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The right Bitcoin mining checklist that you need to mine bitcoins in 2018

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How to start mining Bitcoin in 2018

How to start mining Bitcoin in 2018? Step by Step guide

Many people jump into investments without thinking much. They look at the most lucrative options and choose the one which appeals to them the most. Not just with investments in digital currencies, people make reckless decisions regarding their traditional investments too. However, focusing on Bitcoin investments, the first thing that one could go wrong is with the mining of your Bitcoin coins. Mining Bitcoins is a very energy and resource consuming process and owing to this, one would definitely wish to not to incur any loses here. Given below is the right mining checklist for you which you should go through and make sure that you make all the right Bitcoin mining decisions in 2018.

 

Step 1. ASIC based Mining hardware

Mining hardware is extremely expensive and one should not make any mistakes when making an investment here. With Bitcoin mining getting tougher and tougher with every passing moment because of the enormous number of Bitcoins already mined and the increasing user base of the Bitcoin mining hour, optimised hardware was the need of the hour and in 2018, we have sophisticated ASIC (Application Specific Integrated System) based custom built mining hardware which is sophisticated and power efficient. These miners mine coins at incredible new speeds as compared to their previous competitors like CPU, GPU and FPGA based miners. Not just this, they save you a lot of electricity too, thus bringing down your electricity bill a couple of notches. The best thing about these miners are that they are easily available for purchase on Amazon.

AntMiner U2 has a capacity of 2 Gh/s and with a power efficiency of 1.0 W/Gh it weighs only 0.8 ounces. The BPMC Red Fury USB has a capacity of 2.5 Gh/s and with a power efficiency of 0.96 W/Gh it weighs only 1.6 ounces. Another great option in the category of ASIC miners is the GekkoScience which has a capacity of 9.5 Gh/s, a power efficiency of 0.33 W/Gh and weighs only 0.8 ounces.

 

Step 2. Graphic Cards

Mining Bitcoin was way easier in the initial years of its inception. There were still way too many coins to be mined and the mining hardware was not that sophisticated. With almost 12 million Bitcoins already mined, and sophisticated custom built ASIC mining hardware in the market now, one cannot use their normal consumer graphic cards anymore. They would simply not be able to handle the pressure or be configured to mine Bitcoins. However, these ASIC mining hardware are the need of the hour since they are more power efficient.

Most commonly used for gaming, the Nvidia GTX 1070 is a great graphic card to be used for mining hardwares too. With a high hash rate of 30mh/s, it offers a Core Clock of 1,506MHz, a memory of 8GB GDDR5, a memory clock of 8Gbps and a power draw of 150W. If you are into the mining sphere for a longer haul, this is one of the best options to go for.

AMD Radeon RX 580, sometimes difficult to find because of its high demand, this trumps Nvidia GTX 1070 because it is not as pricey. With a core clock of 1,257MHz, memory of 8GB GDDR5, memory clock of 8Gbps and power draw of 185W, it has a great cooling effect and helps you consume lesser electricity.

The AMD Radeon RX Vega 56 is another very popular option when one is looking for a high performance graphic card offering high hashing rates. With a core clock of 1,156MHz and memory of 8GB HBM2, memory clock of 800MHzand power draw of 210W, it is cheaper to boot but runs a little hot.

 

Step 3. Choose a mining software

A mining software is something you integrate with your hardware so that you can start minting coins. Of course you would not be minting hard cash but digital currencies. There are several options to choose however there is not a very wide range of software available. They more or less do the same thing and work the same way as others. One option for tech savvy miners is a terminal based mining software. CGMiner and BFGMiner are simple command line programs and can be run via the terminal of your computer.

However, if you have no technical background and wish to user a much more friendly and user interactive software, EasyMiner is a good option since it has a very easy to use graphical user interface (GUI), and is therefore one of the more popular options.

 

Step 4. Make sure to enter a mining pool

Mining alone can be quite a tedious process. One has to wait long hours to get a block of transactions confirmed and receive their Bitcoins. If you bundle together your computing power with other miners over a network, you share rewards and save time. All members of the pool receive a fraction of the payment every time a block is solved. Bitminter, Kano Pool, Eligius, Slushpool are a few of the most popular sites for this purpose. This way, you can help other miners mine their Bitcoins and you can make use of this nobility to make profits for yourself in a comparatively lesser time.

 

Step 5: Secure a digital wallet

Last but not the least, get yourself a digital wallet. This wallet would hold all your coins that you have mined through the highly energy consuming mining process. Choosing a reliable and safe option is very important. You would of course would not want anything to happen to your Bitcoins. There are a wide variety of options available in this matter from mobile apps to web based platforms. Airbitz, Blockchain, Freewallet, Jaxx, My Celium Wallet are a few of the most popular and reliable mobile apps to create your digital wallets on. However, if you wish to use a web based platform for this purpose Coinbase, Circle, Blockchain, Strongcoin, Xapo are a few of your best options.

 

Step 6: Two factor authentication

In addition to securing a wallet, one must learn to secure them furthermore. Adding layers of security to your wallet would only keep you in a secure position so as to not get duped and lose all your hard earned Bitcoins. The one step to take in this direction is to enable two factor authentication. This was, in addition to entering your credentials to access you account, you would also be required to enter and additional code which is sent that very moment to your mobile number. This is similar to the when one enters an OTP to make online credit and debit transactions.

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16 Comments

16 Comments

  1. Pingback: The right Bitcoin mining checklist that you need to mine bitcoins in 2018 – Btc News Magazine

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  5. farid

    June 16, 2018 at 11:58 pm

    this step mining for hardware miner …..thanks

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#Bitcoin

Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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#Bitcoin Price Analysis

Bitcoin Price to $4500 soon? BTC Price Analysis

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Bitcoin price moved above $4000 yesterday and currently trading around $4100. The buyers are trying again to break through the strong resistance at $4200.

Technical Indicators:

Support Level: $3900

Resistance Levels: $4100, $4200

 

Bitcoin Price Analysis:

On the hourly chart, bitcoin price has been quite bullish since last week when it reached a high point of $4160. However, bitcoin was not able to break through the resistance around this range. Again bitcoin started a bullish momentum on 18th March and reached up to $4120 before but started to correct downwards later. It went below $4000 support level.

Bitcoin price moved above $4000 yesterday and currently trading around $4100. The buyers are trying again to break through the strong resistance that is formed between $4100 and $4200. If the current resistance is broken, there are chances that bitcoin could spike up to $4500 in the short term. The current momentum surely signals a ‘buy’ time. However, if bitcoin is not able to break through this resistance for long, it could result in BTC price falling back below $4000 and even $3900 range and turn bearish.

BTCUSD Hourly Chart

BTCUSD Hourly Chart

Last week, bitcoin tested the $4200 resistance but failed to break through. The sellers pushed the price down to $3832. Later, buyers were able to start a fresh bullish momentum and moved the price above the 12-day exponential moving average which was turned into support. Bitcoin moved above $4000 and the buyers are currently moving ahead to fight the sellers at $4200 resistance level.

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#Bitcoin

Tom Lee: Bitcoin Bull Market Coming Soon

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Tom Lee, the co-founder of Fundstrat Global has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months.

Tom Lee, the co-founder of Fundstrat Global also known as the bitcoin bull has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months. Lee predicted this during an interview with the CNBC. According to Lee, the 200 daily moving average is the number to keep in mind. If bitcoin is able to stay above $4000 till August this year, it will cross the 200 daily moving average and thus technically the overall chart would start to look bullish.

During the interview, he also mentioned that the future of bitcoin and other cryptocurrencies lies on the fact of whether it becomes an asset class and bitcoin is still in the early days of becoming one. Although Tom Lee has been quite bullish about the price of bitcoin, Fundstrat had recently posted a warning that the cryptocurrency market might crash to a new bottom before actually starting a bull run.

 

Tom Lee on JP Morgan Coin:

In the interview, Lee also expressed his concerns regarding the recently launched JP Morgan Coin which is a stablecoin launched by the banking giant JP Morgan Chase. He said that things such as the JP Morgan Coin and Facebook Coin create use cases for cryptocurrencies and according to him, the JPM Coin is surely not a competitor to bitcoin as it is a stablecoin in nature.

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