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

Once youre done with your calculations, it's time to receive your miner! Make sure to discuss our Bitcoin mining hardware testimonials to understand which miner is ideal for you, if you havent done it already in step 1.

DragonMint T1Manufacturer:Halong MiningPower consumption:1480WHash rate: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 procedure:16 nmNoise degree:76 dbOverall rating:4.5 Star RatingAvalonMiner 841Manufacturer:CanaanPower consumption:1290WHash rate:13.6 TH/sEfficiency:0.099 j/GHChip process:16 nmNoise degree: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 speech. It will be a long sequence of letters and numbers. Each wallet has a different way to get the public Bitcoin address, but most pockets are fairly 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 solve the original problem and earn the bitcoin reward and transaction fees. The profits will be spread out through the pool based on contribution. .

Fundamentally, youll create a more consistent amount of Bitcoins and will be more likely to be given a return on your investment.

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

Once you're signed up with a pool, youll get a username and password for this particular pool, which you will use later on.

Controlling and monitoring your own mining rig requires dedicated applications. Depending on what mining rig you have, youll need to find the right software. Many mining pools have their own applications, however some dont. In case youre not sure which mining software that you official statement need, you can find a listing of Bitcoin mining applications here.

Connect you miner to a power outlet and firing it up. Be 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 may start collections shares, which represent your part of the job in finding the next block. According to the pool youve chosen, youll be compensated for your share of coinsjust be certain that you enter your address in the required fields when signing up to the pool. .

Cloud mining means that you do not buy a physical mining rig but rather rent computing power from 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 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 these cloud mining websites are rewarding. The ones that do look rewarding are scams which dont even own any mining equipment; theyre just fancy Ponzi you can try these out 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 route, be certain that you make the ideal calculations before handing over any funds.

Some mobile programs promise to mine Bitcoin on your phone. While in theory, this is possible, because of the low processing power phones have compared to ASIC miners, youll probably 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 was done by each phone. Remember, mining is possible with any previous computerits not worth the electricity wasted on it because the slower the computer, the bigger 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 result was of course, that its not worth it.