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Before even starting out with Bitcoin mining, you need to do your due diligence. The best way to do this, as weve discussed, is through using a Bitcoin mining calculator. Keep in mind that mining costs money! If you dont have a couple thousand dollars to spare on the ideal miner, and if you dont have access to cheap electricity, mining Bitcoin may not be for you. .

Once youre done with your calculations, its time to receive your miner! Be sure to discuss our Bitcoin mining hardware testimonials to understand which miner will be ideal for you, if you havent done it in measure 1.

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

Youll need a Bitcoin wallet in which to maintain your mined Bitcoins. Once you've got a wallet, be sure to get your wallet address. It will be a long sequence of letters and numbers. Each wallet has a different way to get the public Bitcoin address, but most pockets are fairly simple about it.

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

Basically, youll create 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 comprehensive 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 may 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 applications that you need, you Resources can find a listing of Bitcoin mining software here.

Connect you miner to a power outlet and fire it up. Be certain to connect it to your own computer too (normally via USB), and open your mining software. The 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 portion of their job in finding the next block. According to the pool youve chosen, youll be compensated for your share of coinsjust be certain you enter your address in the required fields when signing up to the pool. .

Cloud mining means that you do not buy a physical mining rig but rather 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 all of the hassle of buying expensive equipment, storing it, cooling it, and monitoring it. .

However, when you do the math it appears that none of those cloud mining websites are rewarding. The ones that do seem profitable are scams which dont even own any mining equipment; theyre just fancy Ponzi schemes that will end up running away with your money.

As a general rule of thumb, Id suggest avoiding cloud mining altogether. If you still want to pursue this path, make sure that you make the ideal calculations prior to handing over any funds.

Some mobile apps claim to mine Bitcoin on your phone. While in theory, it is possible, because of the low processing power phones have compared to ASIC miners, youll likely end up draining your phones battery much quicker and create a very small fraction of bitcoin in return.

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The apps that allow this act as mining pools for cellular phones and distribute earnings according to how much work has been done by each phone. get redirected here Bear in mind, mining is possible with any previous computerits not worth the electricity wasted on it since the lower the computer, the smaller the chances are of actually getting some kind of reward. .

For reference, mining was demonstrated in concept on a 55-year-old computer a while back by IBMand the result was naturally, that its not worth it.