- Hey, Pete, it's guys here.
And in the last couple of months,
I've been earning around a hundred pounds per month
from mining Bitcoin.
And with news coming in every other week
of Bitcoin breaking all-time highs
as it essentially crashes upwards,
this video is gonna break down
exactly how to mine and buy Bitcoin.
Firstly, a quick 10 seconds on what Bitcoin is.
Essentially, it is a digital currency
that some people claim will replace gold
in the years to come.
Back in 2010, a programmer named Laszlo Hanyecz
paid for two Papa John's pizzas in Bitcoin,
10,000 Bitcoins to be exact.
Well, today in 2021, 10,000 Bitcoins
is worth $561,351,000.
Over half a billion dollars, which is just insane.
So first up, I'm gonna talk about the biggest complaint
I hear about mining Bitcoin,
explain briefly about what mining is,
and then talk about how you can mine your own Bitcoin,
which gives you a way to own your own Bitcoin for free.
And then at the end, I'll quickly just run through
how to just go and buy some Bitcoin for yourself.
And getting straight into it.
The biggest complaint that I hear about
when everyone talks about Bitcoin
is that it is destroying the environment.
And from my own research,
those comments are mostly false to a point
because through a number of different studies
that have been posted online,
they indicate that renewable energy is responsible
from anywhere from 39% of production in the Bitcoin network
to... Well, if you look at Sichuan in China
where half of all global mining now takes place,
and 95% of that energy comes from renewable sources.
And this is only gonna improve over time.
As you know, the electric car revolution
continues to happen.
And the focus for all country now
is to reduce their emissions.
Then both running an electric car
and mining Bitcoin will become better for the environment.
Next up is what exactly is mining for Bitcoin.
And I'm gonna keep these explanations from being too geeky.
But mining is essentially a process
that happens to keep the Bitcoin network operational.
As payments are being transferred
to and from various people,
these miners are the ones doing the work
to verify and confirm transactions across that network.
I actually heard a great analogy of this,
thinking of the Bitcoin network as a bus route.
People, the Bitcoin payments, queue up to get on the bus.
When the bus arrives, you buy your bus ticket,
which is the Bitcoin fee that you pay.
The people who buy the more expensive tickets
then get to go on the bus first.
Which is why if you ever try and transfer Bitcoin
from another wallet, one wallet to another,
you might be shocked to find that it is not instant.
It can take some time, hours.
In rare occasions, it takes days.
But the good news is that it is all publicly available
for all to see.
You can literally look up your transfer online
and see how far along the bus route it is.
Now, the miners are essentially
the gatekeepers to those bus stops.
They check everything is legit before they get on,
and before you get onto the bus, and when you get off again.
And for that job, miners are paid in Bitcoin
as a reward for keeping the Bitcoin network running.
So to cut it short, by mining Bitcoin,
you are keeping the network running, keeping it secure,
and also getting paid in Bitcoin for doing so.
So over to how I have been earning 100 pounds
per month for mining Bitcoin.
And this isn't complicated at all,
you don't specifically have to buy any special hardware
to do so, but of course, the better the hardware is,
the more you could potentially earn.
So first up, what am I using?
I have here just right on my desk, a regular gaming PC.
It is running an AMD Ryzen 5 2600X processor,
16 gig of memory and a GeForce RTX 2080 graphics card.
On this PC, I've installed an application called NiceHash,
which is pretty much as simple as it gets.
You instal it, click on Go.
And that's all you need to do.
Other than maybe a couple of optimization steps.
Now doing this, gives me around 0.00010080 Bitcoins
every 24 hours, which in today's pricing
is around four pounds, four pounds 10 per day.
Now on the flip side of this,
let's look at the running costs.
I'm on Octopus Energy for my electric
on their Tesla energy plan
because I have a Tesla Power battery
on the house and the car.
And that gives me an incredibly good rate
of 0.08 pence per kilowatt hour of electricity
and 0% standing charge as well.
But even if you can't get on that tariff
and switch to something else, like the Octopus Agile tariff,
you can save a considerable amount
on your electricity bills,
as well as be more profitable mining Bitcoin.
I'll leave a referral link down below for that one.
Now my gaming PC uses around 100 Watts
which works out to be 2.4 kilowatt hours per day.
And so with the Octopus tariff,
that cost me around 19 pence per day.
Run that out for 31 days
and you come to around six pounds in electricity costs
to me and around 127 pounds in Bitcoin mines.
So all in all, that's profit around
whoa, actually 120 pounds per month.
Lastly, and to wrap this up whilst all of that sounds great.
What if you just want to buy some Bitcoin?
Everyone makes it sound so complicated
but is it really so simple?
Yeah. Firstly, you sign up for Coinbase
and I do have another affiliate link for that
which gets you both you and me
seven pounds 50 in free Bitcoin.
When you sign up and buy yourself 71 pounds 52 in Bitcoin,
random number.
So that'll be down below
but you'll need a Coinbase account.
So download the Coinbase app on your phone.
And Coinbase is basically like a bank.
You know, the bank where you can buy and sell Bitcoin.
Think of it like any other national bank, Barclays.
Once you have your account set up,
just fire up the app
and tap the button down the bottom here with the two arrows,
then Buy Crypto with Cash,
tap Bitcoin,
although you could also buy any of the other coins
that are showing in here,
enter how much you want to buy,
I'm gonna pop in 10 pounds,
and then down here, you'll get the option,
if you don't have one already, to add the payment source.
So follow the prompts here to enter your card details
or all your bank information.
Now this is one of those times
where it is okay to enter those into an app on your phone.
This is a secure app, much like a bank.
And then once that's all done, tap Preview Buy.
This will then show you what you are going to buy,
for how much and how much you'll be charged as a fee.
Simply now, tap Buy Now.
And now you own your own piece of history.
And now this isn't financial advice
but I would be buying just a tiny amount of Bitcoin
if you possibly can,
as none of us can really predict where this thing
is going to go.
So if you can, my advice,
which isn't financial advice,
is to throw 100 pounds into this thing
and then don't look at it again
for like another 10 years, as you just never know.
Now just be prepared for some pretty big swings
at the time of filming this video.
Bitcoin last weekend hit around $63,000,
but it's currently hovering in the mid $50,000.
But if you are a long-term holder,
that is not a problem at all.
Now, the reason it doesn't look like I have any Bitcoin
in my account on Coinbase, for those of you sceptics,
I actually use Coinbase Pro, which is slightly
more involved process, but does have lower fees
and where I'm actually buying Bitcoin every month.
I'd rather not be paying the standard Coinbase fees
each and every time.
But for reference and to show
that I'm putting my money where my mouth is, so to speak,
I have two point something Bitcoins.
I did actually have three,
but a few months ago I decided to pull out
my initial investment.
And basically I'm now playing with house money, free money.
So, yeah, to the moon.
If you want to know more about cheap electricity,
then check out this video.
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And I am off to get a haircut.
Woohoo.
Bye bye.