People have a lot more time these days, but not a lot to do with it. Life is a grind, but without the conventional business ventures, what are we meant to do to help get through these times whilst developing an asset? Bitcoin mining is a great answer to this question. Set it up, watch the blockchain go, and take your earnings and reinvest. Whether that be with CasinoFair betting or putting the money back into the farm, it is a good way to spend some time whilst we’re all stuck at home.
What is Bitcoin Mining?
For those unfamiliar with Bitcoin, it is the most well known and well traded form of cryptocurrency currently on the market. It is obtained by setting a computer to the task of completing “blocks” of verified transactions and calculations, which are in turn added to what is known as a blockchain. The gist of it is, you make a computer dedicated to the task, get to at least 1MB worth of transactions, and be the first miner to hit that mark. Then you get the money!
Or, at least that’s the simple version of it. The main takeaway for the individual is that, by devoting a computer to these calculations, you can make a tangible profit over time. At first this can be slow, but some people find that they can live their lives in ease after making a sizable Bitcoin farm, so in time this could be something you lean into.
What Do I Need To Mine Bitcoins?
Let’s get this out of the way. You will need a powerful computer setup in order to fully profit from mining Bitcoin. If you’re interested and only have a small rig, you can give it a try on there and see if it will work for you. If you have a powerful option lying around unused, then go ahead and give it a shot. In any case, you’ll need a GPU (graphics processing unit) or an ASIC (Application-specific integrated circuit) to get started. These can cost from $500 to tens of thousands, depending on the level, so it is best to go lower end. If you have spare GPUs around, you can string those together too.
How Profitable Is This?
Now comes the interesting for some, boring for others part. It varies. Some individual miners can make a lot of money. Others will not. It depends on if you are the first to solve the “Problem” in the chain your setup is working on or not. This is why many people join mining pools to help spread the cost and reward equally with the input provided, to make every attempt closer to a guaranteed result. It can get complicated, but there is a lot of potential for steady money if you’re savvy enough.
What Can I Do With My Bitcoins?
Here’s the exciting part. Once you have enough Bitcoin to pull it out of your system, then you can put it in a Bitcoin wallet. These are a whole other subject in of themselves but think of it as a hybrid between a real-life wallet and a bank account. They come in two forms – Cold Storage (offline, secure, and not active) and Hot Storage (online, less secure but active and easier to use), and deciding which way to go about it is a choice only you can make. After that, the sky’s the limit. Cash out to real currency or keep them to play the market. The choice is yours.
So, there is the basic rundown of what to do and how to get started. It could make a really good hobby and potential money maker during the lockdown if you play your cards right. If you’re interested in the full details, you can check Investopedia for more information about the nitty gritty. There’s a lot to learn, and this doesn’t have to be solely put to one kind of cryptocurrency. You can try your hand with Etherium, or even the ever-funny Dogecoin. There are so many options, so do some research, and get mining!