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Before even starting out with Bitcoin mining, you need to do your due diligence. The very best method to do this, since weve discussed, is via the use of a Bitcoin mining calculator. Keep in mind that mining costs money! In case you dont have a few thousand dollars to spare on the ideal miner, and if you dont have access to cheap power, mining Bitcoin may not be for you. .

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

DragonMint T1Manufacturer:Halong MiningPower consumption:1480WHash speed:16 TH/sEfficiency:0.0925 j/GHChip process: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 rate: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 have a wallet, be sure to get your wallet address. It'll be a long sequence of letters and numbers. Each wallet has a different way to get the public Bitcoin address, but most pockets are pretty straightforward about it.

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When you join a mining pool, youll be given smaller and easier problems to fix. All of 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 inclined to receive a return on your investment.

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

Once you're signed up with a pool, youll receive a username and password for this particular pool, which you will 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 sure which mining software you need, you can find a listing of Bitcoin mining applications here.

Connect you miner into a power socket and firing it up. Be sure to connect it to your computer as well (normally via USB), and open your mining program. The very first thing youll need to do is to enter your mining skillet address, username, and password.

Once this is configured, you may start collections stocks, 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 necessary fields when signing up to the pool. .

Cloud mining means you do not purchase a mechanical mining rig but Learn More instead 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 experience all the hassle of buying expensive equipment, storing it, cooling it, and monitoring it. .

But when you do the math it seems that none of these cloud mining websites are rewarding. The ones that do seem profitable are usually scams that 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 entirely. In case you still want to pursue this path, 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, this is possible, due to the low processing power phones have compared 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 like it as mining pools for mobile phones and distribute earnings according to how much work was done by each phone. Remember, mining is possible with any old computerits just not worth the electricity wasted on it because the slower the computer, the smaller the chances are of actually getting some kind of reward. .

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