How to mine Bitcoin: mining Bitcoin (BTC) cryptocurrency using mining, faucets, trading, investing

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Bitcoin, the most popular cryptocurrency, has been showing staggering growth in recent months. Although it is periodically smoothed out by small depreciation, it has already become clear to everyone that the coin is firmly on its feet, it has been recognized by large investment companies, and the potential is enormous. In this regard, the editorial staff of Btcnewsweb.com considered the question of how you can get bitcoins in order to get them to your wallet and, possibly, in the future, count on good profits.

Ways to get Bitcoin cryptocurrency

There are four main methods to get BTC at your disposal. There are others, however, they have not gained such popularity, since they are either unsafe or the benefits are not worth the effort.

1. Mining

It is with the help of mining that new bitcoins generally appear on the network. The whole process starts with such a thing as blockchain. It is a virtual, decentralized “ledger” that records all transactions in the network. The group of transactions that are approved and recorded on the blockchain is a block. The blocks are linked to each other and cannot be changed.

In a bitcoin network, the goal of a miner is to add blocks to the chain, solving complex computational problems. The miner spends a lot of time and energy on this solution. The one who solved the problem adds a block to the chain and receives a reward – currently 6.25 BTC. This amount is halved approximately every 4 years.

Although from the point of view of the average user, mining BTC is very difficult and not always profitable, this option for mining bitcoin is still possible. How to start mining bitcoin:

  1. Calculate profitability using special mining calculators. It is possible that with the financial costs that you are willing to incur, the process will be unprofitable.
  2. Buy equipment. Ordinary computers and even powerful farms made of video cards are a thing of the past for bitcoin. You will need specialized hardware called application integrated circuits, or ASICs. Please note that this equipment is very expensive.
  3. Find mining software. The software will help manage the process and exchange data with the blockchain.
  4. Install a wallet for BTC – the received cryptocurrency will be stored there. Choose safe options, preferably hardware options.
  5. Be sure to join the mining pool. This will give you the best chance of success because you will not be generating blocks alone, but with a group of other miners.

Profitability depends on many factors: initial equipment costs, electricity consumption, electricity price per kilowatt in your area, as well as the current bitcoin rate, which is known for its volatility and an indicator of network complexity. In addition, mining cannot be called passive earnings – you need to regularly monitor equipment, monitor the temperature and humidity in the room, and many others.

2. Bitcoin faucets

Faucets are called so because their principle of operation resembles the way water drips from a faucet at regular intervals. Only instead of water – satoshi (bitcoin particles). On the faucet website, you can get a small amount of cryptocurrency for free once every few minutes or hours.

At the same time, the crane itself earns from the advertisements posted on the site.

There are different types of faucets, for example, those where you need to save a certain minimum amount in order to withdraw later, or those where you can withdraw even the smallest amounts of Satoshi to a special wallet ideal for microtransactions (for example, the FaucetPay wallet is popular).

Examples of Bitcoin faucets that are currently successfully operating and paying out profits:

  • Satoshi Hero. Brands – every 10 minutes, 3 times. The winnings are from 1 to 100,000 satoshi. There are also games where you can win additional bonuses. Withdrawal once a day, the application can be at least 30,000 Satoshi.
  • Free Bitcoin. Brands – every 60 minutes. The winnings are from 0.00000037 BTC to 0.037 BTC. There are additional games and lotteries. There are several different withdrawal options, from automatic once a week to instant on demand. In addition to the length of the process, they differ in the commission.

It is worth noting that cryptocurrency faucets are the option that beginners most often turn to, because they do not require any costs and almost no effort. Thus, these services contribute to the popularization of cryptocurrency and attracting newcomers to the cryptosphere.

3. Trading

You can get bitcoins by earning them by trading on exchanges. Bitcoin trading is the process of buying and selling an asset in order to obtain profit. The strong volatility of the cryptocurrency is both its plus and minus – traders, with the proper skills and care, can extract such profits from it that stocks or other less volatile instruments would never have, but the risks grow several times.

Throughout the history of BTC, there have been many cases in which traders earned hundreds of times more than they invested. Professionals using short positions are able to profit even from a falling rate.

BTC trading is done on centralized or decentralized exchange platforms. For example:

  • Binance
  • Currency.com
  • Bitmex
  • Cex.io
  • Bybit
  • EXMO, etc.

Bitcoin exchanges are platforms that create a market for exchanging bitcoin for other cryptocurrencies and vice versa, as well as exchanging for fiat and vice versa. The function of the exchange is to bring buyers and sellers together. For these services, the sites charge a small fee.

It is imperative to carefully plan your strategy, keep abreast of market developments and conduct an analysis before each major action, since bitcoin trading is accompanied by high risks. Invest no more than you can afford. At the same time, be prepared for small losses from time to time – even the pros don’t always trade profitably.

4. Investment

Unlike trading, investing involves more rare transactions. Investors buy cryptocurrency in the hope that the rate will rise in the long term, a year, two or more. They are not worried about momentary fluctuations, they clearly believe that their asset will rise in price several times, if you wait longer.

How relevant is it with Bitcoin? We can say that it is quite relevant. Over the past year, the asset has increased in value by 440%. That is, those who invested $ 10,000 a year ago can now sell their coins for $ 44,000. It looks very favorable. Experts are vying with each other to predict a further rise in the rate to $ 100,000 and more. However, this cannot be asserted with certainty.

Several factors that will tell you whether it is worth mining bitcoins through investing:

  • Huge profits are possible, but this can take years.
  • It all depends on your goals – whether you want to develop passive income or save for your retirement. Investment options can be different, hence the different investment strategies.
  • The value of BTC can plummet within days or even hours. This makes you nervous and makes you want to sell assets so as not to lose even more. Nevertheless, small drops are normal, and especially for cryptocurrencies. After all, its price is formed from the supply / demand ratio, and on the exchanges, someone always sells and buys coins, influencing the price.
  • Bitcoin is the most liquid cryptocurrency, supported by all major exchanges, and is easy to buy or sell for both fiat and altcoins. This allows you to make a deal as quickly as possible when circumstances require it.

In the process of investing, be sure to diversify your portfolio, this is the best way to protect yourself from significant losses. The standard scheme is to invest part of the funds in low-risk instruments, such as government bonds, part in medium-risk (real estate, company shares), and only the rest in cryptocurrency, and preferably not only in bitcoin.

How can you buy Bitcoin

The methods that allow you to get bitcoin in the easiest and fastest way – just buy it:

You can also buy BTC through cryptomats that are found in major cities around the world.

Conclusion

It is impossible to predict exactly what will happen to Bitcoin in the next 5-10 years. Given its lack of scalability, it is unlikely to replace regular money and will be widely used for day-to-day transactions and purchases. However, as a protective and investment asset, the coin has shown itself to be excellent. Analysts call the numbers one more than the other – for example, the former head of the hedge fund Goldman Sachs Raul Pohl believes that BTC will reach $ 1 million by 2025. Taking into account possible prospects, the question of how to get bitcoins does not lose its relevance.

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