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Bitcoin is hot right now and this guide will show you how to start making money with it! This guide will take you through the steps you need to take to get started with Bitcoin mining and earn $300 per day. You don't need any prior experience or special skills – just follow these 10 simple steps and you'll be on your way to earning a fortune with Bitcoin!
1. Get a Bitcoin Wallet
The first thing you'll need to do is get yourself a wallet, but not just any wallet - it has to be a digital wallet. There are many types of wallets available, but the only one that interests us at the moment is the bitcoin digital wallet. This will enable you to send and receive bitcoins. Some of the most trusted and well-known digital wallets:
Copay Bitcoin Wallet (Multi-Device)
It's easy to use one of these services. To sign up, you need a valid email address and choose a password. It is recommended not to reuse passwords between different sites or your accounts will be compromised if any site is hacked. These wallets are very secure because you don't want to lose or forget your password.
If you use one of the exchanges below, then you won't need to go through any verification process, just sign up and connect your bank account/card details.
MasterCard - Coinbase (There is a $10 free ATM withdrawal on signup)
Visa - BitPanda
2. Get a Bitcoin Mining Rig
The next step is to get yourself a Bitcoin mining rig. This is essentially a computer system that will solve complex mathematical problems in order to verify and validate transactions on the blockchain. The miner who solves these problems first is rewarded with new bitcoins, which makes it a very lucrative business.
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There are two types of mining rigs that you can think about getting:
Custom Mining Rigs – You will need to put the above-mentioned digital wallet to good use here because you'll be sending your bitcoins to a wallet address provided by the company providing these services. You might also need to provide further details, such as your name and address, in order to activate the mining rig.
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Mining Rigs from Bitmain – These are ready-made rigs that you can purchase from Bitmain. All you need to do is connect it to the internet and start mining.
3. Select a Mining Pool
Once you have your right mining pools:
set up, the next step is to set up a mining pool. This is an essential part of the process. A mining pool is where you'll be combined with other miners and will solve the problems together, splitting the rewards between all participants in proportion to how much processing power each one has contributed. There are several popular mining pools, but the two we'll be focusing on are:
- Slush Pool
- Eligius
4. Sign Up for a Mining Account
Once you've chosen your mining pool, you need to sign up for an account with that pool. This process is quite simple – just provide your email address and a password.
5. Download the Mining Software
The next step is to download the mining software. This will enable your computer to start solving the mathematical problems required to mine bitcoins. The most popular mining software is:
CGMiner – This is a console-based application that allows you to mine bitcoins with your CPU and GPU. It is very versatile and can be used on a wide range of operating systems, including Windows, Linux and OS X.
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BFGMiner – This is also a console-based application, but it is specifically designed for mining bitcoins with ASIC hardware. It is also compatible with Windows, Linux and OS X.
6. Connect the Mining Rig to the Internet
Once you have the mining software installed, you need to connect your mining rig to the internet. This can be done in a number of ways:
- via Ethernet cables
- via USB cables
7. Configure the Mining Software
The next step is to configure the mining software. This includes specifying how many blocks you want to mine, how many threads it should use and which mining pool you'd like to join. Here's how to do this with CGMiner:
- Open the Terminal application on your computer
- Type cd /F where F is the folder where CGMiner is located
- Type ./cgminer -o stratum+tcp://mining_pool:portnumber -u username.worker -p password
replace mining_pool with the name of the mining pool you're joining, portnumber with the port number for that pool and username. worker with your username and worker name for that pool.
8. Start Mining!
10 Steps to earn $300 per day with Bitcoin Mining Once you've configured the mining software, you're ready to start mining! Just type ./cgminer -o stratum+tcp://mining_pool:portnumber -u username.worker -p password to start.
9. Monitor your Mining Progress
10 Steps to earn $300 per day with Bitcoin Mining To monitor your mining progress, you can use a variety of tools, including: The CGMiner website – This will show you how many blocks you've mined and the rewards you've earned.
The Bitcoin Block Explorer – This will show you the latest blocks that have been mined as well as their respective rewards. 10 Steps to earn $300 per day with Bitcoin Mining
10. Collect your Rewards!
10 Steps to earn $300 per day with Bitcoin Mining Once your mining rig has solved a block, you've successfully mined bitcoins! The company you've been working for will send you a payment via your wallet address. Then, just transfer these bitcoins to another currency, such as USD or GBP, and use them the same way as any other currency.
If this guide was too high-level for you, 10 Steps to earn $300 per day with Bitcoin Mining check out our next post on How to earn $300 per day with Bitcoin Mining – Less Talk, More Action.
Posted by Jonathan Shepherd at Thursday, September 02, 2010, | Comment (1)
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