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Purchasing Bitcoin in the hope that its value will increase is one way to try to earn money. Another more interesting and hands on way is farming Bitcoins. More commonly known as mining, it is the process of creating new Bitcoins.
The competition to earn them before the last Bitcoin is mined is fierce. This is estimated to be in 2140 so there’s still plenty of time to start mining Bitcoin if you want to get in on the action.
What is bitcoin farming?
A Bitcoin mining farm is a data centre, highly equipped to mine bitcoins. They are a result of a very competitive industry trying to find ways to mine more efficiently.
All transactions involving Bitcoin need authorising before they’re added to a public ledger. This is known as the blockchain. This ledger holds a record of all transactions between Bitcoin users since it’s creation in 2008.
The authorisation of transactions is done using computers connected to the blockchain. They solve incredibly complex equations. These equations aren’t possible for even the smartest mathematicians to solve. Even for the most powerful computers, they are extremely tough. And the more Bitcoins that are produced the harder the equations become.
To farm Bitcoin, computers need to successfully solve the equation. This then authenticates the transactions and adds them to the Blockchain. The Bitcoin miner is subsequently rewarded.
While the reward for successfully mining Bitcoin is falling and you may get a smaller percentage from each Bitcoin. The value of Bitcoin can rise at speed.
How To Begin Farming Bitcoin
Firstly, you should get a bitcoin wallet. Like with physical currency, Bitcoins need to be kept somewhere. Especially if your aim is to save up a number of Bitcoins before cashing them in.
Can I use my Laptop for Bitcoin mining?
Absolutely, in fact, when Bitcoin was first created you could mine using nothing but the graphics card in your own computer. The first round of Bitcoin miners managed to release vast quantities of Bitcoins doing just that. But that is not possible in today’s market.
While you are still able to use your personal computer to mine Bitcoins, it would take an enormous amount of time to mine even a single Bitcoin.
Do I just buy a new computer?
Maybe. It depends on your plans. You could still make a small ROI today but you would need very expensive machinery that needs to run 24 hours a day. Maintenance costs on your hardware could end up eating in to a lot of your profit.
Can I work with other Bitcoin miners?
Unless you own a lot of spare land that you don’t know what to do with. Add to that a large number of mining rigs at your disposal. Then working with other miners is likely to be your best approach to become profitable.
Miners join groups called Bitcoin mining pools to combine their computer processing power. Working together to mine much more quickly. The rewards are split between the members of that pool whenever a block of bitcoins is mined.
You’ll need bitcoin mining software.
Once you’ve bought all of the required hardware, got a Bitcoin wallet and joined a pool, you just need some software. There are lots of mining software choices available designed to work on Windows, Mac and Linux. Some are more simple than others so it is worth doing your research to find the best one for you.
Bear in mind that there’s little point in spending massively on your set up if your rig is only capable of mining a tiny amount of Bitcoin. To make it a more worthwhile investment maybe consider cloud mining.
If you’re unsure about setting up your own BTC mining rig, then farming Bitcoin through a cloud mining service might be for you. It takes away all the initial expense and much of the running costs involved in Bitcoin farming from home.
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