Bitcoin mining can be lucrative, but it can also be complicated for miners that are getting started. Consider these 5 tips before making a move into the industry.
1: Set Up A Wallet
Organising a hardware or digital wallet is undeniably one of the most important steps when starting out as a bitcoin miner. After all, earning bitcoin means nothing if you’ve got no place to store it. Thankfully, there’s no shortage of options for wallets online, so be sure to do your homework and find one that suits you most.
2: Buy the Equipment
Bitcoin mining requires specialised equipment in the form of ASIC miners – high-powered computers with intense processing power and a dedicated graphics card. The right mining equipment can be the difference between success and failure as a bitcoin miner.
3: Track Your Progress
Achieving your goals depends on your commitment to tracking them. From earnings, power consumption to hash rate – be sure to dedicate a little time every day to monitoring your progress to confirm you’re on the right track to reaching your objectives.
4: Monitor Industry Changes
If you want to maintain your momentum as a miner, you need to stay informed of the latest news in the crypto space. Follow reliable crypto news sources online, like Bitcoin Magazine, CryptoSlate, CoinDesk. You could also join bitcoin communities online, such as /r/Bitcoin on Reddit.
5: Join a Top Mining Pool
Many miners choose to join a bitcoin mining pool, which is a great way to get your foot in the proverbial door.
Depending on experience, solo mining is unlikely to be super profitable if you’re just starting out. In a pool, you can work together with other miners to mine blocks and share the rewards. While your earnings might seem lower than what you’d make on your own, you stand a much higher chance of earning anything at all when mining as a collective. You can also share your resources and potentially find blocks faster.