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

Once youre done with your calculations, its time to get your miner! Be certain you go over our Bitcoin mining hardware testimonials to understand which miner will be ideal for you, in case you havent done it in measure 1.

DragonMint T1Manufacturer:Halong MiningPower consumption:1480WHash rate:16 TH/sEfficiency:0.0925 j/GHChip process:10 nmNoise level:75 dbOverall rating:5 Star RatingAntminer S9Manufacturer:BitmainPower consumption:1350WHash rate: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 process:16 nmNoise degree:65 dbOverall rating:4 Star Rating

Youll need a Bitcoin wallet in which to keep your mined Bitcoins. Once you have a wallet, be sure to get your wallet address. It'll be a long sequence of letters and numbers. Each pocket has a different way to find the public Bitcoin address, but most pockets are fairly straightforward about it.

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When you join a mining pool, youll be given smaller and simpler problems to fix. All of 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 pool based on contribution. .

Basically, youll create a more consistent amount of Bitcoins and will be more inclined to receive a return on your investment.

To answer most of these questions, you can use our Bitcoin mining pools inspection or this excellent article from BitcoinTalk. You can also find a comprehensive comparison of mining pools in the Bitcoin wiki.

Once you're 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 own 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 applications, however some dont. In case youre not certain which mining applications you need, you can find a list of Bitcoin mining software here.

Connect you miner into a power socket and firing it up. Make sure to connect it to your own computer too (normally via USB), and open 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 will start collections shares, which represent your part of the work in finding the next block. According to the pool youve chosen, youll be paid for your share of coinsjust make sure that you enter your address in the required fields when signing up to the pool. .

Cloud mining means that you do not buy a physical mining rig but rather rent computing power from a mining company and review get paid according to how much mining energy you own. Initially, this sounds like a excellent idea, since you dont need to experience each of the hassle 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 websites are rewarding. 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 guideline, Id suggest avoiding cloud mining altogether. If you still want to pursue this route, be sure to make the ideal 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 make a tiny 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 has been done by every phone. Bear in mind, mining is possible with any old computerits not worth the electricity wasted on it because the lower 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 pc some time ago by IBMand the consequence was naturally, that its not worth it.