Are you considering mining Bitcoins but are unaware of how to do it? Or like you’re planning to get into it but find yourself wondering: Is Bitcoin mining profitable? How much does it cost to mine one Bitcoin? Or can I mine Bitcoins using my PC?
Well, you don’t need to bang your head this hard because, in this article, we will tell you everything you need to know about crypto mining. Stay with us till the end to find the answers to all the questions mentioned earlier.
So, without any further ado, let’s begin.
What Is Bitcoin Mining And How It Works?
Bitcoin has been the talk of the town for years now. The reason we already know is the wild fluctuations in its price. But have you ever wondered what happens at the backend and how these coins are generated? The answer to your query is mining.
Ok, I know you might be thinking, why do we even call it mining? The reason is that, like any other resource, Bitcoins are present in a finite amount. The number of Bitcoins that have been extracted out of its decentralized system till now is 21 million. And in total, only 21 million Bitcoins exist.
Now, you might be wondering who is eligible to extract these coins? The question is legitimate because there exists no central control for them. Well, the protocols of the Bitcoin system solve this problem in a way I would call “Who wants to participate?”
Anyone across the globe can mine Bitcoins by solving mathematical problems using their computers. Their mining computers are assigned these complex mathematical problems, and if they can solve those problems, they get Bitcoins in return.
Sounds interesting, right? Let’s dig a bit deeper and explore whether Bitcoin mining is worth giving it a go or not.
Is Bitcoin Mining Profitable?
Trust me; you haven’t seen this before: Two siblings, only 14 and 9 years old, are making 30,000 dollars a month using crypto mining. Sounds crazy, right? And I know you are a bit stunned by that. Anyways, that’s only the tip of the iceberg. Let’s see what else you need to discover.
No doubt that Bitcoin mining means some serious business. But, it’s not as simple as you may think. Why? Because you need to consider how much does it cost to mine Bitcoin? First, you need to invest a handsome amount of money to buy a crypto miner. Secondly, these miners consume a lot of electric power, so that cost has to be considered as well.
Therefore, all crypto miners won’t yield the profit you might be looking for. But don’t panic, as we are here to make it easy for you. Visit ASIC miner value and select the best crypto miner as per your budget and desired profitability.
Well, you can also mine Bitcoin on your PC. Sounds good? Then, let’s see how.
How to Mine Bitcoin on PC?
You might have heard that PCs are not for mining Bitcoin because the graphics card and other parts would tear and lose the warranty. But here’s the truth, mining on a rig or mining Bitcoin on a PC makes no difference.
Bitcoins are mined through applications integrated with specific circuit miners that are so powerful and purpose-building machines. They’re kind of loud and hot, not an easy thing to deal with. But, if you got a graphics card and a decent CPU, you can start mining your Bitcoins today.
Well, if you want to learn how to mine Bitcoin on PC? Let’s jump right in.
First things first, a sound graphics card of at least 6B 6GB RAM. Nvidia 1060 6GB and AMD RX 480 8GB are the most affordable graphics cards that will meet all the mining requirements.
Get Bitcoin Wallet Address
Here comes the crucial step; get a Bitcoin wallet address. Install the Coinomi wallet download the Windows version. But, don’t share your ID or personal information with anyone because if you lose your wallet, you’ll lose all your Bitcoin, and there is no going back.
To get started on Coinomi wallet, follow these steps.
-Go on a new wallet option to create a new wallet.
-Choose a mnemonic phrase (a wallet recovery phrase) and write it down on –paper so if you delete Coinomi from your PC, you can still recover your wallet.
-Create a secure wallet password.
-If you have to store Bitcoin, put a mark next to Bitcoin and click on “Next” to continue.
-The next step is, find your wallet address by clicking on Bitcoin and then Receive.
-Now, you can see your wallet address copy it for further setup.
Download Quick Star Archive
Now it’s your turn to download the Quick Start archive by the 2Miners pool. Once you’re done downloading it, follow the following steps.
-Unpack the achievement by adding a password, i.e., “2miner”.
-Then, open the Setup folder and go to the Nvidia or AMD folder (which one you have).
-Right-click the eth-pool.bat file and edit it with Notepad. If you don’t find such an option, open the Notepad first and open eth-pool.bat from there.
-Copy the previously created Bitcoin wallet address and paste it after the word “user,” replace the wallet address indicated by default.
-Save it and run the file.
And that’s it; your mining has now officially started on your PC. It will keep on mining Bitcoin until you keep the mining program open. And if you close the program, you can relaunch the mining by rerunning the eth-pool.bat file.
How Long Does it Take to Mine 1 Bitcoin?
Want to know how much time mining 1 Bitcoin requires? Well, it will only take around 10 minutes to mine 1 Bitcoin. But, the fact is, it is with ideal hardware and software that only a few users can boast the luxury of.
So, most reasonably, it will take about 30 days to mine one Bitcoin.
Mining Ethereum vs. Bitcoin
Both Ethereum mining and Bitcoin mining need heavy investment to start with, and both are highly profitable without a second thought. But, Bitcoin is not as common as Ethereum, and this scarcity of Bitcoin most often leads to higher earning opportunities as compared to Ethereum mining.
So, if you are considering crypto mining, Bitcoin mining is the best option to go for you.
All in all, Bitcoin mining is an extraordinary opportunity for handsome earnings. But, always consider costs associated with starting and running a crypto mining process.
In this article, we have given you a comprehensive guide on how to mine Bitcoin. In addition, we have also introduced you to the working mechanism of Bitcoin mining and explained to you the profitability of this option. Hopefully, it goes smoothly for you and gives you your desired profit.