Are you eager to step up and be in tune with the cryptosystem by mining Bitcoin?
Bitcoin mining is nothing complicated. If anything, by mining Bitcoin, you are selflessly and willingly taking part in keeping the network operational.
Bitcoin mining is incentivized, true, but sometimes the objective of plugging and “feeding” it with your computing power is not motivated by monetary gains.
It could be because of your love for technology or even research.
Regardless, without mining, there wouldn’t be internet-native Store-of-value money. Bitcoin mining is how the new BTC, the native currency of the Bitcoin network, is released into circulation.
Since Bitcoin’s operations are decentralized, by mining, the community directly helps in securing it against third-party attacks, guaranteeing reliability and continuity.Bitcoin is now integral to the global financial system. This is how you can start mining BTC more efficiently through Compass Mining. Learn more here: Click To Tweet
Still, you should know that Bitcoin mining is an energy-intensive operation requiring continuous powering and cooling. It explains why most commercial Bitcoin mining farms are off-grid and in temperate zones where cooling isn’t a problem.
If you are driven by money and want to make a buck from Bitcoin mining, using a provider like Compass Mining is convenient. Also, being practical, mining solo is economically unfeasible.
Here’s how you can start mining Bitcoin with Compass:
- First, visit Compass Mining and familiarize yourself with their business and Bitcoin.
- Second, choose your mining Rig called an Applied Specific Integrated Circuit (ASIC) whose mining power is gauged in hash rate—the higher, the higher the chances it can mine BTC. There are Antminers by Bitmain and Whatsminers with different hash rates and pricing.
- Third, choose your hosting facility. Compass Mining has several facilities in Russia, Canada, Kazakhstan, and the U.S.
- Fourth, join a mining pool after your ASIC has been integrated with your chosen hosting facility. A mining pool fuses your hash rate with others, increasing the odds of confirming a Bitcoin block and earning BTC.
- Fifth, receive Bitcoin in your wallet every time your mining pool confirms a block and is rewarded with BTC.
Want to learn more? Check out this podcast with Ramak Seigh discussing how to build a solar-powered, self-sustaining Bitcoin mining data center.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.