How to Mine Bitcoins in 2020 – Part 2

Today we shall be discussing How to Mine Bitcoins in 2020 – Part 2 which is the second part of the topic How to Mine Bitcoins in 2020. Once you’ve made the decision that mining is right for you, you’ll also need to set up a Bitcoin wallet to store your profits.

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How to Mine Bitcoins in 2020 – Part 2

Setting up your Bitcoin wallet

If you’re mining as an investment and don’t plan on spending any of your coins soon, consider using a website like Bitcoin Paper Wallet Generator to create a ‘paper’ wallet. Make a note of the ‘public’ address which you can use to receive payments.

You can check the balance of your Bitcoin wallet safely at any time by visiting Blockchain.info and entering your payment address into the search bar at the top-right. Don’t let anyone see your private keys as anyone with access to your paper wallet can control your virtual cash.

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If you plan to regularly cash out your BTC or make payments, consider using a software wallet instead. The lightweight Electrum wallet is available for all major desktop operating systems and Android. When you create your wallet, Electrum will generate a ‘seed’ of a dozen random words to use as a private key. This means you can restore your Bitcoin wallet if anything happens to your computer.

If you use a software wallet like Electrum, try to do it on a machine that isn’t connected to the internet so your BTC can’t be hacked. This is known as ‘cold storage’. The Electrum website has instructions for setting up a ‘watching’ wallet for day-to-day use which can show your balance but cannot make payments itself.

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