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How to Mine Bitcoins Elaborated

One of the biggest problems with Bitcoins is that it is an all new type of currency and when one wants to know how to mine Bitcoin whether for investment or for profit it was difficult as most of the sites were written for the advanced user. Most of the people trying to know about Bitcoin mining are not professional coders and have no experience with Ubuntu, Linux and little experience with Mac. So, this article is to help all the individualsandgroups that want to get started the easy way.

Before one starts mining the bitcoins it is important to get a “Bitcoin Wallet”it is a secure place where this cryptocurrency can be stored. Just as the wallets are meant to store the dollar bills and coins these bitcoin wallets are to store Bitcoins which are an internet based currency.When you want to mine bitcoins you have to download the Bitcoin client for your Operating System and Install it and then to mine you can either download your blockchainor order a copy of the blockchain on DVD.After the client is updated to get the wallet address one has to click on the “New” buttonand it will be in the form of a long sequence of letters and numbers.

There are chances the one may lose all the bitcoins stored in the wallet if the computer crashes or it is stole. To avoid this situation it is always better have a print out of this kept in a safe place or to keep wallet.dat file’s copy on a thumb drive. Once the wallet and the client is in place one can start mining bitcoins and one can either do it individually or in a pool. For newcomers it is better to do in a pool or as a group that combines their computing power to make more Bitcoins as here combined work will make you more likely to solve the bigger algorithm and earn Bitcoins. This article is just the start, subscribe to our blogs to stay updated about bitcoin news and information.

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