How To Mine Bitcoin And The Things You Need

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Bitcoin is a crypto-currency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator.

Ways to mine Bitcoins

1. Choose your miner

One of the easy way to get started with Bitcoin mining is to buy an ASIC device such as the AntMiner S9. These devices have been specifically designed for mining Bitcoins which means they’ll generally give you the greatest return on your investment.

However, as mentioned, these ASIC devices are expensive. The S9 for instance currently retails for around €2,100 (about £1,860, $2,490).

You will usually need to buy a separate power supply unit which will set you back something like another €300 (£265, $360). These devices are usually designed specifically to mine Bitcoin and will not function well if you try to use them to mine other cryptocurrencies (if, say, Bitcoin should happen to fall drastically in value).

Alternatively you can build your own Bitcoin mining rig. While these aren’t as efficient in terms of power and hash rate, they require less upfront expense and can mine other currencies besides BTC. In the simplest terms these are computers with multiple powerful graphics cards installed.

These GPUs might be primarily designed to render complex graphics when playing games, but they also lend themselves well to coping with the complex calculations involved in Bitcoin mining.
To get started, you’ll need to purchase a case for the machine. Most of these are a simple metal frame to allow heat to dissipate easily. You’ll then need to choose a motherboard and graphics cards for mining, such as the AMD Radeon RX 580.

If you need some more advice, see our guides on choosing the best graphics cards and motherboards for mining. You’ll need to assemble the machine and install the OS and mining software yourself, so you should only go down this route if you are tech-savvy and familiar with computers.

If neither of these options appeals, you can rent hash power from cloud mining companies. These firms have dedicated data centers devoted to mining Bitcoins. As they are centralized they can buy machines in bulk and use efficient methods to generate electricity.

Most companies will offer you a fixed amount of Gigahash Seconds (GH/s) of mining power for a fee. The advantage of this approach is that you don’t need to buy any expensive hardware.

The fees for cloud mining will vary, however, and another point to be wary of is scammers posing as cloud mining outfits. See the Bitcoin Wiki for a list of reputable cloud mining companies.

I’ll be teaching other methods in my upcoming posts, all you need to do is stay tuned!

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