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Bitcoin Mining Guide

June 1, 2013

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.

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