If there is one fact that holds true universally across the world, it is that each and every person in this world wants to earn profits for themselves, in some measure or the other. The nature of profit might differ, and so could the amount of it, but regardless, the desire to earn profits remains constant. And for this very purpose, we have conceptualized and built a huge number of businesses, trades, and jobs, each of which, in exchange for getting some useful work done, offer incentives to the worker in return.
We have businessmen who employ a good number of workers, set up huge factories, industries or manufacturing plants, and generally deal in a single type of product, in order to earn profits and expand their base of operations. Similarly, there are people who work for others, be it for money or some other form of compensation, and are thus, in varying capacities, are able to maintain a decent livelihood for themselves and their families.
But there are also some more subtle trades, the ones which are not that well known, and yet strong and efficient enough to return decent profits if taken seriously. Freelancers, for example, work under short contracts of a week or a month, during which they work for a particular person, who in exchange for their services pays them money. These freelancers could be doing anything from writing to programming to managing.
Investments & Mining
Now another form of working independently involves investments. Investments work on a pretty simple principle; you take your chances and put your money in a commodity, and if the price for that commodity soars, so will your earnings. At present, you can’t talk about investments without mentioning cryptocurrencies. The Bitcoin, along with a lot more other cryptocurrencies out there, such as Litecoins and Dash, has managed to effectively change the financial sector scenario all over the world. People who were once afraid of investments are now themselves giving out tips on the currencies one must invest in. And this has all been possible because the Bitcoin managed to break down almost all records when it comes to climbing the currency charts and taking over the exchange rate.
But the topic of investments in cryptocurrencies also leads us to another, slightly lesser discussed aspect, which also functions wonderfully as a means to earn some good profits. Cryptocurrency mining, a trade that, although not as popular as Bitcoin investments, is still capable enough to bring about huge returns if done properly, is now also rapidly gaining popularity among cryptocurrency enthusiasts. It involves verifying blocks on the cryptocurrency blockchain, which is made possible only by solving complex algorithms and problems. Cryptocurrency mining is also responsible for adding new coins to the ledger, which means that if all mining activities were to cease, we would soon run out of Bitcoins to transact with. As with Bitcoins, we have mining rigs capable of mining for other cryptocurrencies as well. We have miners built exclusively to mine for Litecoins, or Dash among others. The purpose of these mining rigs is pretty simple. They exist in order to carry out the actual mining process for us. Various reputed brands have come up with a long line of cryptocurrency miners, each with unique characteristics of their own and varying degrees of efficiency.
Mining Software: Responsibilities
But we are not here to discuss cryptocurrency miners, we are here to actually discuss what goes into them. The fact is, that just like any other piece of hardware, miners too need some software to run with. Without a decently equipped piece of the best bitcoin mining software, your rig is as good as a piece of junk. Think of it as a desktop computer. Let us say you purchased one and brought it home, but were unable to load it up with an operating system. Just like a computer like that would be pretty useless, a mining rig without mining software backing it up would serve no purpose at all.
The responsibilities on the mining software are numerous. It is responsible for connecting your rig to the blockchain. Since all mining activities take place on the blockchain, this is obviously a pretty critical function that the software performs. Also, in case you are a part of a mining pool, which is nothing but a group of miners who seem to have come together in order to pool their resources and efforts in order to mine collectively and achieve better results, the miner software is responsible for connecting you to that too. Whenever you are looking for work and need any mining assignments to work on, the mining software will supply you with work and further also take back the work you complete to the blockchain. It even informs your mining pool of the work you have done and syncs with them at all times. This way, you are able to keep a track on what all work you might have performed, and you get rewarded appropriately by the blockchain for your efforts.
The best part about mining software is that they do not explicitly ask for any specific platform to run on. They are pretty flexible in the sense that you could run them on Windows, OSX or even Linux. Additionally, it has been observed that the software can also be run on a suitably modified Raspberry Pi system. The only changes you will need to make will be with the drivers of the system and will be in agreement with your preset mining setup.
Additionally, the mining software performs well on a few other parameters as well. For example, it gives you great insight on how well your miner hardware is performing and what are the specifications with which it might be running. You get to monitor and track general statistics like the temperature of the miner, the hash rate it works on, and the speed at which your fans are rotating and also the average speed of the miner itself.
But before you find yourself impressed by the sheer range of the services offered by such software and step out to buy one, you must keep in mind that there are in fact multiple kinds of them available in the market. There are obviously unique sets of advantages and disadvantages associated with each of them, which is why it might be best to carry out a little research of your own before actually making the purchase.
Now before you get started with mining, there are some things you must take care of. It all depends on whether or not you have chosen to join a mining pool. If you have, then you must first carry out whatever background checks you possibly can and make sure that the mining policy the pool works under is in agreement with your own personal outlook towards the job.
In case you are a solo miner, then the one thing you need to be sure of is that you are connected to the Bitcoin network. Now there are multiple ways to do that, but we recommend using the official Bitcore client which is pretty fast, easy and safe.
As per the amount of data, your mining activities are going to consume, or the amount of bandwidth that will be devoted to them, it varies as per your choice of either joining a pool or flying solo. If you are in a group, then the data costs will be negligible and around 10 megabytes per day. Additionally, you will need to ensure a pretty fast and reliable connection because you will need to be connected to your mining pool network at all times. You must not miss any sort of updates, as it could involve potentially critical information like changes in the workplace policy or any updates in the amount or nature of work. Also, in order to make sure that your mining pool network does not enforce any unwanted or unfavorable rules you might have a problem with, you must keep the mining power directed to the mining pool in check.
The only reason people mine for Bitcoins or any other cryptocurrency is that they want to earn more of them, and gradually accumulate enough to sell and earn profits. But for that to happen, you must first think of a place where you can store all your coins. Obviously, no bank account is going to work here since cryptocurrencies are much different from real-world currencies. For starters, they don’t have a physical form. Therefore, it only makes sense that with the combined efforts of a lot of experts in the field, new age e-wallets have been developed which can easily serve as a storage engine for all your cryptocurrencies. A number of such wallets are available in the market and each one boasts of a few unique features of its own apart from the basic core functionalities upon which it has been built.
You might come across two kinds of these wallets available today. First, there are the ones which function as a hosted wallet and second are the ones which let the user hold their own private keys. We recommend using the latter option as they are generally more secure and can easily be accessed and bought from leading stores. A few prime examples of such wallets are Breadwallet and Copay which are known for their smooth and fluid user interface, ease of usage and a general tendency towards user satisfaction. On the other hand, we have Armory, which as the name suggests is more of a security-focused wallet with a large range of firewalls and security enhancements firmly set in place to ensure the most secure hosting environment for your crypto coins.
Once you have bought your Bitcoins, and went ahead and stored in a secure wallet, you will need to look further for services ranging from buying and selling or carrying out transactions. Cryptocurrencies once purchased and stored can actually be used to buy certain stuff online, or can alternatively be traded for other Altcoins. But first, in order to start trading or processing transactions with your crypto coins, you must look for a decent Bitcoin trading platform, which can effectively serve as the one-stop solution for all your Bitcoin transactions.
The prime examples of trading platforms for Bitcoins are Kraken and LocalBitcoins. While Kraken promotes itself as the largest Bitcoin trading exchange all over Europe, LocalBitcoins functions similar to a social network which lets you connect with people around you, through your geographical location, who might also be interested in Bitcoin trading. Once a basic communication has been set up, the service will allow you to talk to the person and agree on a sale or purchase price. You get to actually directly carry out searches for like-minded people dealing in Bitcoins within your community. However, there is also the must-read disclaimer to always maintain a sense of security for yourself when dealing in such transactions since where there are genuinely interested parties, there may also be fraudulent schemes existing for the sole purpose of duping you of your crypto coins or money. You must stay wary of such frauds and should avoid giving away critical information to any of the users you deal with since that could potentially lead to a breach in your personal data or even theft. Going back to Kraken, the one unique feature they offer is that of same day SEPA. For the uninitiated, SEPA refers to Single Euro Payments Area, which is an initiative for payment integration by the European Union for the purpose of simplified bank transfers done in euro.
Top 4 Best Bitcoin Mining Software for Windows, Linux and Mac OSX 2020
MinePeon is great in the sense that it is open-source, which means it is free to download and all of the source code is readily available on the Internet. It may, however, need WinDisk32Imager to run smoothly.
EasyMiner is a great mining software that is compatible with Windows, Linux, and Mac machines. It is a miner based on a graphical user interface which means that navigation between different menus and changing pages is just about as smooth as it can get. If you have the CG or BFGMiner software installed on your systems, then EasyMiner can act as a pretty efficient wrapper program for both of them. Carry out the easy configuration of your Bitcoin mining rigs and even check out statistical graphs such as performance charts and more which let you track your progress and chalk out weak points from your cryptocurrency or Bitcoin mining activities.
BFGMiner is another fantastic mining software for your Bitcoin mining rig. It has been written in the C language and markets itself as a modular FPGA, CPU, GPU and ASIC miner. It is a cross-platform miner that works well on Windows, Mac, and Linux devices and even extends support for OpenWrt-capable routers.
CGMiner boasts of being a multi-threaded and multi-pool GPU, ASIC and FPGA miner. It comes packed with ATI GPU monitoring and overclocking as well as fan speed support for Bitcoin and derivative coins.
Additional Bitcoin Mining Applications
Firstly there is 50Miner which is a miner that works well on Windows (DiabloMiner, Poclbm, Phoenix). The frontend is composed of a graphical user interface making it extremely user-friendly and easy to use.
BTCMiner, on the other hand, is a Bitcoin miner that works primarily for ZTEX FPGA boards.
Next, there is BitMoose which is unique in the sense that it runs miners on your computer in the form of Windows Services.
Poclbm happens to be programmed in the Python programming language and is touted as an OpenCL GPU miner. Poclbm-mod is simply another extension or modification of the original version which functions just as a more efficient version of the Poclbm.
Diablo happens to be programmed in the Java programming language and is touted as an OpenCL GPU miner.
RPCMiner, as the name suggests is a remote RPC miner.
Phoenix Miner was released way back in 2011 and since then has effectively managed to catch the public attention it deserves. It is completely free of cost and is also open source, which means that all of the source code is easily available on the Internet.
CPU Miner is another mining software that can be used in conjunction with a decent mining hardware or mining rig. The one unique feature for CPU Miner is that it works well for both kinds of miners, that is, the ones who prefer to mine in a mining pool as well as the ones who prefer to mine solo.
Ufasoft Miner is meant for mining in a mining pool and is virtually useless for solo miners. It works on the Windows platform and is generally marketed as a CPU or GPU miner.
Pyminer was also released around the same time as Phoenix Miner back in 2011. This CPU mining client works great for simple mining applications and works well with all mining rigs.
Remote Miner is another open source miner, which means that whosoever is interested in taking a peek at the actual source code of the program is free to do so. It is a Bitcoin miner and is touted as a pool miner, which means that it remains useful only for those miners interested in working in a mining pool. Additionally, it works well with RPC Miner.
Open Source FPGA Bitcoin Miner was also launched around the same time as Pyminer or Phoenix Miner back in 2011 and happens to be a pretty unique mining software in the sense that it utilizes a compatible FPGA board and is flexible enough to be used for both pool or solo mining.
Bitcoin Cloud Mining Software
Now that we have given you a good introduction on common and widely used Bitcoin mining software for Windows, Linux or Mac platforms, it is also imperative to mention that some mining software exists entirely on the cloud and can easily be accessed from anywhere. The fact that they are on the cloud lends them the feature of working across platforms, and therefore makes them much more diverse. However, cloud-based mining software is also dangerous in the sense that they are generally a little less safe than traditional software, due to the fact that they exist on cloud servers and thus are more susceptible to security breaches.
The first software we will talk about is Hashflare which offers its users SHA-256 mining contracts and generally proves to be much more profitable since SHA-256 coins can easily be mined even when the automatic payouts are done in Bitcoins. The only downside to the system is that customers must purchase a minimum of 10 GH/s.
As far as cloud mining providers are concerned, Genesis Mining happens to be the largest player for Bitcoins. The services it offers are pretty diverse in the sense that it offers three payment plans all of which are pretty reasonable and genuinely priced. Additionally, Zcash mining contracts are also readily available for the users.
Hashing 24 started out with cryptocurrencies and Bitcoins back in 2012. Since then, they have launched a number of services revolving around cryptocurrencies and cloud mining software happens to be one of them. Their base of operations is in two places which are Iceland and Georgia. As per operations, they tend to use modern ASIC chips manufactured by BitFury which allows them to put forth the maximum levels of efficiency and performance available.
Minex is pretty unique and the service happens to be completely one of a kind and has managed to attract a great number of users due to its widespread appeal and fluid servers. It functions as an aggregator of projects centered around the blockchain and later presents them in a game format styled as an economic simulation. Users who log on need to purchase Cloudpacks, which can then be utilized to create an index from pre-chosen sets of farms, casinos, lotteries, real-world markets and a lot more.
Editor in chief for BitCongress.org , Rose is based in Washington, D.C and has more than a decade of experience in the field of finance and trading.