How to mine Bitcoins

Bitcoins is a cryptocurrency created by someone/something called Satoshi Nakomoto in the year 2008. Recently, Bitcoins has experienced an increase in its value. Because of this increase, Many people are now looking for ways to get Bitcoins. As of the time I am writing this blog, The price of Bitcoins is currently at $16,000 for 1 Bitcoin.

WHAT IS BITCOINS MINING?

One of the ways of getting Bitcoins for free is mining. Mining is the extraction of valuable mineral resources from the earth. So Bitcoins mining can be defined as the extraction of Bitcoins from a computer in a lay man term. In a more advanced term, Bitcoin mining can be defined as the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released.(Investopedia, 2018). In order to mine for Bitcoins, one needs access to the Internet and also a good hardware device.The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle.  The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards.  The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released bitcoin.

IS BITCOINS MINING PROFITABLE?

When Bitcoins was released, it was very easy to mine them. One could mine them at the comfort of his own home and using his/her  PC.  Presently, if you don't
own a specialized high powered machinery, it might be impossible to profitably  mine for Bitcoins. While mining is still technically possible for anyone, those with under powered setups will find more money is spent on electricity than is generated through mining.

In other words, mining won’t be profitable at a small scale unless you have access to free or really cheap electricity.

CLOUD MINING

Cloud Mining is the process of bitcoin mining utilizing a remote datacenter with shared processing power.This type of cloud mining enables users to mine bitcoins or alternative cryptocurrencies without managing the hardware. This is very useful for those who are not technically minded and those that do not want to run their own software or Hardware. If the cost of electricity is high in your country, it is advisable to outsource your mining to where electricity is cheaper.

STEPS IN MINING BITCOINS
The following are steps to take in order to mine Bitcoins
Step 1: Purchase custom mining hardware
Step 2: Obtain a Bitcoin wallet
Step 3: Secure your wallet
Step 4: Decide between joining a pool or going alone
Step 5: Download a mining program
Step 6: Run your miner
Step 7: Keep an eye on Temperatures
Step 8: Check your profitablility

Thanks for reading