So how do you mine bitcoins? So is it worth becoming a miner? ZenCash ZEN Mining Blockchain there. Bitcoin mining is probably not for the little guy any more.

Mine bitcoin with us and make invest to mining. You can easily become a member. You will get 1 machine as a gift and buy more machine with BTC for more mining. What is Bitcoin Mining? How to Get Bitcoins Is Bitcoin Legal? What is Bitcoin Mining? Anyone can become a Bitcoin miner to try and earn these coins. Bitcoin mining is a lot like a giant lottery where you compete with your mining hardware with everyone on the network to earn bitcoins.

If you have been following many of the articles about Bitcoin mining, you would agree that, one way it teaches us to generate coin is to; register in one of the many pool mining, download a miner, A CPU Graphical Card and then we are set to start generating coins. Things you must know and do to ensure steady income. If you have been following many of the articles about Bitcoin mining, you would agree that, one way it teaches us to generate coin is to; register in one of the many pool mining, download a miner, A CPU Graphical Card and then we are set to start generating coins. For those who have experimented it, you would agree that this is far from the realities of generating income because I’ve been through this system it teaches and I can confidently say it is a total flaw. My Experience Couple of days ago I registered with slush pool, downloaded GUI-miner, CPU graphical card, with an internet speed of 2 megabyte per second and I was mining on 600khash per second. Mining with 430 Khash per second on 24 hours basis will give you 0.00233952 BTC in 7 days, 0.00099904 BTC in a month, and it will take 8 years 4 months to get 1BTC. This isn’t good enough.

In an attempt to know what is needed to successfully generate coin and earn income, I consulted Leon Kramer the founder of he told us the realities of Bitcoin mining, and what to be done in order to earn income from it. Bitcoin Mining – Bitcoin for Windows Download Bitcoin for window on: if you have not already done so. Please note that downloading Bitcoin for Linux when you’re using window is just an extra security process to keep wallet safer and it’s mainly for advanced users. The scope of this tutorial is at basic level you would do just fine downloading Bitcoin for windows. Register with one of the pool Mining Sign-up with one of the many pool mining such as:,, deep-bit etc. I would recommend new and inexperienced miners to register with because it gives you extra support through its web chat where you can always talk to the site admin to help you when you’re in mining difficulty otherwise you would have to search through thousands of help on the internet.

Download a Miner Download and Install a miner there are lots of them. The GUIminer is highly recommended for beginners because it is easier to operate. On your left is the screenshot of My GUIminer, If you have something different from this, it means that you are using another type of mining and you should be fine with whichever mining you downloaded. Purchase a Graphical card After you have downloaded your miner and start your software to begin mining, it would not mine instead it would direct you to download and install a CPU Graphical card which is readily available online for free.

You should not download this type of cards because while it makes the GUIminer to work, it would take approximately 8 years and 1 month to generate 1 BTC The alternative to this would be to purchase an AMD ATI 6990 Graphical card. Because the CPU in the computer does a certain type of calculation but it turns out that ATI 6990 card does calculation better for Bitcoin and turns out coins faster. You can use 1, 2, 3 or more cards but to maximize your chances you would need to get at least 5 cards. Get a Motherboard If you are thinking just like me, then you should be asking yourself “where in God’s name am I going to place these cards because there isn’t any visible space on my computer”. The answer is motherboard you would have to get a motherboard and slot in your cards; this is where all components connect. There are plenty of them I suggest you make your own research, check out reviews and decide on which one to grab.

Get External Electricity Because when you put a whole bunch of Graphical cards into a motherboard and connect it to your system, you are modifying your computer in a way that you are building a system out of your system specifically for generating coin and by significantly altering your machine you would need more electricity. If a Graphical card uses 200 watt electricity then 5 graphical cards would need 1000 watt.

There are many outlets for external electricity you may want to check your local outlets, Amazon, EBay for specific products and support. Point your miner After you have gotten all the required soft and hardware you are good to start mining. You will want to point your miner to any of the pool mining you registered with in this case we are working with bitserv and i have pointed mine to it. However, as you delve into mining, you may find the need for more hard or software to generate even more coins but this is certainly enough to get you started and generate income. Bitcoin Mining – Trading Bitcoin Am pretty sure that not too many people are ready to make financial commitment into what they are not very sure of getting back, or maybe because they are not very computer intense – there is an alternative buying and selling of Bitcoin on Mtgox, Bitcoin7 and Trade-hill. Take your time to familiarize yourself with them because our next article will cover how to Trade Bitcoin to maximize your chances of making money.

We would keep you informed on more news about Bitcoin and any other business that we consider newsworthy. Best MonaCoin MONA Mining Program on this page. Opinion, Questions, comments, suggestions are welcome. Please send them to: Anastacia Oaikhena Copywriter and Intern Anastacia@webcoursesbangkok.com.

How many bitcoins are there? When the algorithm was created under the pseudonym Satoshi Nakamoto—which in Japanese is as common a name as Steve Smith—the individual(s) set a finite limit on the number of that will ever exist: 21 million. Currently, more than 12 million are in circulation.

That means that a little less than 9 million bitcoins are waiting to be discovered. Since 2009, the number of bitcoins mined has skyrocketed. That's the way the system was set up—easy to mine in the beginning, and harder as we approach that 21 millionth bitcoin. At the current rate of creation, the final bitcoin will be mined in the year 2140. ( Read more: ). What exactly is mining? There are three primary ways to obtain bitcoins: buying on an exchange, accepting them for goods and services, and mining new ones.

'Mining' is lingo for the discovery of new bitcoins—just like finding gold. In reality, it's simply the verification of bitcoin transactions. For example, Eric buys a TV from Nicole with a bitcoin.

In order to make sure his bitcoin is a genuine bitcoin, miners begin to verify the transaction. It's not just one transaction individuals are trying to verify; it's many. All the transactions are gathered into boxes with a virtual padlock on them—called 'block chains.' Miners run software to find the key that will open that padlock. Once their computer finds it, the box pops open and the transactions are verified.

For finding that 'needle in a haystack' key, the miner gets a reward of 25 newly generated bitcoins. The current number of attempts it takes to find the correct key is around 1,789,546,951.05, according to —a top site for the latest real-time bitcoin transactions. Despite that many attempts, the 25-bitcoin reward is given out about every 10 minutes. In 2017, the bitcoin reward for verifying transactions will halve to 12.5 new bitcoins and will continue to do so every four years. ( Read more: ). How do you mine on a budget?

Bitcoin mining can be done by a computer novice—requiring basic software and specialized hardware. The software required to mine is straightforward to use and open source—meaning free to download and run. A prospective miner needs a bitcoin wallet—an encrypted online bank account—to hold what is earned.

The problem is, as in most bitcoin scenarios, wallets are unregulated and prone to attacks. Late last year, hackers staged a bitcoin heist in which they stole some $1.2 million worth of the currency from the site. When bitcoins are lost or stolen they are completely gone, just like cash. With no central bank backing your bitcoins, there is no possible way to recoup your loses. The second piece of software needed is the mining software itself—the most popular is called. When launched, the program begins to mine on its own—looking for the magic combination that will open that padlock to the block of transactions. The program keeps running and the faster and more powerful a miner's PC is, the faster the miner will start generating bitcoins.

When mining began, regular off-the-shelf PCs were fast enough to generate bitcoins. That's the way the system was set up—easier to mine in the beginning, harder to mine as more bitcoins are generated. Over the last few years, miners have had to move on to faster hardware in order to keep generating new bitcoins. Today, application-specific integrated circuits (ASIC) are being used. Programmer language aside, all this means is that the hardware is designed for one specific task—in this case mining. New faster hardware is being created by various mining start-ups at a rapid rate and the price tag for a full mining rig—capable of discovering new bitcoins on its own—currently costs in the ballpark of $12,000. ( Read more: ) There is a way around such a hefty investment: joining mining pools.

Pools are a collective group of bitcoin miners from around the globe who literally pool their computer power together to mine. Popular sites such as allow small-time miners to receive percentages of bitcoins when they add their computer power to the group. The faster your computer can mine and the more power it is contributing to the pool, the larger percentage of bitcoins received. Bitcoins can be broken down into eight decimal points. Like wallets, pool sites are unregulated and the operator of the pool—who receives all the coins mined—is under no legal obligation to give everyone their cut. Joining a pool means you can also use cheaper hardware. USB ASIC miners—which plug into any standard USB port—cost as little as $20.

'For a few hundred dollars you could make a couple of dollars a day,' according to Brice Colbert, a North Carolina-based miner of cryptocurrencies and operator of the site. 'You're not going to make a lot of money off of it and with low-grade ASICs you could lose money depending on the exchange rate.'

The other way you could lose money when it comes to mining is power consumption. Currently, profits outweigh money spent on the energy needed to mine. Again, that could quickly change due to the volatile price of bitcoin. 'It's time sensitive, like a yo-yo', said Jeff Garzik, a Bitcoin developer for the payment processor. It's not mining or investors that are causing the radical highs and lows in the currency's value, it's the media, he said. 'Bitcoin's price tends to follow media cycles, not hardware or mining. The difficulty in mining is not the highest correlation in bitcoin value.'

— By Anthony Volastro, CNBC Segment Producer.