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Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.

Bitcoin Mining at Home

Most people who plan to acquire Bitcoin think that the best solution is to buy it , but did you know that it is entirely possible to engage in the extraction of Bitcoin at home? This is because new Bitcoin is created by the network by people “mining” it. Mining is done by people using computing power to solve cryptographic problems to sign blocks on the blockchain Bitcoin, and everyone who solves a cryptographic problem and gets a block signed is allocated a certain amount of Bitcoin, which in 2019 is 12.5 BTC.

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In practice , Bitcoin is extracted by using a computer to run a mining program which is basically a software that uses all the computing power to solve these codes. Once the program is up and running, all you have to do is wait for the computer to crack codes and earn Bitcoin.

This may sound very simple, but Bitcoin mining is a large and comprehensive topic that takes a while to get really familiar with. Although all computers can in principle be used to extract Bitcoin, very few will actually be able to extract much more than a few kroner a year.

Extract Bitcoin efficiently

In order to extract Bitcoin efficiently, you need a very special type of computer that goes by the name ASIC. This is a kind of computer, but it does not work for normal use. Instead, it is perfect for extracting Bitcoin as efficiently as possible, and one almost has to have such a machine to even have a chance to make a lot of money on extracting Bitcoin at home. The only problem with an ASIC miner is that they are incredibly expensive, and the chances of earning the cost of buying them are currently very low. Low exchange rates for cryptocurrency, Norwegian electricity prices, and not least the tax on electricity is a combination that makes it very unprofitable to extract Bitcoin in this country.

That said, you can still mine Bitcoin at home, and as long as profit is not necessarily a goal, there is nothing in the way of installing a miner on your computer to extract some Bitcoin.

If you want to check out potential profits before you start, you can use the My Crypto Buddy profit calculator ( https://www.mycryptobuddy.com/BitcoinMiningCalculator ) to see how much you will earn.

If you know that approx. how much you pay in electricity per kilowatt hour, you can also see if it is at all possible to make a profit, or if it will be a pure loss project.

Here’s how to put one together for use with Bitcoin

All computers can in theory extract Bitcoin via mining, and first and foremost you have to find a pool that you can join. This is a group of miners who work together to solve the cryptographic tasks together, and this is absolutely necessary as it is virtually impossible to solve a block alone with a normal computer. In a pool, on the other hand, you want to cooperate, and everyone who participates in the mining gets their share of the dividend when the group gets to sign a block.

Check out Pool Mining, so you can participate without a powerful graphics card:

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Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.

Recommended graphics cards for Bitcoin mining

After you have found a pool, you really only need to download a mine and get started. There are many different clients to mine Bitcoin, and programs like “Bitcoin Miner” or “BTCMiner” are good programs for you who want to try your first miner. There are also more advanced miners that one should check out eventually, but one of these two is good to begin with.

When the miner is on, you do not really need to do anything more, because the miner will continue to work as long as the computer is on. While working, it will naturally use a lot of power, and a miner that runs at full machine will typically be very hot. It is usually not possible to use the computer for something else at the same time as mining, so remember to turn it off if you intend to use the computer yourself.

  • Copy experts
  • TRADING
  • SPOT
  • Leverage
  • Low fees, secure and popular crypto exchange.
  • Offers social trading - follow the trades to your favorites.
  • You can open an account and make your first trade in minutes.
  • bitcoin
  • ethereum
  • ripple
  • litecoin
  • bitcoin cash
  • dash
  • stellar
  • neo
  • tron
  • zcash
  • binance coin
  • plus more
  • visa payment
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  • webmoney payment
  • china unionpay payment
  • klarna payment
  • neteller payment
  • skrill payment
  • bank wire transfer payment
  • plus more

Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.