BITCOIN MINING

BITCOIN MINING

INTRODUCTION
Bitcoin is a cryptocurrency made by a combination of software and network technology.
Bitcoins are holded by a blockchain network working on peer to peer network.
As its name suggests crypto…this currency is  crypted every time for a transaction. There comes the role of miners. Miner solves the crypted block and get some part of the transaction as reward.
Another, part comes when new bitcoins are issued into the network. So again miner mines these newly issued bitcoins and get some part as reward.
Basically the function of the miner is to solve the transaction of bitcoins worldwide smoothly.
Bitcoin mining is done by contributing our hashing power(solving block capacity) to the network and get reward…as our share.
MINING PROCESS
Mining starts with finding a valid block.
A valid block is searched by the miner by the method of brute force which means trying out different blocks again and again .
Once a valid block has been generated the miner starts mining(solving the block).
On an average 2016 blocks are generated every 10 minutes around the network.
Basically these all tough tasks are done by the scrypt.
MINING HARDWARE
Today’s competitive mining network CPU’S and GPU’S are too old fashion and very slow for mining.
For mining bitcoins with profit we need specially hardware called ASIC’S.
These chips are specially designed for mining.
World’s leading and fastest mining hardware is antminer s9 which gives 11.8 to 12.93 TH (HASHING POWER).
Antminer runs on a Antminer APW3++ 1600W power supply device.
STEPS FOR MINING
STEP 1—
For mining we need two basic things –[1] HARDWARE AND [2] SOFTWARE.
HARDWARE CONSISTS – Antminer s9 or antminer s9v2 and power supply.
SOFTWARE—
There are many open source software available like CGMiner, BFGMiner and Easyminer etc.
These softwares act as a bridge between hardware and our computer. These softwares help us to set host address and other settings into our miner.
STEP 2—
JOINING A BITCOIN MINING POOL
As mining rewards are paid to the miner who solves the block but due to very tough competition probability of earning with solo mining is very low. For instance, a single ASIC antminer s9 is mining on the network. So chances of finding a block is 0.001%. It would take very long time to find a block.
So, the solution to this problem is mining pools.
Pools are the group of miners working together and sharing their hashing power and hence sharing their payouts amongst participants.
We can get our share just by connecting our miner to the pool and if any miner solves the block the participants giving their hashing power on the block.
WORLD’S TOP BITCOIN MINING POOLS ---
1) A ntpool (hashing power--1380.02 PH/S)
2) Btc.top (hashing power--1181.00 PH/S)
3) Btc.com (hashing power--859.30 PH/S)
4) F2pool (hashing power—834.26 PH/S)
5) Btcc (hashing power—671.33 PH/S)
6) Slushpool (hashing power—518.14 PH/S)
7) Bixin (hashing power –429.59 PH/S)
8) ViaBTC (hashing power—407.86 PH/S)
9) BitClub (hashing power—402.23 PH/S)
10) 1Hash (hashing power—335.29 PH/S)
11) GBMiners (hashing power—203.93 PH/S)
STEP 3—
SETTING UP A BTC WALLET
As being a miner there is high risk of btc wallet being hacked So our wallet should be secured with MFA/2FA security. Or we can get an offline wallet like LEDGER NANO S..


STEP 4—
CONNECTING OUR MINER

Antminer power supply should be plugged to the electricity socket then a connector is used to transfer the power to the miner hardware (antminer s9).
Next step is connecting our antminer s9 to internet via ethernet cable . A slot is given at the side of the hardware for internet connection.
STEP 5—
Then we have to connect our pc to the internet and then log in to our mining pool using our browser. Then we will simply create a new worker there. After creating a new worker we will get some ipaddress and hostname etc there, which we will use further.
And then we have to connect our miner with the pc.


STEP 6—
Now it’s the turn of our software .
Now we will use that software to setup the ipaddress, hostname, worker name etc for the miner. Then we will connect to the mining pool automatically. A green light will blink on the antminer s9 m which means the miner is working  fine.
We can use our software for checking the hashing power , number of blocks found, etc.
NOTE—
1) Antminer s9 doesn’t require any algorithm as it is already installed with SHA-256 algorithm which is generally used for mining Bitcoin and similar cryptocurrency.
2) Antminer s9 consumes 1250 to 1300 W power.
3) All we need to do is connect our miner with ethernet cable having internet speed upto 500kbps
4) Then join a pool for e.g:- slushpool.
5) Create a new [WORKER] in slushpool website.
6) Then we will get some configurations, after creating the worker at the website.
7) Open the mining software(easyminer) configure the antminer s9 with the slushpool using easyminer from the newly created worker configurations.
8) Then after 4-5 minutes antminer will connect to the pool and start mining. Our hashing power will reflect on the slushpool website. Mined bitcoins are directly transferred  into our bitcoin wallet.
9) Pool mining does not depend on the amount of bitcoins mined by a user. It simply shares the amount of bitcoins mined during a block solving among all the miners giving their hashing power at that particular time. The percentage of profit sharing or reward sharing depends on the hashing power contributed by a miner to that particular pool. Pool mining is far better than solo mining as it is very difficult to find a valid block and then solving it seems to be impossible. 
10) Mining and sharing of rewards are fully automated and quick …so there are no worries about scam as slushpool is trusted pool over years.
CONCLUSION
Mining with best hardware and good paying pool can give our investment double .
Antminer can mine 0.5 btc approx in a month if runned continuosly .
And if we remove electricity costs according to india's electricity antminer can mine 0.3 btc in a month.
Although no one can promise amount of profit earned by mining as the difficulty level increases and decreases continuously .
       So mining only seems to be difficult but if we put our full efforts into it  we will earn millions…..

for more info contact me on whatsapp:- +919756149735