Even though you are not a technology enthusiast and less interested in the technical world still chances are that you must have heard about Bitcoin. Yes, Bitcoin. The world’s first crypto currency which has taken the world by storm. It has a very high exchange rate due to which it is supposed to stay for long time. So, how one can get a Bitcoin? You have two choices: either purchase it or mine it. The mining process needs dedicated hardware with high processing speed along with some software tools.
Bitcoin Mining Hardware
Mining a Bitcoin can be profitable if you have access to cheap electricity and get the best and most efficient mining hardware. Actually mining a Bitcoin is very costly and it is not a good idea for an average person to mine it. Instead, it is better to purchase it. Yet, if you still want to mine it on your own then you can take a no guarantor loans through various online lenders in the UK and buy the relevant equipments.
Hash rate is an important factor while considering hardware for mining.
Hash Rate is the number of calculations that hardware can do each second when it tries to solve the mathematical problems.
Bitcoin mining hardware is a specialized computer used to mine Bitcoins. There are three major hardware methods to mine Bitcoins: GPUs, FPGAs, and ASIC.
This is the least powerful method of mining a Bitcoin using your computer or laptop. You can use your computer’s CPU to mine a Bitcoin but it is very slow by today’s standard, therefore, there is no point in mining. However, you can increase the speed by adding graphics cards to your computer’s hardware.
GPU (Graphical Processing Unit) mining has become outdated these days. With the advancement in technology, graphics cards cannot hold a candle with them. Even though you want to use them then it is better to use a motherboard which can hold multiple boards together.
An FPGA (Field Programmable Gate Array) is an IC which can be configured after being built. Later a mining hardware manufacturer buys these chips in bulk and customizes them for mining before inserting them into mining hardware. Since these chips are customized for mining, they provide better performance compared to GPU/CPU.
To mine Bitcoins you need specialized hardware called ASICs. Initially, the creator of Bitcoins had planned for Bitcoin to be mined on CPUs of your computer or laptop. However, they later found that they could get more hashing power through graphic cards. Graphic cards were then replaced by ASICs (Application Specific Integrated Circuits).
- Mine Bitcoins at high speed
- Low power consumption
- They are very costly
- Also it takes time to produce them
Now you are aware about the best mining hardware so we will go through mining software.
Bitcoin Mining Software
The hardware part handles the actual mining process but mining software is equally as important. The software commands the hardware to do all the work. There are several of these software available based on your operating system. They are available for Windows, Mac OS X, and others.
For Windows Platform:
- Bitcoin Miner: It can be used on Windows 10 and Windows 8.1. It has an easy user design, power-saving mode, pool support, and fast share submission.
- BTCMiner: It is an open source miner which comes with supported FPGA boards.
- CGMiner: One of the most famous and commonly used mining software at present. It supports the following: CPU mining, multi GPU, fan speed control, and remote interface capabilities.
- BFGMiner: It is more or less similar to CGMiner. The only difference is it doesn’t support GPU like CGMiner and it is specially designed for ASICs.
- EasyMiner: It is based on GUI and provides performance graph for your mining activity.
For Linux Platform
For Mac OS X
RPC Miner can be used for Mac OS 10.6 All other software mentioned above also works perfectly for Mac OS.
How to Choose The Right Miner?
There are some important things to consider before buying a Bitcoin miner.
Hash Rate: More has rate means more Bitcoins per second. Also more hashes cost more.
Efficiency: Obviously, you would like to buy an efficient mining hardware. Since miners use a high amount of electricity, you should go for the one which can mine more coins.
Price: Price is also an important factor. Cheap miners will mine fewer coins so it is very crucial to have an efficient miner with a high hash rate and less energy consumption. If you are running out of money then you can take a loan through online lender in the UK and buy an efficient miner.
Hence, we can conclude that mining a Bitcoin needs good combination of hardware and software. By considering all the factors discussed, you can make a decision regarding the miner which will suit you the best.