What is Bitcoin?
Just one month into 2018 and all the news outlets are going crazy with words like cryptocurrency and
Bitcoin. It is evident that they are going to be the most talked about topics of 2018. Everyone has heard
about them, some understand it but only a few know how to mine it. Stories of people becoming
millionaires with Bitcoins are everywhere and everyone is trying to get a slice of the pie even celebrities
like Amitabh Bachchan and 50 Cent. This 19-year old Erik Finman who made millions with Bitcoin is an
example of how people can use this Bitcoin wave to make some cash for themselves. The first thing that
must have crossed your mind while reading about Mr.Finman is that- is he another one of those college dropouts? No, he is a school dropout, looks like being a college dropout is becoming a thing of the past.
There is no sorcery involved in mining these coins, anyone can do it. People are calling it the currency of
the future and Blockchain is being referred to as the next generation of Internet.
How can you mine bitcoin?
There are many ways of mining Bitcoin or any other cryptocurrency like Litecoin, Ethereum, Ripple or Zcash. The
best part about it is that anyone can mine it. There are various ways of farming these crypto coins but
your modus operandi would depend on if you want to use your own computer or go for a dedicated
mining hardware. So make yourself comfortable and read on to discover how you too can mine these
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The first method involves buying a dedicated mining hardware called ASIC.
An application-specific integrated circuit (ASIC) is an integrated circuit customized for a particular use,
rather than general-purpose use. In Bitcoin mining hardware, ASICs are the next step of development
after CPU’s and GPU’s. They have high hashing power than CPU’s and GPU’s and hence can farm more
coins than your personal computer. You can either go for the AntMiner U2 for as low as $50 or the
AntMiner S9 for $2,000. The spectrum is populated by ASIC’s from different vendors with varying
hashing power depending on the cost of the hardware. The AntMiner S7, priced at $500 might make you
regret buying the iPhone X.
But what If I can’t buy an ASIC?
No worries, you can use your own computer to mine Bitcoins. This requires no investment on your part
just a computer with either a decent CPU or GPU. All you need is a simple software like ‘NiceHash’ and
that’s it you’re all set to farm these coins with just a few clicks. Since it does require any major
investment, it is a nice incentive to get people to try exploring new technologies and have some fun with
it and make some money at the same time.
Do you require super fast computers to mine bitcoin?
Don’t worry we got your back, there is a third way to mine these coins. All you need for this is a device
which can connect to the internet. That’s it. There are farms all over the world that mine these crypto
coins and allow people to use their resources for a monthly fee. Minegrate.com and Hashflare.com are two sites which let you buy hashing power for a monthly fee of as low as 50 cents. Just select a contract
which fits your budget and voila! You are now all set to mine the currency of the future.
Now that you know how to mine these coins you too can get started on your Bitcoin adventure and not
just read about other people striking it big on the news.