Bitcoin mining is an expensive task considering the equipment a miner must invest in, but is there a way to facilitate free Bitcoin mining?
As Bitcoin continues to become more mainstream, the number of those hoping to earn Bitcoin through Bitcoin mining has grown. In turn, this has made it more difficult to actually earn rewards from mining without a huge investment as the Bitcoin mining difficulty increases.
The market is filled with free mining software that claims to facilitate free cryptocurrency mining. Let's take a look at whether this software can help people mine bitcoin for free.
Free Bitcoin Mining: Can I Mine Bitcoin For Free?
Technically, you can mine Bitcoin for 'free'. If you already have the equipment, you can download one of the many free Bitcoin mining software available. However, this is just one element of the mining process, with other elements - mainly the hardware - needing consideration.
Mining Bitcoin is not as simple as it may seem. Miners must consider the amount of electricity and power it consumes, even after you possess the proper gear and software to begin your mining journey. This means that you will be paying for mining Bitcoin via your electricity bills.
Throw in the expensive ASIC miners needed for a Bitcoin farm, and the potential pool fees for mining, and it quickly becomes a venture with high start-up costs.
Indeed, given the claims that cryptocurrency mining can damage your GPU, you may need to splash out even more.
However, there are several places that claim to let you mine Bitcoin without this.
- Read More: How Many Bitcoin Are Left?
Free Bitcoin Mining: Legitimate or Scams?
Outside of the standard open-source Bitcoin mining software that will use your powerful ASICs or GUIs to mine Bitcoin, you will stumble upon a service that offers free Bitcoin mining without the hardware requirements.
While cloud mining - basically renting out mining equipment elsewhere - is a growing industry within the mining world, others claim to be able to mine using your equipment with this software.
Given the information we've added above, you should be very cautious about such claims. Make sure to do your own research and due diligence around any of these services, which could be attempting to scam you and gain control of your devices and passwords.
What Do I Need To Mine Bitcoin Professionally?
To mine Bitcoin using the best professional practices, a user must:
- Purchase and set up a legitimate Bitcoin mining hardware
- Create a dedicated Bitcoin wallet
- Configure mining equipment such as GUI etc.
- Set up an energy reservoir such as external energy/electricity supply which cannot be disrupted easily.
- Download the copy of the blockchain for the cryptocurrency that you wish to mine.