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Before even starting out with Bitcoin mining, you need to do your due diligence. The best method to do this, since weve discussed, is via using 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 electricity, mining Bitcoin may not be for you. .

Once youre done with your calculations, its time to receive your miner! Be sure you go over 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 rate:16 TH/sEfficiency:0.0925 j/GHChip procedure: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 degree: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 maintain 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 method to find the public Bitcoin speech, but most pockets are fairly straightforward about it.

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When you join a mining pool, youll be given smaller and simpler problems to fix. All your combined work will make the pool more likely to solve the original problem and earn the bitcoin reward and transaction fees. The profits will probably be spread out throughout the swimming pool based on contribution. .

Basically, youll create a more consistent amount of Bitcoins and will be more likely to be given 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 also find a complete comparison of mining pools in the Bitcoin wiki.

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

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

Connect you miner into a power socket and fire it up. Make certain that you connect it to your own computer too (usually via USB), and open up 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 will start collections shares, 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 physical mining rig but instead 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 seem rewarding are visit this page usually 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 rule of thumb, Id suggest avoiding cloud mining altogether. In case you still want to pursue this path, be sure that you make the ideal calculations prior to handing over any funds.

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

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The apps that allow this act 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 energy wasted on it because the slower 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 some time back by IBMand the result was of course, that its not worth it.