Make money with your computer

How to buy Bitcoin in Australia

Bitcoin, often referred to as a cryptocurrency, is a digital or virtual form of currency that operates on a decentralized network called blockchain. Unlike traditional currencies, it is not controlled by any central authority, making transactions more transparent and secure. Blockchain, the underlying technology, ensures the integrity of transactions through a distributed ledger. Australia's economic stability and growth make it an attractive market for Bitcoin investors. Additionally, the increasing acceptance of Bitcoin in businesses across the country has fueled its popularity as a viable investment option.

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How does mining work?

Put your computer to work

Bitcoins are created by computers doing work on an agreed-upon problem, called the *block*. The work is called *hashing*. When a computer finds the solution to the work, it shares the results, called the proof of work, to the other computers involved in the Bitcoin distributed network. The network then checks the solution and if it's correct, rewards the finder with Bitcoins!

A 50 BTC lottery

Currently, the reward for a successfully mined block is 50 BTC! If your computer finds it, you win that block! The other important thing about mining is that as more people mine, it becomes harder and harder to find that solution, so get started now!

How do I mine?

To mine, you'll need Bitcoin mining software, and computer hardware to do hashing, probably a nice AMD video card.

The speed at which you mine is rated in hashes per second. Older computer CPUs mine in the kilohashes or thousands of hashes per seconds, and modern high-end CPUs can mine up to 66 Mhash/s (megahash per second).

Gaming computers work

The problem is, video cards, with their GPUs, mine much faster than CPUs ever can – a good video card such as the AMD 7850 [affiliate link, grab actual data from https://en.bitcoin.it/wiki/Mining_Hardware_Comparison ] can mine 329 Mhash/s, so mining with your CPU will not make money. GPUs can do a lot less than the CPU in your computer, but what they can do, which includes Bitcoin mining, they can do a lot faster.

AMD video cards are suggested because they mine a lot faster than Nvidia GeForce cards – for example, $200 can get you 300 Mhash/s with AMD or 80 Mhash/s with Nvidia.

Multiple Video Cards are better...

You can use just one video card in a computer, or you could put multiple video cards inside one computer. You don't need SLI or CrossFire used for having multiple video cards work on one computer, you just need to have the cards plugged into the motherboard in the proper slots and recognized by the computer.

FPGA is faster

There's something even better than gaming computers - specialized mining hardware, such called "FPGA miners" or ASIC miners, which mine even faster than GPUs for a much higher cost and the inability to do anything BUT mine. For example, there's
[affiliate links to FPGA/ASIC miners.]
FPGA/ASIC miners get their own special software. If you've decided to stick with GPU mining, however, you need to download mining software that will let you mine using the GPU inside the video card.

Mining Software

For Windows, the easiest mining software is GUI Miner, available here https://bitcointalk.org/?topic=3878.0 You'll also probably need OpenCL http://developer.amd.com/gpu/AMDAPPSDK/downloads/Pages/default.aspx installed if you used AMD cards as suggested.

Download and start mining Bitcoins!

In Australia, several cryptocurrency exchanges offer a variety of features and services. It's essential to compare them based on factors such as fees, security, and user interface. Opting for a reputable exchange is fundamental to a positive buying experience.

Buying Bitcoin

How to buy Bitcoin in Australia

With funds in your account, it's time to buy Bitcoin. Follow the step-by-step guide provided by your chosen exchange, and consider market trends for optimal timing. Remember, patience is key in the world of cryptocurrency.

For long-term storage, consider transferring your Bitcoin to a hardware wallet—a secure, offline device. Implement additional security measures, such as biometric authentication or secure PINs, to safeguard your investment.

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