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Before even starting out with Bitcoin mining, you need to do your due diligence. The best method to try it, as weve discussed, is via the use of a Bitcoin mining calculator. Keep in mind that mining costs money! If you dont have a few thousand dollars to spare on the right miner, and if you dont have access to cheap power, mining Bitcoin might not be for you personally. .

Once youre done with your calculations, its time to get your miner! Be sure to go over our Bitcoin mining equipment reviews to understand which miner will be best for you, if you havent done it in measure 1.

DragonMint T1Manufacturer:Halong MiningPower consumption:1480WHash speed:16 TH/sEfficiency:0.0925 j/GHChip procedure:10 nmNoise degree:75 dbOverall rating:5 Star RatingAntminer S9Manufacturer:BitmainPower consumption:1350WHash speed:14.5 TH/sEfficiency:0.093 j/GHChip process:16 nmNoise degree:76 dbOverall rating:4.5 Star RatingAvalonMiner 841Manufacturer:CanaanPower consumption:1290WHash speed:13.6 TH/sEfficiency:0.099 j/GHChip procedure:16 nmNoise level:65 dbOverall rating:4 Star Rating

Youll need a Bitcoin wallet in which to keep your mined Bitcoins. Once you've got a wallet, be certain that you get your wallet speech. It'll be a long sequence of letters and numbers. Each pocket has a different way to find the public Bitcoin address, but most pockets are pretty simple about it.

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When you join a mining pool, youll be given smaller and simpler problems to solve. All of your combined work is likely to make the pool more inclined to address the original problem and earn the bitcoin reward and transaction fees. The profits will probably be spread out throughout the pool based on contribution. .

Basically, youll make a more consistent amount of Bitcoins and will be more likely to be given a return on your investment.

To answer the majority of these questions, you can use our Bitcoin mining pools review or this excellent article from BitcoinTalk. You can even find a complete comparison of mining pools in the Bitcoin wiki.

Once you're signed up with a pool, youll get a username and password for this particular pool, which you will use later on.

Controlling and monitoring your mining rig requires dedicated software. Depending on what mining rig you've got, youll need to find the ideal software. Many mining pools have their own software, but some dont. In case youre not sure which mining software that you need, you can find a list of Bitcoin mining applications here.

Connect you miner to a power try here outlet and firing it up. Be certain to connect it to your computer too (usually via USB), and open up your mining software. The very first thing youll need to do is to enter your mining pools address, username, and password.

Once this is configured, you will start collections shares, which represent your part of their work in finding the next block. According browse around these guys to the pool youve chosen, youll be paid for your share of coinsjust be sure you enter your address in the required fields when signing up to the pool. .

Cloud mining means that you do not buy a mechanical mining rig but instead rent computing power from a mining company and get paid according to how much mining power you own. At first, this sounds like a really good idea, since you dont have to go through each the bother of buying expensive equipment, storing it, cooling it, and monitoring it. .

But when you do the math it appears that none of these cloud mining sites are profitable. The ones that do look rewarding are usually scams that dont even own any mining equipment; theyre just fancy Ponzi schemes which will end up running away with your money.

As a general guideline, Id suggest avoiding cloud mining entirely. If you still want to pursue this particular route, make sure that you make the right calculations before handing over any funds.

Some mobile apps claim to mine Bitcoin on your phone. While in concept, this is possible, due to the very low processing power phones have in comparison to ASIC miners, youll probably end up draining your phones battery much faster and make a tiny fraction of bitcoin in return.

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The programs that allow this act as mining pools for cellular phones and disperse earnings according to how much work was done by every phone. Bear in mind, mining is possible with any old computerits just not worth the electricity wasted on it because the lower the computer, the bigger the chances are of actually getting some kind of reward. .

For reference, mining was demonstrated in concept on a 55-year-old pc some time ago by IBMand the consequence was of course, that its not worth it.