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Getting into the world of bitcoin is exciting, but can also be a little confusing. Read on to learn about bitcoin and how to get started as a USB bitcoin miner. We live in an age where you can take out your smartphone and send 10 different amounts of Bitcoin to 10 different people, in 10 different countries, in less than 10 minutes. And you can do it from your smartphone, in your pajamas with a cup of tea. If you wanted to do the same thing with traditional currency, it would take you a day just to work with all the banks involved to confirm and transfer the amount Plus convert to their own local currency.
And then the money would be in escrow for a few days. But again, with Bitcoin: How is this possible? Behind the hard work and digital heavy lifting of bitcoin miners. Want to become one? What is a Bitcoin Miner? In the old, old days before we started to print money, jewels and medals were the currency we exchanged. Miners would be the ones going into the mines and unearthing these precious stones and metals so they could be put into the economy.
And for their trouble, these miners would often get rewarded with a bit of currency themselves. Now, they also earn money another way: They approve or deny a transaction, with an eye out for fraudulent deals.
And if the deal is approved, they get a piece of the action for their effort. Adding more Bitcoin miners will mean a more secure network for the world. The Challenge of the Bitcoin Miner As we just mentioned, more Bitcoin miners mean the currency is faster and safer. Like gold or diamonds, there is a limited amount of it out there. So, the more you find, the less is left, and the more the value will rise as you get to the end of your undiscovered supply. In , 1 Bitcoin was worth 0.
The plight and methods of the Bitcoin miner have changed over the years. The faster demand to mine, and mine, and mine has driven the need for faster and more specialized equipment. We will touch on that a bit later. Now, the successful Bitcoin miner no longer works alone on their laptop. A team of skilled and like-minded Bitcoin miners getting together to pool brains, tools, and resources. And each member of the team will get a percentage of the Bitcoins that pool has worked so hard to mine, based on the relative amount of work he or she has done.
The Tools of the Bitcoin Farmer: It was all they had and all anyone had ever used. That was until a few years later when a few savvy miners saw the inherent value in using a video game graphic card.
Fast forward to the winter of These were faster than anything we had seen so far and opened the doors to concentrated mining farms. They were ungodly fast compared to everything else out there and consumed far less power.
This is the standard where everyone is at now. ASIC miners are the most commonly used tool and some popular models include: So the competition is getting more heated among miners. That means technology is getting faster and much more expensive, as the bar and demand keep going up, and up, and up. The Tools of the Bitcoin Farmer - Software The first thing you will need duh is a place to keep your currency, which is called a Bitcoin wallet.
There are a number of them out on the market for you to choose from, like: Breadwallet Copay Armory Coinbase Circle These tools can help you generate a Bitcoin address, which is what you will need to work in a Bitcoin miner pool. The next thing you will need is your Bitcoin mining software: The days of the solo miner are long gone. Now, if you really want to make money, you have to join a reliable and stable pool.
Some of your options out there include: Now there are lots of different methods and philosophies out there for how to distribute the spoils fairly in a Bitcoin miner pool. This is like getting on the ground floor… of money. You have to work for it these days. It really depends on your goal and purpose.
So you should ask yourself if buying this miner answers the question of need and want. If you are aiming for profit and money, then don't buy one. You can't find anywhere in the world that is a profitable USB miners. But it doesn't mean that for those right person it doesn't make excellent gifts also. Are you looking for a stick miner, which is similar to a flash drive, or maybe a larger one that will just connect to a USB and have its own power supply?
By looking at the stores online, you can see different options that also varies with a variety of price and versatility. If you want to gift someone that ages like a teenager and interested with the technology, then what you are looking for is ASICMiner Block Erupter. Bitcoin Computer have price costs as much as a low-end tablet computer. Their differences isn't just in their relative mining power but also in what they can do. The ASICMiner will just be utilizing your computer software running in order to mine bitcoin, on the other hand, 21 Inc.
Bitcoin Computer is standalone and it can mine of its own and does a number of other things. Market these days have couple of nice and well-priced USB stick miners. GekkoScience Compac is one of the option which produced independently and unfortunately in a very small print run. It means that options in the market are really great. You can calculate what that will produce in terms of Bitcoin using this Bitcoin Mining Calculator.
Not exactly a lot—but as I said at the beginning, these are for hobby purposes, not profit. Another good option is Avalon 3 Nano, if the above options aren't available. However, the Avalon 3 Nano is a little harder to set-up, configure, and use. If you just want to buy a device just to educate someone that has interest about Bitcoin, then you may decide you don't care about the hashing power of the device.
There are options also like Antminer R1 that will mine Bitcoin for you in the AntPool Solo Pool, which means it is attempting to win the proverbial Bitcoin lottery. But at the end of the day, it is you to decide what you need and what you want in order to succeed on your goals. What are the goals? What kind do you want? What about larger miners?