The cryptocurrency is a decentralized virtual, peer-to-peer digital currency that uses encryption to regulate the generation of new coins. 2017 was the year that saw cryptocurrencies gaining popularity and their prices doubling. Since then, it has been a rollercoaster ride in terms of its price. There are many questions related to bitcoin mining, including home based bitcoin mining.
Some people now have enough money to live comfortably in this digital age due to this revolutionizing technology called cryptocurrency mining. It is an expensive rig or computer that does nothing else. Bitcoin mining is currently the most lucrative business model compared to any other cryptocurrency mining ecosystem.
1. Get a budget bitcoin mining rig
The first step to starting your home based bitcoin mining business is to get a budget bitcoin mining rig. These budget bitcoin mining rigs combine GPUs and ASIC miners for particular cryptocurrencies like Ethereum and Bitcoin.
2. Build a case
Choose the right size of the case, color, and style of your choice that you like to match your room’s theme. It is recommended to have good ventilation by opening all the sides of the case when building it. It can be done using plastic film, foam, and wooden pallets to make it well-ventilated inside and outside.
3. Install a motherboard
Before installing the motherboard, tighten all the screws and lock in all the parts to properly support your budget bitcoin mining rig.
4. Install an operating system
Make an installation bootable USB with an operating system like “ubuntu” or “windows 10”. Then, plug all the components into your motherboard and turn on your computer. The operating system will ask you to set up your computer’s user name, password, and hostname. After that, you can continue with the installation procedure of your choice of OS on your computer, which will be selected by default.
5. Install mining software
Miners can install mining software available on the market on your computer. The one that is mainly used is CG Miner. CG miner is one of the best mining software that can mine any cryptocurrency or bitcoin available on the market.
6. Join a pool
Joining a pool will increase your chances of getting paid out more frequently and regularly by earning small fractions of coins when an algorithm completes successfully by everyone in the pool. A pool is a group of cryptocurrency miners who work together and share their hashing power over the network to solve algorithms.
7. Set up API
Adding your bitcoin wallet address and setting up an API connection is not very difficult, as long as you follow the steps of the official website of the cryptocurrency exchange or wallet you choose. You can use your wallet address as a payment gateway to receive bitcoins by using an API Key, a link or number sequence that allows authorized access to data from its owner’s accounts, websites, or apps.
The API key allows your system to communicate with our server via HTTP calls and receive data about your balance, trades, and wallet addresses for sending trades, deposits, and withdrawals.
8. Set up a cost-efficient energy source to power mining rigs
After setting up your mining rig, you need to connect it to an energy source. We all know that electricity is the primary requirement for cryptocurrency miners. However, cryptocurrency miners are now opting for another form of energy as a power source for their rigs: solar power.
9. Calculate profits
It’s time to do the math, you have completed your setup, and now it’s time to measure its performance against your expenses and make calculations for the profits you will be making based on these calculations.
10. Start home based Bitcoin mining
Once you get everything set up, it’s time to start mining. You can use CG miner or any other miner software like Simple Cash to start mining. Just make sure to open the miner with a high-performance hash rate. And that’s it! You have officially started your home-based bitcoin mining venture and can now expect to see profits in return from these investments.
11. Install the wallet
At this point, you will have to install your wallet of choice to have your coins. Most people opt for a wallet such as Electrum and Mycelium, which provides multiple cryptocurrency wallets, including Bitcoin, Ethereum, and Lite coin.
Bitcoin mining is a very profitable and easy business model. A computer with a good GPU/CPU and a few dollars will set you up for home based bitcoin mining.
Home based bitcoin mining is the easiest way to earn bitcoins without investing much in hardware or other expensive stuff. So get a budget bitcoin mining rig, build it, install an operating system, join a pool and start your home based bitcoin mining adventure.