Bitcoin Mining Wiki for Dummies

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

Once youre done with your calculations, its time to get your miner! Be certain you discuss our Bitcoin mining equipment reviews to understand which miner is 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 process:10 nmNoise level: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 process:16 nmNoise degree:65 dbOverall rating:4 Star Rating

Youll need a Bitcoin wallet in which to maintain your mined Bitcoins. Once you have a wallet, make sure to get your wallet address. It will be a long sequence of letters and numbers. Each pocket has a different method to find the people Bitcoin speech, but most pockets are fairly simple about it.

All about Start Bitcoin Mining

When you join a mining pool, then youll be given smaller and easier problems to fix. All of your combined work is likely to make the pool more likely 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. .

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

To answer most of these questions, you can use our Bitcoin mining pools inspection or this excellent post from BitcoinTalk. You can also find a complete comparison of mining pools in the Bitcoin wiki.

Once you are signed up with a pool, then youll get a username and password for great post to read that specific pool, which you will use later on.

Controlling and monitoring your mining rig requires dedicated applications. Depending on what mining rig you have, youll need to find the ideal software. Many mining pools have their own software, however some dont. In case youre not certain which mining software you need, you can find a listing of Bitcoin mining applications here.

Connect you miner to a power socket and fire it up. Make sure that you connect it to your computer too (usually via USB), and open up your mining program. 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 the job in finding the next block. According to the pool youve chosen, youll be compensated for your share of coinsjust be sure that you enter your address in the required fields when signing up to the pool. .

Cloud mining means you do not buy a physical mining rig but rather rent computing power by a mining company and get paid according to how much mining energy you own. Initially, this sounds like a really good idea, since you dont have to go through all of the bother of buying expensive equipment, storing it, cooling it, and monitoring it. .

But when you do the math it appears that none of those cloud mining websites are profitable. The ones that do look rewarding are 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 rule straight from the source of thumb, Id suggest avoiding cloud mining entirely. In case you still want to pursue this route, be certain that you make the ideal calculations before handing over any funds.

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

The 30-Second Trick For Spend Bitcoin

The apps that allow this act as mining pools for cellular phones and disperse earnings according to how much work was done by every phone. Remember, mining is possible with any previous computerits not worth the energy wasted on it because the slower the computer, the bigger the chances are of actually getting some kind of reward. .

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