1. Set up a coin wallet, which is a private database, free to use. It is like a digital Piggy bank that is protected with a
password to keep your earnings secure. It also stores the open network LEDGER used for recording the transactions.
2. A software package (usually free), which is usually made of open sources and pool mining regulatory platforms, like
stratum and cgminer.
3. Online mining pool membership, where miners have built a community to combine their computers and increase their
power, hence profits.
4. Authorization at some currency exchange online, where you can trade your earned coins for traditional cash.
5. Continuous and fast internet connection. At least 2 Mbps is needed.
6. An air-conditioned part of your home where the hardware will be set up.
7. A customized desktop created explicitly for mining. Your standard computer may not be used, as you will need to
keep running the system for mining. Also, your laptop, handheld device, or gaming console will not be of any use as
these units are not able to generate enough computations for earning profits.
8. A GPU unit or an ASIC chip, which is a processing device used for mining. It can cost from $90-$3000 for either of
these two units.
9. A cooling fan to keep the mining system cool at all times. A lot of heat generates while mining, which is why a
cooling device is needed for a successful mining process.
10. Staying updated with the technological changes in the mining industry is also a requirement. New techniques and
amendments are continually happening in this industry, so you will have to be aware of them to be a successful miner.
Now, if you still want to dedicate your time to stepping into the big leagues and mine Bitcoins,
then the following method will be of use to you.
Steps To Mining Bitcoins In Particular
Currently, the best Bitcoin mining hardware for miners is the ASIC mining hardware. These
machines work at solid computational speeds while keeping the consumption of power lower
than GPU or FPGA mining systems. Many reputed companies have already manufactured great
ASIC rigs for users worldwide.
ASIC systems serve the sole purpose of solving Bitcoin blocks. With the increase in the
popularity of Bitcoins, their price also inflates. This triggers the rise in price of the ASIC mining
hardware. For maintaining balance of cryptocurrency generation, its difficulty in mining inflates.
Thus, it becomes almost impossible to beat the system without a decent ASIC machine to
support the process.
Also, the ASIC technology used for Bitcoin mining is improving its productivity, efficiency, and
speed with time, so that it can be considered the best hardware for mining.
Some popular mining hardware is AntMiner S5, AntMiner S7, AntMiner S9, Antminer U3, USB
miners, VMC Platinum 6, BTC Garden AM-V1, Avalon 3, Avalon 6, Avalon 2, Asic Miner BE
Prisma, and ASICMiner BE Tube.
Do note that current prices may vary, so have a look at each set of hardware before deciding
which one to choose.
