Bitcoin is a virtual currency that people use for their transactions online availing various products and services. Today, its already widely accepted and unlike before where the heavy users are people that are in the deep web, it’s now way past that and many businesses are accepting it as payment. You still can’t encash it directly, but here are ways that you can do to convert it into your local currency.
There are many ways to acquire bitcoin and one of those means is through mining. So what is bitcoin mining? Bitcoin mining might sound misleading since bitcoin mining sites aren’t actually mining like what is seen on TV. Rather they are assisting in securing and processing large sums of bitcoin transactions which in exchange gives them new bitcoins.
You can mine bitcoins:
The fact is, anyone can mine bitcoins. The concerns are not about putting up a mining business and running it, there’s really no legal implications to it since you’re not actually mining precious minerals. But you need to know what you’re up against and the factors to make it work. For starters, your competition are massive mining companies with massive mining rigs that have special computers built solely for mining.
There are things to consider:
One of the main things that you need to consider is the environment. You need a high-performance computers (first and foremost) and although those types of hardware can be easily bought if you have the money, the main concern is the location. You see big companies are located in areas where it’s naturally cold like countries that snows all the time or places that have a low temperature like in very high places or underground. Sure, there are shipping containers nowadays that people can use as a rig. But the question is, will that be cool enough? And if you’re using power to power your rigs, using air conditioners, and various cooling to cool them, means, you’re electric bill will be so high that you will lose more than what you will gain.
Bitcoin mining is misleading since the reality is, you are not actually mining bitcoin. If you want to get into such a business, you have to understand a few things in running one, like the competition, the things that you will need and the environment. If that doesn’t work, you can always be the customer, it’s way simpler.