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Bitcoin

Best Bitcoin Trading Platforms.
Here are the 2 best trading platforms I recommend using.
CryptoManiaks Tips :
If you're in one of the prohibited countries, note that you can use a discrete VPN to change your displayed location and use these trading platforms freely. Although I do not recommend it, I know for a fact that lots of US residents use VPNs to trade cryptocurrencies.
9. Make Money With Bitcoin Gambling.
Gambling is gambling -- it's one of the oldest industries in the world.
No surprise that Bitcoin gambling sites have cropped up to answer the call of how to make money with bitcoin.
Be careful though, as regulations haven't caught up to the crypto gambling industry. Scams and bad odds are out there.
Fear not, we've compiled a list of the more reputable bitcoin gambling sites.
Sportsbet.io.
SportsBet is one of the best. They accept Bitcoin and many cryptocurrencies. Unfortunately, they do not accept US, Australian, UK, or Estonian punters.
Pros of Sportsbet : Good from a legal standpoint, great customer service, they offer deposits with BTC, ETH, LTC, SOC, $US, $CA, EUR, INR, and more. They also accept Visa, Mastercard, MuchBetter, Ecopayz, Paysafecard, and more. Cons of SportsBet : Restricted to players from many countries. Games available : Sports Betting, Casino Games Bonus : Various promotions Availability : Worldwide, excluding US, Australian and UK residents.
Fortunejack.
As one of the first Bitcoin sports betting websites (launched in 2014), it's no wonder why FortuneJack is one of the highest-rated cryptocurrency gambling sites.
They have 24/7 support, fast transaction speeds, and include BTC, BCH, LTC, ETH. All while offering a large selection of games: Dice, Blackjack, Roulette, Poker, Video Slots.
Keep in mind, though, that they offer deposits and withdrawals in crypto only -- no fiat support.
Games available : Sports Betting, Casino Games.
Bonus : First deposit bonuses 110% up to 1.5BTC and various bonuses.
Availability : Worldwide, excluding UK, US, and a few more countries.
NitrogenSports.
NitrogenSports is anonymous for players -- which is great for privacy advocates. Plus, they don't have any banned locations for gambling on their site.
Though they offer casino games as well as sports betting, including all the major sports for betting such as soccer, basketball, American football, as well as esports -- they accept BTC only.
Thankfully, you can begin betting right as soon as they create an account for you. The account is also anonymous, payouts are quick, and their customer service helps too.
Games available : Sports Betting, Casino Games, Poker.
More Options And Awesome Gambling Resources :
10. Make Money With Bitcoin mining.
Miners are arguably the most integral part of any decentralized blockchain network. They validate transactions, keep the network secure, and ultimately keep transactions moving.
Without miners, transactions would be stale and the Bitcoin network would be useless. As a result of contributing to the network, miners receive coin rewards , more technically known as block rewards . You do not need Bitcoin to mine, just some upfront cash to invest.
Mining has grown into a massive industry with giants such as Bitmain and other institutional sized mining farms. Big profits are to be made, but not without significant upfront cost.
Most cryptocurrencies require mining rigs for the miner to reap any benefit as mining with your basic computer (CPU) won't do anything besides maybe increase your electricity bill.
Mining requires buying a mining rig or creating your own. Generally, mining rigs are made of 2 or more graphics cards (GPUs) because GPUs are much more powerful than CPUs, generating more hash power. Once you have the hardware rig, you can then connect your rig to a mining pool, which allows you to more easily direct your hashing power towards Bitcoin's network.
Be aware that a mining rig can cost anywhere from $1,000 or more, and running these will also increase your electricity bill significantly.
If you would like to make money with Bitcoin mining but don't want to invest a lot of money upfront, you should try NiceHash.
NiceHash is a cloud mining company. This means that you don't need to worry about having your own mining hardware -- instead, you can experiment mining at different networks using the NiceHash network.
Note that many cloud mining companies are unreliable , but I can safely recommend NiceHash. Go have fun with it and see what happens.
Conclusion: How Should I Make Money with Bitcoin?
There are no best methods on how to earn money with Bitcoin than those I covered. Now, you have to find the method which suits you best -- there are no rules.
If you are not sure, then book some time and explore each option. And if you find yourself feeling lost, check out our free, awesome content on our site.
Ultimately, my best recommendations on how to make money with Bitcoin successfully are the following:
Learn about Cryptocurrency (#1) Invest in Bitcoin and other cryptocurrencies (#6) While enjoying first deposit bonuses (#5) Lastly, earn interests from them (#7).
These are, in my opinion, the easiest and most efficient ways to make money with Bitcoin.
And remember: with all the opportunities Bitcoin brought to the world, and as long as you stay active and open-minded, you should find out how you can earn money with Bitcoin.
How to Make Money with Bitcoin: 10 Ways to Earn Cryptocurrency.
There are a number of ways that individuals can earn Bitcoin online. Unfortunately, just as in real life, there is no such thing as a free lunch. Any way of earning Bitcoin online will require something in exchange, whether it's your time or your knowledge or your computer's processing power.
Some of the methods outlined below will involve minimal effort but will also result in minimal returns. Other means of earning Bitcoin online may be more lucrative but they will require you to have a certain level of knowledge and expertise about the industry and the market.
Therefore, although it may appear to some that Bitcoin, and cryptocurrency in general, is an easy way to make money, it is not as easy as some might expect without the requisite knowledge (a principle that can unsurprisingly be applied to any industry).
However, should you be interested in earning Bitcoin online it may be worth considering some of the below options, ranging from the least difficult (and least paid!) to the more substantial roles available in the Bitcoin ECOSystem.


Bitcoin

Coinbase Earn.
Probably the easiest way right now to earn some free cryptocurrency is to take advantage of Coinbase Earn. As you will probably know, Coinbase is one of the largest and easiest ways to purchase Bitcoin and other Cryptocurrencies.
Last year they launched a new initiative called Coinbase Earn, this is a program where you can earn a variety of different cryptos by watching some educational videos about each crypto and then answering some multiple choice questions.
The coins on offer change, so it's best to register and participate in any that are available and keep an eye out for their emails as they add new ones from time to time.
This is an easy way to earn a couple of hundred dollars of cryptocurrency which you can then withdraw or sell for fiat on the platform.
Bitcoin Lending.
There are potentially significant earnings to be made in Bitcoin lending, but there is also significant risk. Bitcoin lending tends to operate through intermediary websites such as Blockfi and Nexo and the concept is as simple as it sounds.
You act as a bank, lending your Bitcoin to another person at a certain level of interest. Because the market is unregulated the levels of interest are generally much higher than the standard bank rate meaning that there is a potential for high returns.
However, on the flip-side, the unregulated nature of the transaction means that in the event that the borrower does not pay back the Bitcoin to you, there is little recourse available for you to enforce the loan.
The volatility and the risk associated with the Bitcoin lending market means that it is probably a market only accessible to very large holders of Bitcoin, due to the level of risk and the potential expense in enforcing a loan if something goes wrong. However, if handled correctly, there is huge potential market in this sector.
For more information about Bitcoin Lending, take a look at our indepth guide.
Micro Earnings.
Although micro-earnings is the easiest method in which to earn Bitcoin, it is also probably the most time consuming of all the methods discussed, especially when taking into consideration the amount of money to be made.
Micro earning websites pay you in Bitcoin for completing small tasks. In return you can get a (very) small amount of Bitcoin. The most popular forms of micro earnings are as follows:
Paid-to-Click Websites.
As suggested by the name, these websites pay users in Bitcoin for visiting certain websites or viewing certain advertisements. There are many PTC websites that will pay negligible amounts in Bitcoin for clicks and views, with Ads4BTC probably being the most famous and the most popular.
This website allows users to choose between viewing ads that are 5 seconds, 10 seconds or 20 seconds, with different fees being awarded for each.
Based on the prices offered by Ads4BTC, if you had 20 second ads running for an entire day, you would make less than $10 per day, so this may not be a viable option for most.
Bitcoin Faucets.
A Bitcoin faucet is a type of website that gives away small amounts of Bitcoin to its users, with owners making money by placing ads on their website and pay individuals who visit the ads or complete surveys.
This industry amounts of over 50% of the traffic on leading Bitcoin websites today. Faucets let visitors earn a percentage of the Bitcoin that they give away to any visitors that you brought in.
This has resulted in users using a Bitcoin faucet rotator that allows users to quickly surf different faucets and earn a commission through rotation links for each faucet visited by you.
However, similar to PTC websites, Bitcoin faucets are not a realistic way to earn good money, with even the best faucet rotators being applied still only enabling users to make no more than $1-2 per day.
Micro Jobs.
Micro jobs are small tasks that can be completed for small amounts of Bitcoin. Websites such as Coinworker offer such tasks, which may involve simply testing a plugin to see if it is successfully compatible with a browser, or just retweeting a post.
Again, the money is small but there is potential to earn a little bit more than the faucets of PTC websites.
Writing about Bitcoin.
If you're knowledgeable about Bitcoin, enthusiastic about the cryptocurrency industry in general and willing and able to share your knowledge, then you can also earn Bitcoin by doing so.
The amount that can be earned by writing about Bitcoin varies, but can be quite lucrative depending on the level of expertise that you have on the subject.


Bitcoin

BitcoinTalk Signature Campaigns.
The BitcoinTalk Forum Signature campaign pays for users to write posts on the BitcoinTalk forum which includes a product campaign in the signature. Payment levels depend on your membership level on the BitcoinTalk forum, with very little Bitcoin being available for users that aren't a full member of the forum (to obtain full membership, you need at least 120 posts).
Most campaigns also have certain requirements for posters, such as a minimum word limit or a requirement that no advertisements are directly included in posts. In addition, some campaigns may include a minimum and/or a maximum weekly post count.
The amount of money that can be made from these campaigns varies depending on the number of quality posts that you could make as a user that achieve the word count minimums.
Depending on the campaign you may be able to make $50-100 for 24 hours of work, exclusive of the posts needed to obtain full membership to the forum.
In addition, due to some campaigns operating only allowing for a maximum number of posts per week, there may not be sufficient income within a campaign to earn substantial amounts.
Lots of new Cryptocurrency companies also offer "Bounties" for performing other tasks, such as creating YouTube videos, blogging and posting on social media.
You will earn differing amounts depending on how many followers you have so it can be useful to build your Facebook or Twitter accounts and participate in different campaigns.
You will typically be paid after the ICO has taken place and receive some of the coin or token from the company you helped promote.
Writing for blog and news sites.
It is at this point that the potential for making good money begins to rise, although the corresponding requirements for knowledge about Bitcoin also increase at the same time.
There are an ever-increasing number of blogs and news sites that require dedicated writers to discuss Bitcoin and other cryptocurrencies and, depending on your level of understanding about your subject, there are a virtual limitless number of options available to writers, with good quality writers being paid between $30-100 per 1,000 words.
At this level writers can also choose their payment methods, whether it be in Bitcoin or in fiat currency. Websites such as Coinality is a good place to start if you are looking to find jobs writing about Bitcoin online.
Affiliate Marketing.
If you take the writing route for Bitcoin and your blog or website is a success, there is potential to make money through Bitcoin affiliate marketing. This is a form of marketing where you can get paid a certain percentage of commission for every referral that you bring to an existing Bitcoin business.
If the business operates an affiliate programme, and your blog is read by enough people who link to the business and purchase the product offered, then the commissions can potentially be unlimited, for minimal outlay other than the drafting of the original blog post.
Provide Bitcoin-related services.
When it comes to cryptocurrency, if your level of expertise is more on the technical side rather than the writing side, there are plenty of opportunities to get involved in cryptocurrency development projects.
Most of the companies currently operating in the cryptocurrency industry are start-ups with limited infrastructure in place. Therefore, they often need everything from software developers to web developers to mining experts to online marketers.
Depending on the size of the startup a role such as this can vary from being a contracting job that can be completed remotely, or alternatively could be a full-time job.
The amount that can be earned from a role such as this is obviously dependent on the type of role, the level of expertise that you bring to the role and the number of hours that you will be dedicating to the role.
Early adherents to the Bitcoin industry have made significant fees through mining Bitcoin. Mining Bitcoin is the process by which new coins are created.
Mining is carried out using certain computer programmes and utilises the processing power of the miner's computer.
At its inception, Bitcoin mining was relatively simple and the earliest miners were able to mine thousands and thousands of Bitcoin with limited expenditure.
However, at the same time, the value of Bitcoin was nowhere near where it was today and therefore any large profits being made from mining didn't really begin to happen until a number of years after when the value of Bitcoin began to rise.
Nowadays, Bitcoin mining is much harder. Each Bitcoin that is mined requires more processing power and therefore mining Bitcoin now involves significant processing power and can no longer be done without specialized equipment.
In addition, the costs of the electricity used to power this equipment is phenomenal, with Bitcoin mining currently estimating to be using the same power per day as a country the size of Morocco.
Because of this, most Bitcoin mining has been taken over by companies who can make profit by scale based on buying large amounts of processing hardware at a discount as well as locating themselves in an area with extremely cheap electricity.


Bitcoin

For this reason, China is by far the largest Bitcoin mining country (mining over 60% of Bitcoin), followed by Georgia, Sweden and the US.
Bitcoin Trading.
There is huge potential to make money on trading in Bitcoin, but it takes a level of expertise and knowledge about the market in the same way that trading on any other financial market does.
In addition, the cryptocurrency market is extremely volatile and therefore may not suit everybody's tastes and risk appetite. The first issue with trading is that almost all of the trading exchanges operate through Bitcoin or Ethereum, meaning that if you wish to trade in cryptocurrency and don't own any, you will probably need to own some (with some exceptions).
Websites such as Coinbase or CEX both allow users to purchase cryptocurrency by credit or debit card, or alternatively to purchase via a bank transfer. Once purchased, you can then transfer your Bitcoin to whichever exchange you wish to operate on. If you wish to consider trading, here are some of the options:
Day Trading.
Day trading is buying and selling Bitcoins on the same day on the basis of small, short-term price fluctuations in the market. Such fluctuations may be based on market trends or simply rumours. Traders can trade Bitcoin against other cryptocurrencies or against fiat currencies such as the US Dollar.
Trading Bots.
Running your own Bitcoin Trading bot is an advanced method which can produce good returns if done properly.
We have written a complete guide to trading bots here which will show you the methods and advantages to earning bitcoin and other cryptocurrencies this way. Here are some of the more popular platforms and bots to use:
3Commas.
3Commas is a very popular trading bot which works with a number of exchanges including Bittrex, BitFinex, Binance, Bitstamp, KuCoin, Poloniex, GDAX, Cryptopia, Huobi and YOBIT.
The bot works 24 / / 7 with any device as it is a web-based service so you can monitor your trading dashboard on mobile as well as desktop and laptop computers.
It allows you to set stop-loss and take-profit targets and also has a social trading aspect which allows you to copy the actions of it's most successful traders.
For more information about 3Commas, check out our complete review here.
Cryptohopper.
Cryptohopper is a cloud-based trading bot which means it can trade cryptocurrency 24 hours a day whether you are at your computer or not. The system allows you to trade on technical indicators, or subscribe to a signaler who sends buy signals.
According to their website, they "are the first and only automated crypto trading bot to integrate professional external signals."
For more information about Cryptohopper, see our full review here.
CryptoTrader.
The CryptoTrader bot is a cloud based trading bot that provides users with fully automated trading solutions while not requiring them to install the bot on their own system.
CryptoTrader features a strategies 'marketplace' that allows users to buy their favorite trading strategy, or alternatively to sell strategies developed by themselves.
Contracts for Difference.
Although similar to day trading, CFDs does not involve actually buying or selling any Bitcoin. Instead, you buy a contract for Bitcoin, meaning that you don't actually have to hold or store any Bitcoin.
One of the advantages of this is that you can short Bitcoin, meaning that if the price goes down, your profit goes up, allowing you to hedge your trades.
One of the disadvantages is that you have no control over the Bitcoin you trade with, as you are not the owner of any Bitcoin or the controller of the private key. It can therefore only be used for trading purposes.
Binary Options.
Binary options (so-called because the only option is to win or to lose) is a trade strategy that allows you to predict if the price of Bitcoin will rise or fall in a certain period of time.
If the rise or fall occurs within the set period, you will receive the payout agreed upon when entering into the option. If it does not occur, then you lose your investment.
We recently reviewed IQ Option which is the largest site for trading Binary options.
Although not exhaustive, these are some of the most popular ways in which you can earn income online. As noted at the outset, there is no such thing as free Bitcoin and something will have to be given in return, whether it's time or expertise or both.
However, with an ever-expanding market the demand for Bitcoin expertise and Bitcoin related products means that there has never been a better time to get involved in Bitcoin.
The Process of Bitcoin mining.
About every ten minutes computers worldwide accumulate hundreds of bitcoin transactions (which is called a "block") and transform them into a puzzle. The first miner who finds solution informs others on the network. The rest of miners checks whether the answer is correct and if the miner has a right to dispose of money. If sufficient amount of miners give their approval, the block is added to the ledger and miners proceed to the next set of transactions. Thus the process is called "blockchain".


Bitcoin

The Reward.
The miner who has found a solution to puzzle receives a reward of 12.5 bitcoins after successfully creating a hash. It is a valuable incentive for miners to participate in transaction validations. Moreover, making miners solve puzzles add another level of protection. For instance, if hackers try to break into the system, they need to rewrite the blockchain which involves more than half of a network's solving capacity and more than 500 supercomputers.
The Weaknesses of Bitcoin mining.
Although everything seems well-thought-out, this system also has vulnerabilities.
Rapid Consolidation. There are so-called "pools" - large groups of miners who unite in order to raise their chances to get a reward. As mining pools are growing, they are getting more opportunities to accumulate enough capacity to mount a 51% attack. In fact three years ago, a pool called GHash.IO raised its bitcoin community that almost achieved this level shortly before several users moved to other pools. This threat becomes bigger when Bitcoin price continues to fall. Network Difficulty Metric. This metric is a measure of how difficult it is to discover a new block. As more miners join the network, they make the rate of block creation rise. As it goes up, the difficulty increases thus pushing the rate of block creation down again.
One of the biggest problems for those who want to start mining Bitcoin for profit is that most sites are written for advanced users. That's why we want to share our guide for beginners that will help you get started.
As we already mentioned, Bitcoin mining is a highly competitive area to earn money. Taking into account that more and more miners get into the niche with advanced hardware, it becomes harder get on board.
When you try to find the best Bitcoin miner you should consider several factors:
Hash rate - This indicator shows how many hashes per second can the Bitcoin miner make. The more hashes there are, the more expensive miner is. That's why you should also consider other features. Efficiency - As miners consume a lot of electricity, you should buy the one that is the most efficient. Price - Cheap hardware will mine fewer bitcoins meaning that the more efficient device will cost more.
Aim for value and efficiency, don't focus only on a hash rate or a price.
Here are several best options currently available on Amazon:
2. Get a Bitcoin Wallet.
After deciding on hardware, the first thing you need to do is get a "Bitcoin Wallet". A wallet is a place where you virtually keep an Internet currency. Once you have it, you get a wallet address that contains a long sequence of numbers and letters. Notice that you need both an address, which is public and a key, which is private (like a password).
You can also have a self-hosted wallet in case you download a program to your computer and are not using an internet-based solution. Don't forget to make a copy of the wallet.dat file on a drive and keep the printed version in a safe location.
Watch a tutorial on how to create a secure Bitcoin wallet:
3. Find a Mining Pool.
Now you are ready to start. If you want to get a possibility to earn money, you'd better join a mining pool. The reason you should not work separately especially in the beginning is that bitcoins are given in blocks - 12.5 at a time. You have to be very lucky to get even a piece of this block.
Moreover, in a pool, you have smaller and simpler algorithms to solve. Considering the collective brain and combined power you are more likely to solve bigger puzzles and get the reward based on your contribution.
When choosing the mining pool, answer the following question:
What fee do they charge for mining and money withdrawal? What reward method do they use? - Score Based/Pay Per Share/Proportional/PPLNS How frequently will you be rewarded? What is a flow of withdrawing funds? Will you have access to statistics? How long does the pool exist?
Here is a comparison of the biggest mining pools considering the location and fees.
4. Get a Bitcoin mining Software.
You are almost ready to start mining. The final step you have to make is to get a mining client on your computer so that you could control your mining rig. Most mining pools already have their own software, but some don't. That's why have a look at the list of the best Bitcoin mining software.
So, hopefully, you accomplished all the steps and are ready to go. Plug your mining device into a power outlet and your computer, and open mining software to start working.
After all the work of verifying the transactions is done, you still may not receive any Bitcoin. That happens because to earn Bitcoin, you have to meet two conditions.
The easiest part is to verify a 1 MB of transactions. You have to be the first one who brings a solution to a puzzle. This is also known as a proof of work.
Before starting with Bitcoin mining take into account that most Bitcoin users don't mine. Mining for profit is very competitive, and it is difficult to get profits without speculating on the price. That's why it is reasonable to start mining only if you want to do it for fun or to add more security to Bitcoin without caring about money issues.
The miner who has found a solution to puzzle receives a reward of 12.5 bitcoins after successfully creating a hash. ">
As suggested by the secretive bitcoin founder, Satoshi Nakamoto, the purpose of bitcoin is to create the decentralized way to exchange the digital assets online without depending on mediators, such as banks or government. The records are kept in a "blockchain", the growing ledger that maintains the transaction history of all tokens in circulation. What if no centralized body keeps track of transactions and decides which one is valid and should be stored in a blockchain? How to make sure that the system is not corrupted? Well, the solution is mining.
The miner who has found a solution to puzzle receives a reward of 12.5 bitcoins after successfully creating a hash.


Bitcoin

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How To Get Started With Bitcoin mining?
Bitcoin and other cryptocurrencies have received a lot of media attention over the course of the last year due to the astronomical rise in prices in the cryptocurrency markets. This has led a lot of young investors to invest in cryptocurrencies and look at other ways to acquire the various digital currencies. Bitcoin (and other altcoins) mining is the fastest and easiest way to help protect the Bitcoin network and to earn small amounts of Bitcoin for securing the network. Let's take a look at the types of mining operations that users can invest in to earn Bitcoin.
Blockchain, the underlying technology behind Bitcoin, relies on a "consensus mechanism" to function correctly. A consensus mechanism ensures that all of the nodes running on the network converge on the same ledger and has built-in rules to handle collisions. Bitcoin's consensus mechanism, called Proof-of-Work, relies, on the combined computing power of all the nodes mining on the network to ensure the safety of the network. All of the participating nodes are competing against each other to solve complex mathematical puzzles that heavily employ digital cryptography. When the mathematical problem is solved, a batch of Bitcoin transactions are processed, and the block of transactions is appended to the global blockchain. In effect, this makes the Bitcoin network utterly resistant to tampering or hacking as a successful attack would require over 50% of the network mining apparatus. Acquiring the necessary computing resources to hack the network far outweigh the reward, thereby making the process economically unviable.
Types of Mining.
When Bitcoin first launched, mining was much more accessible to people as there were very few people mining on the network. This meant that people could use old computers to mine Bitcoin and earn a decent amount of Bitcoin for their computational resources. However, as the popularity of the digital currency rose, so made the difficulty of mining on the network. For users to get started with Bitcoin mining now, they would require specialized hardware, called ASIC (Application Specific Integrated Circuits) Computers. Additionally, it doesn't make much sense for users to mine individually anymore as the odds of them ever successfully solving a block are astronomically low. Here are the major ways in which users can set up their Bitcoin mining operation:
ASIC Farms This is a good option for people who have access to cheap electricity on a regular basis along with a few thousand dollars to acquire the equipment. People who choose to set up their own ASIC farms need a large empty warehouse, preferably located in colder areas as the ASICS produce a lot of heat and sound. ASICS cost anywhere from a few hundred dollars to a few thousand dollars, so the initial set up cost is quite high. Once an ASIC farm is set up, joining a reputable pool is the most efficient way to mine Bitcoin. According to current estimates, users would need to mine for about six months based on current difficulty estimates to recoup their initial investments on ASICs and the cost of electricity before they can start to turn a profit. Cloud-Based Mining Bitcoin cloud mining is a new way of buying contracts from third parties like HashFlare and Genesis Mining to do your mining. It offers several advantages over setting up your mining equipment, like not having to worry about the maintaining the hardware and paying for electricity on your own. The disadvantage to buying mining contracts is that you have less control over which pools to support and voting rights. Overall, this is a good option for people who are new to cryptocurrencies and want to get started with mining.
Problems with Mining.
Despite the remarkable security that Proof of Work mining provides for a network, it has a few shortcomings. The primary problem with Bitcoin mining is the amount of electricity that the miners require to run their equipment. As more and more people join the mining network, the difficulty of the mathematical puzzle keeps increasing. This means that as more miners join the network, miners on the network are doing more computational work that is only going towards outcompeting others and therefore is a net waste. During the peak network usage around mid-December, when the Bitcoin memory pool was all filled up, transaction fees skyrocketed. Some researchers estimated that at that point, every Bitcoin transaction was requiring enough energy to power an average suburban home for up to nine days.
With traditional currencies, governments print and distribute the currency. However, the lack of a centralized authority controlling the bitcoin network necessitates a smart and fair way to come up with bitcoins while still keeping its authenticity and value. That is where Bitcoin mining comes in.
Bitcoin mining is a perfectly legal way to come up with new bitcoins . The decentralized network is set up in such a way that those providing the massive computational power to validate bitcoin transactions in the bitcoin ledger are rewarded for their work with bitcoins.


Bitcoin

The speed at which you validate these transactions is measured in hashes per second. With Bitcoin mining, the more the computational power, the greater the number of hashes per second and the higher reward. So, how do you start mining bitcoin?
Step 1: Purchase Bitcoin mining hardware.
Bitcoin mining becomes more difficult with each new mining rig added into the network. a necessitates adequate due diligence before you even purchase mining equipment.
Start with the use of a Bitcoin mining calculator(link). These calculators provide an option to key in all data on your preferred mining rig and get immediate feedback on if and when your Bitcoin mining investment will break even. These computations must play a big role in the decision to proceed with the endeavor or not.
Read as many reviews on the best and most efficient miner to squeeze the most value out of your money.
Step 2: Download Bitcoin mining software.
Once your bitcoin equipment is shipped, head to the internet and download any of the open source Bitcoin mining software available. The most popular command line applications are BFGMiner and CGminer .
Users who prefer an easy GUI based application can download EasyMiner which is available on Windows, Linux and Android operating systems.
Step 3: Get a bitcoin wallet.
Since Bitcoin is an internet-based currency, a bitcoin wallet is a key requirement for any Bitcoin mining activity. The public wallet provides a safe way to receive and keep your bitcoins. The address is simply a sequence of numbers and letters with a generated private key that acts as your password.
To maximize safety, backup your bitcoin address as loss of either the address or the private key will render the account forever inaccessible and make the available bitcoins completely useless.
Step 4: Join a mining pool.
Going it alone in cryptocurrency mining is never a good idea. To be successful, join a Bitcoin mining pool. A mining pool is a group of bitcoin miners who contribute their computational power to solve a specific block on the ledger. The reward is then shared according to the power and time contributed to solving the block. Some reputable mining pools include p2pool, BtMiner, CK pool and Eligius.
Step 5: Start mining.
With everything now set up, connect the mining equipment to a power source and a to a computer via USB. Open your mining software and enter your username, password and preferred mining pool. If well configured, you can now start mining and collecting a share of the reward(s).
In conclusion, if yours is a small mining operation, consider the easier choice of trading in the cryptocurrency market. Most of the time the trading holds a higher return on investment that a small scale mining operation.


Bitcoin

How to mine bitcoin: A guide to Bitcoin mining at home - Could YOU become a bitcoin miner?
Bitcoin mining is the key to unlocking the wealth of the super-popular crypto token. Here is an introductory guide on how to mine bitcoin.
Bitcoin mining: The days of easy mining at home are over but it still possible albeit harder to do.
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Bitcoin prices soaring over the course of 2017, potential investors are once again eyeing their option of jumping the bitcoin bandwagon in the new year.
If you are sitting on the fence about joining the crypto community, you are faced with two options.
You can either buy bitcoin for around £10,000 ($14,000) a token, or you could try and mine it.
But before you go ahead be aware that they halcyon days of Bitcoin mining are over and the process to successfully find tokens is getting harder everyday.
1. Get a bitcoin wallet for your tokens.
The very first thing you need to do is secure a public bitcoin wallet address and a private key password. Remember that all bitcoin transaction are publicly visible on the blockchain, but just like your bank account, your wallet is yours and yours only to see.
There are four options available to you. You can choose an online service to store your tokens, run a wallet locally on your computer, on your smartphone or buy a physical wallet similar to a hard drive or USB stick.
Bitcoin wallets give you full control over your tokens and keep them safe and secure in the event that a crypto exchange is hacked or goes bust. You should never store your coins on an exchange.
There are several different pros and cons to the different types of wallets, so bear that in mind when you make you choice. Bitcoin.org has a good breakdown of the various choices you can make.
Bitcoin mining: Mining bitcoin requires operating expensive ASCI mining rigs.
2. Get a powerful Bitcoin mining rig.
Each bitcoin in existence is mined from a data set or block of intense calculations on the bitcoin network. Every time a block is successfully mined, a handful of around 12.5 bitcoin is handed out to miners as a reward.
The blocks are broken down by power-hungry ASIC mining rigs - specialist computers built for the sole purpose of mining bitcoin.
Just a few years ago this would have been possible with nothing more than a desktop computer or a graphics card (GPU), but the difficulty of mining bitcoin increases every four years or so, with the rewards for successful mining decreasing as well.
Buying a mining rig can be a costly venture and with the current difficulty of mining it might not always be a cost effective method for everyone. This Bitcoin mining calculator will help you calculate the costs of buying a rig now and the potential returns you might see.
Bitcoin mining software will use your mining rig to break down blocks in a bitcoin pool.
3. Find a good Bitcoin mining pool.
Once you have set up your brand new mining rig, you will need to find a ming pool. A ming pool is a group of biotin miners that combine the power of their rigs to mine a block.
Mining through a pool is usually a better idea than going at it solo because the rewards are better. In a shared pool you will receive a smaller reward for successfully breaking a block, but the rewards will be more consistent and frequent.
The Bitcoin Wiki has a good comparison of various mining pools around the world, and the rewards they offer for joining.
4. Find the right mining software to kickstart your mining venture.
The very last step before you begin mining for bitcoin is to find a mining client that will run for you on your computer.
The program you use will depend on your computer make and the model of your mining rig. Some of the more popular options include BFGminer, CGminer and BTCMiner.
Mining Bitcoin.
BITCOIN is the FUTURE of MONEY and the FUTURE is HERE.
The current price of a bitcoin is worth £14,112.48 and a single Bitcoin is Going to Cost at least £28,224.96 in the Next Year or So and BELIEVE ME It Is NOT TOO LATE FOR YOU to GET INVOLVED!
BitClub Network.
Watch the 4 videos about Bitcoin and especially video 4 about Bitclub Network , and join our growing 500,000 worldwide members that are pooling their mining resources together and mining Bitcoins. We are stronger together and we are all making money 24 hours a day, 7 days a week, so don't miss your chance to get in on the action! As this really is simple and Bitcoin will continue to increase in value and that's a FACT.
Don't miss this. We may not ever see a wealth-building opportunity like this again.
Steps for joining:
1) Create a Bitcoin Wallet then add funds (localbitcoins.com)
3) Upgrade your account and Send $99 from your wallet to Bitclub Network.
4) Add either $500 to Mining Pool 1 or $1000 to Mining Pool 2 or $2000 for Mining Pool 3 or $3500 for all 3 pools and start Mining.
Once you've joined, you will be added to our network of like-minded miners and you will see all the latest and up to date info. You can automatically make up to 0.00175 BTC every day for many years to come and as the price increases so does your mining profits. 500,000 Very Happy Members and growing by the thousands every day, cannot Be Wrong.
Contact us right now and we will help you fully understand how to join and prove to you 100% its monetary worth. You can have a free mentor that will answer all your questions if required.
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