The Secret That Crypto Millionaires Don’t Want You to Know

The rise of Bitcoin in recent years has made headlines on major news sources across the globe. Many have doubted it, some even hated it, but no one can deny the fact that Bitcoin is here to stay.

Ever since Bitcoin debuted in 2009, it has dominated the cryptocurrency market by holding a market share of over 50%. Those who have had the foresight and luck to buy bitcoins early have been turned into multi-millionaires, or have lost their $6million worth of bitcoins in the trash. Cryptocurrency has made tens of thousands of millionaires already, and if you plan on being rich in the near future, then investing in cryptocurrencies is the best thing you can do for yourself.

As predicted, as the price of a single coin continues to get out of reach for most people, investors and opportunists alike are looking for their next big break by looking for new ways to make money from the Bitcoin gold mine. One of those methods is Crypto Mining.

What is Crypto Mining?

The term ‘Mining’ in this case can be misleading and doesn’t refer to mining in every sense of the word. Crypto mining is the record keeping and verification of transactions that are done using Bitcoin. A miner is tasked with keeping a ledger with all the operations in the Bitcoin network. In the case of Bitcoin, the miner is not a person. Instead, this is a sophisticated computer hardware with incredible computing power that goes through every transaction in the network. Ideally, there is a lot of math and algorithms involved which is mainly done by the computer software.

What do you need to get started?

You need powerful equipment with the ability to compute and tabulate the transactions in the network at blistering speeds. If you’re going to make any money out of it, then there is no question that the better the hardware you get, the better your chances of striking it rich.

What are the start-up costs?

As earlier indicated, the cost of starting out a crypto mining escapade will largely depend on your dedication and hunger to make money. Miners have equipment running from a couple of hundred dollars into the thousands of dollars.  Just remember, the better the equipment, the better the pay.

HOW DO I MAKE MONEY?

Every ten minutes, block chains of transactions are released by the Bitcoin network. Your job is to decrypt the block chains, but first, you have to find them. There is a price that is attached to every block that is successfully decoded, but that depends on the current conversion rate of bitcoin. The more the blocks your system can work on the better pay you get.

WAYS TO MINE BITCOIN

There are two main avenues that you can use to mine. The first which is usually not advisable because of the high running cost is, solo-mining. Under solo mining, you invest in everything yourself, and every time you complete decrypting the block before other miners in the network, you get paid.

The other more forgiving and more profitable method is pool-mining. In this case, you get a group of other miners to come together and work on the blocks together. Once you finish decrypting the block, each of you gets paid depending on the output of their hardware.