How to mine bth: a guide to getting cryptocurrency
Numerous "experts" constantly predict the collapse of bitcoin since 2011. There is even a website that keeps count of how many times bitcoin survived and continued to develop in spite of expert predictions.
If you don’t have enough money to buy bitcoin, you can mine it. Naturally, a question of how to mine bth arises. Let's try to figure it out.
What is mining?
Mining is an activity aimed at maintaining the distributed platform and generating new blocks. Miners have the opportunity to receive compensation in the form of cryptocurrency, including bitcoin.
In other words, mining is getting digital currency with the help of special equipment. The key task of mining is to maintain the functioning of the system. For this, the miners are rewarded.
In the process of mining, complex arithmetic calculations take place, which leads to the appearance of a certain number of virtual coins, presented in the form of an alphanumeric code.
How to mine bth
There are two ways to mine bitcoin. The first one is with the help of special equipment. At the beginning, almost any user could mine - the process did not require very powerful hardware. But after 1-1,5 years you had to use powerful video cards, that cost up to $2,000. Moreover, you must take into account the cost of consumed electricity, equipment depreciation, cost of heat proof and cooling.
What do you need to mine digital currency with a video card?
- a bitcoin wallet;
- a mining pool;
How to mine bth if you do not have that level of financing? The second way is cloud mining. Then another company will be responsible for miming. The user is given equipment for rent for a special fee. In other words, the miner buys the hash rate capacity.
Cloud mining has a number of advantages:
- to start, you’ll need the minimum sum - the lowest price of a package starts at $1,000;
- there is no need to choose a pool and worry it shutting down;
- no worrying about maintenance;
- a large selection of cryptocurrency for mining.
At the same time, not everything is so rosy. Cloud mining has its drawbacks, which include:
- possible malfunctions in the work of data centers, operators, Internet providers that take part in generating digital coins;
- fraud companies;
- hacker attacks.
Other ways to mine bth
With enough funds, you can buy special computing equipment to create your own bitcoin mining farm. Their price varies from $500 to $10,000. The income depends on:
- number of miners;
- electricity price;
- efficiency of mining planning
One also should take into account the competition of large mining farms, which produce computing devices themselves. Despite this, you can have a completely stable income.
How to mine bth in 2018?
New technological solutions will have their impact on the development of mining trends. New technologies may allow creating faster and more efficient devices for mining bitcoin. The use of alternative energy sources and the application of heat produced by miners will improve the profitability of the process.
There will also be a possibility of developing economic generation forms, based on Proof-of-stake and Proof-of-Capacity algorithms, which will allow cutting energy consumption massively.
Find out more at Blockchain & Bitcoin Conference Thailand!
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