If you have been following many of the articles about Bitcoin mining, you would agree that, one way it teaches us to generate coin is to; register in one of the many pool mining, download a miner, A CPU Graphical Card and then we are set to start generating coins.
Things you must know and do to ensure a steady income.
If you have been following many of the articles about Bitcoin mining, you would agree that one way it teaches us to generate coin is to; register in one of the many pool mining, download a miner, A CPU Graphical Card and then we are set to start generating coins.
For those who have experimented it, you would agree that this is far from the realities of generating income because I’ve been through this system it teaches and I can confidently say it is a total flaw.
Couple of days ago I registered with slush pool, downloaded GUI-miner, CPU graphical card, with an internet speed of 2 megabyte per second and I was mining on 600khash per second. Mining with 430 Khash per second on 24 hours basis will give you 0.00233952 BTC in 7 days, 0.00099904 BTC in a month, and it will take 8 years 4 months to get 1BTC.
This isn’t good enough.
In an attempt to know what is needed to successfully generate coin and earn income, I consulted Leon Kramer the founder of btcserv pool mining he told us the realities of Bitcoin mining, and what to be done in order to earn income from it.
Bitcoin Mining – Bitcoin for Windows
Download Bitcoin for window on: www.bitcoin.org if you have not already done so. Please note that downloading Bitcoin for Linux when you’re using window is just an extra security process to keep wallet safer and it’s mainly for advanced users. The scope of this tutorial is at basic level you would do just fine downloading Bitcoin for windows.
Register with one of the pool Mining
Sign-up with one of the many pool mining such as: btcserv, slush-pool, deep-bit etc. I would recommend new and inexperienced miners to register with www.btcserv.net because it gives you extra support through its web chat where you can always talk to the site admin to help you when you’re in mining difficulty otherwise you would have to search through thousands of help on the internet.
Download a Miner
Download and Install a miner there are lots of them. The GUIminer is highly recommended for beginners because it is easier to operate. On your left is the screenshot of My GUIminer, If you have something different from this, it means that you are using another type of mining and you should be fine with whichever mining you downloaded.
Purchase a Graphical card
After you have downloaded your miner and start your software to begin mining, it would not mine instead it would direct you to download and install a CPU Graphical card which is readily available online for free. You should not download this type of cards because while it makes the GUIminer to work, it would take approximately 8 years and 1 month to generate 1 BTC
The alternative to this would be to purchase an AMD ATI 6990 Graphical card. Because the CPU in the computer does a certain type of calculation but it turns out that ATI 6990 card does calculation better for Bitcoin and turns out coins faster. You can use 1, 2, 3 or more cards but to maximize your chances you would need to get at least 5 cards.
Get a Motherboard
If you are thinking just like me, then you should be asking yourself “where in God’s name am I going to place these cards because there isn’t any visible space on my computer”. The answer is motherboard you would have to get a motherboard and slot in your cards; this is where all components connect. There are plenty of them I suggest you make your own research, check out reviews and decide on which one to grab.
Get External Electricity
Because when you put a whole bunch of Graphical cards into a motherboard and connect it to your system, you are modifying your computer in a way that you are building a system out of your system specifically for generating coin and by significantly altering your machine you would need more electricity.
If a Graphical card uses 200 watt electricity then 5 graphical cards would need 1000 watt. There are many outlets for external electricity you may want to check your local outlets, Amazon, EBay for specific products and support.
Point your miner
After you have gotten all the required soft and hardware you are good to start mining. You will want to point your miner to any of the pool mining you registered with in this case we are working with bitserv and i have pointed mine to it.
However, as you delve into mining, you may find the need for more hard or software to generate even more coins but this is certainly enough to get you started and generate income.
Bitcoin Mining – Trading Bitcoin
Am pretty sure that not too many people are ready to make a financial commitment into what they are not very sure of getting back, or maybe because they are not very computer intense – there is an alternative buying and selling of Bitcoin on Mtgox, Bitcoin7 and Trade-hill.
Take your time to familiarize yourself with them because our next article will cover how to Trade Bitcoin to maximize your chances of making money.
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