There are several ways to get Bitcoin or mining cryptocurrency, namely the process of mining to get Bitcoin. The process can be done yourself with crypto mining hardware or join a mining pool and share the benefits such as cloud mining.
Fans of Bitcoin and digital assets WorldWide are increasing. until April 2022, crypto-asset transactions reached USD 370 trillion. However, the public must be vigilant and understand the characteristics of crypto assets.
The trend of buying and selling crypto assets is predicted to continue to grow. In 2020, the Asia people who transact crypto assets will reach 8 million people with a transaction value of USD 65 trillion. The latest data in May 2021 reported the number of people transacting crypto assets rose to 12 million people.
This was revealed by Vitalik Buterin in his Twitter entitled “Managing Crypto Asset Fever: Investor Protection in Crypto Asset Trading“. One of the popular crypto assets is Bitcoin. As of Tuesday (30/06), Bitcoin recorded the largest inflow in five weeks with a total of US $ 247 million, according to a Certore report in Crypto News Media.
Understanding the Mining Process
There are several ways to get Bitcoin, including the mining process or mining. Bitcoin requires a combination of software and network technology consisting of thousands of machines to run Bitcoin software.
Their second job is to pass on the transaction information and verify the transaction to ensure the same Bitcoin cannot be spent twice. All transactions go through a verification process called “mining”.
According to the book Getting started with Bitcoins, mining also acts as a mechanism for producing and distributing Bitcoins. Mining is the act of adding transactions to the blockchain so that everyone can agree on the same set of transactions.
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How to mine using a computer. A computer that does mining is called a crypto miner. The mining process is related to the blockchain. The process starts with the verification of transactions in the blockchain. Once verified, the transaction will be entered into the blockchain to earn Bitcoins.
Before being declared a valid transaction, all transactions made at a time are aggregated into a block for calculation. This calculation is called the mining process or mining.
The benefit of the mining method is that people who become successful miners don’t need to know how to count and do math. However, users of the mining method must-have software and hardware with high specifications to mine Bitcoin.
How to Mining Bitcoin
Based on the book Getting to Know Bitcoin and Cryptocurrencies, the process of mining Bitcoin requires special tools. The way to mine Bitcoin is to use a tool called ASIC (Application Specific Integrated Circuit).
ASICs are special electronic circuits created to perform mathematical calculations in the Bitcoin system. ASIC capabilities include higher specific calculations than ordinary computers as well as lower electrical power.
Miners can generate Bitcoin more efficiently in terms of fees. There are several things to consider when using an ASIC, including the cost of equipment, preparing a refrigerated room, and paying the electricity bill.
When mining Bitcoin alone, all profits made from new blocks will be owned by yourself. The reward or reward that a miner gets when he finds a new block is 25 BTC (Bitcoin units).
The ability of miners to earn Bitcoins is determined by adequate computer hardware specifications. Using crypto miner tools is a way to get free Bitcoins. The capital is in the form of computer hardware that processes mining.
However, mining is quite difficult due to high competition so it can take a long time to produce a block from mining yourself. Therefore, small miners can join a mining pool, which is a group of other miners who join to do mining together. The results can be greater than mining Bitcoin yourself.
When a mining pool wins a block, the profits are divided equally for each miner according to their contribution. The profit sharing system is generally based on the number of shares successfully completed by the mining machine.
There is also a way of mining Bitcoin using a computer is as follows:
- Download the GUIMiner app.
- There are several popular mining pools, one of which is Slush. Register for one of the mining pools through the Mining.bitcoin.cz site.
- Prepare a username, password, and email address.
- Verify by clicking the link sent to the email address.
- Before running the GUIMiner application, create a worker for the Slush system to monitor its performance.
- After worker registration, Bitcoin mining can be started using the GUIMiner application.
Staking is a method centered on trading crypto assets. The way it works is to store assets in a wallet that has a staking service. Investor assets are stored in the blockchain with a consensus Proof-of-Stake (PoS) algorithm within a certain period of time.
The profit earned depends on the price, amount and activity of the locked crypto asset. Lockdown duration also has an effect on profits. This method is suitable for investors who aim to earn passive income from cryptocurrencies.
However, in-depth research to choose a platform should be done before choosing a staking method. This trust is important because investors will lock their crypto assets for a certain period of time. During the lockdown, investors cannot sell coins.
Orginal Article / Minerst.com