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In the last decade, bitcoin mining’s evolution has been astonishing as the revenue people generate through this business model is unbelievable. Undeniably, bitcoin mining has correspondingly turned into a volatile subject similar to bitcoin due to its regularly changing difficulty rate and fluctuation in bitcoin value. People still don’t believe that home-based bitcoin mining is a real thing. If you are interested in bitcoin, you may read news and reviews by visiting reliable websites like BWC.
However, honest people still make substantial revenue from bitcoin mining. Unfortunately, not all of them indeed succeed in this industry. It is because they fail to follow the right bitcoin mining strategy and pick the appropriate equipment and software which suit their business model best. To begin your bitcoin mining business, you need to start with a plan that includes fundamental elements like obtaining the proper hardware for your system, programming appropriately, selecting an ideal place for your machine, etc.
- These days, there are three main ways a person can use to create bitcoin mining income
These days, there are three main ways a person can use to create bitcoin mining income
- Purchase Bitcoin mining equipment and join a mining pool
- Find the best cloud mining provider and rent some rig power for profit
- Start a home-based bitcoin mining operation with hardly any investment; highly profitable.
Here is how you can start a home-based mining venture:
Step 1: Obtain a Bitcoin mining machine
It could be the most confusing part for you as various kinds of bitcoin mining hardware are available in the market. First, you must ensure that the equipment is powerful enough to produce at least 2,000 GH/s. Moreover, it should have an efficiency rate of at least 0.3 J/GH (Joule per GH/s). Home-based miners have the three most famous hardware: Avalon6, Antminer S7, and Antminer S5.
Avalon6 is considered the best bitcoin miner if you want to mine bitcoins with a high return rate and an affordable $ 3000 price tag. The hash rate produced by this mining hardware lies somewhere around 110 TH/s depending upon the electricity and power supply.
The Antminer S5 has a hash rate range of 500 KH/s to 2000 KH/s depending upon the power supply and electricity consumption. This hardware ranges from $2000 to $3000, depending upon its condition and production speed. Moreover, it can fit any budget.
The Antminer S7
The Antminer S7 has been designed for high-power cryptocurrency mining. This mining equipment delivers a hash rate ranging from 500 GH/s to 1250 GH/s depending upon its power supply and electricity consumption. It is available at a $3000 price tag; however, it is one of the most efficient hardware in the bitcoin mining industry.
Step 2: Purchase Raspberry Pi
Once you have secured your bitcoin mining hardware, advance towards purchasing a Raspberry Pi Model B+; this tiny device’s cost lies around $40-$50 depending upon your country and the demand for this computing processor. Additionally, you can purchase a Raspberry Pi Starter Kit, which includes almost all the items you will need while operating your mining venture.
Step 3: Choose a location for the Bitcoin mining device and Raspberry Pi
Once again, this part could confuse newbies in home-based bitcoin mining. You have to place your hardware in an appropriate spot to avoid any technical issue or harm caused by overcurrent etc. One of the best places for miners is near the bathroom, which is an excellent and dry area that ensures that the hardware remains undamaged by water and humidity. A liquid cooling fan is another option to maintain a cool temperature for the robust performance of a custom-built mining rig.
Step 4: Download and setup the software
If you plan to start home-based bitcoin mining using a Raspberry Pi, the next step would be downloading and installing mining software like CG miner and BFG miner. Afterward, open mining software and run your device to see how it is performing and even clock and tweak the performance of mining hardware if they are GPUs.
Step 5: Pay attention to the mining procedure and earn bitcoin daily.
Here is one of the most exciting parts: now you need to monitor your device every day and wait for any bitcoins transaction on your wallet. Once you get any bitcoins, create a new wallet in your bitcoin exchange and start trading with your coins. Cloud-based bitcoin mining is also an excellent alternative to home-based mining as it eliminates all technical issues in the system. Users can profit from it without having to allocate investment on electricity bills.
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