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Before even starting out with Bitcoin mining, you need to do your due diligence. The best way to try it, as weve discussed, is through using 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. .

Once youre done with your calculations, it's time to receive your miner! Make sure you go over our Bitcoin mining equipment testimonials to understand which miner will be ideal 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 rate:14.5 TH/sEfficiency:0.093 j/GHChip procedure: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 keep your mined Bitcoins. Once you have a wallet, make sure to get your wallet speech. It will be a long sequence of letters and numbers. Each pocket has a different way to get the people Bitcoin address, but most wallets 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 will make the pool more inclined to solve the original problem and earn the bitcoin reward and transaction fees. The profits will be spread out through the 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 get a username and password for that specific pool, which you may use later on.

Controlling and monitoring your mining rig requires dedicated applications. Depending on what mining rig you have, youll need to find the ideal software. Many mining pools have their own software, however some dont. In case youre not certain which mining software that you need, you can find a list of Bitcoin mining applications here.

Connect Home Page you miner to a power socket and fire it up. Be sure to connect it to a computer too (usually via USB), and open 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 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 be sure you enter your address in the necessary fields when signing up to the pool. .

Cloud mining means you do not purchase a physical mining rig but instead 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 websites are profitable. The ones that do look profitable are usually 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 entirely. If you still want to pursue this route, be sure to make the ideal calculations prior to handing over any funds.

Some mobile apps claim to mine Bitcoin on your phone. While in concept, it is possible, due to the low processing power phones have compared to ASIC miners, youll likely end up draining your phones battery much quicker and make 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. Remember, mining is possible with any previous computerits just 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 some time back by IBMand the consequence was naturally, that its not worth it.