Mining bitcoins - how can I make bitcoins myself?

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What is mining?

When sending bitcoins, the transaction appears on the blockchain, the bitcoin network. Before the transaction is a fact, it must be added to a transaction block. This is done by a user on the network who we call a miner. A miner does this using a computer with one or more powerful video cards. This equipment performs all kinds of calculations at lightning speed to add the transaction to a transaction block.

The person or group (the miner) who succeeds in this first, receives a reward in the form of bitcoins. This reward is called the block reward. These are newly created crypto coins that have been created by creating a new block of transactions. Today the block reward per solved block is 12.5 bitcoins. This remuneration is halved every four years. The next halving day is expected in 2020.

In addition to the reward in bitcoins, miners receive the transaction fee. This is a voluntary contribution that comes with every bitcoin transaction. Together with the block reward, this forms the motivation for miners to start mining bitcoins. Let us have a look at bitcoin mining guide laid out following.

Hashrate

How fast can a computer or video card mine bitcoins? This depends on the computing speed of your computer's video card. The computing power of a video card is also called the hashrate. This hashrate is expressed in the number of hashes per second. The higher the number of hashes per second, the more powerful your video card. A more powerful video card yields more bitcoins when mining.

More and more powerful video cards are needed to mine bitcoins. This is partly because the number of transactions on the network continues to rise. It is not impossible to mine with a normal processor, but it will not yield you much either. Do you want to get started with mining bitcoin seriously? Then it is wise to purchase specialized equipment. But even then it is increasingly difficult to mine bitcoin nowadays. In this article, we take you through all the options. 

Electricity consumption costs

When mining bitcoins, you also have to take into account the power consumption, noise and heat that comes from this process. Especially the power consumption can be an obstacle when you are mining at home. An average PC with a recent video card consumes about 250 watts per hour. If you assume an energy price of 19 cents per kWh, a computer that is constantly on for mining will cost an average of 410 euros per year.

These are then only the costs for one computer. If you want to mine bitcoins profitably, you will soon need several mining computers. Together with the equipment that is required for this, the costs can quickly add up to a few thousand euros.

How much does it yield?

In this calculator, you can calculate how much mining bitcoins will yield you. Please note: the costs for purchasing mining equipment are not included in this!

Some websites provide a more comprehensive overview. On the website of Whattomine.com, you can read how much it costs to mine bitcoins with an ASIC miner. This calculator also takes into account the power consumption required for mining.

Note: These data are based on the current course and network density. These only apply to this moment. The final turnover or profit may, therefore, be different.

Resume

You now know what bitcoin mining is and what it takes to get started yourself. For example, you have to provide good equipment, software and a wallet, and you must, of course, take electricity costs into account. Bitcoin mining is less lucrative today than it was in the early days, so you won't be making much money from it. But if you want to help maintain the network, it can certainly be fun to experiment with!

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