Want To Mine Bitcoin? Here’s How To Set Up

mine bitcoin

January 9, 2020

FrederikNielsen
19

Bitcoin cash mining confirms a block of transactions every 10 minutes as compared to Bitcoin. But before this block is validated all the Bitcoin cash minors have to repair a cryptographic puzzle. The puzzle isn’t like a regular puzzle, in fact, it is impossible to solve by the human mind alone. It requires extensive processing power to repair it.

Ever biotin cash minor contends to become the pioneer to solving it. The prize of this pulse-solving is the mining benefits. Yes, it is true, whichever miner succeeds in repairing the cryptographic puzzle first claims all the associated benefits. As per the rules, any miner who successfully mines the block earns 12.5 BCH. This remains in location till April 2020. After this date, the benefits are cut into half the actual reward and down to 6.26 BCH.

mine bitcoin

Bitcoin Mining –Successful or not?

But are the rewards worth the efforts? Well, it all comes down to the gadgets used for mining. Since you are paid in BCH, you must think about the actual market cost of mining Bitcoin cash before diving into it. If the rate is higher, so will the reward be. Thus, its success solely depends on what objectives you have in mind and also if you think mining is a long-term investment or not.

Hardware Requirements to Mine Bitcoin Cash

The first and foremost hardware device required to mine Bitcoin cash is the ASIC (Application-specific incorporated circuit). It isn’t the only variation available –some are even better. But there isn’t a point to consider another since ASIC is the only way you will ever have a chance of winning the benefits.

Software Applications for Bitcoin Mining

There are a number of third-party software applications available for download when planning to mine Bitcoin. However, if you have carefully gone through the article, you would know that neither of the gadgets is suitable for Bitcoin mining. In order to mine Bitcoin, the user will have to use an ASIC. Furthermore, the user will also have to enter the Bitcoin wallet address to proceed.

mine bitcoin

Bitcoin Cash Mining Pools

Mining pools allow Bitcoin miners to pool in their resources together, share a joint hash and distribute the winning reward equally. Users with more shares win more and vice versa. Bitcoin mining pools allow a great deal of control to the users. Since they are easy to set up, there are many rip-offs in the name of authentic Bitcoin mining pools. Therefore, it is important that users carry out extensive research before joining a mining pool. If they aren’t sure about which one to join, they can always choose a public mining pool.

Below is a list of the top 5 Bitcoin mining pools as ranked here. Readers can read more about these in detail and then decide which one to opt for.

  1. BTC.com
  2. Antpool
  3. Slush
  4. F2pool
  5. ViaBTC
  6.  

Final Word

Though it seems like a good opportunity to invest in mining Bitcoin cash, it is merely upon the miner whether to pursue it or not.

Frederik Nielsen
Frederik Nielsen

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.

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