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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 few thousand dollars to spare on the ideal miner, and if you dont have access to cheap electricity, mining Bitcoin may 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 equipment reviews to understand which miner will be ideal for you, in case you havent done it in step 1.

DragonMint T1Manufacturer:Halong MiningPower consumption:1480WHash rate:16 TH/sEfficiency:0.0925 j/GHChip process:10 nmNoise level: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 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 keep your mined Bitcoins. Once you have a wallet, make sure to get your wallet speech. It'll be a long sequence of letters and numbers. Each pocket has a different method to get the public Bitcoin address, but most wallets are pretty simple about it.

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When you join a mining pool, youll be given smaller and easier problems to fix. 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 probably be spread out throughout the 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 the majority 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 mining pools in the Bitcoin wiki.

Once you are signed up with a pool, youll get a username and password for this 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 click here now to find the right software. Many mining pools have their own applications, however some dont. In case youre not sure which mining applications you need, you can find a listing of Bitcoin mining applications here.

Connect you miner to a power outlet and firing it up. Make sure that you connect it to a own computer too (normally you can try here via USB), and open your mining software. The very 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 paid for your share of coinsjust make certain you enter your address in the required fields when signing up to the pool. .

Cloud mining means that you do not buy 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 excellent idea, since you dont need to go through all of the bother of buying expensive equipment, storing it, cooling it, and monitoring it. .

But when you do the math it seems that none of those cloud mining sites are profitable. Those that do seem rewarding are scams which 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 altogether. If you still want to pursue this particular route, be sure to make the ideal calculations before handing over any funds.

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

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The programs that allow this behave as mining pools for cellular phones and disperse earnings according to how much work was done by every phone. Remember, mining is possible with any old computerits not worth the electricity wasted on it because the slower the computer, the smaller the chances are of actually getting some kind of reward. .

For reference, mining was demonstrated in theory on a 55-year-old computer a while ago by IBMand the result was of course, that its not worth it.