should expand your mining rig or not.
Step 3: Choosing A Secure Bitcoin Wallet
Once you are done with setting up your mining resources and other aspects as well, you need to be ready for storing your earned Bitcoins securely. Because the mining program will ask you for a wallet address where your rewarded Bitcoins will be sent. So it is mandatory that you set up a secure wallet that allows you to store and manage your bitcoins hassle-free.
The easiest way to start storing them is by using a desktop crypto wallet. You can go with some popular options like Exodus or Atomic wallet if you do not wish to overcomplicate things. Because you can download and install them just like normal software on your device.
However, if you are more concerned regarding your Bitcoins and want to keep them at a much safer place, hardware wallets are your way to go choice. As they keep your private and public keys safely within an offline environment and additional security measures. We highly recommend choosing secure hardware wallets like Ledger Nano S($59) and KeepKey($99).
You will find a lot of different crypto business ideas on the internet. But not each of them will guarantee any return on your investment for sure. Whether you are a newcomer investor or a professional trader, choosing methods such as Bitcoin mining is rather safe in comparison to others. Unlike other small businesses, starting a Bitcoin mining business doesn’t require a lot of investment.
In conclusion, Bitcoin mining is a business that doesn’t require any technical skills or knowledge. As the complete process is automatic, you only need to take care of the maintenance of the mining rig and pay for the electricity costs. Still, if you are confused regarding anything feel free to ask your questions in the comments section below. Do share this idea with your fellows to give them an equal opportunity.
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