Bitcoins mining - how it works

Bitcoins mining allows you to get units of the Bitcoin virtual currency. With corresponding financial effort, every computer owner can earn money on the side. In our guide, we explain how this works and what you should consider.

Bitcoins mining: powerful hardware required

The speed of bitcoin mining depends on several factors. You have to consider various aspects such as your electricity costs, the cost of the corresponding hardware and other variables. The main points to note are:

• The more Bitcoin miners there are in a network, the more difficult it will be to generate bitcoins.
• Bitcoin mining uses a lot of electricity. With high electricity costs, mining is often not worthwhile.
• To operate Bitcoin mining, you have to join a mining pool, which incurs additional costs.
• You need the appropriate hardware for mining. Here, too, there are costs. Depending on how powerful your Bitcoin Miner should be, you pay up to 2, 000 euros.
• It is not known whether mining will still be worthwhile in the future.
• If you don't know exactly what Bitcoin is, we recommend our practical tip on the popular cryptocurrency Bitcoin. In the video below you will also find the most important information.

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Register with mining pool providers for Bitcoin mining

Bitcoins mining is organized via so-called mining pools, in which the users jointly release their computing power. When a Bitcoin block has been created, each user receives his fair share. To become a member of a mining pool, you have to create an account there. We list two well-known mining pool providers here:

• You will find the largest mining pool with Slush's Pool. In addition to the selection of different payment methods, you can rely on documented support with instructions and explanations.
• The German provider BitMinter offers its own mining client and divides the transaction fees fairly between all participating miners.
• Note: In addition to the appropriate hardware and a mining pool, you need suitable software for mining. These are the free command line programs CGminer and BFGminer. If you prefer a graphical user interface, EasyMiner and GUIMiner are suitable. Finally, you have to set up a Bitcoin wallet via a mining client:

Bitcoin: set up a mining client

The mining pool account alone is not sufficient to successfully participate in bitcoins mining. You usually need a mining client for this. In this you log in with your previously created mining pool account. The mining client secures your bitcoins in a wallet, among other things.

• Bitcoin-Qt is an open source project and currently one of the safest representatives among the mining clients. Here you don't have to worry about possible attacks on your virtual money.
• Electrum is also open source and trustworthy. The tool scores with 2-factor authentication, the support of add-ons and the option to export your keys to other Bitcoin clients at any time.
• More experienced users take a look at Armory, with which you can even manage multiple wallets on one computer.

Tip: The Bitcoin Mining Calculator helps

If you are unsure whether Bitcoin Mining would be profitable for you, you can use a calculator in which you enter your data.

• Click here for the Bitcoin Mining Calculator

You can find general information on the topic of "Bitcoins" in our guide "Bitcoins - what is it?".