Nowadays many people are interested in mining Bitcoin Cryptocurrency. This is because when done properly, you can earn a lot of money.
What’s more, currently the price of Bitcoin is getting more and more expensive. So, how do you mine Legal Cryptocurrency? Come on, let’s look at the following tips.
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Mining in a pond
The way to mine legal Bitcoin cryptocurrency that you can do is by mining in a pool. Mining in this pool is also better known as pool mining. Here you will be part of a pool or enter into a pool of miners. This is one of the easiest, most efficient, and effective ways to get money from Bitcoin.
In short, pool mining or mining in this pool is a movement that combines the strengths of several miners and then shares the rewards. That way, you don’t have to try too hard to mine alone.
If you register yourself to enter a pool or pool, then you and all other pool residents agree to share the Bitcoin rewards.
From this expression, it means that you will get a small but regular wage. However, keep in mind that not all ponds have the same conditions and there are many things that need to be taken into consideration.
Consider the following ways:-
1. Pool size
Pool size is one of the most important things to think about when you are going to do pool mining or pool mining. Because the more people who participate in mining in the pool, the more rewards will be given.
However, you need to remember that these rewards will also be distributed to many people. So, don’t be surprised if the rewards you receive are small. In general, small-scale miners prefer to join the mining of large cryptocurrencies.
This is because they will get a large reward, and they also do not need to spend large amounts of electricity waiting for the next bitcoin fraction to be used as their reward.
2. Minimum pay
The minimum payment that is allowed for you to withdraw is also one of the things that you need to consider. Or to put it short is the smallest amount of Bitcoin that the pool is allowed to withdraw. For beginners, generally, they will join a pool for the least amount of minimum payment possible.
This way you and the rest of the pool can work with less time.
3. Pool fee
Another thing that you have to consider is the pool fee because each pool will charge a fee which usually amounts to a few percent of the profit you have. But you don’t need to worry, because the cost of this pool will take the money you mine automatically. So, you don’t have to bother paying for it yourself. One thing you need to know is that the lower the pool fee, the more profit you can get, and vice versa.
So, try to choose a pool with the lowest cost. And don’t let you choose a pool that costs more than 3% or you will suffer a loss.
The legal way to mine Bitcoin Cryptocurrency that you can do next is to do mining yourself or what is more commonly known as solo mining.
Can you do solo mining? Of course, you can, even solo mining sounds like a good idea, when compared to other methods of mining bitcoin. How not, by doing solo mining, you don’t need to share payments with other miners.
However, you also won’t be able to share income with other miners. In addition, if you choose solo mining then not only fellow solo miners will be your rivals, but the miners in the pool will also be your rivals.
In general, solo mining is indeed done by experts. Therefore, if you are still a newbie, it is better if you don’t just jump into the world of solo mining. After all, there are many things that you must fulfill if you want to do solo mining.
Some of them are that you have to provide a variety of sophisticated and qualified equipment. Such as PCs, motherboards, hard drives, RAM, graphics cards, and others. You must provide a large amount of electricity, and understand math algorithms.
There are several software and hardware that you must use if you want to become a solo miner. You can use ASIC hardware or Application Specific Circuit Chips to support your mining activities. For the software, you have to use bitcoin mining software such as Bitcoin miner, CG miner, BFG miner, easy miner, and so on.
Another way you can mine cryptocurrency bitcoin is to do cloud mining.
This one method is a bitcoin mining method that does not require you to use sophisticated and capable computing tools. So, how can you do cloud mining? The method is quite easy, namely by using a cloud mining service provider.
For example, you can use genesis mining, hashing24, hash flare, and many others.
However, before you jump right into the world of cloud mining, you should first consider the disadvantages and advantages. Following below are some of the advantages and disadvantages of cloud mining that you can consider first:
- Advantages of cloud mining
The advantage that you can get from cloud mining is that you don’t need to have in-depth knowledge of hardware.
Besides that, you also don’t have to bother buying expensive equipment. After all, when there is a breakdown of equipment you will not be held responsible. Therefore, you don’t need to repair or even replace it.
- The disadvantages of cloud mining
The disadvantage of cloud mining is that you have to pay a certain amount of money first. So, if the Bitcoin price drops a lot then you can get a lot of losses too.
In addition, by doing cloud mining, you also cannot upgrade or replace mining software and hardware that has been provided by the cloud mining service provider.
Another disadvantage of cloud mining that you can experience next is that many cloud companies are targeted by hackers.