In the past, bitcoin miners would use their home computers as their primary mining rig. In the computer’s downtime, mining software would take over and devote its resources to mining. However, with the increased difficulty of hash problems, more computing power was needed. That is when people started building highly advanced bitcoin mining rigs for the sole purpose of mining Bitcoins.
GPUs were used for a while, since they were better at parallel processing than a computer’s CPU. Miners would use 2-8 GPUs in a single computer to increase the amount of processing power. This worked great for a while, but the power consumption of these high end computers rarely allowed any profit to be made from mining.
That is when a revolution happened in the Bitcoin community – dedicated Bitcoin mining chips, or “ASIC’s”. An ASIC is an “application specific integrated circuit”. It is a chip designed for only one purpose – in this case that purpose is mining Bitcoins. At the time this article was written, certain ASIC chips were capable of Bitcoin mining speeds of over 8GHashes a second – more than 1000X faster than some of the fastest GPU miners.
ASIC’s have revolutionized the bitcoin mining scene, and have prompted many people to make a full time job out of mining. The Bitcoin Blueprint is actually a new system that was made to teach novice bitcoin miner’s how to make money like the professionals do. It is the first of many informational products that will grow up around the Bitcoin Mining craze that is sure to hit mainstream culture soon.
If you want to get into Bitcoin Mining, I suggest looking into an informational product first. Your money will be better spent on a Bitcoin lesson than trying to learn everything by trial and error, because you can easily spend $5,000 on a system that is worthless for Bitcoin Mining unless you know what you are doing.
Good luck mining!
Bitcoin mining is the most widely used method for making money with Bitcoins. With some guidance, you can also get in on this technologically advanced money printing machine. However, you need to tread wisely, because you can easily waste a lot of money very quickly.
People mine bitcoins by leaving their computers on to solve complex math problems when they aren’t being used. These math problems are very resource intensive, and help make the entire Bitcoin network secure by spreading out the work to everyone. In exchange for devoting your computer’s power to Bitcoin, you will periodically be rewarded with a Bitcoin. These Bitcoins can then be traded just like a real, tangible currency, and even cashed out for USD, EUR, or whatever other currency you like.
Bitcoin mining pools are a great way to pool your resources together with other miners to increase the odds of getting a bitcoin. Once a bitcoin is rewarded, the pool with dole out portions of the coin to users based on the amount of “hashes” their computers have solved. One of the most popular pools is the Bitcoin Mining Guild
In my next post, I’ll explain the different types of mining rigs that people use.