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Bitcoin Mining
Post: 09/02/2014

Bitcoin Mining

Bitcoin is a new kind of digital currency with cryptographic keys. This currency is not controlled by any government or organization and is decentralized to a network of computers of users and miners around the globe. It is the first cryptocurrency that has attracted significant number of people and is gaining acceptance and popularity in business community. User can use this digital currency just like any other physical currency to buy products and services online as well as in some markets that accept it. Currency traders can also exchange and trade Bitcoins. Bitcoins are tipped by many experts to become the next consumer currency. Leading traders and agents are in a race to earn profit from the arrival of this new cryptocurrency. Bitcoins are in the news worldwide and traders from many countries in Europe, Asia and the Americas are playing in the Bitcoins market.

Bitcoin mining is a process through which Bitcoins are created. Miners from all over the world use mining software to solve complicated algorithms to approve transactions. In this way new Bitcoins are generated from solving algorithms. All Bitcoins that exist were mined by miners that used a computer processor to work through the complex mathematical algorithms that make a Bitcoin block chain. Although it is still possible to earn good money by mining Bitcoins, it has become much more difficult than it was few years ago. It is still possible to earn Bitcoins through mining but it depends on your computer’s setup and software, the best way of mining Bitcoins presently is to join a miner group where you can combine the computing powers of all group members and then divide the earnings according to the contributions made by each member.

Bitcoin mining is a process that enables you in handling transactions and creating new wealth. The benefit of the Bitcoins is that they not only maintain their value but also the probability of increase in value is quite high. You can even start with purchasing them using real money and can also exchange them. You can also get Bitcoins from friends and through online giveaways. For purchasing, you have to add your bank account to a third party website which removes the advantage of anonymity. Moreover, it is also possible to buy Bitcoins using your cell phone..

Usually mining solo is not very profitable. On the other hand, pooled mining is much more rewarding. You work for a group and when complete you divide the rewards based on the number of members and work done by them. This method ensures higher profits.

For earning Bitcoins, you can follow the simplified method mentioned below.

  • First of all you have to find a wallet provider for your Bitcoins. You can store your wallet both locally and online.

  • Register with a group or a pool. To do Bitcoin mining in a pool you need to work with a group of miners on blocks. In a pool you, must ensure workers to mine. The instructions are very clear and simple for majority of the services so don't end up being stuck.

  • Get mining software. There are a lot of options for multiple platforms.

  • Try focusing on your funds. Once you understand the process, Bitcoins are quite simple to use and mine.