If you are interested in digital currencies like bitcoin, and have no idea how to start your profit, this journal is provided for you to answer your basic questions. Lets see what to do and how to start.
To begin, you need an appropriate bitcoin miner to mine bitcoins with it. But what is a bitcoin miner? A bitcoin miner is any device or gadget that we can mine bitcoins with it. Practically, there are many different types of miners. A personal computer, your laptop, even your smartphone with a special software on it, and of course special devices designed for the sole purpose of bitcoin mining, can be used to earn bitcoins. The point is that obviously, the output is not the same. Not all miners mine bitcoins without difficulty and a perfect way. Reasonably, the special machines can mine better than PCs and softwares installed on smartphones. With this in mind, if you want to make profit with bitcoin, and do not intend to lose any money, the first step is to choose a good mining device.
Sometimes the term “bitcoin miner” refers to the person who purchases a rig( a specially designed machine for mining bitcoins ) and heads to mine these valuable coins. Every person except of course children, can decide to mine bitcoins. Nowadays, there are millions of home and company miners who work together to make sure the system is on the right way of making blocks of transactions.
The next question is , what does a miner do? A miner somehow goes through solving some complex mathematic problems to provide a special crypt number, and if it reaches success to do this, it logically does a transaction and makes a block that sounds as a reward for the miner and after some sessions of making blocks, a miner earns some coins, namely bitcoins.
A typical question is “how much do bitcoin miners make? Hypothetically, it depends. If you use a professional rig, you can earn dozens of bitcoins every year but if you are a home miner, with tiny non-specialized miners, the result would not be so good. On 2019, at a bitcoin price around 1150, it appeared that the average American home miner made only $1348 a year. If we take the price of the energy used during this year and also the protections needed of the machines into account, it becomes obvious that the profit is terribly low and this project at home is not worth starting. Ofcourse we can not deny the high amounts of profit that specialized sites with huge powerful rigs can make.
Still another question is “ what features a bitcoin miner have? When one desires to know the features of a miner device, the first option he notices is the Rash Rate with which the gadget works and processes algorithms. The higher the rash rate, the more powerful the device. The second option to consider is the amount of power consumption of it. It is clear that a more efficient machine pleases you with more profit. Power is an expensive energy and famous sites of bitcoin mining around the world pay millions of dollars for this source. The Price is another factor to take into account about the mining machine. These machines exist in different ranges of price. The cheaper the device is, the sooner your initial investment will be back. Be careful not to buy a miner so cheap that its hash rate is totally low.
With these factors and information in mind, you can try to acquire more local information about the features and situation of this new market in your hometown and then buy your own bitcoin miner and then start mining.