How to Mine Bitcoin Safely

The 21st century offers many different ways to make money.  From odd side hustles to the stock market, people have more options than ever before.  You can use YouTube and other resources to teach yourself new materials in order to become a better candidate for a certain job.  If you want to start your own business, there are many ways for you to outsource the development of your website to someone else.  Through drag-and-drop interfaces, website management and creation have become accessible to the least tech-savvy users.

Generally, obtaining a job is difficult, and there are many investments one has to make before receiving a job that’s good in terms of pay and fulfillment.  One must invest in education, whether that means college or a coding bootcamp.  Upon one’s post-education entrance into the workforce, the job search is difficult, no matter what.  From false leads to pyramid schemes, the digital landscape can occasionally fail to be as useful as it usually is.  The one unequivocally good thing about today’s landscape is that there are so many options.  One can use exciting gig-based freelance work or employ a dependable 9-to-5 strategy.

One high-investment and high-reward method for becoming more financially independent is to mine cryptocurrency, a digital form of currency whose individual units can be thousands of dollars apiece.  Not everyone has the mental bandwidth for cryptocurrency generation or management because It’s a high-tech and competitive phenomenon in the computational world.  But what might be the case is that you will.  The prices of many cryptocurrencies have skyrocketed and plummeted over the years, but the most conventional one with which most are familiar is likely Bitcoin, one of the earliest cryptocurrencies.  As valuable as a single 30,000-dollar Bitcoin is (a Bitcoin is 30,000 dollars at the time of writing), how do you actually get one?

Creating a Setup

To obtain a Bitcoin, you must create a Bitcoin by solving a numerical puzzle, but don’t worry.  You needn’t solve these puzzles.  Your computer does that.  Some miners create massive setups of several “dummy” computers whose sole purpose is to earn cryptocurrency by solving math problems, which are essentially brute-force solutions for finding requisite codes.  

Miners earn cryptocurrency by solving these problems because, by uncovering different codes, these miners have contributed incredible computational power to the blockchain and they’ve further asserted the legitimacy of that cryptocurrency, regardless of whether that cryptocurrency is Bitcoin or something else entirely.  In fact, one might argue that the blockchain singularly relies on miners to spread the ubiquity of and increase the value of Bitcoins.  Through extraordinarily powerful networks of computers, miners substantiate the means through which Bitcoins have any value at all.  The transactions that occur throughout these networks are essentially what the blockchain is, as the blockchain is a database of the information flowing from device to device across networks.

What’s especially important about Bitcoin mining is that it offers a concrete way to discern a ledger of Bitcoin transactions so that you know how many you’ve earned and potential buyers of your Bitcoins also know how many you’ve earned.  Software developers who mine Bitcoins have advanced their skills over the last several years, developing faster, more efficient ways of creating and ultimately collecting Bitcoins.  Leveraging more complex machinery against the numerical puzzles that reward users with Bitcoins, the most tech-savvy cryptocurrency miners have advanced the process of collecting Bitcoins while establishing themselves as valuable assets for any company.

Today’s Miners

Some miners work together, combining into mission-oriented companies that envision new setups, new technologies, better hardware, and more employees to manage and monitor equipment with which to mine Bitcoins.  Some strive for efficiency, while others strive for carbon neutrality.  After all, mining Bitcoins creates a lot of heat and requires a lot of energy, especially if one uses dozens of dummy computers to earn those Bitcoins.  Some mining companies try to be carbon-neutral and efficient at the same time.  As the global climate becomes more erratic, accomplishing such a feat would make them the best of the best.

Certainly, there are people who can continue to mine all by themselves, but all users must make a significant investment in hardware.  Over ten years have passed since the advent of cryptocurrency, so a series of regular computers can’t effectively mine Bitcoins anymore.  To mine Bitcoins by oneself, one would need to obtain computers with unusually strong graphical processing units in order to harness the power necessary to create brute-force solutions for code-breaking problems.  As long as you’re willing to invest in the appropriate equipment, mining Bitcoins, among other forms of cryptocurrency, might be a very good avenue to investigate.

Now that you know what you need to get started on your setup, maybe you have what it takes to become a Bitcoin miner.

Adam Hansen

Adam is a part time journalist, entrepreneur, investor and father.