How to earn bitcoins by mining? This question is of concern to many users. Most types of cryptocurrency are not issued immediately in full, but allows for a certain time and using special equipment to generate coins. Certainly, in order to take part in this process, some investments will be required, but the profit will be received on the first day of your work.
Table of content:
- How to choose an ASIC for the efficient mining
- Create a BTC wallet and join the pool
- Setting and launching the equipment
- Conclusion: is there a chance to mine remotely?
Choosing and purchase of the equipment
It's hard to believe, but it's a fact that in the first years after the invention of bitcoin, a home computer was used to mine the digital coins. To do this, it was enough to install the program and watch how digital gold was coming to the wallet. Now everything is much more complicated. To get the block you need to process a wealth of information, and the number of participants is becoming more and more each day. Now the block can be mined by a large group of people, and each user connects to the process his or her share of power. Such services, which unite users, are called pools, and we will describe them below.
So, it's time to buy equipment. Even the best graphics chips can be given to gamers. Professionals have long enjoyed ASICs in their work. These are special devices that are adapted exclusively for mining, so they could not be expected to be used for some other purpose, for example, as system blocks. Also your ASIC should support the bitcoin network algorithm called SHA-256. Of course, there are other models, for example ASICs for Litecoin. Not so long ago devices for cryptocurrencies based on the X11 algorithm appeared on sale. However, for Bitcoin they do not fit at all.
When choosing mining equipment, it is important to be familiar with the technical characteristics. What hashrate has the device got? The newest models guarantee more than 10 Th / s, but at the same time the energy consumption will be appropriate, i.e. very high. Will your local power grid withstand this load? Let's take a look at the powerful mining farms that operate in different parts of the world. All of them are equipped in separate buildings, connected to the individual power line. When many pieces of equipment are working, heat is released. An interesting idea was realized recently in Canada: the heat, which before that just warmed the atmosphere, is now used for greenhouses and fish farms. Isn’t it a great and environmental friendly decision?
Creating the wallet and choice of a pool
Bitcoin wallet is a necessary thing for everyone who deals with cryptocurrency. Without this service, no operations are possible. Sale, purchase and exchange of digital assets are made in this environment. There are different types of wallets for storing the cryptocurrency. Their working principle, types and methods of registration have been repeatedly described in our blog, so if you wish, you can read this information at any time. Another thing is that the address of the wallet will be needed when registering at the pool. Your share of profits should go somewhere, right? Then you can exchange the received bitcoins for the fiat money, become an investor or make a purchase online, because many retailers accept BTC.
Are your seriously concerned about how to earn bitcoins by mining? The choice of a pool is as important as buying ASICs. There are many web-resources that provide such a service as joint mining. Moreover, if you have programming skills, free assets and hot wishes, you can make your own pool. But it's not about that. The overwhelming majority of miners use ready services with reliable reputation and favorable terms of cooperation.
What do we mean by the favorable terms? Everything should be fair and transparent. Users prefer the convenient and fast registration, a good support, early solution of the problems and, of course, a fair sharing of profits. Since people with different equipment are connected to the pool, then the reward of each of them will be corresponding. Nobody wants to share profits with weaker participants. By the way, pools for the weak miners have long been irrelevant, at least for the leading cryptocurrencies. Each pool has its own payout system, but before you connect to the resource, you should learn about this condition in detail.
Connecting and setting up the equipment
Let's look at the connection and configuration of an ASIC using the example of one of the most popular models Antminer S9.
- Install the device
For ASICs, special constructions are used, which are called rigs. These are strong wooden or aluminum racks, which provide good access and ventilation. In any case, you can not put the ASIC fan in the direction of the wall. Air access is strongly required.
- Check the electric network
The wiring must be new, free of damage and melted areas. Miners use a lot of energy, they get very hot, and so it needs to be taken into account. Overloading the network can lead to a fire, and your neighbors will not want to stay for a long time in the light of a dim bulb. If possible, connect to a separate and stable source.
- Indicators and connectors
SD slot is needed in order to reprogram the device if it ceases to work on the basis of internal memory. There is also a reset button. It is useful if the settings were made incorrectly. “Normal” is an indicator that lights up green during normal operation and connection to the pool.
- Search MAC and IP addresses
The device has its own network address, and to know it, you need to go to the settings of the router, namely the DHCP list. The IP Reporter program will allow you to quickly cope with this task. Once you have found the address, type it in the browser to get into the web-interface. Root is the login and the password.
- Set up mining
At this stage, the user writes the settings, which is why the registration on the pool is done in advance. Antminer like other miners from Bitmain has their own version of stratum. It limits the choice of the pool. Antpool or F2pool are preferably. Settings must be copied to the personal account of the pool.
In the web interface of your miner, you should write your account title instead of "antminer". This is best done by copying. As for the worker and the password, this information is generated automatically, so you do not need to change anything manually. You can also set the maximum temperature mode in the settings.
- Getting started and monitoring the process
After the settings are saved, the restart occurs and the work begins. In the Miner Status tab, you can monitor the operation. Also, the statistics from time to time should be checked in the personal account of the pool. ASIC is an apparatus, so no one is safe from the technical problems. Hardware errors of the chips are considered to be hashes that are not accepted by the pool, which are classified as Rejected and Stale. It is better if there are less such problems.
Now you are informed how to earn bitcoins by mining. It's not such an easy job as it might seem from the outside. You will have to invest in buying equipment, adjust settings yourself or, if you do not have such skills, ask professionals for help. It will take some time to justify your investment. For revenue forecasting, there are special calculators that allow you to make the right choice of ASICs. For those who do not want to deal with the hardware, settle a place for the farm, then you can use cloud mining. In this case, your active participation will be minimal.