What is it?
Bit Coin Mining, in the simplest of terms is converting power into money in the form of Bitcoins. Bitcoins are electronic only and assigned to a number, not a person’s name or information. This makes it great for secrecy, however, if you lose your account details, you will have no way to recover your coins. Millions have been lost from this mistake.
Bit Mining specifically uses your graphics processor and video memory to work out complex problems, resulting in a payment in the form of bitcoins. CPUs are also being used with some coins, but is much slower, even with the best CPUs on the market, since Graphics processors are designed for complex mathematical work.
There are many of these services available, some can result in real spendable money and others, well, not so much. Here are links to two services I have found to have good returns in the past, this is a very volatile market where the price for a coin can change by 1000% overnight.
Ethereum on Nanopool: https://eth.nanopool.org/faq
Verium on Bloxstor: https://pools.bloxstor.com/#/getting-started
If your looking to do bit mining, you need to consider a few things…
10/29/2018 – NOTE: Mining is no longer profitable. This article is left here for informational purposes only. Buying or running a mining rig is no longer recommended.
Expect to pay more on your electric bill.
Your computer is going to run at it’s maximum power 24/7. Computers are built with power saving features when not in use. You will NOT be able to take advantage of these features.
Expect to invest in hardware
You need a good quality computer, expect to pay in excess of $800 for the computer. You will also need at least one high end Graphics card. A built in video card will NOT be able to produce more money then you are spending on the cost of power. Expect to pay at least $400 for this graphics card. With Bit Mining’s popularity, these graphics cards are in high demand with limited availability, creating higher then normal costs.
Expect to deal with cooling issues.
Your computer will need to stay cool, you may need to install extra fans or maybe even a water cooling system. Since your computer is running at it’s maximum, it is going to generate a lot of heat. Make sure you plan a space in your home or office where you can monitor it’s temperature or where you can install fans or air conditioners to remove this heat. If your computer overheats, parts will break, this could be costly and although unlikely could even cause a fire.
Expect to do a good bit of reading up.
You will need to research the best service for you, you will need to learn how to connect to the service, how to use your new money and how to convert to real dollars or where you can spend the bitcoins you have. There are thousands of articles online on this subject, so I will not go into detail here. The process currently is legal, however, this is a highly volatile space which may eventually be banded or may become less viable in the future. Be prepared to loose money.