By joining the Bitcoin world of mining, it is possible to get really rich within a relatively short period of time. If you are a newbie, you should know there are several ways of mining. First of all, it is possible to mine all alone or be part of a pool. Independent mining will give you big but irregular payouts. As for the pooled mining, a buyer will get tiny payouts quite often. These two add up to the same amount. No matter what a person chooses, several steps exist on the way to successful mining. It is critical to have right hardware or software for mining, decide on the way to get payouts and begin solving complex algorithms.
Those who do not wish to buy hardware equipment and keeping it all around may purchase specific software to start mining.
Defining Bitcoin Mining Software
Hardware for mining might carry out the actual process, but mining software has some advantages as well. It plays equally important role:
- In case a participant is an independent miner, the software connects him/her Bitcoin miner to the blockchain.
- In case a participant mines with a pool, the specialized software will connect him or her to the mining pool.
- Being involved in cloud mining (contracts) means there is no need to use mining software.
Those are three basic things you should know about software mining and its role.
Also, mind that the primary job of such software is to distribute the hardware’s work among the rest of the Bitcoin network as well as obtain the finished job from other miners on the network.
The mining software controls such input and output of the miner. At the same time, it shows various important statistics like how fast the money works, the hash rate, how rapid the fan is, and the temperature.
Another thing to consider is the bandwidth. Do you wonder how much bandwidth does mining take? In case a person mines with a pool, the amount should be negligible with roughly 10MB per day. It is important to have a perfect network connection to receive the updated on the work ASAP not to miss a thing.
It is a duty of each player to check whether nay Bitcoin mining power directed to a mining pool does not try to enforce network consensus principles the player does not accept.
Except for deciding on the mining software, the participant must take care of where to store the bitcoins. A wallet is a place where users keep their profits.
No matter which Bitcoin mining software you choose, it will ask to enter a Bitcoin address to use to deliver the mining rewards and payouts. It makes sense the participant should keep the financial benefits elsewhere. Each time one develops or downloads a wallet, he/she can access a Bitcoin address from the wallet.
Many different Bitcoin wallets exist. Experts recommend choosing among the following wallets to avoid risks:
- Ledger Nano S – One of the safest hardware wallets compatible with all platforms.
- Electrum – An easy-to-use wallet that can work on Windows, Linux, and Apple computers.
- breadwallet – The most known Bitcoin wallet for iOS-based devices.
- Mycelium – The top-preferred Bitcoin wallet for Android-based devices.
As for the Bitcoin trading platforms, please consider two of the most reliable options:
- Kraken – The biggest exchange with same-day SEPA in Europe.
- Local Bitcoins – An amazing service that makes it possible to look for people in the community willing to sell bitcoins to a person directly. This one might be a bit risky solution.
Everyone expects to get a lot of money with the help of mining. It would be a good idea to buy the safest wallet available on the market. That is a hardware wallet anyway. It means a user will have to use mining hardware instead of software then. It is about time to talk about the possible Bitcoin mining software available for different operating systems and devices.
Top Mining Software List
Here we go with the most popular, safe Bitcoin mining software!
- Bitcoin Miner
Install it on Windows 10 or 8.1. A user-friendly interface, the simplicity of work, power saving mode, quick share submission, and mining pool support are the main benefits of Bitcoin Miner. A bonus is the profit reports option that lets a user know whether mining brings money or not.
This software for Windows guarantees a prepared Bitstream (e.g., no Xilinx software/license is needed) and a dynamic frequency scaling (the app selects the frequency with the highest rate of valid hashes).
It is the most popular GPU/FPGA/ASIC mining solution. It is an open-source GPU miner done in C. CGMiner is compatible with Windows, OS X, and Linux. The software is based on the original code Cpu Miner. The users may enjoy controlling options, fans peed management, overclocking, and distant interface opportunities.
It is a good one for the beginners as the name tells. EasyMiner is compatible with Windows, Android, and Linux. It is based on GIU. This software may configure the Bitcoin miners and provide performance graphs to let you visualize the mining activity.
Many other mining applications are available on the market today, and their number increases. However, we recommend choosing one of the discussed options as they are time-tested and secure.