Bitcoin’s rhythm of intensive development makes more and more people get involved into the crypto world. We remember the days of Bitcoin mining using CPUS on laptops and desktop computers. As it was getting more complicated to mine Bitcoin, crypto users started to run GPU miners for better hashing power. And then ASICs took the leading place in the mining equipment. There is no point in using CPU or GPU any more. ASICs has changed the whole mining environment.
What is mining software?
Bitcoin mining software is used for safety of the decentralized cryptocurrency. Crypto followers get rewards for mining Bitcoin. There is no need to buy or trade it. They track and secure the transactions that are known as blockchain. Certainly, mining software is a key thing for productive results. Mining software and mining equipment are to function together. Crypto enthusiasts connect mining hardware to the mining pool and then the process begins. What the mining pool does is mining together to find Bitcoin and then splitting the payout with participants in the pool.
The process of mining Bitcoin
At first sight Bitcoin mining seems to be rocket science. However, it is all dependent on your desire to learn something new. The topic of functioning of mining software is really complicated, but no one is hiding true information about it. You can learn from free available tutorials and books and get all the necessary knowledge for mining Bitcoin. The goal of crypto mining is to help you get Bitcoins as a reward. Bitcoin mining software is usually a desktop application. Today there are numerous versions starting from beginners and to more advanced users. When you have coped with the theory, choose the proper application, set up a crypto wallet and select a pool to mine Bitcoin. You can add other crypto coins to mine.
For individual miners the initial investment into mining equipment can be too expensive. Certainly, the coin for mining must be more valuable than the amount you are spending on it. However, you should be very accurate at choosing mining equipment and take into account your personal conditions. In any case, there are three most significant factors to take into account:
- Electricity. If you do not have access for free usage of electricity, electricity expenses can significantly influence your income. Electricity costs are a major component of the ongoing costs. The total electricity consumption of the Bitcoin network must be related to miner income as well.
- Hash rate. How many hashes can an ASIC-miner make? Miner manufacturers reveal the details of the device concerning hash rate or the speed at which the device can perform mining calculations. Taking into account today’s Bitcoin difficulty, it is also possible to determine the hash rate requirement.
- Price. If you are eager to get fast and effective mining equipment, its price will always be higher. And it does not end up with the device only. Additional expenses are necessary for repairs, maintenance, connecters, racks, etc. The best Bitcoin mining hardware ASIC machine is worth around $3,000. You may use an option of used Bitcoin mining equipment. Be sure to evaluate all cons and pros.
Bitcoin Mining Hardware Companies
Bitmain is the most recognizable company for the crypto community. It makes the Antminer line of Bitcoin miners. Bitmain is based in China, operates a mining pool and it is considered to be the best mining hardware company. BitFury is another manufacturer of mining equipment. It is a diversified blockchain company, the largest industrial BitFury miner outside China.