Bitcoin mining

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For many of us who have heard about virtual currencies first of all it was the Bitcoin. It is natural that anyone who finds out that such a currency (at the moment a Bitcoin is worth about 9 500 USD or 8,000 EUR) can not only be bought but also “mined” (obtained free of charge using computer resources) would like to know how to mine bitcoins.

You can watch this short instructive video on Bitcoin mining.

Truth and myths

First of all, you should know if true or not are some of the frequently heard statements about Bitcoin mining. Some of them are myths but some are pure truth.

Bitcoin can be obtained for free

It is a myth. Even if Bitcoin can be obtained without paying for it, it has its cost. You should never forget to include into calculation of the cost of Bitcoin not only price of electricity but also the depreciation of devices used.  When we include these variables in the formula of calculation of Bitcoin costs, mining may seem less attractive and even loss making.

It is not worth to mine Bitcoin, and it is better to mine Altcoin

It is true. Currently, not investing larger sums (with considerable risk – we should agree) but expecting some profit, it worthwhile to focus on the developing virtual currencies, such as Ethereum  (although it already requires a sufficiently powerful graphics card), Bytecoin (which is not Bitcoin), Monero, and some other. After you acquire these “alternative” currencies, you can easily convert them to BTC or straightaway to FIAT currencies at trading points.

If it is still difficult to understand what FIAT is or what those trading points are – we recommend reading various dictionaries of trading in virtual currencies. If you would like to start mining one of the most profitable alternative currencies, there is a mustread for you – the article on Monero mining   with some instructions on how to start. We also prepared useful information on Ethereum mining.

Bitcoin can be mined with a personal computer

This is almost a myth. This could have been done a few years ago – initially with computer processors, then with video cards, and currently only with the specialized equipment, namely “Bitcoin miners”. This is almost a myth, since theoretically it is still possible to mine with the standard equipment, however, every platform that you can try for mining has the lowest possible amount of available BTC, for example 0.0001. To dig it up – calculations have been made somewhere – you would need a few decades, and it really does not pay.

You should not forget that not only be Bitcoin can be mined. At present, ordinary computers both with standard processors and video cards can be used for much more worthwhile mining of the other currencies, for example Monero or Ethereum.

Monero mining
Example 11 – Special device for Bitcoin mining – AntMiner T9. The cost of this device is around 1500 USD, and with one device it is possible to dig up about 300 USD (0.031 BTC) per month, and the amount decreases every month. And you can obtain the mentioned amount only if the price of Bitcoin remains the same, and the algorithm of Bitcoin will not get more difficult. And it is also necessary to remind that the amount of electricity consumed during the period of month will be about 1000 kWh, which costs about 100 EUR.

What the current mining network looks like

To make it easier to imagine what the current mining networks – simply called farms – seem to be really large “factories”. Such a “factory” lives its separate busy life, and there are maintainers of the network that ensure its perfect functioning.

If you still decide to start Bitcoin mining

If we did not persuade you to choose mining of the other currencies, and then change them to BTC – we respect your choice and will support it. However, we have to admit that instructions regarding Bitcoin – unlike all the other our instructions – are not based on our personal experience! Also mining is possible only with a special ASIC mining hardware, such as AntMiner.

Register for Slushpool – one of the leading public Bitcoin mining platforms. After that install the program on your ASIC device (you can choose from cgminer or BFGminer). You will have to unregister the device from Google because these programs are marked as malicious in Google. This is due to the reason that if they are installed on someone else’s computer, the person can be deceived, and the person’s resources used. Once the program is installed, you only need to configure it. This is a configuration for Europe (the configuration for each region is slightly different since the servers are arranged in such a way as to maximize the speed):

URL: stratum+tcp://eu.stratum.slushpool.com:3333
userID: prisijungimoVardas.irangosPavadinimas
password: betKas

URL –  nothing needs to be changed, userID  –  you have to write the login name that you set up during registration for Slushpool , then the point and the name of the device (workerName, for example worker1). Password is required but it is not checked so it is better not to write your password here, and just type “x”.

And that’s it. Both registration and configuration are really simple, and you have only to wait until you get your first BTC. Do not forget that even mining of the first part of a cent can take a long time as complexity of the bitcoin digging is awful!

Good luck!

4 COMMENTS

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