How can miners mine bitcoins without any charge?
There are bitcoin enthusiasts across the globe that is so interested in buying bitcoin. There are three main ways of acquiring bitcoin: buying bitcoin from crypto exchanges, accepting bitcoin as a payment method, and mining bitcoins. The simplest and easiest way of acquiring bitcoins is through bitcoin mining. Bitcoin mining involves discovering the bitcoins and verifying the bitcoin transactions by solving complicated mathematical problems.
Mining Bitcoin is more like mining gold as it requires a complete setup and miners to mine bitcoin. If you want to trade bitcoin, you can check out bitcoinx as it is one of the best platforms.
Working of Bitcoin Mining
Instead of digging the gold, the bitcoins are mined using high processing computers to verify the bitcoin transactions. The miners are given the task of verifying 1 MB of bitcoin transactions at the same time. Once the transactions are verified, they are added into a distributed public ledger known as the blockchain, which virtually records all bitcoin transactions. The transactions are virtually gathered into blocks that can be identified through hash number.
Highly complex mathematical problems are required to be solved using a high processing computer to verify the transactions. The miners don’t find the solution to problems initially and keep on trying to solve puzzles by using different algorithms. Miners use software to find the right solution to the mathematical problem to validate the bitcoin transactions. Once the miners successfully find the right solution to mathematical problems in 10 minutes, they are rewarded with a block reward.
The block reward is provided to bitcoin miners as compensation for their hard work and attempts. Some miners who can’t afford high computing power prefer to join the bitcoin mining pool. A mining pool involves many computers with high processing power to solve the mathematical algorithms and get the bitcoin reward. The reward is then distributed among the miners that are in a particular mining pool.
Now, the question arises that if you don’t have or afford high processing computers, can you mine bitcoin? The answer to this frequently asked question is yes. Let us know about this in the forthcoming paragraphs.
How to mine bitcoins for free?
If you are serious about bitcoin mining and want to be a bitcoin miner, there are few things that you must have before starting with the mining process. At first, a bitcoin wallet is required. You can find a vast range of bitcoin wallet that differs in their functionality online. Create an account with a crypto exchange if you want to buy bitcoins. Even if you haven’t invested in bitcoin but want to earn bitcoin through the mining process, you must have a bitcoin wallet.
After a wallet, you require mining software. If you can’t afford to buy a new and powerful one, you can find free mining software and download and install it on your device. The actual process of bitcoin mining can only be done through mining hardware and software. Along with hardware, mining software allows miners to get connected to the blockchain network and mining pool. You can download the bitcoin mining software that is compatible according to your device and operating system.
Each bitcoin mining software has its benefits and detriments, and you must make sure to have that software that is best for your device. Let us explore various mining software that is available online for free:
BFGMiner is an ASIC miner developed in the C language and has the features of an in-built multi-threaded pool and dynamic clocking. This software also provides complete support for routers that are OpenWrt.
One of the best open-source mining software whose interface is designed to reduce the hardware prerequisites is BTCMiner. The mining process in BTCMiner is entirely automated, and it provides a USB interface to help in communicating with the mining pool.
EasyMiner is a GUI based mining software that is designed for Android, Windows and Linux. This software provides every tip or knowledge in which miners can make the best utilization of software, and it is evident in terms of handling. The operations of EasyMiner are pretty user-friendly and allow miners to read the performance graphs to get a visualization of their process of mining bitcoins.