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Before even starting out with Bitcoin mining, you need to do your due diligence. The very best method to try it, since weve discussed, is through the use of a Bitcoin mining calculator. Keep 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 power, mining Bitcoin might not be for you personally. .

Once youre done with your calculations, its time to get your miner! Be sure to go over our Bitcoin mining hardware reviews to understand which miner will be best for you, if you havent done it already in measure 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 process: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 level:65 dbOverall rating:4 Star Rating

Youll need a Bitcoin wallet in which to keep your mined Bitcoins. Once you have a wallet, make certain that you get your wallet speech. It'll be a long sequence of letters and numbers. Each pocket has a different method to find the public Bitcoin address, but most wallets 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 of 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 probably be spread out through the pool based on contribution. .

Basically, youll make 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 post from BitcoinTalk. You can even find a complete 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 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 to find the ideal software. Many mining pools have their own software, but some dont. In case youre not certain which mining software you need, you can find a listing of Bitcoin mining software here.

Connect you miner to a power socket and fire it up. Be sure to connect it to a own computer as well (normally via USB), and open your mining program. The very first thing youll need to do is find here to enter your mining skillet address, username, and password.

Once this is configured, you will start collections stocks, 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 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 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 have to experience all the hassle of buying expensive equipment, storing it, cooling it, and monitoring it. .

However, when you do the math it appears that none of these cloud mining websites are rewarding. Those that do seem rewarding are usually scams which dont even own any mining equipment; theyre just elaborate Ponzi schemes which will end up running away with your money.

As a general guideline, Id suggest avoiding cloud like it mining entirely. In case you still want to pursue this path, be sure that you make the ideal 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 low processing power phones have in comparison to ASIC miners, youll probably end up draining your phones battery much faster and create 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. Remember, mining is possible with any previous 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 concept on a 55-year-old computer some time ago by IBMand the consequence was naturally, that its not worth it.