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The keyword “ how to mine Bitcoin ” is attracting a large amount of searches. Especially when the Bitcoin price continuously sets records in the first months of 2021. In addition to how to invest Bitcoin on exchanges, people with computer technical knowledge will choose to mine themselves. In order to improve profits, no longer depend on the supply on the floor.

Bitcoin mining is the process by which nodes or computer systems compete to solve problems

In the article below, Haymodgame will detail how to effectively mine Bitcoin on both computers and phones. At the same time, we have also summed up the experience and blood of those who have participated in mining. Hopefully with this share, you can decide whether to mine your own coins or just trade.

Note: Top 5 most prestigious crypto exchanges, register now and contact beat investment to join the vip group:

What is Bitcoin Mining?

The Bitcoin Blockchain network uses the PoW consensus mechanism. Bitcoin mining is the process by which nodes or computer systems compete to solve problems. When the calculation is done, the team of miners has confirmed the transaction, linked the data blocks and saved them to the Blockchain .

The reward for the team of miners after completing the calculation and confirming data into the Blockchain network is Bitcoin. The block reward for miners will decrease by 50% after 4 years. Between 2020 and 2024, the block reward drops to just 6.25 BTC.

The time to generate a BTC block takes an average of 10 minutes. So, compared to mining ETH or some other Altcoins , Bitcoin mining seems to take more time. However, the price per BTC is now up to several tens of thousands of dollars, much higher than all other cryptocurrencies.

2 Basic Bitcoin Mining Forms 

Currently, when participating in Bitcoin mining, people can choose either Hardware Mining or Cloud Mining. Each such Bitcoin mining method has certain advantages and disadvantages.

Hardware Mining

Hardware Mining is a form of Bitcoin mining that relies on hardware

This is a hardware-based form of Bitcoin mining. This means that miners have to invest in their own infrastructure to participate in mining. Including computer system, internet network, machine area.

Prioritized 

• Easily adjust the amount of BTC to mine. 
• Initial investment costs are lower than in the form of Cloud Mining.
• Be directly involved in the mining process.

Defect 

• There are many types of costs such as electricity bills, maintenance fees for machinery systems, space rental fees and operating staff.
• Requires the implementer to have knowledge of computers and Blockchain systems.
• Mining speed is still hardware dependent (mining rig life is less than 2 years).

Cloud Mining

Cloud Mining is a form of Bitcoin mining based on cloud computing technology

Cloud Mining is a form of Bitcoin mining based on cloud computing technology. With this method, you do not directly mine coins like Hardware Mining. Instead, it will mine indirectly through an intermediary.

This intermediary is responsible for setting up the mining network and coordinating activities. So if you want to participate in mining, you need to log in to a separate contract

Advantages 

• No need to invest in hardware systems like Hardware Mining. 
• It is completely possible to exploit immediately without any setup. 
• The mining speed is stable because it is specified in the signed contract.
• No need to invest in expensive maintenance and operating costs like Hardware Mining.

Defect

• Have not been directly involved in the Bitcoin mining process. 
• Likely to be scammed by unscrupulous Bitcoin mining coordinating organizations.

In general, the Cloud Mining model will be suitable for participants who do not have large capital resources. Because it does not require investment in hardware. However, the amount of coins mined cannot be easily coordinated like Hardware Mining.

How to mine Bitcoin?

To start participating in the mining process, you need to be prepared with a basic knowledge of how this virtual currency system works. In addition, it is still facing the challenge of increasingly fierce competition from the global pool of miners.

Understand the operating mechanism of the Bitcoin virtual currency system

Before starting to participate in Bitcoin mining, you need to understand the operating system of this virtual currency system. Bitcoin is operated on Blockchain technology. In which all participating members have the right to change the system.

Teams involved in BTC mining need to understand the operating system of the Bitcoin network

Mining is as simple as participating in a competition with other computer systems to come up with solutions through calculations. To get ahead of other competitors, you must improve your Hash Rate mining speed (Investment Beat will discuss in detail in the following section).

After 4 years, bitcoin's block reward is halved again. Therefore, the exploitation strategy must also change to match the operating situation of the system.

Invest methodically for the rig

If you choose to mine coins by the Hardware Mining method, you need to especially invest in the machinery system. The computer that directly mines the coin must be a specialized form with strong configuration.

In addition to the main system, large operators also have to invest in a cooling system (fan, air conditioner), and a cool place to place the machine.

Large-scale Bitcoin mining system

Currently, there are a number of newcomers to mining who often choose to buy back old mining machines. To reduce initial investment costs. But you need to remember that the difficulty of mining will increase day by day. So, if you use an old-fashioned device, you definitely can't keep up with other competitors.

The self-mining computer should be the type with the highest VGA configuration possible, or it can be a machine equipped with a strong ASIC chip. These machines are only capable of processing the faster and faster algorithms of the Bitcoin Blockchain. From there, the larger block reward is obtained. Here are some basic requirements for computer configuration used to mine Bitcoin:

• Main : Prefer main type that contains more than CPI. At the same time, you must have at least 4 GPU slots.
• CPU : Select a machine with a dedicated CPU for graphics processing and is compatible with the selected main part.
• RAM : The Bitcoin mining computer shown must have 8GB of RAM.
• ROM : The lowest must be from 250GB and should be equipped with more SSD memory, it will help you save more energy during operation.
• PSU : PSU power must be at least 1000W or more.

Anticipate the increasing difficulty 

Some participants in the Bitcoin network often mistakenly believe that this is a completely free ecosystem. Although it is in theory, costs will arise from mining to transaction.

Bitcoin mining difficulty will increase as more people participate in mining

The creator of Bitcoin is anonymous programmer Satoshi Nakamoto waiting to set up his own mining rules. Accordingly, as more and more participants participate, the difficulty in mining increases. The calculation process, giving solutions to more and more complex problems.

The main purpose of increasing the difficulty of mining when more teams of miners join is to control the inflation of Bitcoin. Therefore, to start mining Bitcoin, you need to anticipate the difficulty. Since then, persistently implementing, constantly looking for ways to improve the Hash Rate index.

Detailed instructions on how to mine Bitcoin fastest 

Bitcoin mining is not that difficult. However, this process is not easy in the face of fierce competition from any global workforce. In the section below, Beat Investment will send you instructions on how to mine Bitcoin on both computers and phones.

How to mine Bitcoin on a computer

Most of the Bitcoin circulating in the market today is mined from computer systems. According to a 2018 statistic, there are 6 large-scale mining groups in the world, 5 of which are managed by Chinese companies. Basically, the Bitcoin mining process on a computer will take place in 5 main steps.

Step 1: Create a Bitcoin storage wallet 

The team of miners will not be able to mine Bitcoin without creating a wallet to store this coin in advance. To store BTC, you can choose an electronic wallet or a hardware wallet that is not connected to the internet environment.

You should choose a hardware wallet to store the amount of Bitcoin you have mined

E-wallets are only suitable for storing a moderate amount of Bitcoin for a short time. If you can mine a lot of Bitcoin, you should choose a hardware wallet. Since this is a completely hacker-proof wallet, it is capable of holding large amounts of Bitcoin safely for long periods of time.

Step 2: Set up Bitcoin mining system 

Bitcoin Mining System Needs to Connect to High Speed ​​Internet

The Bitcoin mining system will consist of 4 basic components. Specifically as:

• System premises (prioritize spacious and airy space).
• Power supply for the excavator system.
• High-speed Internet system.
• Dedicated coin mining computer system.

Note , the mining computer must be a specialized type with strong configuration. Do not try to take advantage of the desktop or laptop you are using to mine coins. Because they will not be enough to make up for the amount of electricity you have to pay before mining 1 coin.

Step 3: Find the right mining pool

The profit you get from Bitcoin mining depends greatly on each mining pool. So in this step, you can choose to mine alone or join another mining group and then share the profits.

If choosing to participate in a group, the block reward will be divided according to the contribution ratio of each participant. Mitrade , Bitmoon , Binance ,.. are famous Bitcoin mining sites chosen by many global operators.

Step 4: Install Bitcoin mining software 

Mining software is responsible for linking the team of miners with the mining pool. Thanks to that you can determine what the hash rate is in the same mining pool. All current Bitcoin mining software is compatible with popular operating systems. For example Windows, Mac and Linux.

Step 5: Choose a Bitcoin exchange 

When successfully mining and storing in your wallet, you need to sell that amount of Bitcoin to make a profit. Unless the price of Bitcoin at that time is too low, you should hold it and wait for the price to go up. 

You should choose cryptocurrency exchanges with high trading volume and high liquidity

In the process of choosing an exchange to sell Bitcoin, you should prioritize Crypto exchanges with high volume and high liquidity. For example, Binance, Huobi, Coinbase , .. Please update the list of global cryptocurrency exchanges on the CoinMarketCap statistics and ranking website.

How to mine Bitcoin on your phone

This is a form of online Bitcoin mining through mobile applications. However, it is not exactly the type of coin mining by definition of Bitcoin mining. Because users mainly just need to complete tasks in a certain game and receive Bitcoin rewards.

Mining Bitcoins by completing missions in the game Alien Run

However, the amount of Bitcoin is extremely small (usually in the form of Satoshi units equal to 1/100,000.0000 BTC. Below are 5 mobile applications that allow users to participate in playing and receive Bitcoin rewards.

• Alien Run : App supports Smartphone running Android operating system. With this game, players need to control the character Daniel D'Alien to complete the race, level up and receive Bitcoin rewards in Satoshi units. In addition, players can also receive Bitcoin rewards by watching ads.
• Bitcoin Aliens : This is a Bitcoin hunting game that supports both Android and iOS mobile devices. Players need to complete the monster slaying mission to receive the Satoshi reward. The monsters in this game are divided into many levels. If successfully defeating Aliens, the amount of Bitcoin you are rewarded with is larger.
• Free Bitcoin : If you have time to watch a lot of ads, the amount of Bitcoin players earn on this mobile application is also quite good. Besides, you can also earn Bitcoin by completing tasks in the game.
• Blockchain Game : For this game, players need to complete the task of arranging the squares in straight rows, as high as possible. The amount of Bitcoin received will depend on the height of the stacked squares.
• Abundance : This game will be for you who love to learn English. Because then, the player needs to open the New Quote section, choose an English quote. Next, perform a lottery to receive the corresponding amount of Satoshi. If you are lucky to land the "Gold" box, the number of Satoshi will be more than the other boxes.

In general, Bitcoin mining on mobile is only for entertainment purposes for those who have free time. As for professional miners, they will never choose this method because the amount of Bitcoin collected is too small.

How to mine Bitcoins for free

Currently there are a number of websites that allow players to conduct free Bitcoin mining. Before you start mining Bitcoins on these sites, you need to create a storage wallet and start earning coins. However, free Bitcoin mining has many potential risks because not all websites are reputable. Some websites even install malicious code to illegally collect user information.

Therefore, when participating in free Bitcoin mining, you need to choose reputable websites that provide professional mining services. Such as Abundance, Free Bitcoin, Dailyfreebits, BTCclicks, Faucethub, .. First you need to register an account on it and start mining Bitcoin.

Detailed instructions on how to calculate Bitcoin mining profit

Don't just focus on how to mine Bitcoin but forget about calculating the profit. Your mining will be in vain if you do not earn any profit. To calculate the profit from Bitcoin mining, go to the website www.cryptocompare.com and follow these steps.

Step 1: Scroll to Mining and select MINING CALCULATORS to start calculating profit.

Find the Mining section and select MINING CALCULATORS

Step 2: Select the coin you are mining and need to calculate the profit in the Currency section.

Step 3: Enter the basic parameters of the excavator. Including capacity, power consumption and mining algorithm.

Enter the basic parameters of the coin miner

Step 4: The system will return the calculation results of Bitcoin mining profit. High or low profit depends on the number of coins mined and the value of that coin in each moment.

How to speed up Bitcoin mining

To improve the Hash Rate, you need to cool down the CPU

Bitcoin mining speed is measured by the Hash Rate index. Accordingly, the higher the Hash Rate, the more coins you can mine in a certain period of time. However, the difficulty of mining on the whole network is also higher. So how to improve Bitcoin mining speed? Here are 3 basic ways to improve Hash Rate:

• CPU cooling for Bitcoin mining rigs with parameter fans, air conditioners. In general, this cooling step will consume a bit of power.
• Selecting suitable mining software, please run trial versions of each software. Then select the software that gives the best mining performance.
• Overclocking for the CPU, this needs to be done properly so as not to affect the whole system.

Bitcoin mining experience

Not everyone who participates in Bitcoin mining becomes a millionaire. Many brothers, because of following the trend, did not learn the knowledge caught up in the mining craze, had to go bankrupt. Bitcoin mining is not difficult, but if the wrong strategy is applied, it is easy for miners to optimize profits. Or even a loss.

• Should participate in each mining group : If you do not have enough capital, you should participate in mining in each group. The return may not be as high as doing it alone but the risk will be less. On the other hand, when the brothers in the team support each other, the mining work is both less strenuous and more effective.
• After mining, sell immediately : Bitcoin's price fluctuations are usually very large. So when mining to where, you should sell it, convert to USD there. Except in case the price of Bitcoin is too low, you can keep it.
• Convert to other Altcoins : If you hold a lot of Bitcoin, you should convert part of it to other Altcoins. Investing in Altcoins in the context that the Bitcoin price is not volatile is not a bad choice for you to optimize profits.
• Only consider Bitcoin mining as a side job : Bitcoin price fluctuates up and down erratically. If you consider Bitcoin mining as your main occupation, you will not be able to survive if the price of Bitcoin drops as deeply as it did in 2017. So just consider this as a side business and never take out a loan or pour your fortune into it. .

Of course, the sharing of experience above is only subjective of a few groups of people who have ever participated in Bitcoin mining. However, if these experiences were applied in the period from 2017 to now, perhaps many Bitcoin miners in Vietnam would not have fallen into debt to the point of bankruptcy. 

When participating in mining any field, including mining, always leave yourself a safe way back. Maybe then you won't become rich, but at least not to the point of falling into a state of empty hands, piled up in debt.

Conclusion

Bitcoin mining is basically not difficult if you know how the Bitcoin network works and computer technology. Hopefully, after the sharing of Beat Investment, you will have your own decision whether to participate in the Bitcoin mining network or not!