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Over the past decade, the evolution of Bitcoin mining has been amazing, as the profits people are making with this business model are incredible. Undoubtedly, Bitcoin mining has accordingly turned into a volatile topic similar to Bitcoin due to the regular change in difficulty level and fluctuations in the value of Bitcoin. People still don’t believe that Bitcoin mining at home is a reality. If you are interested in Bitcoin, you can read news and reviews by visiting reliable websites such as KBO.
However, honest people still make significant profits from Bitcoin mining. Unfortunately, not all of them really succeed in this field. This is because they do not follow the right Bitcoin mining strategy and choose the appropriate hardware and software that best suits their business model. To start your bitcoin mining business, you need to start with a plan that includes fundamental elements such as purchasing the right hardware for your system, proper programming, choosing the perfect location for your machine, etc.
These days, there are three main ways that a person can use to generate income from Bitcoin mining
- Buy Bitcoin mining equipment and join a mining pool
- Find the best cloud mining provider and rent some rig power for profit
- Start a home Bitcoin mining operation with little to no investment; highly profitable.
Here’s how you can start a home mining business:
Step 1: Get a Bitcoin Mining Machine
This may be the most confusing part for you as there are different types of Bitcoin mining equipment available in the market. First, you need to make sure that the hardware is powerful enough to produce at least 2000 GH/s. Moreover, it must have an efficiency of at least 0.3 J/GH (joules per GH/s). Home miners have three most famous hardware: Avalon6, Antminer S7 and Antminer S5.
Avalon6 is considered the best bitcoin miner if you want to mine bitcoins with high profit and affordable price of $3000. The hash rate produced by this mining equipment is around 110 TH/s depending on the electricity and power source.
Antminer S5 has a hash rate range of 500 KH/s to 2000 KH/s depending on the power source and power consumption. This equipment costs between $2,000 and $3,000 depending on its condition and production rate. Moreover, it can accommodate any budget.
Antminer S7 was designed for high power cryptocurrency mining. This mining rig provides hashing speeds ranging from 500 GH/s to 1250 GH/s depending on the power supply and power consumption. It is available for $3000; however, it is one of the most effective hardware in the Bitcoin mining industry.
Step 2: Purchase a Raspberry Pi
Once you have secured your Bitcoin mining hardware, proceed to purchase a Raspberry Pi Model B+; The price of this little device is around $40-$50 depending on your country and the demand for this CPU. Alternatively, you can purchase a Raspberry Pi Starter Kit that includes almost all the items you will need while running your mining venture.
Step 3: Choose a location for your Bitcoin mining rig and Raspberry Pi
Once again, this part can be confusing for beginners to home bitcoin mining. You should place your equipment in an appropriate place to avoid technical problems or damage caused by overcurrent etc. One of the best places for miners is near the bathroom, which is a nice and dry place that ensures that the equipment will remain undamaged by water and humidity. A liquid cooling fan is another option to keep the temperature low for reliable operation of a custom-built mining rig.
Step 4: Download and install the software
If you are planning to start home Bitcoin mining with Raspberry Pi, the next step is to download and install mining software such as CG Miner and BFG Miner. After that, open the mining software and run the device to see how it works and even adjust the performance of the mining hardware if it is a GPU.
Step 5: Pay attention to the mining procedure and earn bitcoins daily.
Here is one of the most interesting parts: now you have to monitor your device every day and wait for any bitcoin transaction in your wallet. Once you get your bitcoins, create a new wallet on your bitcoin exchange and start trading your coins. Cloud Bitcoin mining is also a great alternative to home mining as it eliminates all the technical issues in the system. Users can profit from it without having to invest in electricity bills.
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