During the last few years, bitcoin has become popular during online transactions. However, some people are still clueless about how to buy bitcoin. You might also be wondering how people mine it. After all, this cryptocurrency works mysteriously with no connection to any economy or country. According to SoFi Invest, Cryptocurrency, often abbreviated to “crypto,” is a new type of digital currency. Crypto is decentralized, implying that it isn’t constrained by a focal power like a bank or government and on second thought is traded individual to-individual. Bitcoin was the first cryptocurrency. Bitcoin mining is critical as it ensures its accuracy. The following are some of the ways you can mine bitcoin.
1. Download a mobile or software wallet:
Begin by downloading a mobile or software wallet on your computer or smartphone since it is reasonably secure and free to download. People who invest in a hardware wallet are safe because it is not vulnerable to hackers. Ledger and Trezor are among the most popular hardware wallets since they can be purchased online or from brick-and-mortar stores that sell computer accessories and supplies.
The next step is for you to secure the wallet using two-factor authentication. Additional security will allow you to receive a code in the email or text message once you log in. When you want to access your account, you will be required to enter the code. Therefore, your package will be safe from hackers. Confirm that the password you use is also secure so that it cannot be encrypted. The mobile wallet remains secure if you have placed robust security on your smartphone or computer. Use anti-virus protection, firewall, and encryption.
2. Acquire a cloud mining contract:
The second step is to acquire a cloud mining contract from a cloud mining service provider. Although they are many, you will have to sieve through by checking the contract packages that they offer and their charges. Some of the most popular cloud mining service providers include Hashflare, Minex, and Genesis.
However, do your due diligence by researching other service providers, as these three are usually out of contract. If you do not want to end as a statistic in cloud-mining scams, ensure that you trade with a legitimate company. Check online reviews or search for the company’s reputation from websites such as Crypto Compare.
Select a cloud mining contract package carefully since you need long contracts to make something substantial. Additionally, shorter contracts often have a low price tag. Nonetheless, you are not guaranteed to make good money in a lesser period. When you earn Bitcoin, the cash will reflect in your account in the cloud mining service. Transfer it to your wallet once you have accumulated enough.
3. Establish your hardware:
The third step is to use your hardware. You can begin by buying ASIC miners. It is an application-specific integrated circuit (ASIC) that mines Bitcoin. To use it effectively, connect the power supply. Then reboot it through a router.
After you attach your hardware, you can go ahead and download Bitcoin mining software. The most common packages include CGminer, Easy Miner, and BFGminer. Go ahead and join a mining pool to acquire Bitcoins faster.
If you adhere to the steps above, you will be able to mine Bitcoins easily and quickly. However, you should verify their authenticity through Online Reputation Management forums such as Podium. Experts predict that cryptocurrency is the future of the financial world. Therefore, start using them early and familiarize yourself with their mining system.
Read Also: A Beginner’s Guide to Cryptocurrency