What is Bitcoin Mining?
Bitcoin mining serves 2 purposes.
- Confirms transactions in a trustful and decentralized way.
- Issues new bitcoins.
The primary purpose of mining is to allow Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a “subsidy” of newly created coins.
For securing the network you get PAID. This incentive model is what powers bitcoin.
The cost to attack the network is so high, that not a single nation state in the world has the knowledge, money or computing power to do this successfully. To ensure Bitcoin can never be co-opted by bad actors. We have to get as many people mining as possible.
Why Mine Bitcoin?
- You convert energy to secure the network.
- You get paid to protect the network.
- Your reward is Non KYC bitcoin.
- You make the world a better place. By harnessing energy and using it to prevent Government Malinvestment.
This year. I want to achieve this using only 3 rules.
- Do it for as cheap as possible.
- repurpose or re-use old tech.
- only use renewable (unreliable) energy.
I want to be a first class bitcoin citizen, earn non kyc bitcoin and I want to be as frugal as possible. (In other words tight!)
What comes first the chicken or the egg?
You need to know a couple of things off the bat. And this requires you to get out a tape measure.
How much roof space do you have?
How much Power do you need to generate for your Bitcoin miner to work?
I have a location sorted it has direct sunlight from dawn till dusk. My Roof space is 3.5m x 4.5m = 15.75 square meters
Set Up your Bitcoin Miner
First of all you need to download Bitcoin Core here