Computer Business Review

How to mine Bitcoin

by Joe Curtis| 07 February 2014

CBR’s easy step guide to becoming a cryptocurrency bazillionaire.

So. You know what a Bitcoin actually is. Now you want to get your hands on one.

No problem. Well, one problem: even a single bitcoin costs quite a bit of money (currently $809).

While you could go somewhere like bitbargain.co.uk to buy a fraction of a bitcoin, the more tech-savvy might be interested in trying their hand at mining it.

Mining is essentially a process of solving a series of increasingly difficult mathematical equations. Solving the current equation is rewarded with the release of a block of bitcoins - currently 50.

However, each time an equation is solved, the next becomes more complex. And because Bitcoin was created in 2007, the maths is now pretty tough.

That means more processing power is required to solve the latest equations, and even more in future, making the necessary outlay on hardware a tricky barrier to entry.

Don't worry though - we've made a list of useful steps to take to set you up as the next (legal) Ross Ulbricht.

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