West Entrepreneur Forum / Make Money Online / Bitcoin Tutorial: How To Set Up Bitcoin Mining (764 Views)
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Bitcoins came into existence to fill the need of people who were not comfortable with a government agency or financial institution always having access to what they used their money for, especially when purchasing on the internet and the bitcoin technology gave them such anonymity with their transactions as they sought. Having been around for years now, it is estimated that bitcoin has made possible transactions that have accumulated and run into billions of dollars and still being around, one cannot say that they are a scam agency.
From the pool of bitcoins, some people have also seen the light and started to make big money through what they call the “bitcoin mining” and while you would not need to hold a hoe or digger and go tilling the land, from the comfort of your home and the companionship of your computer, you also can set up a bitcoin mine and make it big. How, do you ask?
Do your research
Bitcoin and bitcoin mining is not a popular topic yet and it might be asking too much of you if we just said you should go into the job and learn the business. Do a lot of research on it, read books and watch videos if you have the access to them? This would explain everything about the bitcoin and the mining to you in due process.
Get a computer
You cannot say that you want to deal on the internet on a regular and not have a computer. Having a computer alone is just an ordinary requirement as you have to spice it up with a fast internet broadband and also equip your computer module with a bitcoin mining software. Before you go pro on the software, test out the demo version to learn your way around first.
Get an online wallet
As you have that fancy wallet of yours where you keep your physical cash, you would also need an online wallet to hold your bitcoins after mining. There are several wallet options out there but to be on the safer side, chose a wallet that not only supports the saving of the bitcoins but also buying, using and accepting them for payment.
Join a Pool[b]
You can opt to source for bitcoins by yourself but joining a pool is hugely productive. There are a lot of bitcoin pools online and if you join reliable one, you would be getting maximum and fast returns on your investment. One of such reliable pools is Slush’s Bitcoin Pool which is one of the first to every emerge.
[b]Add your wallet to the pool
Since you have picked a wallet as advised above and also joined a pool, set up your wallet to be linked to that pool so that your earnings would be saved immediately.
If you want to better make money as a bitcoin miner, it is just normal that you register someone else to work for you. After recruiting the worker(s), make sure they have their own bitcoin account linked to yours as you all are in the pool. They would have their own software and computer but operate as a sub-account to you
If you are sure that you have followed the above steps religiously, then it is now time for you and your workers to start mining the bitcoins. As we advised, using the demo version would have taught you all else you needed to know about the mining so why not get your internet drills and start mining away?
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