Bitcoin Mining is another way to earn money.
Yes, that’s so right!
Most of the people come in this Cryptocurrency industry just with one purpose- earn some extra money.
And, who doesn’t want it?
Once, you are in this industry, you don’t look back. But, then there are a few months when you’ve not earned money nor any profits out of your investments.
So, what is happening? How to mine Bitcoins to earn money or profits?
Before you get started with Bitcoin Mining, get your basics clear with this beginners’ guide.
Now, if you are done with the basics, let’s get back to mining Bitcoins.
Whether you are new or existing player of this Cryptocurrency industry, here are the sure-shot ways to earn profits while mining Bitcoins.
1. Use a Bitcoin Mining Software
One of the best ways to start Bitcoin mining is using a Bitcoin Mining software.
What is a Bitcoin Mining Software?
A software that helps you mine Bitcoins is known as a Bitcoin Mining or Miner software. A Bitcoin miner software is compatible with all the platforms available in the market- Windows, Mac OS, Linux and much more.
There are various well-known Bitcoin mining software that has various features and benefits. And you can choose the best among them.
But, how a Bitcoin Mining software helps in mining Bitcoins?
There is a 4-step process to Bitcoin Mining using Bitcoin Mining app:
- Setup your Bitcoin Wallet
- Download a Bitcoin miner software on your device
- Enter your Bitcoin wallet’s address in the software for Payout
- Press the START button
Now, you are good to go to mine Bitcoins.
2. Use Cloud Mining
One of the most trending ways to mine Bitcoins is using Cloud Mining.
What is Cloud Mining?
Allowing somebody else to do Bitcoin Mining for you is Cloud Mining.
Here, the concept is, you don’t have to invest in anything except for paying the Cloud Mining company. And, the more money you pay them, the more your account will mine the Bitcoins and other cryptocurrencies.
How to Bitcoin Mining takes place using Cloud Mining?
The process of Cloud Mining includes
Initially, the cost of investing in the Cloud Mining company seems really high. But, when you look at the ROI in the long run, it is much higher.
3. Use ASIC Miners
If you are really looking for Bitcoin Mining as a business and want to earn profitability, you need to use ASIC miners.
What are ASIC Miners?
ASIC is a hardware device that is also known as a Mining Rig. An ASIC stands for an Application-specific Integrated Circuit. ASIC miners are the specifically made for Bitcoin and other Cryptocoin Mining.
And, you can mine Bitcoins throughout the day without any delay using ASIC miners. These processors can solve the mathematical puzzles during Bitcoin mining at the much higher hash rates.
ASIC miners are quite expensive as their price range is USD 3000 – USD 6000. In fact, the latest Dayun Zig Z1 miner is almost around USD 5120 (differs supplier to supplier). Also, they consume more energy which is again a costly thing.
So, people have invested a lot before they could see profits. And, Bitcoin Mining needs your higher level of patience as the ROI is not seen instantly.
That is the reason why we hear people asking-
“Is Bitcoin Mining profitable?”
“Can I make profits in Bitcoin Mining?”
So, here is how you can earn profits from Bitcoin mining using ASIC miners. And for that, it is highly recommended to use ASIC miners instead of CPUs, GPUs, and FPGAs.
How to use ASIC miners for Bitcoin Mining?
Here is the simplest process to use ASIC miners to mine Bitcoins:
- Buy the right ASIC miner
- Download the advanced Bitcoin Mining software
- Join a mining pool – a pool of miners that gets together to mine Bitcoins in a shared network
How Bitcoin Mining takes place using ASIC Miners?
When the ASIC miners are loaded with the help of the advanced mining software, the software takes the steering in its hands.
The ASIC miner follows all the instructions provided by the mining software-
- What to mine?
- Where to mine?
- Whom to send the mined coins?
- How to share the block rewards?
So, this is how you can mine Bitcoins and other Cryptocoins using ASIC miners.
Whether to mine Bitcoins or not is your decision. But, if you are looking for Bitcoin Mining, then these are the most recommended and trustworthy ways. These are the Bitcoin mining methods that help you not just invest, but even earn profits out of it.
Kindly change as per your knowledge.