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Before even starting out with Bitcoin mining, you need to do your due diligence. The best method to try it, since weve discussed, is through 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 might not be for you. .

Once youre done with your calculations, it's time to receive your miner! Make sure to discuss our Bitcoin mining hardware testimonials 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 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 speed: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 keep your mined Bitcoins. Once you've got a wallet, be certain that you get your wallet address. It will be a long sequence of letters and numbers. Each pocket has a different method to find the public Bitcoin speech, but most pockets are pretty simple about it.

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When you join a mining pool, then youll be given smaller and easier 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 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 even find a comprehensive comparison of mining pools in the Bitcoin wiki.

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

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

Connect you miner into a power outlet and firing it up. Make sure to connect it to your computer too (usually via USB), and open 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 will start collections stocks, which represent your part of their job in finding the next block. According to the pool youve chosen, youll be paid 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 purchase a physical mining rig but instead rent computing power by a mining company this link 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 each of the hassle of buying expensive equipment, storing it, cooling it, and monitoring it. .

However, when you do the math it seems that none of those cloud mining sites are rewarding. The ones that do seem profitable 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 entirely. In case you still want to pursue this route, make certain to make the right 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 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 cellular phones and disperse earnings according to how much work has been done by every phone. Bear in mind, mining is possible with any old computerits not worth the energy wasted on it since 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 pc some time back by IBMand the consequence was of course, that its not worth it.