I guess that anyone who is even the slightest bit interested in bitcoin and has googled it must have come across posts coaxing them to invest in bitcoin and earn bucks through bitcoin mining. And here comes the confusing terms. I have often heard people complaining about how complicated bitcoin is, especially when it doesn't have any regulatory body overlooking it like a watchdog.
And when bitcoin mining joins the fray, understanding quantum physics seems much easier. Well, fret no more, here's a guide that will help you take your first baby steps into the world of bitcoin and set off to mine bitcoin on PC - just a note for those advanced guys. If you are already familiar with bitcoin and how mining works and want to know how to mine bitcoin on PC, you can skip the first few sections.
What is Bitcoin?
Let us get to know the subject first before we delve deeper into troubled waters. Bitcoin, which comes under cryptocurrency, is a digital currency. It is a decentralized virtual currency that doesn't have a regulatory body and can be transferred directly between users on the peer-to-peer bitcoin network. Bitcoin is essentially a computer file stored in a Each of them is governed by a body, which keeps a log of the transactions that are being made and also verifies every transaction. In the case of bitcoin, it is supported by a network of "nodes." Nodes can be a computer or a mobile device. Nodes store information about prior transactions and help verify their authenticity. You can also use The signature acts as a verification tool and prevents the transaction from being altered by anyone once it has been issued. When a transaction is made, digital wallet.
A person can transfer a bitcoin or part of it to another person's wallet in the network. You must now be wondering that with no regulatory authority bitcoin must be very dangerous. What if a transaction goes wrong? How can I be sure that the bitcoin I received is genuine? To answer these questions, let us get into how bitcoin works. If you look at any online transaction systems like credit cards or net banking, there are a few important things at play.
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Every user on the network has a wallet where the bitcoins he owns are stored. Bitcoin wallets store a private key or seed, which is used to sign transactions, providing a mathematical proof of their origin and linking them to the wallet.
bitcoin miners store the requisite data in blocks and add it to a public ledger called the blockchain. The records are maintained by nodes for future access.
How does Bitcoin Mining work?
Now that we have got the basic working of bitcoin out of the way let us understand what bitcoin mining is and how it works. Seeing the phrase "bitcoin mining," one might feel that it's quite similar to setting out with a sickle and hitting at rocks in the hopes that some gold will suddenly pop out. It is not very far from that. In bitcoin mining, powerful computers solve complex mathematical problems. Let's not go deep into the details of these problems. It was then discovered that Graphics Processing Units (GPUs) gave a better performance in bitcoin mining, and suddenly, GPUs became everyone's best friend. Nowadays, we have already moved miles away from the age of GPUs, and the focus is on specially dedicated chipsets called
It's enough to know that these problems require the solver to find a hashtag subject to certain constraints. This type of solution requires guesswork and depends on the speed of the computer in generating hashes. When such a problem is solved, miners verify the transaction information, and bitcoin is produced. This is their reward for performing the arduous task.
Although this sounds quite easy, it is not. The chance of a computer solving the problem is one in a trillion, and the difficulty is constantly increasing as days go by. About a decade ago, bitcoin mining could be performed on a normal desktop. But today, you'll be dreaming if you are thinking of trying it out on normal PCs.
These have been designed to perform significantly better than their CPU and GPU counterparts. Another trend is using cloud mining services. You need a good internet connection and stop worrying about everything else. If you want to mine bitcoin on PC, I am sorry to say that those days have gone by. But don't feel sad yet.ASICs (Application-Specific Integrated Circuits).
There's something in the trend called mining pools. If you want to mine bitcoin on PC, this is probably the best option. In mining pools, a group of miners combined their computing powers and split the mined bitcoin among themselves.
How to mine bitcoin on PC?
Now, if you are on a Windows PC, and you want to mine bitcoin on PC, I have a few suggestions for you.
1. Start by getting the best hardware
Having good hardware is essential for mining bitcoin on PC. Purchasing ASIC chips and powerful GPUs is a good idea as better the hardware, the better shot you have at mining.
An alternative way to mine bitcoin on PC is to use cloud mining services. This simplifies the process but increases the risk as you do not have control over the hardware. You should also be aware that there has been a good number of cloud mining scams.
2. Get the software
Once you are done with the hardware, you need to download special software for mining bitcoin on PC. After setting up, you are ready to go.
3. Join a mining pool
Although you can mine bitcoin on PC in a standalone manner, it is recommended that you join a mining pool to mine bitcoin on PC. The chances of successful mining are higher, and it is much more convenient.
4. Set up a wallet
The final step is to set up a wallet for storing your bitcoins. Each wallet has a unique address, and bitcoins gained through mining are sent there.
Final Words
With this, you are now ready to start your journey of mining bitcoin on PC. I hope that I have cleared your doubts regarding this topic. Happy mining!