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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 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 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 get your miner! Be sure to go over our Bitcoin mining equipment testimonials to understand which miner will be ideal for you, if you havent done it already in step 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 rate:14.5 TH/sEfficiency:0.093 j/GHChip process:16 nmNoise level: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 certain that you get your wallet address. It will be a long sequence of letters and numbers. Each pocket has a different way to find 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 simpler problems to fix. All of your combined work is likely to make the pool more inclined 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. .

Basically, 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 also find a comprehensive comparison of mining pools in the pop over here Bitcoin wiki.

Once you're signed up with a pool, youll get a username and password for this specific 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, however some dont. In case youre not sure which mining software that you need, you can find a list of Bitcoin mining software here.

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

Once this is configured, you may start collections shares, which represent your portion of the 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 required fields when signing up to the pool. .

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

But when you do the math it seems that none of those cloud mining sites are profitable. The ones that do seem rewarding are usually scams which dont even own any mining equipment; theyre just elaborate Ponzi schemes which will end up running away with your money.

As a general guideline, Id suggest avoiding cloud mining altogether. In case you still want to pursue this particular route, make certain to make the ideal calculations before handing over any funds.

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

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The apps that allow this behave as mining pools for mobile phones and disperse earnings according to how much work has been 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 concept on a 55-year-old pc some time ago by IBMand the consequence was of course, that its not worth it.