Though it is extremely difficult and rarely profitable, Bitcoin mining is still feasible. While the best results will derive from joining a mining pool, the following steps can be taken to venture into Bitcoin mining:
- Calculate profitability: Primary expenses will include cost of electricity and mining hardware. Any profit will largely depend on Bitcoin’s value, which is volatile.
- Get mining hardware: Once initial calculations are made, expect to spend anywhere from several hundred to several thousand dollars on mining hardware.
- Choose mining software: Next, you need a good software platform through which you can access the blockchain and manage your mining. There are a lot of options to choose from.
- Install a Bitcoin wallet: When you’ve mined bitcoins, you’ll need a place to store them, called a Bitcoin wallet. Digital wallets let you store your bitcoins in “the cloud” but are a common target for cybercriminals. An offline wallet stores bitcoins in a device that is disconnected from the internet, offering added security.
- Join a mining pool: Joining a mining pool (Not The Scam Mining Pools Found All Over Social Media) offers the greatest chance of success.
- Get started: Once the previous steps are complete, you can start mining. This is a very passive enterprise, but equipment should still be routinely checked to ensure everything is working optimally.
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