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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. 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 power, mining Bitcoin may not be for you. .

Once youre done with your calculations, it's time to receive your miner! Make sure to discuss our Bitcoin mining equipment testimonials to understand which miner will be best for you, in case you havent done it already 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 procedure:16 nmNoise degree:76 dbOverall rating:4.5 Star RatingAvalonMiner 841Manufacturer:CanaanPower consumption:1290WHash rate:13.6 TH/sEfficiency:0.099 j/GHChip procedure:16 nmNoise level:65 dbOverall rating:4 Star Rating

Youll need a Bitcoin wallet in which to maintain your mined Bitcoins. Once you've got 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 find the people Bitcoin address, but most wallets are fairly 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 solve the original problem and earn the bitcoin reward and transaction fees. The profits will probably be spread out through the pool based on contribution. .

Fundamentally, youll make a more consistent amount of Bitcoins and will be more inclined to receive 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 comprehensive comparison of read mining pools in the Bitcoin wiki.

Once you're signed up with a pool, youll receive a username and password for this specific pool, which you will 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 that you need, you can find a listing of Bitcoin mining applications here.

Connect you miner into a power socket and fire it up. Make sure to connect it to a own computer too (normally via USB), and open up your mining software. The first thing youll need to do is to enter your mining pools address, username, and other password.

Once this is configured, you may start collections stocks, which represent your portion of their job in finding the next block. According to the pool youve chosen, youll be paid for your share of coinsjust be sure that you enter your address in the necessary 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 excellent idea, since you dont need to go through each of the bother of buying expensive equipment, storing it, cooling it, and monitoring it. .

However, when you do the math it appears these details that none of those cloud mining websites are rewarding. Those that do look profitable are scams that dont even own any mining equipment; theyre just elaborate 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 path, be certain that you make the right calculations before handing over any funds.

Some mobile programs promise to mine Bitcoin on your phone. While in theory, it is possible, because of the low processing power phones have in comparison to ASIC miners, youll likely end up draining your phones battery much quicker and make 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. Bear in mind, mining is possible with any old computerits not worth the energy wasted on it because the slower the computer, the bigger 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 back by IBMand the consequence was naturally, that its not worth it.