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Before even starting out with Bitcoin mining, you need to do your due diligence. The best way to try it, as weve discussed, is through 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 power, mining Bitcoin may not be for you. .

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

DragonMint T1Manufacturer:Halong MiningPower consumption:1480WHash speed:16 TH/sEfficiency:0.0925 j/GHChip process:10 nmNoise degree:75 dbOverall rating:5 Star RatingAntminer S9Manufacturer:BitmainPower consumption:1350WHash speed:14.5 TH/sEfficiency:0.093 j/GHChip process:16 nmNoise level:76 dbOverall rating:4.5 Star RatingAvalonMiner 841Manufacturer:CanaanPower consumption:1290WHash speed: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 maintain your mined Bitcoins. Once you have a wallet, be certain that you get your wallet speech. It'll be a long sequence of letters and numbers. Each wallet has a different method to find the people Bitcoin speech, but most wallets are pretty straightforward 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 is likely to 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 throughout the pool based on contribution. .

Basically, youll make a more consistent amount of Bitcoins and will be more likely 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 Bitcoin wiki.

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

Controlling and monitoring your own mining rig requires dedicated applications. 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 software here.

Connect you miner to a power socket and fire it up. Be sure that you connect it to your own computer as 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 may start collections shares, which represent your portion of their work in finding the next block. According to the pool youve chosen, youll be compensated for your share of coinsjust make sure you enter your address in the required fields when signing up to the pool. .

Cloud mining means pop over here you do not purchase a physical 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 experience each 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 these cloud mining websites are profitable. The ones that do look profitable 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. If you still want to pursue this particular path, be certain to make the right calculations before handing over any funds.

Some mobile apps promise to mine Bitcoin on your phone. While in concept, it is possible, due to the very low processing power phones have in comparison to ASIC miners, youll probably end up draining your phones battery much faster and create a tiny fraction of bitcoin in return.

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The programs that allow this act as mining pools for cellular phones and disperse earnings according to how much work was done by every phone. Bear in mind, mining is possible with any old 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 was demonstrated in concept on a 55-year-old pc some time ago by IBMand the consequence was of course, that its not worth it.