In November 2021, Bitcoin hit a record high price of $68,000. That should be reason enough to get into the crypto world!
While prices aren’t as high as before, it’s still worth a pretty penny. And if you don’t want to trade Bitcoin, you can mine it instead. If you opt for mining, then you better move quickly, as there aren’t many left.
Here’s how to mine Bitcoins at home so you can make some extra money!
The Equipment
First of all, if you want to do Bitcoin mining, you need to have a powerful rig. Otherwise, you can forget about it.
The better your computer, the better your hash rate (which is your mining speed). Obviously, if your device moves as slow as a turtle, you’re not going to earn much. So if you need to upgrade your system, consider it an investment, as it’ll pay off when mining Bitcoin moves along fast.
Do note that Bitcoin mining is very resource hungry. Your electric bill will likely skyrocket, and you’ll need to keep running a dedicated cooling device so your computer doesn’t overheat. Make sure to account for these extra costs.
The Software
Not only do you need a powerful computer, but you’ll also need the right software. The good news is, it’s easy to Google and download legit software, so long as you’re careful. Some good ones are GUIMiner, EasyMine, and CGMiner.
You’ll also need a digital wallet. This is where your Bitcoins will go after you’ve successfully mined them and are rewarded for doing so.
Digital wallets come with “keys”; make sure you save these in a secure place. If you lose them, there’s no way into your wallet. And as a result, you won’t have access to your Bitcoins.
Consider Joining Mining Pools
While it’s possible to make money Bitcoin mining on your own, it won’t be much compared to what you’ll earn with a mining pool. The more power, the more money!
This does mean that you’ll have to split the profits once you unlock a block. But it’ll be a much more sizable profit.
Look at Alternative Ways to Mine Bitcoin
The amount of resources it takes to mine Bitcoin is detrimental to the planet. So to make up for it, many people are coming up with ways to offset these ecological costs.
If you want to mine Bitcoin in an alternative way that won’t harm Earth as much, then try to mine Bitcoin with natural gas. This allows you to convert flare gas into energy, which is then used to mine cryptos.
Know How to Mine Bitcoins at Home Efficiently
If you’ve been wondering how to mine Bitcoins at home, then this guide is a great start. With the right computer, wallet, and software, you’ll be able to earn some extra spending money. But act fast, because there are only a finite number of Bitcoins in the world!
Did you find these Bitcoin mining tips helpful?
