In 2021 going into 2022- perhaps more than ever before- people across the world are looking to learn more about the wonderful world of Bitcoin and Bitcoin Mining. And, really- HOW COULD YOU NOT be interested in Bitcoin right now? It only has a chance to be the future of finance is all- so it’s kind of a big deal.
If you want THE BEST free educational resource available online when it comes to learning more about Bitcoin and Bitcoin Mining: look no further!
While it seems you hear a lot about bitcoin mining and certainly you see plenty of news about Bitcoin- ever since Bitcoin’s Pseudonymous creator, Satoshi Nakamoto, wrote “The Bitcoin White Paper, there have not been many resources online that allow the general public to find helpful information that explains the basics about bitcoin and bitcoin mining, like:
What is Bitcoin Mining? Or, what exactly is Bitcoin? Why do you mine Bitcoin? It is too late to start mining bitcoin? HOW do you mine Bitcoin? How do you start mining bitcoin? What type of equipment do you need to mine Bitcoin? Are there already businesses that allow you to shop and pay with bitcoin? Can you earn Money/Bitcoin when you mine Bitcoin and get rewarded for your work?
Since there are so many questions about Bitcoin Mining out there which are not always easily answered by reputable sources, we have decided to share some basic wisdom with the world to help everyone learn more about Bitcoin mining and Bitcoin. Your parents may not understand Bitcoin, but that doesn’t mean you don’t have to learn all you can about the world’s “digital gold.”
If there is a single “best” article about bitcoin and bitcoin mining, we hope this might be in the running. However, we’re not guaranteeing that we have covered every single topic related to bitcoin and bitcoin mining perfectly, and there are certainly many other people out there who have great insight also, but we have done our best to be very thorough in sharing enough information with you that you should be feeling pretty knowledgeable after reading this article. You may not be a bitcoin expert or an expert on bitcoin mining quite yet, but you’re well on your way and you’ll definitely know enough that you can share with others after you read this in-depth article.
After all, if bitcoin is going to see widespread adoption and is truly going to become a cornerstone of the future of finance- it seems only right that everyone should know as much about bitcoin as possible.
So, in efforts to help our MinedPool Mining Pool/Hosting Members and the rest of the world to have more information about Bitcoin Mining, we decided to put together some resources that help explain the concepts behind bitcoin mining and bitcoin itself- from the beginner’s perspective.
We don’t like the term “what is bitcoin mining for dummies?” So, we won’t use that term-but this article is intended to be an all-around guide to help you start mining Bitcoin (hopefully with MinedPool) and to explain the basics of bitcoin and bitcoin mining for you as-if you had never heard of Bitcoin or bitcoin mining before.
Are you ready to learn more about Bitcoin? Are you ready to learn all about bitcoin mining?
Without further delay, our team at MinedPool Technologies is proud to present to you: “Bitcoin Mining Explained: What Is Bitcoin Mining? What Is Bitcoin? How Do You Mine Bitcoin? And More!”
What Is Bitcoin?
In the simplest definition possible, Bitcoin can be described as an decentralized peer-to-peer digital currency/payment system, digital money, or “cryptocurrency,” and Bitcoin runs on a “Proof-Of-Work” Blockchain with an immutable distributed ledger. Bitcoin is built using advanced software engineering and code, blockchain technology and cryptography.
The term “decentralized” basically means there is no single controlling body, third-party, or central bank that runs the Bitcoin Network.
So, when you ask “who runs bitcoin?” The answer is really is that the people who own and use bitcoin are the ones who “run” bitcoin, and the Bitcoin Miners are the ones who help to secure and decentralize the bitcoin network while also helping to validate/confirm new transactions and “mining” new Bitcoin via a series of trillions upon trillions of complex hexadecimal equations taking place each second.
While it varies, on average a new “Bitcoin Block” is found approximately every 10 minutes by an ASIC Bitcoin Mining Machine running somewhere in the world as part of a mining pool…but we’ll touch more on the process of bitcoin mining just a bit later on in this article to give you all the juicy details of how it all works.
Colloquially, Bitcoin is sometimes referred to as “digital gold,” because it is seen as perhaps the best “store-of-value” or “buy-and-hold” asset and because it has risen in value tremendously over the years.
By design, Bitcoin has a finite supply and there will only be a maximum of 21 Million Bitcoin ever produced. Since only 21 Million Bitcoin will be in circulation, the scarcity of the asset is something that many newcomers and long-time Bitcoiners alike seem to find a great value and enjoyment in.
Additionally, while it’s not entirely certain if this is true or not, many Bitcoin holders or “HODLERS” out there believe that a large chunk of the Bitcoin supply has already been lost because there are strong indications that many “whales” who owned significant amounts of Bitcoin have already died without leaving anyone the information needed to access the Bitcoin. Or, once in a while, someone maybe loses their wallet AND seed phrase information by accident and it all goes to the dump to never be seen again. But, sometimes people are just patient because they don’t mind holding their Bitcoin. After all, just in August of 2021 and September of 2021 alone there have been several reports of addresses that were dormant 8 to 10 years being reactivated to send millions, or sometimes even BILLIONS, of dollars worth of Bitcoin. So, while we do know that more than 18 Million Bitcoin have already been mined and put in to the circulating supply-we don’t exactly know how many Bitcoin have been lost.
All Bitcoin transactions are viewable by everyone via a distributable and immutable digital ledger, sometimes known as “the bitcoin blockchain,” all bitcoin transactions are sent between digital wallet addresses that help to protect the user. It does not matter whether Bitcoin is held on an exchange, or in cold storage, or in a software wallet- no matter how Bitcoin is stored, it will be stored using a wallet address and can be sent to any other bitcoin wallet address across the world for minimal fees almost instantly. While bitcoin wallet addresses are not entirely anonymous, because it is still ultimately possible to track the ownership of wallets if you work hard enough and know enough of the transaction history, Bitcoin’s system does help to obfuscate the identity of the owner of each wallet.
Bitcoin theoretically could eliminate the need for traditional banking, however right now that is still a bit down the road because many services are not yet payable in Bitcoin and most everything is still denominated in fiat currency/US Dollars. Nonetheless, bitcoin is an extremely innovative system and the “digital gold” of our time is off to a great start.
Bitcoin was originally created by the pseudonymous creator, Satoshi Nakamoto-and there is great arguments ongoing to this day regarding whether Satoshi was really one person or a group of multiple talented people.
Launched originally to the public on January 3rd, 2009-Bitcoin is widely considered to be the world’s first well-known digital currency. Although many people will say Bitcoin is the “first” digital currency-this claim is not entirely true, because certain well-known Bitcoin contributors like Nick Szabo and Wei Dai both had their own early attempts at creating digital currencies before Bitcoin, with “BitGold” for Szabo and “b-money” for Dai, respectively, both launching years before Bitcoin. However, obviously, neither BitGold or b-money were able to attain widespread success in the way Bitcoin has and this is why we often hear people refer to Bitcoin as “the world’s first digital currency.”
Nonetheless, formalities aside-Bitcoin is certainly the world’s foremost digital currency and is the true innovator of Blockchain technology. By their own admission, every other cryptocurrency/digital currency out there has either downright tried to copy-or certainly “taken inspiration from”- including Ethereum, Litecoin, and Dogecoin, to name a few.
Why Is Bitcoin Different From Traditional Money/ “Fiat Currency?”
A Further Explanation Of The Bitcoin Basics!
In most people’s minds right now, when someone uses the term “money,” it is fair to assume people are most likely referring to a fiat currency like a US Dollar. With a US Dollar, or any other traditional fiat currency like a Euro, a Mexican Peso, a Russian Ruble, Chinese Yuan, Japanese Yen, and on and on and on-the currency is ultimately controlled by a Central Bank/Federal Reserve and the Government of each respective nation. When a currency is controlled by a governing body, the citizens are forced to comply with any demands or restrictions put in place AND are forced to use traditional banking services. With traditional money, we often call these fiat currencies and/or centralized currencies because they are controlled by a central bank. The governments even try to restrict your buying activities with fiat currencies, and sometimes won’t allow purchases to be made, etc. Or, in the cases of cryptocurrency-focused companies like MinedPool and many others-many banks may even refuse to do business with you altogether. So, overall, while it’s “your money,” many Bitcoin enthusiasts out there will tell you that it is NOT REALLY your money when your money is in fiat currency. With Bitcoin, your money is secure and is 100% yours-and you own your bitcoin at all times WHEN you get your bitcoin off an exchange and control the seed phrases/keys because you can store your bitcoin securely via cold storage in a hardware wallet or secure software wallet. Without your “keys/seed phrases,” nobody can access your bitcoin or crypto.
In reality, ever since US President Richard Nixon removed the USA from the “gold standard” in 1971, the value of the US Dollar- and every other fiat currency in the world- is not truly backed by anything and there is not any physical reasoning why these currencies have any value. Certainly, the reason a currency has value is a quite complex matter best left to economists to explain in-depth, but the basics are somewhat simple to grasp. Basically, since the people of the world agree to use the standard fiat currencies we have today as a means of trade and store of value-these currencies are supported in valuation by the fact that people accept the value as told and continue to use these currencies for economic activities like buying, selling, receiving wages, investing, and so forth. If people agree an asset has value- it has value. Also, inflation is always a concern with traditional currencies and the governments/central banks/federal reserves can print limitless, literally infinite amounts of their paper money. When you think about it-having something with a finite supply seems like it would have a lot of value, and that’s just one way where Bitcoin comes in handy.
With most fiat currencies, like the US Dollar, a central bank and/or federal reserve has to authorize the issuance of new supply THEN the currency has to be “minted” at a mint somewhere and that’s how you eventually get new bills and coins physically in to circulation. In the simplest of terms possible, you can think of Bitcoin Mining in basically the same way you think of minting traditional currencies because Bitcoin Mining is how new Bitcoin supply is created and put in to circulation, and the code already written into the Bitcoin Network’s Protocols allows for consistent supply issuance instead of having any central bank or federal reserve/governing body in charge.
While the word “decentralized” is thrown around quite graciously these days, it still remains that the only cryptocurrency or digital asset on earth which is truly 100% decentralized right now is Bitcoin. Every other crypto project you hear of either has a “CEO” or a “lead developer” with a big equity stake, and even if they are governed by “foundations,” it’s really just a formality that is built-once again-to copy the Bitcoin model in as many ways as possible.
Many Bitcoin Critics like to point out flaws, but we won’t be addressing those. We will say that the people who say that “Bitcoin couldn’t be used as a real currency” are not correct because there are many companies, including MinedPool Technologies, that DO accept Bitcoin and other cryptocurrencies for payments already as of 2021, plus more companies are implementing Bitcoin Payments and adding Bitcoin to their Balance Sheets every day.
Many people wonder, can you buy/own/earn a fraction of a Bitcoin OR do you have to obtain 1 whole Bitcoin at a time?
Not only is this a great question, but it’s a very logical thing to ask considering Bitcoin is trading above $47,000 USD as of the time of writing. You do not have to buy a whole Bitcoin at a time, and most people don’t. The same applies with Bitcoin Mining- most people who have 1 or 2 machines will accumulate many fractions of a BTC, aka satoshis, as they work toward building up an entire Bitcoin. Miners who mine on a significant scale are earning much larger rewards. Also-you can buy fractions of a Bitcoin, known as “satoshis” or “sats,” and can typically buy Bitcoin in amounts as small as $1 to $5 at a time from most cryptocurrency exchanges like Coinbase, Kraken, Gemini, and more.
When You Mine Bitcoin OR Buy Bitcoin, How Do You Store Your Bitcoin Securely?
For the sake of brevity, we’ll link you to an in-depth article we wrote recently about storing your Bitcoin and crypto in Cold Storage, On Exchanges, And/Or In Software Wallets. So, while it is easy to say there are 3 main methods of storing your bitcoin and cryptocurrency assets-it’s another thing to understand how these methods of storage can affect your Bitcoin storage procedures.
The first method most people start with when it comes to storing bitcoin is simply buying their Bitcoin from a crypto exchange and then storing bitcoin in your account there, but this is NOT recommended for many reasons. First and foremost- your Bitcoin is the least secure it could be when it is held on an exchange because your exchange account itself is susceptible to attacks more than a private bitcoin/crypto wallet of some form would be. Second, and perhaps most importantly-you do not have full control over your Bitcoin or crypto assets when you store them on an exchange because you don’t control the keys/seed phrases and all exchanges also theoretically could compromise or lose your assets with little to no repercussions. While this all sounds scary, how scary is storing funds with your bank? Much scarier than most crypto exchanges. Of course, like with anything, it pays to do your own research and we’re not here to give anyone financial advice whatsoever.
While it is certainly your own choice to make, most advocates of privacy would insist that your best choice as a Bitcoin holder is to transfer your bitcoin to cold storage (or at least to a hot storage software wallet) as soon as it is feasible for you.
Hot Storage in a Software Wallet is a bit more secure than storing your Bitcoin in your exchange account, simply because you do still get to own your seed phrases/keys when you set up a hot storage software wallet. Still, if your devices are compromised or infected in some way-your seed phrases/keys and ultimately your bitcoin could be somewhat at risk with a software wallet. However, overall, hot storage software wallets are mostly well put together and generally considered to be a relatively secure storage option for bitcoin owners who don’t necessarily decide to invest in buying a cold storage hardware wallet for whatever reason.
With Cold Storage in a Hardware Wallet, you have the most control over your Bitcoin because you and you alone are responsible for the safekeeping of your seed phrases/keys and any passwords. Most cold storage hardware wallets will come with a multitude of features that help to secure your Bitcoin, including 2 factor authentication, the ability to create unlimited new wallet addresses after each transaction WHILE still storing all your bitcoin in the same master account (which makes your transaction history harder to track), and usually 24 Word Seed Phrases are provided and these seed phrases/keys are what you must use always physically enter in order to transfer any funds out of cold storage. In other words- unless someone has full access to your cold storage hardware wallet access information AND your seed phrases, then nobody can access your Bitcoin (or other cryptocurrencies and NFTs) when in Cold Storage.
How Do You Send Bitcoin Or Transfer Bitcoin To Other Wallet Addresses AND How Do You Transfer Bitcoin To Cold Storage?
Sending bitcoin to any other wallet address or to cold storage is simple. There are only a few steps, which we’ll cover in detail for you below:
1) Obtain the wallet address you want to send your BTC to, and it’s highly recommended that you copy the addresses down yourself with the copy/paste function on your device even if there is a QR Code (and maybe even write the address down as a precaution, if you feel the need and/or depending on the amount of BTC you are sending, but no matter what you do it is essential for you to ensure you DO make sure it IS a Bitcoin address, as someone may provide you an ETH address or something else accidentally for example and your Bitcoin will be lost forever if you send it to an address that is not actually a real bitcoin account or not the account you intended to send to).
2) When you have the destination address you plan to send your bitcoin to, the platform you are using to pay should be able to link with your wallet OR the platform you use to store your bitcoin should have an interface that will have something like a “Send” function that will allow you to select the amount of crypto you intend to send and it will also typically be possible for you to send your Bitcoin/crypto to any other wallet address very easily.
3) To complete most cryptocurrency transactions, you may need to go authorize the transaction. For example, in cold storage when you use a Trezor wallet- even if someone knows your wallet address and tries to send funds from your wallet, you still have to have the cold storage hardware wallet plugged in and you have to physically enter the seed phrases/keys in order to have any funds actually transferred out. For some people, the method of sending your funds can be even easier; for example, when using an exchange you typically just need to enter a destination address and hit “send.”
As you can see, it only takes an easy 2 or 3 steps when it comes to sending Bitcoin to any other wallet address OR sending to cold storage. 1) Obtain and confirm your destination address; 2) Send your desired amount; 3) Confirm your transaction (if applicable).
What Is Bitcoin Mining?
In the simplest of terms possible, Bitcoin Mining is most easily described as a process by which highly specialized ASIC Bitcoin Mining Computers, also known as Bitcoin Miners, hash away and work constantly at creating new Bitcoin while also finding then validating/confirming groups of transactions, i.e. Blocks, on the Bitcoin Blockchain via the solving of complex hexadecimal equations via the SHA-256 Algorithm.
Hash rate, essentially, is most easily translated in to basic terms as the computing power and/or computing speed of your mining machine, and all ASIC Bitcoin Mining Machines that are at all viable for mining bitcoin as of today are hashing at trillions of hashes, or many TH/S, per second.
When you make transactions using Bitcoin, while the transaction fees are sometimes 90% lower or more than bank transactions, while it is a bit more complicated, essentially your transaction fees are pooled up and distributed to Bitcoin Miners and node operators- rather than going to a bank or credit card company, for example.
While exact calculations are not being shared or even accurately available, the power used for Bitcoin Mining is criticized by some people because each individual ASIC Bitcoin Mining Machine does take quite a large amount of power BUT these machines also deliver an incredible amount of computing power. For example, even the Bitmain Antminer S9 has computing power that is equivalent to something like 1,000 or more smartphones and the Bitmain Antminer S19j Pro is almost 10x faster than the S9 AND takes almost 3x as much power. However, companies like MinedPool Technologies and others are working to pioneer environmentally-friendly processes and facilities for Bitcoin Mining as we speak.
Bitcoin Mining is a critical component of the Bitcoin Network because- as a “Proof-Of-Work” Digital currency, Bitcoin requires work, aka mining, to take place in order for the network to remain secure, and for transactions to process and for everything to stay working properly.
Theoretically, Bitcoin Mining is best left decentralized to ensure integrity of the network and- supposedly- the Bitcoin Network is kept secure by the Bitcoin Miners to such an extent where it would only be possible to compromise or attack the bitcoin network IF one single bad-actor were to control more than 51% of the overall hash rate (which is not likely to be possible, but never say never).
Each time a Bitcoin Miner successfully finds a block, they are rewarded for their efforts with a Bitcoin Block Reward. Until the next “bitcoin halving event” occurs some time in 2024, each Bitcoin Block Reward is currently an average of 6.25 BTC (although the exact amount is often sometimes higher or lower and is some random uneven number like 6.34789253 BTC or something like that).
Bitcoin mining is a highly competitive process because there are millions of miners running 24/7/365, but yet only 1 machine can truly be the one to ultimately get rewarded for each block, so it would be theoretically possible to never earn any Bitcoin Mining Rewards if you were mining solo. To ensure bitcoin mining is decentralized properly and to help distribute rewards more consistently amongst the community, most miners who are not mining on a significantly large-scale- and even many who are- prefer to join a bitcoin mining pool.
How Do You Start Mining Bitcoin In 2021?
Of course, we feel the best way to start mining Bitcoin is to become a MinedPool Mining Pool/Hosting Member and let us manage 100% of your mining operations while securely hosting and maintaining your mining machines 24/7. If you are a person who prefers to mine at home-check out the in-depth article we wrote previously that tells you more about how you can start mining bitcoin yourself, and how to set up ASIC Bitcoin Mining Machines, and more.
What Is A Bitcoin Mining Pool?
As you now know, Bitcoin Mining is a highly competitive endeavor and it is not easy to do alone. So, miners typically will elect to join one of the many Bitcoin Mining Pools like Slushpool, Antpool, or MinedPool, in order to share resources and rewards with many other miners across the globe.
While each mining pool seems to have their own unique payout structures, you generally pay a fee of some sort to the pool/pool operator and you also in turn earn your own small fraction of rewards each time a miner in your mining pool earns a block reward/bitcoin mining rewards.
Most miners prefer Bitcoin Mining Pools as opposed to solo mining for many reasons, chief among them being that your earnings are more consistent with mining pools as opposed to mining alone. While you are still getting credit for any work your mining machine does, you are actually going to get rewards each time anyone in your pool finds a block and gets a rewards. Also, technologically-mining pools are setup solely for mining bitcoin and this makes most of them, whether fully managed like MinedPool Mining Pool, or self-managed like many others, fairly easy to start mining with and also presents advantages for miners when it comes to managing mining operations and equipment, and measuring results
A Bitcoin Mining Pool will typically have robust hash rates that are a combination of hundreds, thousands, or even millions of machines, and most bitcoin mining pools have overall hash rates that are measured in the Petahashes PH/S and Exahashes EH/S – so there’s clearly a reason why mining pools are overall dominant and able to successfully control a large percentage of the Bitcoin Network’s Hash Rate and also consequently bitcoin mining rewards.
Can You Mine Bitcoin With A Laptop Or GPU Crypto Mining Rig?
Unfortunately, mining bitcoin with a laptop or GPU is a thing of the past. Today, it is not really possible to mine bitcoin with a laptop or GPU Crypto Mining Rig because laptops and GPU mining rigs are not powerful enough to mine bitcoin meaningfully and they are not able to successfully solve any equations with the SHA-256 Algorithm that bitcoin mining requires. Even if you could rig a laptop or GPU mining rig to somehow solve the SHA-256 Algorithm, your hash rate would be so low with a laptop or GPU that you would never earn any bitcoin mining rewards and would basically just be donating to your local power/utility company for all the energy your device would consume.
If anyone tells you that your laptop or GPU can mine bitcoin, they are very likely incorrect.
While there are services like MinedPool Cloud Bitcoin Mining that give you a percentage of hash rate from 1 mining machine and there are also other services that let you sell your GPU computing power via a marketplace to mine other cryptocurrencies while being paid in Bitcoin- like nicehash- that’s not really mining Bitcoin. You cannot mine bitcoin with a laptop or GPU Crypto Mining Rig, and you are only mining bitcoin directly when you own 1 or more whole ASIC Bitcoin Mining Machines.
What Equipment Do You Need To Mine Bitcoin AND What Is An ASIC Bitcoin Mining Machine?
To truly mine Bitcoin, you must have an ASIC Bitcoin Mining Machine that can solve the SHA-256 Algorithm, and you’ll also need a hookup to the internet, plus ethernet cables to hard-wire your miners to your modem/router or ethernet switch, AND you will also need to have the appropriate power hookups which often may require 220v that many households in places like the USA may not have installed typically.
An ASIC Bitcoin Mining Machine is a highly specialized piece of computer equipment that is made solely for the purpose of mining cryptocurrencies: specifically, Bitcoin ASIC Miners are made to mine Bitcoin and only to mine Bitcoin.
Despite the cost of ASIC Bitcoin Mining Machines, there is not any sort of screen or display on miners and you can’t go browse the internet with these babies, you don’t have any apps you can run, and you can’t really do anything other than mine bitcoin. In fact, you will still need a separate computer or other device to set up and monitor your mining equipment. Also, most ASIC Bitcoin Mining Machines do require specialized hookups and ample power, plus these machines are described best as a loud and ear-piercing vacuum cleaner type noise at best (with just 1) and more like a jet engine when having a large scale like a professional bitcoin mining facility may have.
Most ASIC Bitcoin Mining Machines come in 2 parts: The ASIC Bitcoin Miner itself, and then the separate Power Supply Unit (or PSU). While most purists will not call ASIC Miners “mining rigs,” you may also hear some people call an ASIC Bitcoin Mining Machine a Bitcoin Mining Rig – and that’s totally fine.
If you want to mine Bitcoin, the first step to take is you must buy 1 or more ASIC Bitcoin Mining Machines.
What Is Remote Miner Hosting/Colocation For ASIC Bitcoin Mining Machines?
Essentially, Hosting and Colocation for ASIC Bitcoin Mining Machines and Crypto Mining Equipment is the process of storing your personally owned mining equipment at a professional facility specifically built for mining bitcoin and/or crypto and most hosting/colocation providers, like MinedPool Technologies, manage all mining operations for you. Considering all of the complexities associated with bitcoin mining, including heat and noise produced by machines, power struggles, maintenance issues, and more – many bitcoin miners, both new and seasoned professionals alike, prefer to host their bitcoin mining machines with a professional company like MinedPool that specializes in mining bitcoin.
What Is A Bitcoin Mining Facility AND Are All Bitcoin Mining Facilities The Same?
A Bitcoin Mining Facility, in a professional sense, is an industrial building and/or complex which is built specifically for the purposes of mining bitcoin and/or other cryptocurrencies. Many people fashion makeshift “mining facilities” all the time, out of just about anything, but most are not adequately put together for the intense process that is bitcoin mining and most are not secure.
For proprietary reasons, we will not disclose much more about the building of a bitcoin mining facility or best practices for operation. However, we will say that you are likely better off going with hosting/colocation from a professional because- in reality it is a very costly endeavor to build a significant professional bitcoin mining facility.
A high-quality Bitcoin Mining Facility, like those operated by MinedPool Technologies, will have a setup similar to a data center and will include fully redundant systems/power, multiple internet connections, security systems and advance climate control capabilities, and much more.
What Is The Best Way To Start Mining Bitcoin In 2021 And Beyond?
If you decide you may want to start mining Bitcoin, the best thing to do is to start researching and to make your own decisions regarding what is best for you. While everyone has an opinion on whether you should mine bitcoin or not, only you can decide if it is something that is right for you. You have a lot to think about when you start mining bitcoin, including what Bitcoin Mining Equipment to buy, where will you host your machines and mine bitcoin, and so on?
If you do decide to start mining bitcoin in 2021 or any time in the future, the best way to get started is to do just that: GET STARTED Mining Bitcoin! Find the ASIC Bitcoin Mining Machine OR Machines you want to buy, find the mining pool you want to join (AND decide if you are a brave soul who can handle the heat and noise and work of mining Bitcoin at home OR maybe you are a person who will wisely use a hosting/colocation service like what we provide at MinedPool). 😁
No matter what you do when it comes to mining bitcoin- and whether you buy something from us to help us get a few more sats or not, now that you know a little bit about how to mine bitcoin, and you know it’s not too late to get started mining bitcoin, we hope you feel much more excited and informed about our beloved “digital gold,” better known as bitcoin.
You never know- maybe this will be the article that gets you to start mining bitcoin yourself?
Until next time- thank you very much for reading the MinedPool Technologies blog. Happy Bitcoin Mining and happy hodling to all you fellow Bitcoiners out there!