With the interest in cryptocurrency on the rise, more people than ever are looking into methods from which they can obtain some themselves. One method that is often discussed is mining the coins directly.
People are increasingly spending a lot of money on the hardware and software needed to mine this data effectively, not to mention the huge amount of time it can take. If mined correctly, a lot of profit can be made from cryptocurrency mining, and for many, this knowledge is worth the risk.
Bitcoin is the most famous of all cryptocurrencies, therefore it is the most desired of those looking to invest in this digital world. However, the difficulty in mining Bitcoin is that to start with, you will have to invest in a huge amount of computer processing power. This is needed as without it, a computer would not be able to cope with the complex accounting sums needed for the platforms behind each coin.
Before you get started in the process, you will need both specialist hardware for the actual mining process, and software to connect the miners of this virtual currency with the chain of blocks.
How do you identify the best software?
There are many different mining software’s currently available on the market, and each come with their individual advantages and disadvantages. Before picking which to use, you should look carefully at these pros and cons and work out which will work best for you.
For a software to be considered as one of the best in the market, they must have several important features. Firstly, the software must be able to run on almost any operating system, such as Windows, Linux, OSX and even a Raspberry Pi. For some specific operating systems, the software may require additional modifications to the drivers depending on the mining configuration you desire.
It is helpful if the software also monitors and displays general statistics such as temperature, index, fan speed and the average speed of the Bitcoin miner. These can be very helpful when it comes to the success of bitcoin mining.
To get speedy updates on the work completed, you should ensure that you have a stable internet connection and a download speed of no less than about 10 MB.
Software for you to consider
Three of the best software available can be found below:
BFGMiner: This is an ASIC modular mining software, FPGA, GPU, and C-type CPU, with a multiplatform for Linux, Mac, and Windows, including support for OpenWRT-capable routers.
EasyMiner: This is a GUI-based miner for Windows, Linux, and Android. EasyMiner acts as a suitable wrapper for integrated CG. It automatically configures your Bitcoin miners and provides performance charts for easy visualization of your Bitcoin mining activity.
CGMiner: This is a multi-pool GPU, FPGA and miner ASIC with ATI GPU monitoring, (over) clock and fan speed support for bitcoin and derivative currencies.
What should I do when I already have the Bitcoins?
The overall goal of a Bitcoin miner is to obtain Bitcoin, but miners should be aware that they will then need a place to store the currency. This is why it is important to already have a Bitcoin wallet to ensure safety and security.
As soon as Bitcoins have been created, they hold a great value. Therefore, if the miners aim is to sell them on, they should use a platform of commerce. These are secure places for individuals to buy and sell cryptocurrencies.