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: 

  1. Calculate profitability: Primary expenses will include cost of electricity and mining hardware. Any profit will largely depend on Bitcoin’s value, which is volatile.
  2. Get mining hardware: Once initial calculations are made, expect to spend anywhere from several hundred to several thousand dollars on mining hardware.
  3. 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.
  4. 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. 
  5. Join a mining pool: Joining a mining pool (Not The Scam Mining Pools Found All Over Social Media) offers the greatest chance of success.
  6. 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.