The 10-Minute Rule for Bitcoin Mining Wiki

Before even starting out with Bitcoin mining, you need to do your due diligence. The very best way 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 right 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! Be certain you discuss our Bitcoin mining equipment reviews to understand which miner is best for you, if you havent done it in step 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 procedure:16 nmNoise level:76 dbOverall rating:4.5 Star RatingAvalonMiner 841Manufacturer:CanaanPower consumption:1290WHash rate: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've got a wallet, be sure to get your wallet address. It'll be a long sequence of letters and numbers. Each wallet has a different way to find the people Bitcoin speech, but most wallets are pretty straightforward 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 pool based on contribution. .

Fundamentally, youll create a more consistent amount of Bitcoins and will be more inclined 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 post from BitcoinTalk. You can even 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 particular pool, which you may use later on.

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

Connect you miner to a power outlet and fire it up. Be sure that you connect it to your own computer as well (normally via USB), and open up 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 their work in finding the next block. According to the pool youve chosen, youll be compensated for your share of coinsjust be sure you enter your address in the necessary 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 energy you own. Initially, this sounds like a really good idea, since you dont need to go through each 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 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 to make the right calculations prior to handing over any funds.

Some mobile apps 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 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 mobile phones and disperse earnings according to how much work has been done by each phone. Bear in mind, mining is possible with any previous computerits just 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 was demonstrated in theory on a 55-year-old pc a while ago by IBMand the result was of course, that its not look at more info worth it.