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2020 Bitcoin Mining Requirements for Beginners

2020 Bitcoin Mining Requirements for Beginners

30 Oct 2020

Reading Time: 2-3 minutes

Bitcoin was the very first blockchain cryptocurrency.  It was invented by Satoshi Nakamoto in 2008 and released as software in 2009. It is considered the best launch of a cryptocurrency to date. But, soon after it was launch, it dipped. In 2010, it was just worth 8c.

Satoshi invented Bitcoin as an alternative currency due to their distrust with banks and their handling of money. This spoke volumes to anyone who was affected by the 2009 housing market crash, which caused a nationwide recession in America. 

Since then, Bitcoin has slowly gained popularity. In 2017, the price of Bitcoin reached $20,000 USD, which promoted many people to start mining for it.

Mining Bitcoin requires the use of your personal computer and its GPU or graphics card to process transactions done on the Bitcoin blockchain. After you have successfully processed a certain amount of transactions, you were rewarded with Bitcoin. Over the years, the amount of Bitcoin you could earn was halved, which now makes it harder to earn a living with it. 

These days, it isn't exactly profitable for the average person to mine Bitcoin. But if you're set on doing so, here are the requirements you need to meet to mine Bitcoin.

1. An internet connection

This is relatively easy as most people have access to the internet at home. Still, to maximize your chances of getting Bitcoin, it should be of a decent speed.

2. A PC or laptop 

You won't need a 4K gaming PC for this, just a simple computer with a mid-range graphics card, preferable an RTX 2070 Super.

3. A wallet

This is where you can store any Bitcoin you find, and while there are many options you could choose from, we recommend Exodus as its free, simple and user friendly.

4. A Bitcoin Mining ASIC 

The only way you can stand a chance to make a decent profit form Bitcoin mining is if you fork out an extra $1,000-$3,000 for a Bitcoin Mining ASIC which is a machine designed to mine Bitcoin. All the serious miners use these now as they are more efficient than general GPUs.

5. Cheap electricity 

Mining Bitcoin is not cheap and comes with some external costs, the most significant being electricity. If you're going to mine Bitcoin, then make sure you have a decent deal on your power. This process consumes much electricity as wouldn't believe.

6. Patience 

You need to be patient and realize that this isn’t a get rich quick scheme. This will take time and money to really make any kind of profit. This is not for everyone but if you are committed to it, then good luck to you.

Bitcoins price is currently $16,027 AUD at the time of writing but is expected to rise over the next 5-10 years. 

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