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How to mine Bitcoin
If you want to know how to mine Bitcoin, you have two different steps you can take: Go through a company, or buy and use your own hardware. Let’s look at both options, and why going through a company is currently the best way to mine Bitcoins for profit.
Remember, research is important! Just as when it comes to buying Bitcoin or altcoins, you need to be aware that nothing in the world of cryptocurrencies is guaranteed. Any investment could be lost, so make sure you do your reading before pulling out your credit card and have a secure Bitcoin wallet standing by.
Mining vs. investment
When Bitcoin was first introduced in 2009, mining the world’s first and premier cryptocurrency needed little more than a home PC — and not even a fast one at that. Today, the barrier for entry is far higher if you want to make any kind of profit doing it. That doesn’t mean it’s impossible, but it’s not the homebrew industry it once was.
Before we discuss how to mine Bitcoins yourself, it’s important to note that although there is uncertainty in everything cryptocurrency related, mining is arguably the most volatile. Hardware price fluctuations, changes in Bitcoin-mining difficulty and even the lack of a guarantee of a payout at the end of all your hard work, make it a riskier investment than even buying Bitcoins directly.
Because of this and general market volatility, it can be difficult to know how much profit you will make from mining. 2018 saw the mining market plummet in regards to profit and shoot up when it comes to barriers to entry. Unless there’s a significant Bitcoin tech change, this is likely to stay the same.
In the end, buying Bitcoin directly at least gives you something for your money immediately. It’s certainly worth considering before you go down the mining route.
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