Dig bitcoin is a relatively simple process. You can even start exploiting several Satoshi before reading this document.
HOW TO DIG THE BITCOIN?
WHERE IS BITCOIN COME FROM?
Before the start of your mining operation, you may want to learn a little bit that bitcoin came from. The full answer to this question is slightly a bit abstract. Each time a transaction is made between two address bitcoin, it was broadcast across the network. Mining machine Bitcoin runs specialized software see this transaction and adding them to ' block ' the current transaction, and collect a fee of miners have in each transaction. This is the first motivation for miners bitcoin. The second motivation comes from the extraction of the block. For each transaction the bitcoin is created, the miners compete to solve a math problem so ' difficult '. The winner of this contest is awarded some newly minted bitcoins. About every four years, the number of bitcoin is created this way will cut in half. As you can see in the chart below, the total number will reach about 21 million bitcoin and will never exceed that number.
In addition, the difficulty in solving each block to increase over time, creating a significant restriction on the supply of bitcoin. In this design, inflation was unchanged while the continuous miners are encouraged to operate the machines on the network. And with all that has been presented, we can go into the details how to own your bitcoin mining.
FEW PROBLEMS FOR MINER BITCOIN
The main concern for miner bitcoin is the amount of energy consumed and the rate of the hash, which both play a significant role in the profit from mining bitcoin. If you can balance both stars for your energy costs do not surpass the amount of bitcoin you earn through the mining operation will succeed.
The hardware that the miner's use has grown over the years, from the use of computers have a small profile with some graphics card model, to the mining equipment bitcoin is designed specifically to be touted as the level of hash and mark their energy performance. The following hardware has the optimal configuration and is easy to set up mining bitcoin. For those first mining, in several years, the profit is created just by simply running one or a group of mining machine bitcoin at home. However, those days are almost over. When the difficulty in calculating the hash function when mining has increased and the rewards for the exploitation of mines has decreased, it became less profitable than; in most cases, there is no profit whatsoever from the running mining hardware from your home. Energy costs crippling but the mining. Meanwhile, the people of mining in the country there are many subsidized energy can benefit the sustainable and successful operation of the mining activity in the large-scale bitcoin. Consider and take into account the costs when deciding whether you want to start mining bitcoin or not.
BITCOIN EXTRACTION SOFTWARE
To start, please make sure that your computer is fully updated with the latest status of the bitcoin network. The easiest way to do this is to download Bitcoin Core about yourself and complete the search full blockchain. This ensures your computer is suitable for the current state of the network and avoid the bitcoin conflict. If you are using an ASIC miners then this task is contained in hardware and you will only need to connect with your miners on your network to shape his beak to start operation. A few good options for computer users is cgminer and bfgminer, and both can be used free of charge. To shape your beak in order to use the software, depending on whether you are running a cluster or individual miners, you just need to set some initial settings. Then, you press the Start button and the rest will be the processing software.
Pros and cons
Select dig bitcoin it means you will not have to share the reward, but the rewards you receive will decrease significantly. And although the group training brings greater opportunity to solve the blocks and won awards, the award will be divided equally among all the members of the group.
So, join the mine digging provides a stable source of income, even if each individual item received is rather less than the full reward (currently 12.5 BTC).
It should be noted that it is important for a mine dug is not controlling in excess of 51% of the strength of the hash network. If a single entity control more than 50% of the computational power of virtual money, the networks have the ability--in theory--disrupt the entire network. Early in 2014, many are concerned that the mine digging GHash.io is advanced to this threshold, and the miner was urged to leave the mine digging.
Today, the peach is bitcoin is too difficult and almost no solitary miner would earn an account worthy. If you are a beginner, joined a mine train is a great way to reap a small reward in a short period of time.
The bonus when joining the mine digging
When the decision will join the mine train, you need to consider dividing the benefits and how to deduct fees (if any) of each mine.
There are many ways to divide the reward into a mine digging. The most common way is based the number of ' shares ' that person has filed for mining the mine, known as the "evidence" (proof of work). Say, you will get corresponding rewards depending on the difficulty and speed work. So, the hardware as possible, the more you earn more.
Start tapping with the mine digging
After the decision to dig that kind of money and join the mine digging. You need to create an account on the site of the mine digging, set one or more worker and embarking on the.
Simply you will sign a contract with a company to exploit the bitcoin, they will worry about all the little details, what you have to do is buy hash power that they provide in cash
Pros and cons
The obvious advantages of the dig on the cloud are that you don't have to worry about think expenses will pay for equipment or money.
Cons: the contract can be terminated unilaterally depending on the price of lower profits and bitcoin, difficult to control.
There are many types of peaches on the cloud, but the most popular way currently is to hire hash power.
The risk and reward
Methods on this cloud could be effective in the first few months, but the exploit on a bitcoin can be difficult, you will start getting holes in 4-6 months or longer.
A viable remedy for this situation is to reinvest what you have done to maintain competitive hash rate, but this is highly speculative.
As mentioned above, the risk of fraud and poor management are also very common in the mining space cloud. Investors should only invest in harnessing the cloud if they feel able to accept these risks. Can see the case being deceptive by lessor does not pay you, leading to a high risk for people.