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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 through 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 personally. .

Once youre done with your calculations, it's time to get your miner! Make certain to discuss our Bitcoin mining hardware reviews to understand which miner is best for you, if you havent done it already in measure 1.

DragonMint T1Manufacturer:Halong MiningPower consumption:1480WHash speed: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 procedure: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, make certain that you get your wallet address. It will be a long sequence of letters and numbers. Each pocket has a different method to get the public Bitcoin address, 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 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. .

Basically, youll make 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 post from BitcoinTalk. You can also find a comprehensive comparison of mining pools in the content Bitcoin wiki.

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

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

Connect you miner into a power socket and fire it up. Make sure that you connect it to a own computer as well (usually via USB), and open up your mining program. The very first thing youll need to do is to enter your mining skillet address, username, and password.

Once this is configured, you will 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 be certain that you enter your address in the required fields when signing up to the pool. .

Cloud mining means you do not buy a physical mining rig but instead rent computing power by 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 go through all the hassle of click to find out more 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 profitable. The ones that do look rewarding are scams which 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. In case you still want to pursue this particular route, be certain to make the right calculations before handing over any funds.

Some mobile apps claim 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 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 cellular phones and disperse earnings according to how much work has been done by each phone. Remember, mining is possible with any old computerits just 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 ago by IBMand the result was naturally, that its not worth it.