Can I Mine For Bitcoin? 3 Tips and Tricks

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The digital age offers many ways to become financially independent.  From random side hustles to the stock market, people have more options than ever before.  You can use YouTube and other resources to teach yourself unfamiliar materials in order to become a better candidate for a certain job.  If you want to create your own business, there are several ways for you to outsource the development of your website to someone else.  Through drag-and-drop interfaces, site maintenance and creation have become accessible to those who know the least about technology.

1. Remember The World Is Changing

Obtaining a job is hard, and one has to make many investments before receiving a job that’s a good fit with regard to pay and fulfillment.  One must invest in education, whether that means college or a coding bootcamp.  Upon one’s post-education entrance into the workforce, very little makes the job search easy or even manageable.  From false leads to pyramid schemes, the modern landscape can sometimes fail to be as useful as it typically is.  The single undoubtedly good thing about today’s landscape is that there are multiple options.  One can use exciting gig-based freelance work or employ a dependable 9-to-5 strategy.

One high-reward and high-investment strategy for improving one’s financial independence is to mine cryptocurrency, a digital form of currency whose single units can be thousands of dollars apiece.  Not everyone has the emotional bandwidth for cryptocurrency generation or management because It’s a high-tech and competitive phenomenon in the computational world.  But what might be the case is that you will.  The prices of many cryptocurrencies have skyrocketed and plummeted over the years, but the most conventional one with which most are familiar is probably Bitcoin, one of the oldest cryptocurrencies.  As valuable as a single 30,000-dollar Bitcoin is (a Bitcoin is 30,000 dollars at the time of writing), how do you get one?

2. Start With a Great Setup

To obtain a Bitcoin, you must make a Bitcoin by solving a numerical puzzle, but don’t worry.  You needn’t solve these puzzles.  Your computer does that.  Some miners create massive setups of several “dummy” computers whose sole purpose is to earn cryptocurrency by solving math problems, which are basically brute-force solutions for finding requisite codes.  

Miners earn cryptocurrency by solving these problems because, by uncovering different codes, these miners have contributed incredible computational power to the blockchain and they’ve further asserted the legitimacy of that cryptocurrency, regardless of whether that cryptocurrency is Bitcoin or something else.  In fact, one might argue that the blockchain singularly relies on miners to spread the ubiquity of and increase the value of Bitcoins.  Through powerful networks of computers, miners substantiate the means through which Bitcoins have any value at all.  The transactions that happen throughout these networks are fundamentally what the blockchain is, as the blockchain is a database of information that flows from device to device across networks.

What’s especially important about Bitcoin mining is that it offers a definite way to discern a ledger of Bitcoin transactions so that you know how many you’ve earned and potential buyers of your Bitcoins also know how many you’ve earned.  Software developers who mine Bitcoins have advanced their skills over the last several years, developing faster, more efficient ways of creating and collecting Bitcoins.  Leveraging more complex machinery against the numerical puzzles that reward users with Bitcoins, the most tech-savvy cryptocurrency miners have advanced the process of collecting Bitcoins while establishing themselves as valuable assets for any company.

3. Consider Forming a Mining Company

Some miners work together, combining into mission-based companies that envision new setups, new technologies, better hardware, and more employees to manage and monitor equipment with which to mine Bitcoins.  Some work toward efficiency, while others work toward carbon neutrality.  After all, mining Bitcoins generates immense heat and necessitates much energy, especially if one uses many dummy computers to earn those Bitcoins.  Some mining companies try to be carbon-neutral and efficient simultaneously.  As the global climate becomes more erratic, accomplishing such a feat would make them the best of the best.

There are people who can continue to mine all by themselves, but all users must make a significant investment in hardware. Many years have passed since the invention of cryptocurrency, so a series of ordinary computers can’t effectively mine Bitcoins anymore.  To mine Bitcoins by oneself, one would need to obtain computers with unusually strong graphical processing units in order to harness the power necessary to create brute-force solutions for code-breaking problems.  As long as you’re willing to invest in the appropriate equipment, mining Bitcoins, among other forms of cryptocurrency, might be a very good avenue to investigate.

Now that you know how to build your setup, maybe you have what it takes to become a Bitcoin miner.

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