Before venturing into the field of cryptocurrency such as investing in Bitcoins and becoming a btc miner, there are a few things that one must consider having to become at least fully prepared in this journey. This includes both material or physical things such as the equipments to use and initial money on hand; and, abstract things such as being emotionally and mentally prepared in handling transactions. We shall discuss these things further in the latter part of this article.
When it comes to the hardware and equipments that a btc miner must prepare, aligning your budget with the available equipments and knowing whether bitcoin is allowed in the country shall be done first. Yes, you read that right – whether or not bitcoin is allowed. This is because there are just a few countries that allow transactions through the use of bitcoins such as the United States, Canada, and Australia. What is the purpose of buying equipments if bitcoin is not allowed, right? So, lets head on to the equipments to consider using.
In comparing bitcoin mining hardwares, bitcoin miners should consider the price per hash and the electrical efficiency. At present, it is said that these two are the best options: AntMiner S7 and AntMiner S9. In comparison, AntMiner S7’s specifications are: advertised capacity is 4.73 Tera Hashes per second (4.73 Th/s), power efficiency is 0.25 W/Gh, and its price is $479.95. On the other hand, AntMiner S9’s specifications are: advertised capacity is 13.25 Th/s, power efficiency is 0.098 W/Gh, and its price is $1,987.95. As you can see, the AntMiner S9’s price is comparably more expensive than that of the S7’s because Tera Hashes refers to the speed that the mining machine can calculate.
In line with these equipments, the country’s current economic situation and electricity cost should also be considered. Higher versions of computing processors take up a lot of electricity which is why you should consider the amount of electricity that your country provides and its cost per hour.
Next thing to keep in mind is to set-up your bitcoin wallet. The bitcoin wallet is essential in receiving the bitcoins that you mine. An example of a great bitcoin wallet is Copay, which works on many different operating systems. Another option to this are bitcoin hardware wallets. Bitcoin wallet works by sending the bitcoins to the address that you have set-up. In order to ensure your bitcoin wallet’s safety, keep it on an offline computer that does not have internet connection to keep it away from hackers.
All in all, becoming a bitcoin miner takes up a lot of time, energy, and resources so if you do plan on venturing in this field, make sure to ready yourself for a whole lot of chill time and pressure at the same time.