There are various ways of getting bitcoins. Firstly, you can find them through exchanges. Secondly, you can buy bitcoins from various vendors. Lastly, you may opt to mine them. Many people opt to either go for the exchanges and buying options as opposed to mining them.
How can I mine bitcoin? This is one of the questions in many people’s minds. Mining bitcoins is a long process yet very fruitful in the ultimate end. The value of one bitcoin has kept rising especially in the recent past. Therefore, there is a chance of making a lot of money after investing in bitcoin mining.
Bitcoins are mined as a block. Certain algorithms are used to help in the mining process. Only certain computers can be used to calculate these algorithm functions and hence help one to mine. These computers consume a lot of power and are expensive. If you are successful, you are awarded 25 bitcoins and everyone in the mining process is notified.
The bitcoin company designed bitcoin mining to be difficult in the final end. Out of the 21 bitcoins available in the world, at least 12 million of them have been mined. It means that a lot of competition is experienced when mining the rest of the bitcoins. Some people have indicated that they have taken more than three years before mining any bitcoins. There is a chance that such people do not have knowledge or resources on how to do the mining.
The Pooled Mining Option
Because of the complexity of bitcoin mining and a lack of resources required, people opt to join groups that mine together and share profits in the end. This is also known as pooled mining. You do not need to have a computer or knowledge on how to mine bitcoins if you join such groups. However, you must be ready to share all the profits, which is better than not gaining anything at all. You can find pooled mining agents on the online platform.