If you are alive in the 21st century and have the device grandly referred to as a smartphone, you must have heard the term ‘Bitcoin’. Bitcoin is the world’s first cryptocurrency. “What’s this cryptocurrency thing?”, well my friend, it is basically a form of currency that is unlike any other forms known to us, such as Dollar, Euro, Rupee, Yuan, Pound, to name a few. Apart from this, Bitcoin allows transaction settlement in ways that cannot be traced. Check out AML solutions for banks if you want to monitor clients and develop detailed risk profiles to enhance conversion rates and prevent fraud. With an extremely high exchange rate, cryptocurrency, for instance, Bitcoin, has attracted loads of attention. Consequently, it has taken the world like a raging forest fire. If that ignites the fire within you to possess and trade with Bitcoin, you would surely search the web for ‘How to Mine Bitcoin on Windows’. To save you some effort and time, we have sorted out the best ways to do it.
- How to Mine Bitcoin on Windows for Free
How to Mine Bitcoin on Windows for Free
There are practically two ways to obtain Bitcoin – either you but it or you ‘mine’ it. Here we shall focus on how to mine Bitcoin on windows. For that, follow the steps given:
#1 Know The Basics of Cryptocurrency
To mine Bitcoin on Windows PC, you first must understand the basics of cryptocurrency. Since Bitcoin and other cryptocurrencies, also called altcoins, have exponential exchange rates and huge demands, you are liable to remain empty-handed if you don’t have a strong understanding of how things work. You can check out the basics of Cryptocurrency on Blockgeeks.com.
The Bitcoin network rewards Bitcoin miners for their effort by transferring bitcoin to users’ wallets who contribute the needed computational strength. This may come in the form of both newly issued bitcoins or from the transaction fees included in the transactions while mining bitcoins. The more computing power you contribute, the greater your share of Bitcoin.
#2 Gather the Necessary Hardware
For those of you who are not aware, Bitcoin mining requires dedicated hardware for the job. You can’t expect to get rich using a Core 2 Duo! It’s just like investing in the stock market – the more you invest, the greater is the return, and consequently, higher is the profit. The mechanism for this has already been explained in the first step.
In the early days, when cryptocurrency was a new idea, it was possible to mine Bitcoin on behalf of the computing abilities of your CPU and GPU. But this is no longer possible. The custom Bitcoin chips offer 100X more performance than the old systems. Thus, they have dominated the market.
Going for an alternative might cost you more than you will ever earn from it. So, dedicated Bitcoin mining hardware is essential. Our picks for the best Bitcoin mining hardware are:
- AntMiner S7
Specs: Capacity- 4.73 Th/s, Power Efficiency- 0.25 W/Gh, Weight- 8.8 pounds
- AntMiner S9
Specs: Capacity- 13.5 Th/s, Power Efficiency- 0.098 W/Gh, Weight- 8.1 pounds
Specs: Capacity- 3.5 Th/s, Power Efficiency- 0.29 W/Gh, Weight- 9.5 pounds
#3 Download a Bitcoin Mining Software
Once you have the hardware setup and ready to roll, you need to download a Bitcoin Mining Software for executing our task to mine Bitcoin on Windows PC. There are multiple applications out there, some being free and some paid. Since we are concentrating on the Windows OS, we have shortlisted some of the best Bitcoin mining software for Windows. We know you would like to have all the convenience you can get! All of them provide excellent performance along with great functions.
MinePeon: Completely open source.
EasyMiner: Miner supporting Windows, Linux, and Android.
BFGMiner: Cross-platform support- Windows, Linux, and Mac. Written in C programming language.
CGMiner: Miner software with advanced options for multi-threaded Graphic Cards and overclocking support for both CPU and GPU
BitMoose: This miner software runs as a Windows Service.
#4 Join a Bitcoin Mining Pool
The next thing to do for mining bitcoin on your Windows PC is to join a Bitcoin mining pool. It is a group of Bitcoin miners who cooperate with each other, along with contributing their computational strength and sharing the generated profits proportionately. Mining Pools can be of great help if you’re a newbie in the arena of Bitcoin mining as if you’re going to try and mine them on your own, you might do so for a year but won’t get very many. Thus, it is far more advantageous to just join a mining pool and split the reward.
The biggest pools are listed below:
Poolin: Its servers are based in China but have support for English as well. This pool mines approximately 18% of all blocks out there.
F2pool: It has also got its servers in China, and mines close to 17% of the blocks.
BTC.com: It another public mining pool, currently mining 15% of all blocks. It is strongly recommended that you go for Slush Pool or Poolin instead.
Antpool: Antpool is a mining pool based, like others, in China and owned by the BitMain Company. Antpool mines an estimated 11% of all blocks.
ViaBTC: is a somewhat new pool that has been out here for use for about one year. Specifically designed for and targeted towards the Chinese miners, ViaBTC mines approx 9% of all blocks.
#5 Set Up a Bitcoin Wallet
Now that you have assured the earnings of Bitcoin, you obviously need to store them somewhere. A Bitcoin Wallet provides this facility. It is used to store all the Bitcoin you mine. Bitcoins are transferred to the Bitcoin Wallet through a unique address that belongs only to you. Enabling two-factor authentication or storing the Bitcoin Wallet in a PC that doesn’t have internet access, secures it against potential threats.
Our picks for Bitcoin Wallets for you are:
Kraken: It gives enable you to get straight to mining Bitcoin, no matter what your experience level is. It is also one of the most trustworthy cryptocurrency wallets in the market.
Coinbase: It is a secure online platform for buying, selling, and transferring, of cryptocurrency.
SpectroCoin: Gives you the option to buy Bitcoin with a wide variety of payment options, including bank transfers, credit cards or debit cards, e-wallets, and many more.
#6 Staying Updated with the Latest Bitcoin News
Last but definitely not the least, you ought to remain updated with the latest Bitcoin news. Just as in stock market investing, you need to keep a track on all the exchange and return rates, the same needs to be done for Bitcoin mining as well. This will also help you to mine bitcoin on Windows PC.
For that, you can take help of the Internet. There are tons of tutorials and tips available, teaching you how to maximize your Bitcoin earning. Joining social media pages related to the topic of concern is also a viable alternative.
So that was our take on how to mine Bitcoin on Windows PC. Make sure to follow each step with utter seriousness. Also, if you’re a novice to this entire game of Bitcoin and cryptocurrency, exercise extreme caution and adopt all kinds of security measures wherever applicable. There are plenty of black hat hackers and phishing websites hiding in plain sight, just waiting for their next victim to fall into their trap.
Hence, using a VPN along with a safe and secure network can be of great help to secure your transactions. Lastly, be patient. People have chosen cryptocurrency mining as their career, providing conclusive proof that Bitcoin mining is not about cracking nuts. With that being said, you’re all set to be a Bitcoin miner. Time to get the show on the road!