Bitcoin Mining – Alone or In A Team?

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Bitcoin Mining – Alone or In A Team?

By Bitcoin Mining! This is the answer to the frequently asked question of how bitcoins are actually “produced” as a purely digital currency. And not a few would like to try to convert their own computer to the music press in order to be able to “print” legal money quite legally. In the case of mining, however, there are no tangible means of payment, but cryptographic tasks are solved. This results in so-called hashes, a 32-bit-long value, by which transactions within the Bitcoin network are made possible and which acts as a kind of key.

The computation of such a value takes a computer fully because a hash value is to be found that is below a certain value. This is also the difficulty of the task to be solved. This level of difficulty increases continuously with the number and quality of the miners, which means that the required computer performance is continually increased to finally calculate a complete block. Because only for this there is a reward of 50 Bitcoins. In addition, a normal processor, the CPU, is much less effective in Bitcoin mining than a graphics processor (GPU). And even with these, there are significant differences in the performance of Bitcoin mining in different manufacturers’ cards. Just with the right graphics card is worth the effort and/or costs and income in a favorable relationship to each other. Above all, owners of AMD cards have considerable advantages.

As an individual with a commercial computer, you have little chance of earning a bit at Bitcoin Mining. This is why more and more Bitcoin Miners are joining together to form so-called mining pools with their common computing power. As a result, the calculation of new blocks is considerably faster and the reward is distributed to the individual members, depending on the computer performance. The disadvantage of pool mining is the fees charged by the individual members. In addition, a pool can also fail completely, which is why users should pay attention to evasive pools. In contrast to solo mining, however, a continuous income arises here, which would otherwise have to wait several years in the worst case.

If you are not able to access any Bitcoin-oriented computer, the best is to use Poolmining. Solo mining is basically worth nothing at all.

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