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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 the use of a Bitcoin mining calculator. Bear in mind that mining costs money! If you dont have a couple thousand dollars to spare on the right miner, and if you dont have access to cheap power, mining Bitcoin may not be for you. .

Once youre done with your calculations, its time to get your miner! Make certain you discuss our Bitcoin mining hardware testimonials 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 process:16 nmNoise level:65 dbOverall rating:4 Star Rating

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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 address. It'll be a long sequence of letters and numbers. Each wallet has a different method 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 fix. All your combined work is likely to make the pool more likely to solve the original problem and earn the bitcoin reward and transaction fees. The profits will be spread out through the swimming 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 review or this excellent article 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 that specific pool, which you may use later on.

Controlling and monitoring your mining rig requires dedicated applications. 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 certain which mining software that you need, you can find a listing of Bitcoin mining applications here.

Connect you miner to a power socket and fire it up. Make certain that you connect it to your own computer as well (normally via USB), and open your mining program. The first thing youll need to do is to enter your mining skillet address, username, and password.

Once this is configured, you will start collections stocks, which represent your portion of the work in finding the next block. According to the pool youve chosen, youll be compensated for your share of coinsjust make sure you enter your address in the necessary fields when signing up to the pool. .

Cloud mining means that you do not purchase a mechanical mining rig but rather rent computing power from a mining company and get paid according to how much mining energy you own. Initially, this sounds like a excellent idea, since you dont need to go through each the hassle 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. Those that do seem rewarding are scams which dont even you can look here own any mining equipment; theyre just elaborate Ponzi schemes that will end up running away with your money.

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

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

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The apps that allow this act as mining pools for mobile phones and disperse earnings according to how much work has been done by each 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 has been demonstrated in theory on a 55-year-old computer some time back by IBMand the consequence was of course, that its not worth it.

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