So you want to mine your own bitcoin huh? But what does that even mean? Do you have to use a pick axe and wear a little hat with a light on it zoolander style?
People who mine bitcoins are essentially taking a few hundred pending bitcoin transactions (they call this a “block”) and they turn this block into a mathematical puzzle that needs a lot of computer power to solve. It’s the way to verify that the sender of the funds actually holds the right amount he is trying to spend. You can’t spend bitcoin if you don’t have it. After 99 successfully solved blocks, a miner is rewarded 25 bitcoins.
5 years ago these mathematical problems required large and expensive computers that could cost you up to 5 thousand. In 2017 however, you’re able to mine using the power of your everyday computer and even your phone.
Here is how to mine bitcoin with your computer OR phone…
Step 1: head over to MinerGate and sign up for a free account.
Step 2: after you sign up, click on “downloads” in the menu
Step 3: here is where you will download the actual program that mines bitcoin. Select your operating system and download
Step 4: open the program and enter your login info. Click “Start mining” and the program will start mining the coin with the best exchange rate based on the current market value. You can mine many different Altcoins OR you can solely mine bitcoin.
That’s it, just leave your computer on and watch the bitcoin come in!