How to Mine Bitcoin

The ultimate guide For Beginners
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Mining is an important activity in the  BTC network as it is the primary activity that guarantees the security of the network as well as the decentralization mechanism that differentiates it from being a regular database. We created this ultimate guide to help anyone from newbies to experts better understand how to mine bitcoin. Learn more below! 

Topics you'll learn in this guide

Introduction

The only way to guarantee the decentralization of the Bitcoin Network is the participation of more individuals or entities in the mining activities. The more miners in the network, the more secure and decentralized it gets. This article discusses how one can mine bitcoin. However, keep in mind that bitcoin mining right now is highly competitive and the price volatility of bitcoin increases the risk of losing money doing this activity. The halving event will make mining much less profitable since mining rewards will be cut in half. Nevertheless, halving events are historically followed by new all-time-highs of bitcoin prices.

Things you need to consider before mining Bitcoin

Check local regulations about mining bitcoin. The very first thing you need to do is to check if mining operations are allowed in your country. Make sure that you are not violating any laws. While a small mining operation is hard to detect it is always better to check than be sorry later on.

Determine what is the primary purpose of your bitcoin mining operation. Are you doing the mining operation for profit or just for educational purposes? If you want to mine just for educational purposes then you are in luck as you do not have to take into account the cost of running such an operation. On the other hand, if you are in it for profit then you will have to consider the total cost of bitcoin mining.

a. Cost of mining equipment 

b. Cost of cooling equipment

c. Cost of mining software 

d. Cost of electricity

e. Other associated costs: Depreciation and mining pool fees  commissions

Calculate the profitability of your would-be mining operations. Again if you are not doing this for profit then you can skip this part. However, if you want to turn a profit then you have to consider all cost centers of the operation. 

Pick the mining pool you want to participate in. Bitcoin mining has turned too competitive for any single miner to mine bitcoins, thus, they began pooling their hash power together to be able to compete with other miners. Antpool, Slush Pool, and F2Pool are some of the more popular mining pools.

Decide which type of bitcoin mining hardware or service you want to use. The next thing you need to do is decide what type of mining equipment or service you want to use. Your choice will depend heavily on the way you want to mine your bitcoins. If you have no idea do not fret as we will discuss the many ways how you can mine bitcoins later on this article.

Choose the software you want to use in your mining activities. Once you have already decided which mining device you will use you can now pick the software you can use. There is an assortment of mining software you can use from Operating  Systems that are made for cryptocurrency mining and Softwares from mining companies and crypto mining developer communities. 

Different ways to mine Bitcoin

Bitcoin Mining with ASIC machines

There are several ways how to mine bitcoin the first one is by mining it directly using crypto mining equipment. Mining equipment are specialized mining devices that are designed and optimized to mine cryptocurrencies. They are typically called ASIC machines (application-specific integrated circuit). They are the most efficient and most effective devices to mine cryptocurrencies, however, they cost a lot of money to procure. On top of this, you have to take into account cooling for the device as they generate a lot of heat when they operate.

Those who seek to operate serious mining farms usually go this route as ASIC machines are the most powerful crypto mining equipment out there. They usually have the highest mining hash rate and feature hardware and software optimization that will allow ASIC miners comparative advantage over other alternative methods. Mining operators should also take into account cooling and noise management when running several ASIC machines. They do get hot and noisy when several machines are running simultaneously.  Nonetheless, these machines offer the best mining performance overall.

There are several manufacturers of mining equipment but the biggest, most widely used and best performing ASIC machine brand is Bitmain. Their Antminer S17 is currently considered the best Bitcoin mining hardware available on the market and is the most efficient ASIC now. The hash power of Antminer S17 pro is around 50-56.0 TH/s with a price range of about $3,500. The price already includes the power supply.


How to setup an Antminer S17

In this section we will discuss how we can set up an Antminer S17. The Bitmain support site gave an excellent tutorial on how to do this and we will be adopting their guide in this section. They have also included a short but helpful video on setting up the miner shown below.

Video Source (Bitmain Support)

1. Once your mining equipment arrive the very first thing you might want to do is to inspect your unit. Check the packaging for any damage and then check the unit for any dents, cracks, loose connections, bent connectors or any sign of damage. In the event that you discover any signs of damage take a picture and contact customer support immediately. The customer support should be able to assist on what to do next.

2. If there are no signs of damage then we can proceed with the next step. Before setting up the unit make sure that you know the following precautions prior to use:

      a. Power over Ethernet (PoE) is not supported.

      b. Only Ethernet Network Connection supported via a router or switch.

      c. Operating environment should remain between 5 to 35 degree Celsius             with humidity below 65%.

      d. The equipment should not be exposed to dust, catkins or any foreign               object that might cause corrosion or overheating due to clogged vents            or cooling apparatus.

      e. The recommended browsers are Google Chrome and Firefox.

3. It is also a good practice to familiarize yourself with the specification of your S17 so that you know exactly what to expect from your mining equipment. There are currently two types of S17 Pro and non-Pro whose performance differ from each other. You can find the specification in these following link: S17 Pro Specification and S17 Specification.  Sometimes manufacturing batches may differ from previous ones hence be aware of slight differences in performance.

4. The Control board is located on the side of the top module. This is the only interface on the machine as much of the configuration of the miner will be done via browser.

https://support.bitmain.com/hc/article_attachments/360031053554/mceclip5.png
Image source (Bitmain Support)

It has 6 features:

      a. IP Report button- This is used to show the miner’s IP address on the computer  in conjunction with the IP Report Software.

      b. ETH port- Is just the Ethernet port where you connect your network cable.

      c. Reset button- This is used to reset the miner into its factory settings.

      d. SD Card- Memory card interface primarily used to upload program or firmware into the machine without connecting to the internet.

      e. Normal green LED- LED indicator that indicates that the miner is operating normally.

      f. Fault red LED- LED indicator that indicates the miner error is being detected.

5. Now that we have inspected the unit and familiarize ourselves with its features we are ready to plug our unit to the network and power outlet. Make sure that the Ethernet crystal head connected is plugged in properly in both the router and the mining machine. Then, check that you are using two C13 power connectors and connect them to 220V AC outlet ( this may vary depending on your locality please double check with the manual that came with the machine.

6. Power up the miner and wait for the green LED light to start flashing before searching for the miners IP address. Once this is done, download the IP search software here and search for IP Reporter.zip.

7. Open the IP search software, press start. Once done press the IP Report button on the miner which will show the IP address on the computer screen as shown below:

https://support.bitmain.com/hc/article_attachments/360009532233/o_1ccsjgck2oqj4hn138l1sqd5vib.gif
Image Source

Make sure that the miner and computer are in the same network for this to work. Take note of the IP address as we will use this to interact with the miner using the browser.

8. Now, that we have the IP of the miner we can access its User Interface. Just enter the miner’s IP address into the browser, once loaded a pop-out window will appear which will require you to login your credentials. You can set this one up later, by default the login details is “root” for username and pass

https://support.bitmain.com/hc/article_attachments/360009480614/o_1ccsjj1u61sjacg7tas86b2h2l.gif Image source

9. Please note that if you are setting less than 3 miners there is no need to configure the IP address, subnet mask, SWG and DNS as static IP address is not required for less than 3 miners. Skipping this part we now configure miner’s pool settings. To do this click the “Miner Configuration” tab. Input the mining pool URL and miner name (under worker).

https://support.bitmain.com/hc/article_attachments/360031893433/S17_____.png
Image source

Note: The above configuration is for Antpool, you may use other configuration using other mining pools .

There is no need to change passwords and you can choose from the different modes of S17 and S17 PRO: Low Power, Normal and Turbo, take note that the former has two modes only while the latter has three. Once done click on Save&Apply button to connect to the ming pools.

10. You are all done! All you need to do now is go to the Miner Status tab and wait around 5-30 minutes to get the mining started. As a reminder to always check for the average hashrate instead of realtime hashrate.

Bitcoin Mining with GPU (video cards)

Another way to mine bitcoin is by using your graphics cards. While this is not the most efficient way of mining cryptocurrencies it enables regular folks to test out bitcoin mining using equipment that they might already have laying around especially those who are into gaming. While it is true that ASIC is the best way to mine cryptocurrencies, the aggressive and fast development of graphics card makes it worthwhile to explore this option. In fact, there have been some GPU BIOS modification hacks that optimizes some of the more popular graphics cards out there that showed some promise in mining cryptocurrencies. 

These cards include the NVidia 1070 GTX and AMD Radeon 580 both showed potential in mining cryptocurrencies. While these graphics cards do not have the title of being the best performing graphics processing unit (GPU), they do offer excellent consumption relative to the hash power they are able to produce.  1070 GTX offers a 30 MH/s hash rate with a power draw of about 150W. On the other hand, AMD Radeon is also a popular crypto mining video card that offers a 29 MH/s hash rate with a power draw of 185W. Higher hash rate are possible with some modifications but that is beyond the scope of this article.

To mine effectively using your GPU there are a few things that you have to consider, one of these is the mining software you are going to use and there is a lot of them out there. In fact, there are even Operating Systems that are specifically designed and optimized for mining such as ethOS Mining OS and PimP OS. For those who don’t want to tinker around with Operating Systems, they can the various one of the most famous mining software is CGMiner. It can be accessed via the command line or using a front-end GUI (graphics user interface). You can also use crypto-mining hash power broker like Nicehash to start mining. 

How to set up cryptocurrency mining using your GPU

Mining with your GPU is remarkably easy using third party software like Nicehash. All the necessary tools and software are already included in the package or can easily be downloaded for you. You can watch the video below for the configuration of the software to mine with GPU. However, if you like reading instead you can skip this part and continue on with the written guide below.

1. The first thing you need to do to avail of their software is register an account with them. You can find the registration link here. You will have to indicate your email address and a strong password for a Nicehash account as shown below:

Once you have registered, a verification email will be sent to you with a validation code required to validate your account. Cut and paste this code to the window that is shown after you submit your registration. If done correctly you will be directed to the nice hash dashboard where most of the important features are located.

2. When you open your dashboard for the first time you will see your mining status that no rigs are currently connected. To start configuring your miner go to the mining section and download the mining software. 

3. To download the miner you need to click on the download miner button, then, you will be asked to choose which mining options you will use. Select the NiceHash Miner since we will be doing GPU mining select NicHas Miner and click on the download Menu. Upon clicking this button you will be directed to the GitHub site of NiceHash where you can download the software for mining. Chose the installer as it gives you automatic updates for the software.

4. After downloading double click on the installation file to initiate the installation. Your computer my warn you that the files is of unknown origin and might not be safe to run on your computer, ignore this message and continue to install. NiceHash miner will download all the necessary files for the proper operation and will finish automatically when all the required files are downloaded.

Some Anti-virus identifies NiceHash as a malicious program. Rest assured that the file is safe as it came from the official GitHub of NiceHash. However, there are some risks in using mining software. Remember that crypto mining is a computationally heavy task and utilizing everybit of processing power of your GPU might burn it, literally.

5. Once the NiceHash Miner is installed you will see the program’s main dashboard where you will see all the equipment devices you have that you can use to mine cryptocurrencies. If you have multiple graphics card then it should also be shown there. Interestingly you will also see your CPU there, you will find out why is that later on this article. For now we continue on configuring the software.

You can select any of the Service location but it is advisable you choose a service that is nearest to your locality. Worker Name is not that important and you may leave it as is but if you will be working with multiple equipment you might want to change this for easier identification. Lastly is the Bitcoin Address. Don’t use your Bitcoin Address here instead use the bitcoin address assigned to you by NiceHash which is located in your main dashboard in the NiceHash website.

6. Once you have indicated the bitcoin address all you have to do is to tick on the devices you want to mine with and click on the Start all button to begin mining. Initially the program will benchmark the different devices. This could take a few minutes depending on the configuration of your computer.

7. After initiating mining in the NiceHas Mining software you can go back to your account in the NiceHash website and go to the Rig Manager. This section shows you all the devices that you are running and the estimated value generated by your rig. Listed below that section are the different rigs you have. Clicking on the Rig will show you all the mining devices in that particular Rig.

Bitcoin Mining Using CPU (processors)

Generally speaking, it has been widely considered that bitcoin mining with CPU is not anymore feasible. It might be feasible but it does not mean it is impossible. The prevalence of specialized mining equipment that has been optimized for mining cryptocurrencies makes it very difficult for CPU to mine bitcoins. However, there is still a way to do this, indirectly that is. Moreover, chip makers like AMD have been developing powerful built-in GPU in their CPU making it possible for some of these next-generation CPUs capable of mining some BTC using the internal GPU built-in within them.

The trick here is not to directly mine bitcoin but instead mine CPU friendly cryptocurrencies then have these cryptocurrencies traded to bitcoin (BTC). Almost all cryptocurrencies can directly be traded with BTC since it has become the reserve crypto of the world, similar to that of USD in Forex. All we need to do is identify which among the altcoins are the best to mine during that period. While this can be a time-consuming endeavor there are some websites that share valuable information which among the many Proof-of-Work (PoW) coins are best to mine in real-time, like WhatToMine.

Furthermore, there has been an increasing trend among the developers of PoW coins to have their project ASIC resistant. This simply means they have been introducing new code into their blockchain project This effort is in line with its strategy to make cryptocurrency mining more equitable and more participants can join mining cryptocurrencies by removing the advantage of ASIC miners. One of the most prominent to do this is the privacy coin Monero (XMR) which has always touted to be a CPU mineable coin.

 

How to set up cryptocurrency mining using your CPU

Our recommended software to use while crypto mining using CPU is NiceHash Miner Software as well. All you have to do is to use your CPU as the primary device for mining. Installation of the software follows exactly what we have discussed earlier in the GPU section. Please note that most mineable cryptocurrencies are better mined using GPU but there are some projects that are focuses on CPU mining. One of the projects that is optimized for CPU or general purpose processor is Monero which has recently upgraded their algorithm dubbed as RandomX.

Please take note that the performance of a mining device using CPU does not only depend on the CPU processing power itself but also with RAM frequency and latency. Hence we recommend two steps to maximize performance.

      1. First enable lock pages in memory. According to NiceHash this      will increase hasrate the most with them claiming that just by                 doing this they have seen their hashrate increase from 4000 H/S           to 6700 H/S a whopping 67.5% increase in performance. To                       enable lock pages in Memory you need to do these following                   steps in Windows.

            a. Click start or the magnifying glass in Windows 10, type “run”    and press enter

           b. This will bring you to the run dialog box. Key in “gpedit.msc”       and press again enter

            c. Navigate to Computer Configuration > Windows Settings >         Security Settings > Local Policies > User Rights Assignment. On the right panel, scroll down until you find Lock pages in  memory and click on that.

               d. This will bring you to the Lock pages in memory Properties    window. Click “Add User or Group.

                e. Now we have to enter the name of your computer. In our case when the Select Users or Groups window it showed the name of our computer (Take note of this). First click on “Locations” button and on the Locations window select Workgroup (the name of the network your computer is in) then click “ok.”

             f. Once done you will see that the object type field has been automatically inputted with Computers and the From this location field with WORKGROUP. Now you can enter the name of your computer. If you forgot to take note of the name you can easily find the name of your computer here: Control Panel\System and Security\System just type than in any windows address bar

             g. In our case the name of our computer is DESKTOP-8VAQR2R, We key in that in that name in the empty field and click on the “Check Names” button to get its exact location.

             h. After doing this, the field will show the exact location and name of your computer just click on “OK” button to add your computer to Lock pages in memory for this specific device

I. Finally, click on “OK” and restart your computer for changes to take effect.

J. Make sure that you run NiceHash Miner (NHM) in Admin mode or with Administration Rights once the computer restarts.

Note: If you want to use huge page for better mining performance, install XMRIG PLUGIN via plugin tab in NHM. XmrStakRX only enables huge page if it is ran as System Administrator.

Results after enabling Lock Pages:

2. Aside from locking pages in memory, another way of improving mining performance is overclocking your CPU. There are many tools you can use to do this. One of this is AMD Ryzen Master. Overclocking tools allow you to change CPU core speed and lover or increase voltage. Some also allows you to overclock RAM speed as well.

The following was directly lifted from: https://www.nicehash.com/blog/post/how-to-optimize-cpu-mining-performance-for-monero-random-x


a. Select Profile 1 (1).

b. Enable Speed Mirroring of one core to all other cores (2).

c. Increase core speed (3) by 50Mhz. This depends on your CPU capabilities.

d. Click Apply (5).

e. Start mining. Enable only CPU device in NHM at this point.

f. If you do not experience any issues, repeat this process until your PC becomes unstable. If PC restarts on itself, the Ryzen Master settings will be set to default. This is why we prefer to overclock CPU via Ryzen Master instead of directly through BIOS.

g. If you ran into an unstable PC, you can increase Peak Core(s) Voltage (4). Doing this will allow higher Core Speed, but will yield in higher power usage and higher temperatures.

h. When the overclocks are stable, click one Save Profile (6).

Note: Please be reminded that overclocking puts significant stress in your CPU, while it is a common practice for manufacturers to lower declared CPU speeds that what they are capable of this was meant to guarantee the longevity of their processors. Operating your CPU beyond the stated specs might cause damage or void its warranty. You are also reminded to keep some of your cores free so that you can still use your PC for other activities.

Cloud Bitcoin Mining

For those who do not want to deal with the technical aspect of configuring both hardware and software of Bitcoin mining, they might want to use cloud mining providers. There is some degree of risk here as many of the cloud bitcoin mining services either turned out to be scams or have their customers losing money due to the termination of contracts brought about by the unprofitable mining operations of the cloud bitcoin mining. Some of the more popular cloud bitcoin mining service providers are Bitcoin Pool, Hashing24 and  Hashflare. 

The basic principle behind using cloud mining services is leveraging their expertise and infrastructure. Users will not have to be burdened with configuring their hardware and software. Typically, users will have to choose which algorithm they want to use, the cryptocurrency they want to mine, the hash rate they want to rent and the duration they want to rent it. Take note that depending on the policy of the cloud mining service provider there are some conditions that might affect the services given. In some cases, contracts are prematurely terminated when operating the mining rigs proves to be unprofitable for a number of days. 

Hence, reading the conditions of each contract is important so that you will know when contracts can be terminated by the services providers and what are the fees and operating cost that is deducted them. Furthermore, some cloud service providers sell the actual mining equipment to their users and the users have the option to have their mining equipment delivered to their homes once contracts have been terminated. Due diligence and extra care should be taken when acquiring cloud mining services and should be considered a high-risk investment, which can also mean high rewards later on.

How to start Cloud Bitcoin Mining

Cloud mining is probably is one of the easiest ways to mine bitcoins. I tis just a matter of registering in a cloud mining service provider. The most challenging part perhaps is determining which ones are legitimate and offers the least risk for their customers. One of this is Bitcoin.com’s mining cloud services dubbed as the Bitcoin.com Pool. You can register following the steps below:

      1. To start the registration process is to go to the Bitcoin.com Pool mining site. Once there click on the Sign-up button to initiate registration.

      2. This will bring you to the registration page where it will ask you for a username, password and email. It will also ask you to input a bitcoin (BTC) address and Select PPS or PPLNS (Mining pool payment reward structure). Just input your BTC address and for now select PPS as it is the recommended reward structure.is to go to the Bitcoin.com Pool mining site. Once there click on the Sign-up button to initiate registration.

      3. The next page will prompt you to input a verification code that they have sent to the email you just registered. Get the code and use that in the verification page.

      4. Once verified you will be shown a 2FA (Two factor authenticator) QR code which you need to scan with your Authenticator app like Google Authenticator or Authy. Alternatively you can also use the alphanumeric code given to generate the code. When done your app should be generating a new 6 digit code every 30 second or so. Take this 6 digit number and input in the empty field.

      5. If done successfully you will see this window in your web browser. Just click on the “Go to dashboard” to go to the main dashboard of the Bitcoin.com Pool Cloud Mining Services.

      6. The main dashboard shows you various information about our cloud mining activities including your current Hashrate (BTC), your workers (Mining rigs or contracts) and Revenues earned in a certain time frame. You are also presented a tool to calculate revenue. To get you started you need to buy a cloud mining contract. You can do this by clicking on the “Buy Hashrate” menu.

      7. The Buy Hashrate page will show you the available contracts on Bitcoin.com. You can select the plan you want and buy it by clicking on the “buy” button located below the page.You can also change the Hashrate you want for that duration. You can change this by sliding the slider to the desired hashrate measured in TH/s.

8. Once you click on the buy button the site will bring you to the order confirmation page. You can review your order here and make any changes. It will also ask you what coin you want to mine, Bitcoin (BTC) or Bitcoin Cash (BCH). You can pay for your contract using BTC, BCH or Bank Transfer (bank transfers requires at least 1,000 USD worth of contract).

Note: Users should read the Terms and Conditions about your contract, especially the section where it describes the termination of the contract.

      9. Once you click on the payment method say BTC, it will immediately generate a QR code with the address of the BTC where you should send the payment. It will also show the exact BTC you need to send. Upon confirmation of payment, the rented Hashrate should reflect on your dashboard. Congrats you are now cloud mining!

Other ways to mine Bitcoin

There are other mining equipment in the market right now that are specially designed for the hobbyist or regular consumer market. These include USB ASIC miners and consumer-grade mining devices. USB ASIC miners have been around now for quite some time, however, due to the increasing difficulty of mining cryptocurrencies they have fallen behind in the market as it is nearly impossible to mine bitcoin using them. Despite this, people who want to learn how to mine using their own device might find them interesting. This is advisable for those who do not want to make a significant investment in crypto mining equipment for learning purposes.

Recently, there has been a Crypto mining device that has positioned itself for the hobbyist market. Dubbed as Coinmine One, it is a device that is primarily designed to be used at home. The device does not mine bitcoin directly as it is too difficult to mine but mines other cryptocurrencies like Monero (XMR), Zcash (ZEC), Grin (GRIN) and Ethereum (ETH) then allows payouts in Bitcoin (BTC). The device will set you back around $799 USD which is not actually cheap. According to the developers of the device uses its own operating system that automatically mines whatever crypto converts to bitcoin at the highest rate.

How to start Bitcoin Mining Using USB ASIC

There are many USB ASIC miners out there, one of the more popular one is the GekkoScience Newpac which is an upgraded version of the older 2PAC version. This USB ASIC miner cost a fraction of a full fledged ASIC machine and retails at around 60 USD. Please note that using this miner will not get you rich and is meant only as a learning tool on how to operate a mining rig. To set up the device please follow the instructions below:

       1. Plug in the USB ASIC miner into the computer. You can plug it in all the available USB slots of the computer. Make sure that you plug the USB device in a:

      2. Once the USB ASIC miner is plugged in please install the following software. The first one is the Zadig generic WinUSB drivers from: https://zadig.akeo.ie/ This software will help the computer to recognize the USB device.

      3. After doing this we need to download the newest version of the cgminer that is designed for the GeKKoScience which you can find here:
http://23.108.83.14/images/cgminer-4.11.1-windows-gekko-9e51f0b.7z

When you are done downloading the software unzip it to a directory where you can easily access it and then go to that directory.

      4. Once in the directory the first thing you need to do is to test if the ASIC USB was installed properly by running a Batch file called test_mining.BAT To run the program just double click on the Batch file.

Before running the program will ask you if you want to create a log file for the test run. It is advisable to do so in order to get information if any errors occurs. You just have to input “y” if you want the program to log the event or “n” if not.

      5. Once you have made your selection the terminal should show your miner initiating and starting to mine. The screen should show something like the screen capture below

      6. Now we edit the BAT file in order for us to get the actual rewards from the mining activity. First we need to open the BAT file using Notepad.

7. You can see that the Batch file comprises of just ten (10) lines. All you need to change the BTC address. Please refer to the screenshot below to see where that are exactly located.

      8. You can also change the Stratum server if you like, say for example the antpool mining pool. You will need to create an account and create a worker in their site if you want that. Some mining pools will also ask you to provide a password as well (-p). For now just use the given mining pool and just change the BTC address to your own.

Coinmine One is another Crypto mining device that has positioned itself for the hobbyist market. it is primarily designed to be used at home. The device mines bitcoin (BTC), Monero (XMR), Zcash (ZEC), Grin (GRIN) and Ethereum (ETH). The device will set you back around $799 USD which is not actually cheap. According to the developers of the device uses its own operating system that automatically mines whatever crypto converts to bitcoin at the highest rate.

https://miro.medium.com/max/770/0*yGaMSJCTdDQU7Yf9.jpg
Image source

How to start Bitcoin Mining using Coinmine One


Among all the different devices perhaps the easiest to install is the Coinmine One. Anyone with no technical know how could probably use this device. While the machine might be pricey this would be an interesting device to those who would like to experience cryptocurrency mining. You can literally start mining after 5 minutes. Here are just the short steps to start mining with Coinmine One

      1. Plug in and power on your Coinmine. You will see a light on the side of the device and hear a sound while turning on. Plug in the Ethernet cable as well. Make sure that you position your device in such a way that it is well ventilated.

https://cimg.co/w/articles-attachments/3/5cf/fd4df960ee.png
Image source

      2. Download the Coimine one app from Apple App Store or Google Play. Once downloaded open the app and create an account. Once done login and we can now proceed to activate the Coinmine One. You can do this by tapping on the “Add device”

3. All you have to do now is follow the instructions in your app to connect to your Coinmine One device. Then just select which among the five cryptocurrency you want to mine. Done you will see that the device will immediately mine the the selected crypto.

4. The app also doubles as the wallet for your coinminer which you can use to send your earned cryptocurrencies.

Conclusion

There are different ways of mining Bitcoin it is all up to the would-be miner which one is the perfect fit for them to use. Those who want to make a profit should certainly look into buying ASIC machines as they provide the most efficient and most powerful bitcoin mining around. However, this cost a lot of money and this mining equipment cannot be repurposed. In addition to this, you will have to spend on cooling, heat ventilation, and noise reduction. If you understand and willing to take this risk then this is the best way mine cryptocurrencies. 

Those who are looking into a cheaper way of getting into cryptocurrency mining and slowly increase their hash rate gradually then GPU mining might be the way to go. GPU miners can be configured to run single or multiple miners in one rig. This means miners have the option of adding more GPU into their rig gradually. Since the primary equipment used here are the same GPU used in conventional computers miners can sell them later on to recoup some of their initial investment. Unlike ASIC, GPU might be easier to sell since they can be used for general computing and games.

Those who want to get into the action but do not want to get their hands dirty with hardware and software configuration can do cloud bitcoin mining. While this might be the easiest way to crypto mining it is perhaps the one that carries the most risk. A lot of these cloud mining service providers are outright scams that do not really undergo real mining. However, there are a few who are legitimate mining companies that sell their services. Extra care should be given when dealing with them and be sure to read and understand the conditions of obtaining their services.  Be aware that depending on the conditions, the cloud mining service providers can terminate contracts unilaterally.

Lastly, other methods of mining bitcoin using USB ASIC mining and home-grade bitcoin mining equipment can’t be considered serious mining and are categorized as a hobby only. They will not really make money doing this and the learning process on how to mine cryptocurrencies is not as intensive. It would be cheaper and intellectually gratifying to use GPU or CPU mining as you do not need additional hardware to mine as you might already have the necessary equipment to start mining. 

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