Learn about What is Bitcoin Mining and How does Bitcoin Mining work in 2018, 2019 & 2020? Find the Best Bitcoin mining software/hardware (Windows 10, Windows 7 64 bit, Mac, Android, GPU, CPU) with mining pools, mining profitability calculator and free bitcoin cloud mining ways to make money online/offline. Is Bitcoin Mining Profitable or Worth it or Legal in USA, Germany, United Kingdom, Australia & India? What do you mean with Raspberry PI Bitcoin mining and AWS Bitcoin mining ? Check How to Start Bitcoin Mining? How long does it take to mine a bitcoin? & How much can you make mining Bitcoin? Also Find How many Bitcoins have been mined yet on the Earth? in our Bitcoin Mining Explained article!
About Bitcoin: The first ever popular decentralized digital currency introduced in the public sphere is still considered to be the best bet among Cryptocurrencies by the wolves of Wall Street! Over 5 years, yet, the glamour quotient still seems to glorify the dynamic Bitcoin.
Bitcoin (₿) is a cryptocurrency and worldwide payment system.
It is the first decentralized digital currency, as the system works without a central bank or single administrator.
The network is peer-to-peer and transactions take place between users directly, without an intermediary.
These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain.
Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
Bitcoin Mining – Unearthing Peripheral Developments Bolstering the Crypto Market
Now, the obvious doubt lingers surrounding the supply of Bitcoins. That brings us to the intriguing concept of Bitcoin Mining and how Bitcoin Mining works. The process of ensuring security and verification of Bitcoin transactions, referring to transfer and interchange of payments within a decentralized network through solving of intricate computations and consecutively adding the data to Bitcoin ledger, fairly sums up what is Bitcoin mining, leaving us with Bitcoin mining explained in a nutshell.
Delving deeper into the Bitcoin maze, we are encountered by few other integral ideas associated with Bitcoin mining Software and Bitcoin mining hardware that promises seamless mining, and the best Bitcoin miner available to us in 2018, 2019 & 2020.
What is Bitcoin Mining and How does Bitcoin mining work ?
Want to know the complete definition of Bitcoin Mining and how it works? Then, Firstly you must know about Mining and its ways.
Mining is a record-keeping service done through the use of computer processing power.
Miners keep the blockchain consistent, complete, and unalterable by repeatedly grouping newly broadcast transactions into a block, which is then broadcast to the network and verified by recipient nodes.
Each block contains a SHA-256 cryptographic hash of the previous block, thus linking it to the previous block and giving the blockchain its name.
To be accepted by the rest of the network, a new block must contain a so-called proof-of-work (PoW).
The proof-of-work system, alongside the chaining of blocks, makes modifications of the blockchain extremely hard, as an attacker must modify all subsequent blocks in order for the modifications of one block to be accepted.
As new blocks are mined all the time, the difficulty of modifying a block increases as time passes and the number of subsequent blocks (also called confirmations of the given block) increases.
Bitcoin Mining Hardware 2018 – Robust Engineering
With increase in the pace of computations it became a dire requisite to shift from CPUs to graphical processing units (GPUs). Using graphic cards, they are able to accelerate hashing data 50 to 100 times, consuming way less power per unit work.
The trend shifted to FPGA ( Field programmable Gate Array ) processors- specially designed for Bitcoin Mining around 2011, finally giving shape to the idea of concentrated mining farms. The current generation Bitcoin Mining hardware has surpassed the previous with its unparalleled speed, performance and dynamism. ASIC (Application- specific Integrated Circuit) has evolved as the best Bitcoin Mining hardwares in 2018, taking over other Bitcoin mining rigs in terms of power usage. Some powerful Bitcoin miners in today’s times happen to be: Antminer U3 &S5, ASICMiner BE Tube, Avalon 2 &3, VMC Platinum 6 Module as well as BTC Garden AM-v1616 GH/s.
Best Bitcoin Mining Software – Sleek and Suave
The ulterior motive of the software is to convey the mining hardware’s yield to Bitcoin network and receive the completed work response from existing miners in the network. The mining software scrutinizes the input and output of the miner and reveals impeccable statistics that include speed of miner, fan speed, hashrate as well as temperature.
In this scenario it is always judicious to go in for a software that supports ASIC mining- the newest among hardware innovations.
Almost all Bitcoin Mining Software listed under Linux and windows serve MAC OS X, among which RPC Miner especially integrates with MAC OS 10.6 or higher models, with its features being in sync with Mac OS APIs and systems.
Bitcoin Mining Software for Windows
Bitcoin mining software just for Windows include:
Bitcoin Miner, which works on Windows 10 and Windows 8.1, stands out for its profit report feature that reveals the profitability of mining. The latest version is 1.27.0. Smooth power saving mode, mining pool support and fast share submission embedded in an integrated interface serves the purpose meticulously.
BTC Miner, an open source Miner used for ZTEX USB-FPGA modules 1.5, is accompanied by dynamic frequency scaling features that zeroes down automatically on the highest rate of valid hashes. It can function without license with a built in Bitstream. FPGA boards eases up communication and programming.
Bitcoin Mining Software for both Linux and Windows
CG Miner based on the original code of CPU Miner, is most popular among Bitcoin miners to owing certain special features that comprise, remote interface, self detection of new blocks using mini database, multi GPU support accompanied by CPU mining.
BFG Miner is ruling the gaming owing to its design dedicated to ASICs. The uniqueness of the mining software lies in ADL device reordering by PCI bus ID, mining with free mesa/LLVM OpenCL as well as integrated overclocking and fan control.
Easy Miner supports network mining protocol including startium mining protocol and serves both solo as well as pool mining. It configures the miners and provides evaluation report of mining activity. Being GUI supported, it serves as an efficient alternative for CG as well as BFG Miner.
Numerous Cryptocurrency centric scientific innovations have evolved over a decade, easing up business in the periphery. Enhanced mining power has made it almost impossible for an individual to get enough hash rate for solving a block and earn payback rewards. This made way for mining pools, where groups of miners contributed towards generation of a block and share the rewards as per the processing undertaken.
Another interesting and effective evolution in this genre happens to be that of Bitcoin Cloud Mining, enabling users to mine Bitcoins by purchasing mining capacity from dedicated data-centers. Without the extra hassle to manage software, hardware, electricity, bandwidth as well as complex offline issues, this saves the users the troubling hosting issues, installation and preservation chaos.
Best Bitcoin Mining Pool Options – Bitcoin Cloud Mining
If you’re not interested to spend your money to build a cryptocurrency mining rig, you must try cloud mining services. Cloud Mining is the way, where you purchase time on somewhere else’s mining rig to generate a good amount of Bitcoins or Altcoins. It also depends on your investment that how much can you make mining bitcoin? and how long does it take to mine a bitcoin? But, It’s the perfect way for all those who are searching for “how to make money with bitcoin mining?” Few factors like Hash Rate and your selection of coin makes it more easy and valuable too. There are few companies like Genesis Mining and HashFlare, who charge on the basis of Hashrate distribution—basically, your processing power. If you go with a higher hash-rate, you are expected to receive good amount of coins with good returns. You will get what you pay for, but everything takes time. It will also cost you time as well as patience too.
BTC.com is a public mining pool that can be joined. But, there are more better options available in the market.
6. BTCC Pool
7. Bitclub Network
NOTE:ViaBTC is a somewhat new mining pool that has been around for about one year. It’s targeted towards Chinese miners.
Best Bitcoin Mining Profitability Calculators
There are many Cryptocurrency mining calculators available in the market. But, we’re providing you the Best ones from them. Must check out list of Bitcoin Mining Profitability Calculators and Profit Calculator to analyze your Profits.
Bitcoin cloud mining enables people to earn Bitcoins without bitcoin mining hardware, bitcoin mining software, electricity, bandwidth or other offline issues. Bitcoin.com Pool is the highest paying Bitcoin mining pool and cloud mining provider on the market. You can start mining Bitcoin today! More talk about Genesis Mining, Bitcoin is the currency of the future & Genesis Mining is the largest cloud mining company on the market. Mine bitcoin through the cloud here! Micro-btc.com Mining is Bitcoin cloud mining platform Start bitcoin mining free earn profit daily without hardware. Another one is, Bits2u.com, which is the first bitcoin cloud mining in which you can double your investment up to 1 year.
As far as the Bitcoin Mining difficulty is concerned, for integrating the block through the network, it is an imperative for the SHA-256 hash of a block’s header to rank below or equivalent to the target. Interpreting in easy term, this refers to a data termed as proof of work– difficult and time consuming to produce, involving haphazard process marked by trial and error.
Bitcoin Mining Difficulty
Current Bitcoin Difficulty: 4,143,878,474,754.19000000 (On May 21st, 2018)
1 Day Difficulty Change: 0.00 % (4,143,878,474,754.19000000)
7 Day Difficulty Change: 0.00 % (4,143,878,474,754.19000000)
30 Day Difficulty Change: 7.93 % (3,839,316,899,029.67000000)
90 Day Difficulty Change: 44.15 % (2,874,674,234,415.94000000)
Increase in the number of miners and participants evoke the rate of block generation to shoot up upgrading the difficulty level, leading to compensation, thus lowering rate of difficulty once again. If blocks released, do not meet the standard difficulty levels it is invariably turned down by every user.
There are some websites that offer virtual mines with the lucrative opportunity to mine Bitcoins for free. But you need to take your call whether to proceed. Bitcoin mining profitability is completely linked with the amount of risk you are willing to undertake because like any other investment in the capital market you are likely to suffer losses. In fact, it is hard to say whether Bitcoin can fetch plausible profit or be a subject of trailing losses until one takes a plunge!
Is Bitcoin Mining Worth It ? – Is Bitcoin Mining Profitable ?
There is no requirement of mind and brain in the process of Mining cryptocurrency. In a normal way, Set up a computer to help solve complex math puzzles and you are rewarded with a coin (or a fraction of a coin). If we talk about first bitcoin miner then you were able to earn coins relatively quickly just using computing power in your home, back in the day.
Answering the question to Is Bitcoin mining worth it? – In 2018 and At the time, cryptocurrency mining become more complicated and involved than previous. With bitcoin, the reward is halved every four years. Now, If you are in the category of serious Bitcoin miners, then you’ve to built huge arrays to mine at the time. It makes Bitcoin Mining more harder for smaller miners to compete.
Now, the question occurs, Is Bitcoin Mining Profitable ? – Answer is Profitable enough for those who knows the right way to set up of high equipments crypto mining rigs with good power sources in the cool environmental conditions. Non-Profitable for those who usually mine at the smaller scale by setting up low budget cryptocurrency mining rigs as like only a single Graphic card or double Graphic cards. In other ways, Non-profitable users can easily earn good margin of profit by joining a best bitcoin mining pools, which is still a very effective way to earn huge. Only correction is that, It comes with a fee, which indirectly reduces your profits in comparison of sharing percentage. So better, Try to mine Bitcoin Alternative coins (Altcoins) like Zcash (ZEC), Ethereum (ETH), Litecoin (LTC), Monero (XMR), Golem (GNT), Cardano (ADA), Electroneum (ENT) & more on to earn good amount of profit time to time.
The Changing Times Ushers Profitable Alternatives
But, it is 2018.
The Crypto landscape has flooded the financial ecosystem with unprecedented scope of profit, ambitiously proclaiming its ability to alter the course of capital trading. The expansive options available, ideally should not restrict our fetish for Bitcoins. Ripple, Cardano, Ethereum, Litecoin IOTA or dash are trending the charts with their set of promising features and pioneering models.
The role of technology in boosting the raging popularity of Bitcoins cannot be ruled out. Having shared all, the compelling endnote is, anonymous nature of Bitcoins has aided it to penetrate through the global economy.
Looming Legal Predicament – Is Bitcoin Mining Legal ?
To everyone who wishes to know, is mining Bitcoin legal, we would say, there lies a divided consensus over this contentious idea. Bitcoin trading is treated as a business. Although, traders are liable to pay corporate income tax as well as VAT as legislated by a country, it is not conferred the title of electronic money. People with a pro Bitcoin stance think, in spite of being a subject of tax regulation in some places, Bitcoins still lack the regulatory infrastructure it deserves, to play a way more engaging and revolutionary role in the crypto market.