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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 via the use of a Bitcoin mining calculator. Bear in mind that mining costs money! In case you dont have a few thousand dollars to spare on the right 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 receive your miner! Be certain you discuss our Bitcoin mining hardware reviews 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 procedure:10 nmNoise level:75 dbOverall rating:5 Star RatingAntminer S9Manufacturer:BitmainPower consumption:1350WHash speed: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 procedure: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 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, then youll be given smaller and simpler problems to solve. All 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 likely to receive a return on your investment.

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

Once you are signed up with a pool, then youll get a username and password for that 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, but some dont. In case youre not sure which mining applications you need, you can find a list of Bitcoin mining software here.

Connect you miner to a power outlet and fire it up. Be sure that you connect it to your computer too (usually via USB), and open your mining software. The very 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 you enter your address in the required fields when signing up to the pool. .

Cloud mining means that you do not purchase a physical mining rig but instead rent computing power from a mining company and get paid according to how much mining power you own. At first, this sounds like a excellent idea, since you dont have to go through all of the bother of buying expensive equipment, storing it, cooling page it, and monitoring it. .

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

As a general guideline, Id suggest avoiding cloud mining altogether. If 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 concept, this 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 apps that allow this act as mining pools for cellular phones and distribute earnings according to how much work was done by every phone. Remember, mining is possible with any previous computerits not worth the energy wasted on it since 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 back by IBMand the result was naturally, that its not worth it.