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Before even starting out with Bitcoin mining, you need to do your due diligence. The very best method to do this, since weve discussed, is via using a Bitcoin mining calculator. Bear in mind that mining costs money! In case you dont have a couple thousand dollars to spare on the right miner, and if you dont have access to cheap power, mining Bitcoin may not be for you. .

Once youre done with your calculations, its time to get your miner! Be sure you discuss our Bitcoin mining equipment 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 procedure: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 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 maintain your mined Bitcoins. Once you've got a wallet, make certain that you get your wallet address. It'll be a long sequence of letters and numbers. Each pocket has a different way 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 easier problems to solve. All of 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 probably be spread out through the pool based on contribution. .

Basically, youll make 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 article from BitcoinTalk. You can even find a comprehensive comparison of mining pools in the Bitcoin wiki.

Once you're 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 right software. Many mining pools have their own software, however some dont. In case youre not sure which mining software you need, you can find a list of Bitcoin mining applications here.

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

Once this is configured, you will start collections stocks, which represent your part of the work in finding the next block. According to the pool youve chosen, youll be compensated for your share of coinsjust make certain that you enter your address in the necessary fields when signing up to the pool. .

Cloud mining means that you do not purchase a mechanical mining rig but rather rent computing power from a mining company and get paid according to how much mining energy you own. At first, 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 seems that none of those cloud mining sites are profitable. The ones that do look rewarding are scams which dont even own any mining equipment; theyre just fancy Ponzi schemes that 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 route, make sure that you make the ideal calculations before handing over any funds.

Some mobile programs claim to mine Bitcoin on your phone. While in theory, it is possible, because of the very low processing power phones have compared 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 apps that allow this act as mining pools for mobile phones and distribute earnings according to how much work was done by every phone. Remember, mining is possible with any previous computerits not worth the energy wasted on it since 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 computer a while ago by IBMand the consequence was of course, that its not worth it.