The Best Guide To Bitcoin Mining Wiki

Before even starting out with Bitcoin mining, you need to do your due diligence. The best way to try it, as weve discussed, is via the use of a Bitcoin mining calculator. Bear 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 get your miner! Be sure to go over our Bitcoin mining hardware reviews to understand which miner is best for you, if you havent done it in step 1.

DragonMint T1Manufacturer:Halong MiningPower consumption:1480WHash speed: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 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, be sure to get your wallet speech. 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 likely to solve the original problem and earn the bitcoin reward and transaction fees. The profits will probably be spread out throughout the swimming 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 most 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 this specific 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 right software. Many mining pools have their own software, but some dont. In case youre not certain which mining software that you need, you can find a listing of Bitcoin mining applications here.

Connect you miner into a power socket company website and fire it up. Be certain that you connect it to your computer as well (normally via USB), and open up your mining program. The first thing youll need to do is to enter your mining skillet address, username, and password.

Once this is configured, you may start collections shares, which represent your portion of the job in finding the next block. According to the pool youve chosen, youll be paid for your share of coinsjust be sure that you enter your address in the required fields when signing up to the pool. .

Cloud mining means you do not buy a mechanical 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 the hassle of buying expensive equipment, storing it, cooling it, and monitoring it. .

But when you do the math it seems that none of these cloud mining sites are rewarding. Those that do seem rewarding are 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 guideline, Id suggest avoiding cloud mining altogether. If you still want you can check here to pursue this wikipedia reference particular path, make sure 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, due to the very low processing power phones have compared to ASIC miners, youll likely 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 behave as mining pools for mobile 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 just not worth the energy wasted on it since the lower the computer, the bigger the chances are of actually getting some kind of reward. .

For reference, mining was demonstrated in concept on a 55-year-old computer some time ago by IBMand the consequence was of course, that its not worth it.