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Before even starting out with Bitcoin mining, you need to do your due diligence. The best way to do this, since weve discussed, is via the use of 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 power, mining Bitcoin may not be for you personally. .

Once youre done with your calculations, it's time to receive your miner! Be sure you discuss our Bitcoin mining hardware reviews to understand which miner will be 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 speed:13.6 TH/sEfficiency:0.099 j/GHChip procedure:16 nmNoise level:65 dbOverall rating:4 Star Rating

Youll need a Bitcoin wallet in which to maintain your mined Bitcoins. Once you've got a wallet, be sure to get your wallet speech. It'll be a long sequence of letters and numbers. Each wallet has a different method to find the people Bitcoin speech, but most wallets are fairly straightforward about it.

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When you join a mining pool, then youll be given smaller and simpler problems to solve. All your combined work is likely to 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 pool based on contribution. .

Fundamentally, 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 comprehensive comparison of mining pools in the Bitcoin wiki.

Once you are signed up with a pool, youll get a username and password for that particular pool, which you may 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 applications, however some dont. In case youre not certain which mining software that 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 that you connect it to a own computer too (normally via USB), and open your mining program. The 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 their job in finding the next block. According to the pool youve chosen, youll be paid 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 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 power you own. Initially, this sounds like a really good idea, since you dont have to experience each 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 sites are profitable. The ones that do seem profitable are usually scams that dont even own any mining equipment; theyre just fancy Ponzi schemes which will end up running away with your money.

As a general rule of thumb, Id suggest avoiding cloud mining entirely. In case you still want to pursue this path, be certain that you make the right calculations prior to handing over any funds.

Some mobile programs claim to mine Bitcoin on your phone. While in theory, it is possible, because of the low processing power phones have compared to ASIC miners, youll likely end up draining your phones battery much quicker 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 disperse earnings according to how much helpful hints work has been done by each phone. Bear in mind, mining is possible with any old computerits just not worth the energy wasted on it because 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 some time back by IBMand the result was naturally, that its not worth it.