Bitcoin Mining Guide
June 18, 2020
If you have learned about Bitcoin, created a Bitcoin Wallet and are now interested in mining, this guide will overview the best Bitcoin mining software available in 2020.
There are two parts to Bitcoin mining, the hardware that handles the actual Bitcoin mining process, and the Bitcoin mining software that integrates with the Bitcoin blockchain. Although Bitcoin mining software is less discussed, it is equally important. Here are some points of difference for different types of miners:
1. Solo miners: the mining software will connect your Bitcoin mining hardware to the Bitcoin blockchain.
2. Mining pool: the mining software will connect you to your respective mining pool.
3. Cloud mining: if you are a cloud miner, you will not need software.
Essentially, the Bitcoin mining software will connect and deliver the mining hardware's work to the entire Bitcoin network. Without the Bitcoin mining software, the hardware miner would be redundant and unable to connect to the Bitcoin blockchain.
In addition to this, Bitcoin mining software monitors input and outputs from your miner and can display very useful statistics such as hashrate, fan speed, temperature and the speed of your respective miner.
Before we get onto the best Bitcoin miners, it is important to note that you will require a Bitcoin wallet to be setup as the Bitcoin mining software will request for a Bitcoin address to deliver the mining rewards too. Once you have created a wallet, you will be able to generate a 'deposit' address to send your Bitcoin too.
Feel free to check out our How to Store Your Bitcoin guide for further information.
The CGMiner is generally regarded amongst the community as the best Bitcoin mining software available on the market due to the versatility underpinning the software. The CGminer is completely open source and is one of the few miners that runs on Mac, Windows and Linux and is compatible with the main three mining hardware systems ASC, GPU and ASC.
Unlike other Bitcoin mining softwares, the CGMiner has a other benefits including advanced detection of new Bitcoin blocks, remote interface capabilities, and it can scale to a hash rate of any size with absolutely no delay.
Like the CG Miner, the BFG Miner is one of the few Bitcoin mining softwares that can run on Mac, Windows and Linux. The BFG miner also integrates with two types of hardware, the ASIC and FPGA.
The main advantage of the BGF Miner is its ability to simultaneously hash on different mining algorithms and mine multiple cryptocurrencies a the exact same time. If you are looking to mine Bitcoin as well as other coins like Litecoin, Ravencoin and other Proof-of-Work coins - we would recommend the BFG Miner.
Please be cautious when selecting your Bitcoin mining software as there are a lot of fake softwares that will try to steal you Bitcoin. Be sure to check reviews before you download and software and be sure that you are now downloading from a fake, copy-cat website.