Mining for Bitcoin — everything you need to know before you start hunting for digital gold

• Mining is the method of generating Bitcoin using computing power.
• Miners can use a variety of combinations when it comes to mining strategies to maximise their benefits.
• Cost of hardware and electricity tariffs have the biggest impact on profitability.

Most people buy Bitcoin off crypto exchanges, but that’s not the only way for a person to get their hands on the world’s oldest cryptocurrency — they can also mine for it. Unlike mining for gold that used to happen on river beds and deep within caverns, Bitcoin mining happens on the blockchain.

All a person really needs is a computer that isn’t older than five years. However, that alone doesn’t guarantee success. Mining for Bitcoin is like playing a game of fastest finger first. The more computing power you can offer, the better your chances of actually hitting gold, or in this case, Bitcoin.

Here’s a quick guide to everything you need to know if you’re thinking of mining for Bitcoin: