How hash verification processes that help in validating Bitcoin

How to Setup Bitcoin Miner?Bitcoin, mining, crytpocurrency, Bitcoin miner………. If you have already decided to invest in some money, then you must gear up yourself to get accustomed with these terms. To start with, let us introduce you to crytpocurrency, before we jump onto BITCOIN. Cryptocurrency – Money of the Future Crytpocurrency is like virtual money that is designed to work as a medium of exchange between users. It uses cryptography to verify the transfer of assets and to secure its transactions. Launched by Satoshi Nakamoto, Bitcoin is so far the most notable of all the cryptocurrencies available in the market. Bitcoin has captured a lot of attention and has left most of us with confusion, whether to invest money in it or not.This peer-to-peer electronic cash system does not require any server or central authority and is completely decentralized. After Bitcoin, many other successful attempts of digital cash entered the market and this is how crypto currency came into being. Now, that you know about Bitcoin, let us dig in a little more to understand what is Bitcoin mining.Bitcoin MiningMining is a process that requires a computer to perform complex calculations on certain blocks of data that maintain Bitcoin network. Technically, these complex calculations include SHA256 double round hash verification processes that help in validating Bitcoin transactions. The speed at which the users mine the Bitcoins is recognized as hashes per second. Being a Bitcoin miner, if you contribute the needed computational power, your efforts are rewarded in the form of newly issued bitcoins and transactional fees, which is included in the transactions validated as soon as you mine the Bitcoins. So, if you have put in efforts for a higher computational power, your share of reward will automatically boost.If you are ready to use specialized ASIC (application specific integrated circuit) device for Bitcoin mining, you would definitely be able to become a part of the Bitcoin province. Otherwise, assembling your own mining device using one or more powerful graphic cards may also help you in generating small profits. Now that you are familiar with Bitcoin mining, let’s shed some light on how to setup a Bitcoin miner.How to setup Bitcoin Miner?Firstly, you need to decide on the kind of system you need for mining. Custom Bitcoin ASIC chips can give you quite a high performance of up to 100x, which is far better than the older systems. If you opt for anything less than this, it will consume more electricity and you may end up paying enormous electricity bills than you earn. Some companies like Avalon manufacture excellent systems that are specifically designed for Bitcoin mining. If you do not want to spend money on the hardware, you can also buy a cloud mining contract from mining companies that offer cloud services. These are far cheaper as compared to setting up your own physical hardware. All you need to do is just sign up with them and buy hashrates. They charge one-time fee along with daily maintenance and a contract for certain years. Genesis Mining, NiceHash, Hashing 24 & GEOVIA Minex are some trustworthy websites to start with.Once you have setup your Bitcoin miner, you need to download free program like BFGminer and CGminer for Bitcoin mining. Next step is to join a mining pool. These pools are large groups of miners that work together to solve a block. Sharing your work with them can give you a chance to earn more bitcoins.Once you start earning bitcoins, you need to store them, for which you need to setup a Bitcoin wallet. You can download a software client on your computer like Spectrocoin, Coinbase or Kraken and setup your own wallet. Bitcoins are sent with a unique address that belongs to the user, which reduces the potential threat of hacking, to a great extent.If you keep yourself updated with the latest Bitcoin news and updated Bitcoin price, you will probably be able to churn more profits out of it.