Ways To Make Money Mining Bitcoin in South Africa

Overview

Bitcoin is an innovative payment method that allows users to complete financial transactions without revealing their identity or sensitive data.

Bitcoin is a form of digital currency that is created and held electronically. It’s the first currency to be controlled by a cryptographic protocol rather than a central bank.

It can be used to buy things electronically and is decentralised, so no single institution controls the network.

Bitcoin is a financial industry disruptor that is changing the face or the sector. Its prevalence continues to make quite a big impact on the industry, changing the way in which people transact.

You can pay for something by sending BTC from a virtual wallet in your computer to the merchant’s computer.

More about Bitcoin mining

Mining Bitcoin requires a fairly big initial investment. Your computer can become a node in the network that processes and verifies the transactions.

To start, you need a computer with internet access. Download a free wallet to your computer, one of several free miner programs and join in. The processing needed for mining Bitcoin is much better done by a graphics card. This means that you will have to invest in increase electricity usage as well.

Most miners join a pool, where the work and rewards are shared. The trick with mining Bitcoin is that the difficulty of solving the blocks increases with time. It’s important to keep in mind that there is only a set amount of 21 million Bitcoin available to mine. You need to do your research first and you should start by learning how to trade Bitcoin first.

If blocks are being mined quicker than every 10 minutes, the difficulty is adjusted, making it harder to mine bitcoin.

The reality is also that you are not profitable until you have earned more Bitcoin than you have spent on your hardware, electricity, internet and other associated costs.