There is a new craze in the world, from grandmas in Siberia to teenagers in Venezuela, everyone is getting on board the Bitcoin Mining train.
If you are new to Bitcoin or the cryptocurrency world in general, you may be wondering, what is Bitcoin Mining?
The technical aspect of Mining will not be discussed here, that will come later, for now, I assume you are just a normal person going about your day, having a cup of coffee or tea (as is your preference!) and browsing the web.
You don't have time to go into things like algorithms and cryptographic difficulty scaling etc. So we are going to make it simple for you.
Bitcoin Mining is the term used to generate Bitcoins by running an App (Program) on your computer.
Maybe you don't know what a program is but you probably have a smartphone and know what an app is, in the same way, an app for the computer is called a Program.
This Program can run on any computer and generates Bitcoin over the course of the day.
You have to run it all the time to see any profit and make sure it does not stop working.
Now, while this Bitcoin Mining Program can be run on any computer, you will not make any profit unless you buy a very specific type of computer called a "Miner".
This is not like any normal computer, it does not have a keyboard or a monitor, it does not need them.
It's a rectangular heavy box which you plug into a heavy-duty electrical outlet and it makes a lot of noise, generates heat (one of them can heat a 12x12 room comfortably in the winter) and eats a lot of electricity.
But it generates Bitcoin faster and profitably
There are a few things you need to know to start your Bitcoin Mining business, chiefly, how much money you need to spend to have enough Miners to make a comfortable profit.
For this, you need to figure in four factors:
1. Price of Miners
2. How many miners needed
3. How much electricity each miner will use and the total electric cost.
4. Cooling costs.
You can use many easy online Bitcoin Mining Profitability calculators that a simple google search will display.
A further thing to keep in mind is that Bitcoin Miners are very loud, you cannot run them from your house without specific sound insulation, which is an additional operating cost.
Once you have factored in the cost of all these things you can begin to get an idea of how much money you need to spend to start a bitcoin mining business that will generate profit.
Without getting into too much detail, make sure you Future-Proof your Bitcoin Mining business, get the best Miners you can.
An important thing to note about buying Bitcoin Miners is that the best sellers only accept Bitcoin, which you can buy right here!
Register above on MoonTrade.org
and choose from among the many sellers available. Once you pay the seller, the Bitcoin will be in your MoonTrade wallet and you can use it to buy Bitcoin Miners, you can also check for sellers on MoonTrade who sell Bitcoin Mining Hardware so that you can just buy BTC and exchange it for a miner all on our website!
Just go to the "Sell" page and select "Crypto Mining Hardware" from Payment Methods. You will pay in Bitcoin and receive your Miner via mail etc
Once you have bought and received the Bitcoin Mining Hardware, you can start setting up your Bitcoin Mining business, this includes many steps, which will be addressed in the second article of this series How To Start A Home Business By Mining Bitcoin : Part II.