Thursday, November 2, 2017

Bitcoin Mining: Helpful or waste of time? (For beginner)

Till now you may heard the name of bitcoin few times. Some of may also know well about bitcoin and how it works. Also, some are mining bitcoin from few times. May some have never heard about bitcoin and don’t know how it works. 

How can we use bitcoin and complete related works with it and also what’s the benefit?
bitcoin-mining

If you have past experience about bitcoin and mining or you are expert about this then this article is not for you. You may check this if I am wrong. If I am wrong please write in comment. And if you are mining from long days then you can comment your past idea and experience. If you are totally new or don’t have proper idea then you can read this from first to last. Hope this will give you some idea after reading.

OH don’t have fear! Those are already mining or earning bitcoin they can read this if they need. Because I will not share any link of my refer.
So let’s start. I guess you only know the name of bitcoin. Nothing more you know. If you know something more than you can scroll down by your wish. But if you really don’t know, then Read our writings 

What is Bitcoin?

Directly I can say that bitcoin is one kind of currency. Our country has a currency so like bitcoin.US dollar, pound same as bitcoin. Usually called as cryptocurrency or coin. Then what is the difference between our country currency and cryptocurrency?  The difference is that bitcoin has no physical presence. That means you can’t touch or see. This is totally digital. it can only depend on computer and internet. First, it was published in 2008 and introducer was the name of Satoshi Nakamoto. Now bitcoin made for mining or reward giving. More details about this are given below.

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For using bitcoin we don’t need any institution or organization. If you use bitcoin for transaction then no one can track you. This called PR to PR. for this reason bitcoin is too much popular nowadays. After processing or approving a bitcoin then new bitcoin creates. Those are new bitcoin they come to half after every four years. This system of creating new bitcoin will remain till 2140.after that new bitcoin will to create. More details you can visit Bitcoin
value of bitcoin

Remember bitcoin market price daily changes to up or down. Like of stock market.at this moment when I am writing this article now 1 bitcoin is equal to 6,172 US dollar. You can visit the link for current price.

Now you may ask, what is the use of bitcoin? A lot of things we can do with it. if you have bitcoin, and the price goes up after some days then you can sell them with high price, from that you can make a good amount of profit. Also various e-commerce site and shopping portal support bitcoin.so you can buy online using of bitcoin.

What Is Bitcoin Wallet?

Where we put our money usually? Definitely, we put our money in a bank and we often keep our money in our money bag or wallet for primary use.  Bitcoin wallet is the same process, we already learned about Bitcoin. But if want to keep your money in Bitcoin then you definitely need a wallet or virtual bank where you can put your all Bitcoins.

bitcoin wallet


Coin base and Block Chain is more popular for Bitcoin. If you create an account to any of these two then you will get a virtual account or wallet where you can keep your money safely. You can also transfer and sent Bitcoins from one account to another. It is same as wallet and online banking. You will get unlimited Bitcoin address. Bitcoin address is personal address where you can receive all your Bitcoins and if you want to send Bitcoins to someone then you can also send it.


What is Bitcoin mining?

Mainly bitcoin is to process or approve transaction. That means when two from different place transfer money using computer then this task completing is the main role that called mining. This process of mining made by another computer or machine.

Here we may face a question if only transection is processing then why we are calling this mining? Because I told this before one transection completing starts another bitcoin creating. That means if you make record of bitcoin transection and process the work of bitcoin, then you are helping to make new bitcoin.as a result you will get some reward for the new bitcoin. Actually that’s why we are calling this bitcoin mining.

what-is-bitcoin-mining

If you think that processing of bitcoin or approve is very easy task, then you are wrong. This total task completed by computer so you may think this easy. Really it’s not easy. Doing this a computer must need better processing power and need lot of time. Because only transaction mark or report making is not the job.

Doing this task your computer must need to solve very difficult algorithms, also need to solve hard mathematics. Also, the reward depends on mining difficulties. How much complex problem solving and complete transaction will share more reward for you.


For doing bitcoin mining you must need powerful hardware build computer. Firstly those are related with bitcoin mining they solved problems with their computer processing power. But slowly they understood that solving this math problems with this processors is not better.

They started using high and GPU for mining.so now they use GPU for mining. But you need most powerful GPU for this. Now some company making special hardware for bitcoin mining like- ASIC (application-specific integrated circuit chip).those high and hardware can do mining and you will get bitcoin doing nothing.


But here comes another thing of electricity. This high and hardware using you can mine bitcoin but don’t forget that you need too much electricity. You may think that one computer will take how much power? So when you are doing bitcoin mining then your computer need lot of processing power. Your processor, cpu, gpu will work with 100% workability. so your hardware will be more power hungry the normal. Then your electricity bill will be a matter for you.


Imagine, that you have high configure pc for bitcoin mining. Daily you do mining from the computer.so you earn daily some bitcoin that is equal to 5 US dollar. so from this computer monthly you are earning 150 US dollar. Now your pc costs 5.15 US dollar daily for electricity. so monthly it costs 154.5 US dollar. so now you calculate how much profit you have got from bitcoin mining.



If you are thinking about bitcoin mining you have to calculate the profit first. And you need to spend money how much for your hardware. After all that how much bitcoin you are earning it is enough or not. If you are satisfied then you can continue mining.


And Bitcoin mining is not so hard. You just have to install one trusted mining program in which computer you will use for mining. NiceHash is one of them. Then you just have to install the program manually in your computer and you have to give Bitcoin address after running the software. The rest will done by keep running the program until you are satisfied of mining. The amount of your profit you will get in your Bitcoin address about a limited time later.

Bitcoin Cloud Mining

The problem that mentioned over, for solve this problem cloud mining has invented. Here you don’t need to use mining by yourselves, you can invest Bitcoins by any third party or any company or website and they will give limited profits to you by using their hardware and mining setup. As example, if you invest Bitcoins as the same amount of 100 dollar in 1 one years. Contract then they will give 10 dollars profit from next every month. That is why after finishing the year you might get quit good profits. Although it sounds good but it has a huge problem. And that is the Scam.

bitcoin-cloud-mining


Because, it is hard to find this types of legit cloud mining site. 90% of this cloud mining websites are scam. They will take Bitcoins investment from you and few days later they will sent you a few profits, then they will take more investment from you by telling you that they will give more profits to you and at last they might take all the investment that you have got, by doing this they will ruined and scam you.


For this, if you invest then you will lose a huge amount of money. But it does not mean that all cloud mining site is scam in the world. Like HashFlare is more popular for cloud mining site. It also does not mean you will believe them with all you have got. Because till they does not scam anyone, but they can scam in future.

There no guarantee of any cloud mining site that they won’t scam. If you want to do cloud mining, then learn everything about which website you want to use and take reviews some another user. If you have any doubt then never invest money. Don’t move your foot if you don’t know 100% about any site. Personally, I don’t suggest anyone to do cloud mining.




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