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Starting Bitcoin mining

Bitcoin Mining / April 17, 2017

The advent of internet has paved way for unlimited business opportunities that one can easily start and run from the comfort of his or her home. If you love working from home, then you should consider starting an internet based business. One of the businesses that can easily be started with the use of computer is bitcoin mining.

You might just ask what is bitcoin? Simply put, bitcoin is a digital currency that operates independently of any country’s central bank. In order to get an updated value of the worth of a bitcoin, you can make use of Google’s currency converter; it is a reliable platform to know the value of bitcoin per time. The current value of a bitcoin is 150 British Pounds and a block of bitcoin which is 25 coins is worth 3, 750 British Pounds.

If you are interested in mining bitcoin, then you have two options to follow. You can choose to mine a block of bitcoins from computer or you can choose join to a pool. If you want quick returns on your investment, then joining a pool is your best option because mining a block of bitcoins from your computer may take you a month or more before you get any return on your investment. Please note that if you join a pool, you will only get smaller payments, but you can rest assured that you will get them at a regular basis.

Now let is quickly consider 7 surefire tips that will guide you if you want to start mining bitcoin;

1. Read up All You Can about Bitcoin Mining

Bitcoin mining is not a popular subject out there and if perhaps you have heard about bitcoin mining and you are interested in starting it and making money from it, then you should consider spending time to first read up all you could lay your hands on about bitcoin mining and how it works. One of the places to start reading about bitcoin mining is the internet. So, log on to the internet and search out all the relevant topics that talk about bitcoin mining.

2. Acquire a Computer with Internet Facility and Install Bitcoin Miner Software on It

Bitcoin mining is a computer based business; a business that can only be conduct with the aid of a computer that is connected to the internet. Therefore, what you are expected to do if you want to start mining bitcoin is to acquire a computer with internet device, and then install a bitcoin miner software on it. Do note that it is advisable to start with the demo version so that you will be able to understand how it operates before starting the real deal.

3. Acquire an Online Wallet

If you want to start mining bitcoin, you would need an online wallet where your bitcoins will be stored. There are several wallet options available online for bitcoin mining. The rule of thumb to follow before choosing an online wallet for your bitcoin mining is to choose a wallet that will allow you save bitcoins, buy bitcoins, use bitcoins and also accept bitcoins as a means of payment. The most preferred wallet option that has all these features is coinbase.com. You can check out their website to see how it works.

4. Source for a Bitcoin Pool to Join

You have the option of mining bitcoins on your own and you have the options of joining a bitcoin pool. Join a bitcoin pool might be your best option if you want quick returns on your investment. This is what is expected of you to do is to source for a reliable bitcoin pool online to join. There are several bitcoin pool online, but ensure that you only join a reliable one. You can check out Slush’s Bitcoin Pool; it is one of the first bitcoin pools to emerge and they have proven overtime to be trustworthy.

5. Register Your Wallet Address in Your Bitcoin Pool Account

Once you have successfully join a bitcoin pool of your choice, then the next step to follow is to register your wallet address in your bitcoin pool account. The process is easy and you can do it yourself without stress and assistance.

6. If You Have People Working under You Ensure That You Register Them under Your Own Bitcoin Pool Account

It is normal for you to have people working under you if you are interested in making money from mining bitcoins. So, what is expected of you to do is to recruit at least one person to work under you. You will be required to register all the people working under you in your own bitcoin pool account; their credentials will be entered into the bitcoin mining software so that they can starting mining bitcoins from their PC. They will have their own computers and sub – account within your bitcoin pool account.

7. Launch Out and Start Mining Bitcoins

Once you have succeeded in joining a bitcoin pool, you have your online wallet in place and all other things that is needed, then you and those working under you can start mining bitcoins. If you started out with the demo version, you are likely not to encounter any serious challenge while mining bitcoins.

Source: www.mytopbusinessideas.com