Now, 10 years after the first digital bitcoin coin, the process has become complex, and these calculations are becoming progressively more complex every day, and it is no longer the easy thing that everyone can do from his home, and when we talk about the costs and possible profits of the process We need to stop a little bit and look at it slowly.How much does it cost you to do the bitcoins and what are the necessary equipment to start digging for digital currencies?
Why does Bitcoin mining cost higher?
The reason for the mining of encrypted currencies is the high power consumption, which has led to high costs of electricity to the houses, and the values of bills have risen exponentially! Bitcoin mining is no longer the profitable area that was from the beginning, according to the special energy consumption indices of bitcoins, the energy consumed for the mining of one currency is roughly equivalent to the energy consumption of the Czech Republic, and it can eventually reach Bangladesh state consumption With 163 million people!!There’s another aspect that we need to take into account when we talk about the costs of the bitcoins, which are the equipment used, a computer with poor specifications will not be your ideal option for mining the configuration, so you must choose the appropriate computing equipment that can perform these calculations. Complex quickly.However, the problem with this process is that the complexity of the calculations for the mining of bitcoins is a continuous process and the higher the number of bitcoins we get, the greater the complexity and so forth. As the complexity grows, we need new, high-capacity computing equipment to carry out these complex mathematical calculations; and when interest in Bitcoin has increased, dedicated equipment for the mining of these digital currencies has been created, and these are costly, and you are obliged to change the equipment every while. To keep pace with the complexity of the processes, today’s equipment will not serve you tomorrow if you are considering a wealth of encrypted digital currency mining.
How much does it cost you to make a configuration from your home?
Getting the cost accurately is a little tricky and difficult, as the cost of mining is different depending on the geographical region of different social conditions. But ranging from 531 us to 26.170 thousand US dollars per bitcoin, this difference due to different electric power prices between countries and because of the different prices of the equipment used, the more you try to get electricity at a lower price and equipment at a reasonable price whenever it is profitable for For you we have collected you a table showing you approximate costs of mining in different countries according to the data of the local governments of these countries
But can you do it in your own house?
No one expected that the composition would be priced at one day to 20,000 US dollars, but it had reached that price last year, and the number of bitcoins investors had increased overnight, but if you were watching the events from your house, you had two choices these days, either you buy the Peugeot or you And because it’s so high these days, it’s likely you’re going to have to use the bitcoins, but can you do it?
Get your Bitcoin wallet
In the beginning, you must have your digital currency wallet that is confidential, reliable and your password, and make sure that your wallet has two safety factors, although most of the transactions you make using digital currencies are visible to everyone and are recorded in the central account book, the Qin block. The digital wallet is private, and you are the only one who can see it.There are four types of digital portfolios that you can choose from, where you can choose one of the services on the network that specializes in maintaining your digital currencies, claiming digital cloud portfolios, or running your wallet locally on your computer or your smartphone or you can buy a wallet Digital is similar to the hard drive and the importance of the digital wallet lies in keeping your encrypted digital currencies away from any possible breakthrough.
Choose the right equipment
The configuration is obtained after performing a set of complex calculations on the internet, and each time you get bitcoin this configuration is divided on the metal of the composition that they contributed, but now, after getting millions of digital coins, it has become more difficult. It is enough for a simple computer to do this, so you need to buy the right equipment that can help you in mining the configuration.
Don t do mine alone but join a group
Once you’ve set up the right equipment and environment that you’ve decided to work on, join the right group and start working with them, i.e., join a group of bitcoins so that you can work together to solve complex calculations jointly.In a group of metals, it is usually better for you than for single-scale mining that will provide you with a lower but more frequent rewards group, and there are sites dedicated to showing the benefits of different groups around the world and the rewards they offer to join them.
Find the right mining program to start working
The last step before you start mining is to find the software you will use to build a configuration that will work on your computer. The software you use depends on your computer and the mining equipment and equipment you have chosen and includes some of the most common options bfgminer, Cgminer, and Btcminer.
Get the first bitcoins
There is one other thing to do before waiting for the BIOS to flow to your digital wallet, you need to run your equipment, run the environment you have prepared and run the mining program you previously chose, then you must enter the community name and password for the community you decided to join and then all you have to do is sit back and watch your digital wallet and wait for the next bonuses