Bitcoin Mining for Beginners Episode 1
Bitcoin mining and investing in Bitcoin is very alluring. Fast moving prices, ease-of-entry, allure of quick riches. However, bitcoin investing is relatively easy compared to bitcoin mining.
We’ve all thought about getting started. We’ve all read the stories of people who spent a few hundred dollars in 2009 being millionaires now. So here we all go, moving enmasse into the world of Cryptocurrency like 1840s- era prospectors. Buying mining equipment, toying with GPU mining, and buying cryptocurrency hoping our efforts will yield our fortunes. And why not? People are making money with bitcoin mining every day. The challenge is to learn the ropes and avoid the perils and pitfalls.
So I decided, as a relative newcomer to the bitcoin mining scene (I’ve only been investing and mining for 5 months at the time of this writing) I should document my adventures and share my experiences with my peers. My investments and mining experiments have already yielded decent returns, but I’m in this for the long haul. And this is the mentality that all prospective miners and crypto investors should adopt. This new, relatively unregulated marketplace isn’t for the faint of heart, and if you’re looking to be an overnight millionaire, this industry isn’t for you.
For many, the terms “mining pool,” “ASIC,” and “digital wallet” may seem foreign and scary. But these terms are simply the terms of the trade. And one would be amiss if they begin investing in cryptocurrency without doing their research – this is investing just the same as stocks and bonds. You don’t want to go in unprepared.
Throughout my bitcoin mining series, I will share my experiences breaking into the scene, from my first foray into MinerGate, my first ASIC miner, and my first BTC purchase. Look to this space for more of my adventures in Bitcoin!
Editor’s note: Check out Eric Eddy’s new bitcoin mining series on a regular basis. We’ll be adding new adventures constantly.