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Before even starting out with Bitcoin mining, you need to do your due diligence. The best method to try it, since 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 right miner, and if you dont have access to cheap electricity, mining Bitcoin might not be for you. .

Once youre done with your calculations, its time to get your miner! Make sure to discuss our Bitcoin mining hardware reviews to understand which miner is best 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 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 process:16 nmNoise level:65 dbOverall rating:4 Star Rating

Youll need a Bitcoin wallet in which to keep your mined Bitcoins. Once you've got 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 find the public Bitcoin address, but most wallets are pretty simple about it.

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When you join a mining pool, then 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 swimming pool based on contribution. .

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

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

Once you're signed up with a pool, then 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 software. Depending on what mining rig you've got, youll need to find the ideal software. Many mining pools have their own software, however some dont. In case youre not sure which mining applications you need, you can find a listing of Bitcoin mining applications here.

Connect you miner to a power socket and fire it up. Be sure that you connect it to your own computer as Discover More well (normally via USB), and open up your mining program. 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 work in finding the next block. According to the pool youve chosen, youll be compensated 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 purchase 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 all the bother of buying expensive equipment, storing it, cooling it, and monitoring it. .

However, when you do the math it appears that none of those cloud mining sites are rewarding. Those that do look rewarding are usually scams that dont even own any mining equipment; theyre just elaborate Ponzi schemes which will end up running away with your money.

As a general rule of thumb, Id suggest avoiding cloud mining entirely. If you still want to pursue this route, make sure that you make the ideal calculations prior to handing over any funds.

Some mobile programs claim to mine Bitcoin on your phone. While in concept, it is possible, due to the low processing power phones have in comparison 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 programs that allow this behave as mining pools for mobile phones and disperse earnings according to how much work has been done by each phone. Bear in mind, mining is possible with any previous computerits just 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 computer a while ago by IBMand the consequence was naturally, that its not worth it.