You have decided to enter the lucrative world of Bitcoin mining, you have your hardware in order, so the next step would be to join a Bitcoin mining network. People that mine Bitcoin are the folks responsible for creating fresh Bitcoins, and without them, the currency would not exist. Mining can be done by anyone, although it is often accomplished in big warehouses. Bitcoin mining networks are clusters of miners, who all reap the benefits of block rewards. While this may beneficial to the any miner in many ways, the success is also dependent on the Bitcoin mining pool owner. Luckily, you get to choose your desired mining pool, and with a little knowledge and understanding, you can make the right decision when mining those valuable Bitcoins. Here are some top rated mining pools available:
- DiscusFish/F2Pool – This is a China-based mining pool that has majorly contributed to the Bitcoin industry, mining around close to 20% of all Bitcoin blocks.
- BitFuryPool – This is one of the greatest developers of Bitcoin mining hard-ware and is considered as the world’s most popular Bitcoin miner.
- BTCC – Based in China, BTCC is a top contributor, mining just above 11% .
- KnCMiner – A Swedish-based mining manufacturer that mines above 5% of blocks worth.
- Slush – This was the very first of its kind and probably the most recognised. At this stage, Slush mines about above 4% of all Bitcoin blocks.
- Eligius – Another first created following Slush, accounting for above 2% of all Bitcoin blocks mining.
The pros and cons of mining pools
Deciding to join a mining pool comes with pros and cons. If you choose to go on your own, you will not have to share any rewards. Although a con would be that your odds of getting rewards will be decreased without the help of others. While a mining pool significantly increases your chances of winning the reward, it will have to be split between all of the pool members. Joining a mining pool is, therefore, ideal as a way to earn a steady, although sometimes modest income instead of trying to earn one major reward. It is, therefore, important to find out how each pool shares its payments and what fees it deducts before joining.
Once you have decided on the right mining pool for your needs, joining is easy and requires just a few steps. You will have to create an account on the pool’s website. Once you have an account, you must create a ‘worker’ or multiple workers for each piece of mining software you choose to use. You will also be asked to create a username and password, and once this is done, you will officially be a part of this fascinating mining network.
Bitcoin mining is becoming a major trend and there are those that are claiming to have made some big bucks by mining for Bitcoin. But what exactly do you need to start mining yourself and is it worth the start up cost?
Anyone, living anywhere in the world, can mine for Bitcoin as long as they have reliable internet access. You can even start mining using your computer’s CPU to get a feel for it; however, this is going to be a very slow process and you are probably better off investing in some of the equipment necessary to make Bitcoin mining easier and more worthwhile.
Bitcoin mining has a lot to do with processing complex mathematical problems and algorithms. Graphics cards, with graphic processing units, can really help speed up the process of solving blocks and therefore make you money faster. GPUs also have a variety of other uses so you would not have wasted your money if you decide to step away from Bitcoin mining. Although GPUs are expensive and are way above your CPU in terms of processing mathematical problems, they are now considered outdated in the world of Bitcoin mining as the industry has started to grow exponentially.
The next step up from GPUs is an FPGA or a Field Programmable Gate Array. Increasing in the speed of calculations and in price, the FPGA is a circuit that is designed to be customised for Bitcoin mining by a manufacturer or the miner himself if he has the necessary skills and knowledge. These FPGAs can be wired in a variety of different configurations, have memory blocks and have the option to have more than one chip inserted. FPGAs are quite popular among Bitcoin miners but can be confusing for newcomers in the industry and it is best to get your FPGA configured by someone who knows what they are doing rather than try and configure it yourself.
The best piece of equipment you can have for Bitcoin mining is most an ASIC Bitcoin Miner, or also known as an Application Specific Integrated Circuit. ASICs, as their name suggests, are built for one purpose only and that is to solve the mathematical problems that create blocks, or more simply, to mine for Bitcoins. The speeds at which ASICs work are incredible. This is by far the most lucrative piece of equipment if you can afford the initial purchase of one, which can cost a pretty penny.
Bitcoin is essentially created from the so-called Bitcoin mining process. This is not a physical mining process, but rather an intricate network of virtual problem solving that aids in and validates the transaction records of the Bitcoin system.
Bitcoin miners are in no way employed by Bitcoin, miners are just individuals that have the necessary equipment and skills to mine Bitcoin and are taking advantage of the possible profits to be made by mining. Bitcoin miners use specialised, and often quite expensive, computer equipment to help them solve complex mathematical algorithms and can earn Bitcoin in return for solving these puzzles. The mathematical problems that the miners work on solving are formulated by the many Bitcoin transactions happening at any given moment. A group of a few hundred Bitcoin transactions is called a ‘block ’. These blocks are grouped and collected by mining computers every ten minutes or so and once a miner has successfully solved a block they have validated these transactions.
Bitcoin miners work in networks and the teams check each others’ solutions to ensure that the sender of the Bitcoin does indeed have the necessary funds and is not spending the same funds more than once. When enough miners have checked the puzzle and granted their approval, a block is added to the ledger. The incentive of helping validate and check other miners solutions is that a miner that solves a puzzle only receives their award of 25Bitcoin once an additional 99 validated blocks have been added to the transaction ledger. Bitcoin also users have the option to donate Bitcoin to the miners to expedite their transaction time, which is usually roughly 10 minutes, although there are no obligatory transaction fees.
Paying the miners in Bitcoin increases the Bitcoin economy and the system of working in networks and using others validations makes the system pretty secure as hackers would need to work against a huge network of miners and rewrite blockchain at an extremely fast rate. That being said, the system is not completely foolproof and there is always the possibility of digital bank robbers, as there are with many other systems.
The startup costs of becoming a Bitcoin miner are quite high and it usually takes a while to learn how the system works but there are definite profits to be made in this new and upcoming industry.
Although you can’t expect to walk into a physical casino and use your virtual Bitcoins to bet on a game of Roulette just yet, using Bitcoins for online gambling has become increasingly popular, especially for users who wish to keep their anonymity, do not have credit cards or bank accounts or simply do not wish to share their financial details in an online environment.
Another enticing aspect of using Bitcoin as your chosen method of deposit is that it can be used from anywhere in the world. This is because Bitcoin is a decentralised system and is not operated from a particular country. You will also be glad to know that there are no transaction fees and minimal waits for transactions to process.
There is a surprisingly huge number of online casino and betting sites that accept Bitcoin as a currency for online gaming, especially considering that this so-called ‘cryptocurrency’ has only been around since 2009. You should also find that you will most likely be able to play any type of online casino or betting game using Bitcoin.
There are many sites that are designed specifically to make use of Bitcoin while others will give you the option of using other currencies.
Some companies, keep in mind that there are hundreds, that are compatible with using Bitcoin are listed below:
- Cloudbet Casino
- Betchain Casino
- Crypto Games Casino
- Anonymous Casino
- Bitcoin Games Casino
- Bitcoin Penguin Casino
- BitStarz Casino
- Fun Casino
- Nitrogen Sports Casino
- Miami Club Casino
Most of the above sites offer mobile versions or apps of their online casino sites which can be used on most smartphones, an essential in this day and age.
When gambling with Bitcoins, it is a good idea to keep in mind that the value of a Bitcoin unit fluctuates enormously and should perhaps be treated more as a commodity than as a currency. There are also a few scam sites popping up, making use of the fact that transactions are so difficult if not impossible to trace. It is obviously best to go through a site that has been in operation for a while and has good ratings and reviews.
Bitcoin has gained a lot of traction and hype in the media lately but there are many of us that are still a bit confused as to what exactly Bitcoin is. Is Bitcoin just a passing fad or is it the currency of the future?
Bitcoin was established in 2009 by an unidentified person or group under the name of Satoshi Nakamoto. Bitcoin is a decentralised currency, it does not go through banks and you need not even use your real name when trading with your Bitcoin wallet. One of the biggest successes and innovations of Bitcoin is that there are no transaction fees.
Simply put, Bitcoins are used to buy goods and services from individuals or companies that trade in them or accept them as a form of payment. Bitcoins are not physical coins, but rather a digital currency and are used in online transactions or investments. Bitcoins are stored in a virtual wallet, which exists either in a cloud or on the user’s computer or cell phone.The drawback to this is that clouds can be hacked and devices can be broken or stolen.
Bitcoin makes the process of buying and selling online a whole lot easier than other available methods as it allows you to exchange Bitcoin just by entering your personal security key. However, this key cannot be recreated and if it is lost it is virtually impossible to get it back.
The Bitcoin system rests on the complex algorithms set in place that ensure that the person spending Bitcoin does indeed own them and that they don’t spend the same units more than once.
Another major advantage for Bitcoin users is that they can buy products anonymously. The buyers and sellers names are never recorded in transactions, only wallet IDs, which make transactions impossible to track to direct individuals.
Bitcoin becomes more useful as more people begin trading with it as the variety of items available to be bought and sold in Bitcoin increases. Already there is an impressive amount of items and services available to be bought in this digital currency and the variety is ever increasing.
There is no doubt that we will be seeing a lot more of Bitcoin in the future, however, banks and governments are becoming increasingly concerned over taxation, their lack of control over the currency as well as the fact the transactions cannot be traced to individuals.
The concept of Bitcoin presents you with a venue in which you can transfer money to others without incurring fees. All funds are digital and allow you to accumulate more bitcoins through mining efforts. The system is not regulated by an authority and doesn’t have restrictions like banks do. However, network nodes validate all transactions completed through your account. All calculations associated with your account appear on a ledger to allow you to keep track of your funds. If you wish to begin an account today, you should contact your preferred provider.
Among the online money transfer systems, there is the Bitcoin system, which allows you to utilize the digital currency in any way you prefer. It allows you to acquire products and services as well as exchange the bitcoins with other users. The system allows connections to other users and there isn’t a bank involved or government organization regulating it. However, it is advised to monitor your spending and pay close attention to detail.
An online casino named Vera John is the first major casino to take deposits in the bitcoin currency. The site, which is registered in Malta, started taking deposits from their customers recently, and is currently accepting deposits from many different countries. For customer convenience, all deposits are automatically converted into Euros, which is the current currency for Malta.