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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. Keep in mind that mining costs money! In case 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 personally. .

Once youre done with your calculations, its time to get your miner! Be certain you discuss our Bitcoin mining hardware testimonials 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 rate: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

Youll need a Bitcoin wallet in which to maintain your mined Bitcoins. Once you've got a wallet, make certain that you get your wallet speech. It'll be a long sequence of letters and numbers. Each pocket has a different method to get the people 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 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 throughout the pool based on contribution. .

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

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

Once you're signed up with a pool, youll receive a username and password for that specific pool, which you will 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 right software. Many mining pools have their own applications, but some dont. In case youre not certain which mining applications that you need, you can find a listing of Bitcoin mining software here.

Connect you miner to a power socket and firing it up. Make sure to connect it to your own computer too (normally via USB), and open up your mining software. 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 part of their job in finding the next block. According to the pool youve chosen, youll be paid for your share of coinsjust make certain that you enter your address in the necessary fields when signing up to the pool. .

Cloud mining means that you do not buy a physical mining rig but instead rent computing power by a mining company and get paid according to how much mining energy you own. At first, this sounds like a really good idea, since you dont need to experience all of the hassle of buying expensive equipment, storing it, cooling it, and monitoring it. .

But when you do the math it appears that none of these cloud mining websites are rewarding. Those that do seem rewarding are 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 guideline, Id suggest avoiding cloud mining entirely. In case you still want to pursue this path, be certain to make the ideal calculations prior to handing over any funds.

Some mobile apps claim to mine Bitcoin on your phone. While in concept, 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 programs that allow this behave as mining pools for mobile phones and distribute earnings according to how much work has been 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 pc a while back by IBMand the result was of course, that its not worth it.