The bitcoin (BTC) price has seen major gains in the past couple of months. More and more people and businesses are therefore interested in entering the bitcoin mining market, as mining has become more profitable. But what exactly do you need to start your bitcoin mining adventure? In this article, you will find a short introduction to BTC mining so that you know where to begin!
Bitcoin mining rig
First and foremost, you of course need a bitcoin mining rig. A mining rig is basically a computer that is incredibly good at performing one task, in this case, mining bitcoin. Mining rigs come in many different shapes and forms and their price classes differ as well. Choosing the right rig is totally dependent on your budget, goals, the size of your operation, and of course the cryptocurrency you want to mine. In this example, we will assume you want to mine bitcoin.
Important features to look out for when choosing a bitcoin miner are, among other things, the hash rate it can produce. This is the speed with which it can produce hash keys. The higher this speed is, the higher the chance you find a bitcoin. For example, this Bitmain Antminer S19 Pro, a popular machine, has a hash rate of 110 terahashes per second. Important is to also look at the electricity consumption a miner uses. When looking at the same miner, we see a consumption of 3500 watts, which makes this miner one of the most efficient machines on the market.
Starting the mining process
When Bitcoin launched more than a decade ago, mining bitcoin was something only the real tech-savvy people were able to do. Complicated software was needed and controlling the mining process was not the easiest. Now that Bitcoin has seen a huge increase in adoption and overall value, the mining industry rapidly innovated and made mining more accessible, even for the not so tech-savvy people!
Nowadays, Antminers and most other miners from different manufacturers come with a clear guide on how to start mining. With the Antminers, it’s often a matter of plugging in the internet and power cable, installing the miners inside your web browser after which the mining can begin. Of course, a lot of handy information can also be found on the internet, for example on our FAQ page.
Other things to keep in mind when mining BTC
Now that you are all set up, you can start mining bitcoin! However, here are some other things you may want to consider before actually starting your Bitcoin journey. First, search for a mining pool that you can join. A mining pool is a network of miners that all work together. This way, they increase their chances of finding a bitcoin. More information about mining pools can be found here.
Want to mine bitcoin but you don’t really have the space for the machines, or you simply don’t want the noise in your surroundings? Consider using a mining hosting service. This is a service that lets you host your own miner in a professional facility. The best part of this is that you can make use of cheaper electricity in other countries! Find more info about mining hosting services here.