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Before even starting out with Bitcoin mining, you need to do your due diligence. The best way to do this, as weve discussed, is via using 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 electricity, mining Bitcoin might not be for you. .

Once youre done with your calculations, it's time to receive your miner! Be sure to go over our Bitcoin mining hardware testimonials to understand which miner will be ideal for you, in case you havent done it in measure 1.

DragonMint T1Manufacturer:Halong MiningPower consumption:1480WHash speed:16 TH/sEfficiency:0.0925 j/GHChip procedure:10 nmNoise level:75 dbOverall rating:5 Star RatingAntminer S9Manufacturer:BitmainPower consumption:1350WHash rate: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 process:16 nmNoise level:65 dbOverall rating:4 Star Rating

Youll need a Bitcoin wallet in which to maintain your mined Bitcoins. Once you have a wallet, make sure to get your wallet address. It'll be a long sequence of letters and numbers. Each wallet has a different method to get the people Bitcoin address, but most pockets are fairly straightforward 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 likely 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. .

Fundamentally, youll make a more consistent amount of Bitcoins and will be more inclined to be given a return on your investment.

To answer most of these questions, you can use our Bitcoin mining pools inspection 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, youll get a username and password for this particular pool, which you will use later on.

Controlling and monitoring your mining rig requires dedicated software. Depending on what mining rig you've got, youll need to find the ideal 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 software here.

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

Once this is configured, you may start collections stocks, which represent your portion of their work in finding the next block. According to the pool youve chosen, youll be paid for your share of coinsjust make sure that 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 energy you own. Initially, this sounds like a excellent idea, since you dont need to experience 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 these cloud mining sites are profitable. Those that do read this seem rewarding are 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 guideline, Id suggest avoiding cloud mining entirely. If you still want to pursue this path, make certain that you make the ideal calculations before handing over any funds.

Some mobile apps claim to mine Bitcoin on your phone. While in theory, this is possible, due to the very 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 programs that allow this behave as mining pools for mobile phones and distribute earnings according to how much work was done by each phone. Bear in mind, mining is possible with any previous computerits not worth the electricity 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 result was of course, that its not worth it.