What you need to know for bitcoin mining in Russia
Russia is one of the world leaders in the field of bitcoin mining and transactions with cryptocurrencies. According to conservative estimates, “digital money” are at least 100 000 of our compatriots. And, judging by recent events, their number will soon be doubled. There will be thousands of newcomers wishing to make a profitable investment, but do not know where to start.
To help them capitalize on future technology, we prepared an article, answer the following questions:
- How to mine bitcoin in Russia?;
- How much money you need to invest?;
- What to consider before you invest in?
Mining digital currency
Due to the rising value of bitcoin and the level of competition, mine the cryptocurrency has become more complicated than a few years ago. To earn in this business, you need to buy a special computer (miner).
The cost of such devices starts from$ 1000. But most likely, you will have to invest at least twice that amount. It truly gives good results only the most powerful equipment. Budget models become obsolete in 2-3 months after launch.
The next step is the creation of one of the online services virtual wallet that will store your “digital savings”. The alternative – creating an offline wallet (a program that will store your bitcoins on your computer or any other digital media).
Next you will have to find a pool community of miners, who together produce bitcoin and distribute it proportionally to the contribution of each participant. Of course, you can produce bitcoins yourself, but it is less beneficial to process the Last step is installing the program for production of “digital money”. After running it will start the much-awaited mining bitcoin, if you are properly set up.
Advantages of mining
Mining cryptocurrency is advantageous because of the following reasons:
- Reliability – earning money on your equipment, you practically do not risk getting in sight of fraud;
- Full profit of the miner receives bitcoins without interest and commissions;
- Control over the process – earner decides when mine bitcoins, and when not. He may at any time to stop production (for example, in the fall of course);
- The availability of equipment that can be sold to recover some of the costs;
- The ability to switch to mining other cryptocurrencies.
What to consider for future miners?
To ensure the full mining bitcoin, you have to:
- To invest quite a large sum of money;
- To bear the expenses on your energy bill;
- To provide ventilation and cooling system;
- To install the hardware (this process is not very complicated, but it will require a few hours time).
Where can you sell bitcoins earned?
The easiest option is the exchange. They buy and sell the cryptocurrency for its internal course and act as intermediaries in the conduct of all transactions. Their advantage is almost zero risk for the seller. On the other hand, these services charge quite high fees for each transaction (from 1 to 5%).
If you want to sell bitcoins and pay the lowest possible fee – use one of the P2P exchanges. On these sites you can set a price and wait until someone agrees to buy your bitcoins. Another option is exchange cryptocurrencies. However, they are suitable only for those who sell large batch of bitcoins.
Mining bitcoins is a complicated, expensive and time-consuming process. However, if you do it right, the profit will not keep you waiting.