All about Bitcoin Mining Wiki

Before even starting out with Bitcoin mining, you need to do your due diligence. The best method to do this, as weve discussed, is via 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 ideal miner, and if you dont have access to cheap electricity, mining Bitcoin may not be for you. .

Once youre done with your calculations, it's time to receive your miner! Be 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 measure 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 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 keep your mined Bitcoins. Once you've got 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 find the people Bitcoin speech, but most pockets are fairly simple about it.

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When you join a mining pool, youll be given smaller and simpler problems to solve. All your combined work will make the pool more inclined to address the original problem and earn the bitcoin reward and transaction fees. The profits will be spread out through the pool based on contribution. .

Basically, youll create a more consistent amount of Bitcoins and will be more likely to receive 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're signed up with a pool, then youll get a username and password for that specific pool, which you may use later on.

Controlling and monitoring your own 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, however some dont. In case youre not sure which mining software that you need, you can find a listing of Bitcoin mining software here.

Connect you miner to a power outlet and firing it up. Be certain to connect it to your computer as well (normally via USB), and open your mining software. The first thing youll need to do is to enter your mining pools address, username, and password.

Once this is website link configured, you will start collections shares, 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 make sure 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 from a mining company and get paid according to how much mining energy you own. Initially, this sounds like a excellent idea, since you dont need to experience all of the bother of buying expensive equipment, storing it, cooling it, and monitoring it. .

But when you do the math it appears that none of those cloud mining websites are rewarding. The ones that do look rewarding are usually 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 rule of thumb, Id suggest avoiding cloud mining altogether. If you still want site web to pursue this particular route, be certain that you make the right calculations before handing over any funds.

Some mobile programs claim to mine Bitcoin on your phone. While in concept, it 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 faster and create a tiny fraction of bitcoin in return.

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The programs that allow this behave as mining pools for mobile phones and distribute earnings according to how much work has been done by each phone. Remember, mining is possible with any previous computerits not worth the energy wasted on it since the lower the computer, the smaller the chances are of actually getting some kind of reward. .

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