Bitcoin mining has become extremely popular over the past few years. Since the original cryptocurrency hit record-setting highs in the second half of 2017, everyone wants in on the action. As interest in crypto continues to rise, so does the number of new miners entering the mining arena. While this is exciting news in terms of adoption, it can leave miners battling to find the best Bitcoin mining software to stay profitable.
You’ll need a combination of a reliable mining rig and the best Bitcoin mining software available to stay on top in 2018. Mining BTC can still be profitable, but you need to do considerable research to form a mining strategy that works for you.
A complete mining strategy will consider items such as:
- Electricity Costs
- Bitcoin Mining Hardware Costs
- Software Costs
- Proper Ventilation Requirements
- Miner Fees
- Transaction Costs
Today, mining is a very centralized activity with the majority of BTC being mined by large multi-million-dollar data centers. In most cases, these facilities are located in remote areas of the world, usually where electricity is the cheapest.
But running 500 ASIC miners at the same time isn’t cheap. Before you can reach this level of the game, you’ll need to start at the ground floor.
Do Your Research – Hardware Options
If you’re interested in mining, you’ll need to first research your hardware options. ASIC mining rigs can give better results but are a bit more expensive to own and operate when compared to GPU mining rigs.
GPU mining rigs are more flexible because unlike their ASIC counterparts, they are not restricted to one hash algorithm. But they will need to be paired with a mining pool to give you trackable returns if choosing to mine BTC.
Your hardware decision will help to dictate what the best Bitcoin mining software to go with is. Not all Bitcoin mining software and hardware is compatible. So you’ll need to do a little research to ensure you don’t purchase a rig that won’t fit into your overall mining strategy.
The competition is stark in the mining arena. To be successful in your endeavor, you’ll need to know the best Bitcoin mining software.
CGMiner is one of the most popular Bitcoin mining software platforms available. This open-source mining software is compatible with any ASIC/FPGA mining rig. The source code was written in C, so it’s able to operate across all operating systems including Windows, OS X, and Linux.
This software features a simple command line interface that is easy to understand for experienced miners. It can take some getting used to for individuals unfamiliar with mining.
BFGMiner is similar to CGMiner but with more technical upgrades. This software is specifically designed for use with AISC and FPGA (Field-Programmable-Gate-Array) mining devices. This unique software includes some advanced features, such as multi-device support and automatic pool failure detection.
BFGMiner is one of the most reliable Bitcoin mining software solutions on the planet. And because it was written in C, it’s compatible with all of the most popular operating systems.
New miners can get confused with line interfaces and because of this, BFGMiner now offers the MultiMiner graphical interface.
The intuitive layout of this program lends itself well to newbie miners and those unfamiliar with the mining process. MultiMiner includes all of the same powerful features that BFGMiner is known for but with a much easier to understand control panel.
Simply tap on the “Pools” tab to select the mining pool you wish to join and you’re ready to go.
EasyMiner is a graphical frontend upgrade for the hugely popular mining program CGMiner. After installing this upgrade, miners are able to easily view their wallet, set up mining pools, and change network settings as they deem fit.
This is a smart addition for new miners looking for a clean interface that will keep them up-to-date on their mining progress without bogging them down learning new coding. EasyMiner has seen great success in the market to date due to its easy installation and excellent results.
The mining pool software Bitminer was first introduced to the crypto space in 2011. This mining platform is one of the oldest on the market and, with over 450,000 registered users, you’re sure to join some serious hash power when using this software.
If you’re one of those individuals who aren’t quite ready to drop $3,000 on a reliable ASIC miner, Bitminer software is compatible with both CPU and GPU mining rigs.
The set-up is easy and because of the added flexibility in choosing your mining rig setup, you’re more likely to find the perfect fit for your needs when using this software to mine BTC.
The Best Bitcoin Mining Software – 2018 Edition
The mining sector is developing at break-neck speed. Every day new and ever-more innovative concepts enter the crypto mining sector. It will be very interesting watching how this industry develops over the coming years.
Already, the rising costs of mining equipment and electricity have inspired creative minds to seek new alternatives to the mining process. These include Proof-of-Stake coins which forgo the massive mathematical equations required in PoW systems, such as BTC.
We can expect to see continued development in the mining arena as BTC approaches its final coin to be mined. The 21 millionth BTC is quickly approaching, as 17 million BTC has already been successfully mined.
As the mining reward is halved every 210,000 blocks, it’s smarter to enter the sector now rather than waiting any longer.
Hopefully, the mining sector will become more balanced in the coming years, as more individuals express an interest in mining BTC. It would be awesome to see a return to the days of CPU mining. Where anyone could mine directly from their home PC without needing any special hardware.
What do you guys think? Has the mining arena gotten too crowded? Let us know on Twitter
This article has originally been posted at coincentral by David Hamilton.