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Before even starting out with Bitcoin mining, you need to do your due diligence. The best method 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 couple thousand dollars to spare on the right miner, and if you dont have access to cheap electricity, mining Bitcoin may not be for you personally. .

Once youre done with your calculations, it's time to receive your miner! Make certain to 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 rate:16 TH/sEfficiency:0.0925 j/GHChip procedure:10 nmNoise level: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 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 sure to get your wallet speech. It'll be a long sequence of letters and numbers. Each wallet has a different way to find the people 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 easier problems to solve. All your combined work is likely to make the pool more inclined to solve the original problem and earn the bitcoin reward and transaction fees. The profits will probably be spread out through the swimming pool based on contribution. .

Basically, youll create a more consistent amount of Bitcoins and will be more likely to receive 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 particular pool, which you will use later on.

Controlling and monitoring your mining rig requires dedicated applications. 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 certain which mining applications you need, you can find a listing of Bitcoin mining applications here.

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

Once this is configured, you may start collections stocks, which represent your part of their job in finding the next block. According to the pool youve chosen, youll be compensated for your share of coinsjust make sure 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 instead 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 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 these cloud mining sites are profitable. Those that do seem rewarding are usually scams which view dont even own any mining equipment; theyre just elaborate Ponzi schemes that will end up running away with your money.

As a general rule of thumb, Id suggest avoiding cloud mining entirely. If you still want to pursue this route, be sure that you make the ideal calculations prior to handing over any funds.

Some mobile programs promise to mine Bitcoin on your phone. While in theory, this is possible, because of the low processing power phones have in comparison to ASIC miners, youll probably end up draining your phones battery much quicker and create a very small fraction of bitcoin in return.

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The apps that allow this behave as mining pools for cellular 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 electricity 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 result was of course, that its not worth it.