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Bitcoin mining is a mechanism for bitcoin generation. Without mining, it is not possible to bring new bitcoins into circulation.
So, if you are a newbie interested to buy bitcoin in India, you deserve to know everything about mining bitcoin in India. In this article, we will help you understand how Bitcoin mining works and how you can start to mine Bitcoins in India.
Bitcoin mining is a complex mathematical process of adding new bitcoin transactions to the public ledger of past transactions. This ledger is a blockchain wherein after solving a cryptographic puzzle a new block is added to let miners move on to the next set of the transaction, thereby creating a blockchain. For solving the puzzle miners get bitcoins as a reward.
Generally, there are two important methods of mining Bitcoins.
Step 1- Find a Bitcoin mining company:
If you want to lease mining power and hardware, you’ll first need to look for Bitcoin Mining Company. These companies may either provide you access to the bitcoin miner app or software. Before choosing a particular company or software make sure to learn about its contract, the fee charged, and market credibility.
Step 2- Choose a mining package
Next, evaluate your chosen mining package. Find out- contract duration, cost, and the mining hardware to be used. Additionally, also check whether the contract is customizable or not as per your needs.
Step 3- Pick a mining pool
After purchasing a plan, you’ll need to select a mining pool. Assess available pools on different parameters and choose the one with a good track record.
Step 4- Start mining
Now you can start cloud mining your Bitcoins.
Step 1- Calculate profitability
Before starting out, use an online mining profitability calculator to check whether mining bitcoin is worthwhile for you or not.
Step 2- Get mining hardware
Next, pick an ASIC mining device by evaluating its features and price. Check mining hardware reviews and then make a wise selection.
Step 3- Get a Bitcoin wallet
To store your newly mined Bitcoin, you’ll need a bitcoin wallet. These wallets will allow you to manage your Bitcoin address.
Step 4- Join a mining pool
To increase the chances of profit-making, join a mining pool. A mining pool is a collaboration between several miners. Working alone to solve a puzzle to mine Bitcoin is nearly impossible. Therefore, it is better to join a trusted mining pool.
Step 5- Get mining software
To manage your mining hardware, you’ll need dedicated software. The software connects you to the blockchain and mining network. The software programs help you track the results of your work and append relevant information back to Blockchain. However, it is worthwhile to note that some mining pools have their own software.
Step 6- Start mining!
Now, you can start mining. Connect your miner to a power outlet and also to your computer. Next, open up your mining software; fill your mining pool’s address, username, and password.
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