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What Is Bitcoin Mining? How To Mine Your First Bitcoin

You don't have to buy Bitcoin (BTC) to obtain it. If you're looking to save a few bucks and snag some coins under their retail value, you can turn to Mining. To do that, though, you'll need to invest in something called a Bitcoin Mining Rig — a piece of hardware that's decked out with all the processing power you need to get Mining.

What Is Bitcoin Mining?

Before we take a look at what we feel is the best Bitcoin Mining Rig on the market, we first need to look at Bitcoin Mining as a concept, touching on what it is and why it's beneficial — if you're already familiar with the construct and the various advantages that come part and parcel with a reliable Bitcoin Mining Rig, feel free to skip ahead.

Whenever a transaction is lodged on the Blockchain, it needs to be confirmed a number of times before the funds are made available to the recipient. When sending funds through Coinbase, for example, three confirmations are required. But with no manual interaction, how are these funds confirmed? The answer is simple: Mining.

Miners, computers dedicated to Mining, are tasked with solving a computational process to confirm a transaction is legitimate. Once solved, the transaction is awarded one confirmation on the Blockchain and the Miner (this time referring to the person behind the computer, which is also called the Miner) is credited a small transaction fee.

The more processes solved, the more transaction fees earned.

What Is A Bitcoin Mining Rig?

A Bitcoin Mining Rig is a computer that's been built for the sole purpose of Mining. They're designed to be kept independent from a standard computer system, so as to benefit from the full processing power on board, and often run streamlined Operating Systems that aren't full of unnecessary bulk — they can Mine, and that's it.

What Is The Best Bitcoin Mining Rig?

The best Bitcoin Mining Rig is the Coinmine One. Why? Because it's simple, efficient, quiet, and feature-packed. Seriously, a Coinmine emits less sound than an AC and pulls less power than a PlayStation. Try to find another Bitcoin Mining Rig (or as they're more commonly known, Bitcoin Miners) that can live up to the same claims.

What's more, should you decide you no longer want to mine Bitcoin, you also have the option to mine a different Cryptocurrency, with the list including Ethereum (ETH), Grin (GRIN), and Monero (XMR). Want to switch back to Bitcoin? No problem — load up the Coinmine application for Android and iOS, and you can flick between them.

Bitcoin Mining Is The Cheapest Way To Get Bitcoin

We ran the numbers and it turns out Mining is the cheapest way to earn Cryptocurrency in 2019. In the US, it costs around $4700 to fund the electricity required to power a computer for the duration of time needed to mine a whole Bitcoin (a Coinmine uses a lot less power), which is more than half of the value of a Bitcoin right now.