Traditionally states print paper money and make them useable. It’s 2016, which comes up new and trending ways to buy/sell. Bitcoin is one of the new method to buy/sell things.This new currency is called “Cryptocurrency“.It’s now been accepted on lot of online and offline stores as well. Buyers may have their bit coin account linked to smartphones and they can buy things online/offline using those apps. There is also a hardware available which is named as “Bitcoin Wallet“.
What Type of Hardware, I Need to Mine Bitcoins
Since Bitcoin is now becoming more popular payment method to buy things online or offline, it’s getting more challenges to handle transactions. Bitcoin encrypts each transaction to make it more secure. Despite of working in traditional way, Bitcoin encrypts transactions while leveraging the power of third part computers. That encryption is called Hash. People may use their computers and attach to Bitcoin network remotely and start participating in Bitcoin hashes. Officially Bitcoin gives rewards in the shape of a coin which is valued between $550 to $800 in stocks. Bitcoin reward is given once a bitcoin block is solved.
What are Bitcoin Blocks?
Bitcoin permanently records data in files called “Blocks”. A block is completed when a specific match of hash is generated. You can not make sure, when it will be generated. It’s like flipping 53 coins at a time and expecting all heads. A block may be completed after your first hash generated or may be after trillion of hashes.
What Type of Hardware, I Need to Mine Bitcoins
There are so many answers to this question. Actually, it depends on your needs and speed, you want. You may even use your PC or laptop to start mining bitcoins. Therefore personal computers at home may take life time to solve those blocks and earn that sacred coin. There are also application specific hardwares available in the market. This type of hardware can really excelerate the hashing. Here is brief introduction to the hardware devices available in market.
GekkoScience Compac USB Stick
This tiny USB stick can add more power to your personal computer so it could generate more hashes/second. This device draws around 30 Watts of power and is able to generate around 8-11 Giga Hashes/Second.
Antminer S7 ~4.73TH/s
This guy is really awesome and it’s able to start encrypting hashes on bullet speed.This machine does not require a PC or laptop to connect to. It has built-in small PC with so many hashing modules inside it.. This device draws around 1293 Watts of power and is able to generate around 4.73 Trillion Hashes/Second.
Antminer S9 ~14TH/s
[one_half] This machine is super amazing and it’s almost 3 times faster than Antminer S7. It has built-in small PC with so many hashing modules inside it.. This device draws around 1293 Watts of power and is able to generate around 14 Trillion Hashes/Second.What are Bitcoin Mining Pools?
Normally, your Bitcoin mining efforts can yield well or may be nothing. Since it all depends on block solving. If you are able to solve a block in a month, then it may worth much. Else it may take much longer to solve a block alone. It’s like transferring a truck of sand with a showel alone. It could take time to completely transfer the sand from a truck.
The other way is good to speed up the process and find your share. What if you join group of people, who are solving the same Bitcoin block? Awesome! that will surely let you get your part of reward by Bitcoin. These groups of Bitcoin miners are called “Bitcoin Pools”. Imagine if 100 people work together and mine bitcoins, they may solve the block earlier as compared to your efforts alone. This way the coin mined, will be shared between the pool members according to their efforts towards solving the block.
There are several pools available there, many of them even solve a block in 10 mins and then start the next block. If you join these type of pools and start mining together with them. That will surely make you enable to earn your share, each time a block is solved. Here are some links to Bitcoin mining pools.
Final Thoughts
Bitcoin mining is a method to earn coins from Bitcoin. This method includes setting up personal computers or application specific devices to start mining coins. Bitcoin mining is slow and may yield nothing, if someone starts mining alone. Therefore joining pools may help a user to start making money while putting efforts to a group, who is solving bitcoin blocks.
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