The method through which transaction on blockchain of Bitcoin is processed and confirmed is known as bitcoin mining. Without Bitcoin, miners Bitcoin would have stopped functioning as confirming any transaction is impossible without them. Bitcoin miners are the person who confirms the bitcoin transaction and is rewarded with the percentage of the transaction fees charged from the user. Bitcoin mining can be a good option for earning extra money. This can be an alternate career option for the young generation. Here we will discuss three different ways of Bitcoin mining
Beginners: mining with App
This is the easiest way of mining bitcoin. In this, you have download any bitcoin mining app that is compatible with your operating system. One the app is downloaded into your computer you have to enter the wallet address and the payout address and just click the start button, everything else will be done by the app itself. More powerful the device is, it will be able to process a number of transactions.
Beginners: cloud mining
This is the most popular way of mining bitcoin. Here you can sign in to a third party website and pay them to mine for you. More money you pay more cryptocurrency will be mined for you. The mined currencies will be sent to your designated wallet regularly, this will give an alternative income on the weekly or daily basis.
Experts: bitcoin mining Rig
Those who are really interested in investing in Cryptocurrencies should buy hardware device with application specific integrated circuit (ASIC) for mining, which is .also known as mining rig. These devices run nonstop throughout the day for mining Cryptocurrencies and are dedicated for their mining.
ASIC miners are expensive and cost thousands of dollars, these devices consume a lot of electricity. So to earn a profit using these devices may take a while. Using this device to mine you will have to download a few more software and join the mining pool. This software instructs ASIC what to mine, where to mine and whom to send the mined coins.
Why should one mine Bitcoin?
This is quite oblivious that by mining you can earn extra money but from this post, you can also support your favorite coin. A number of miners are on the blockchain the transaction will be faster and the coin will be stable. Although mining consumes a lot of money, time and energy. One can also buy these coins from several other services and let them sit in your wallet and increase its value without getting into these entire laborious tasks.