With their recent jump in value Bitcoins are becoming more popular than ever. This sudden increase in popularity has created a gold rush causing everyone to gain interest in this new digital currency.
While many people find it easier to simply buy Bitcoins others have discovered Bitcoin mining is a fun and challenging hobby.
Mining for Bitcoins can be both fun, and profitable and it’s actually easier to get started then you might think. In this hub I’ll explain how to start mining for Bitcoins using your GPU and a program called CGMiner.
bitcoin games is the new thing to the casino world. You can register in the casino as you do in other casinos and pay the deposit using your bitcoins reserve.
GPU mining rig.
Have you heard of Bitcoins before?
Yes, I’ve heard of them but I don’t know much about them.
Yes, I’ve heard of Bitcoins and have used them before.
No, I have no clue what a Bitcoin is.
AMD Radeon video cards are the best GPUs for mining Bitcoins. Unfortunately Nvidia cards do not perform very well at all when it comes to mining when compared to AMD cards.
If you already have an AMD Radeon 5800 or newer video card installed then you are in good shape to start mining for coins.
I wouldn’t recommend going out and purchasing a new video card just to mine Bitcoins with but if you need to replace an older card anyway you might consider purchasing a Radeon card instead of Nvidia Hardware..
With newer ASIC based Bitcoin miners hitting the market in the near future GPU based mining may soon be obsolete so be cautious of investing heavily in GPU hardware just for mining.
If you’re hardware isn’t powerful enough to mine Bitcoin you can still earn Bitcoin by using NiceHash which mines other cryptocurrencies but pays users in BTC.
Triple GPU Bitcoin mining rig.
Why MIne Using a GPU?
GPUs are much better than CPUs when it comes to mining for Bitcoins due to the nature of their design. Graphics rendering requires tons of mathematical computations which GPUs are specifically designed to do.
Since Bitcoin mining also requires math computations (hashing) GPUs work very well for this purpose.
While CPUs can also be used to generate hashes they are not nearly as effective as a GPU.
Here is a popular analogy:
A CPU is like a small group of very smart people who can quickly perform any task they are asked to do.
A GPU is like a large group of dumb people who on their own are not very fast or intelligent, but they can be taught to do repetitive tasks, and as a group they can be more productive due to the sheer number of them.
Create an Online Bitcoin Wallet
Before you start mining for Bitcoins you will need to create an online wallet that will be used to receive and store Bitcoins.
There are several places to create online wallets but I recommend using Blockchain. Blockchain allows you to create a free, and secure wallet that provides many useful features.
Blockchain.info is a great place to create a free online Bitcoin wallet.
To create a wallet click on the link labeled ‘Create my free wallet’. To set up the new account enter an alias (think of this as the username for the account), a secure password, and the capcha answer.
Blockchain will generate a password recovery mnemonic, be sure to store this somewhere safe in case you ever need to recover access to your wallet.
It’s important to use a very secure password for the wallet. If anyone were to gain access to your wallet they could quickly steal all of the coins inside.
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