Bitcoin for Beginners: How to Mine Bitcoins Part 3 – Investment

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Bitcoin for Beginners

This is the third part of the series “How to mine Bitcoins”. Therefore, before continuing, it would be advisable for you to read the previous articles of the same series. If you have already been there, then please continue.

In this tutorial, we will discuss the certain investments a miner has to make before starting to mine Bitcoin. The first question to arise inside the child-like mind of any Bitcoin novice is “Is Bitcoin mining accessible to me?” To be frank, the answer to this question varies according to the situation. But in order to enable the reader to build a possible situational picture, we will attempt to answer it.

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Assuming you already have a computer – any computer. In theory, you are already eligible to mine. Using your current CPU or GPU (See Tutorial 1), you are all set to start producing Bitcoins and you would not even require any low to bulky initial investment either. This is very good news, especially for all the gamers out there.

But wait, that’s just theory; today, in practice, CPU mining is not even close to being efficient, not all graphics cards are going to serve us when we will put our miner helmets on. (More details about this in coming articles)

How much should I invest?
The answer to this question is difficult. As in any investment, one should do a risk/benefit analysis before acting. We suggest readers that before undertaking any kind of investment, understand what Bitcoin is, how it works, what problems they solve, what is their potential, their risks, etc. They should not invest in something that is unknown or only guided by what others say; gamer forums are a clear example of this. When you invest your money you’re not a gamer, you are an investor.

To contact the writer of the tutorial: Yashu Gola at yashu@forexminute.com

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