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Before even starting out with Bitcoin mining, you need to do your due diligence. The best method to do this, since 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 power, mining Bitcoin might not be for you. .

Once youre done with your calculations, it's time to receive your miner! Make certain to discuss our Bitcoin mining hardware reviews to understand which miner will be ideal for you, in case you havent done it already in step 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 procedure: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 maintain your mined Bitcoins. Once you've got a wallet, make sure to get your wallet speech. It'll be a long sequence of letters and numbers. Each wallet has a different method to find the public Bitcoin speech, but most pockets are fairly straightforward about it.

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

Basically, youll create a more consistent amount of Bitcoins and will be more likely 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 even find a comprehensive 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 particular pool, which you may use later on.

Controlling and monitoring your mining rig requires dedicated software. Depending on what mining rig you have, youll need to find the right 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 into a power outlet and fire it up. Make certain to connect it to your computer as well (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 paid for your share of like this coinsjust be sure that you enter your address in the necessary fields when signing up to the pool. .

Cloud mining means that you do not buy a mechanical mining rig but rather rent computing power by a mining company and get paid according to how much mining power you own. Initially, this sounds like a really good 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 seems that none of these cloud mining websites are profitable. Those that do seem rewarding are scams which dont even own reference any mining equipment; theyre just fancy 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 route, make certain that you make the ideal calculations before handing over any funds.

Some mobile programs promise to mine Bitcoin on your phone. While in concept, it is possible, because of the low processing power phones have in comparison to ASIC miners, youll likely end up draining your phones battery much quicker and make a very small 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 was done by each phone. Remember, mining is possible with any previous computerits not worth the energy wasted on it since the lower the computer, the smaller the chances are of actually getting some kind of reward. .

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