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Bitcoin Mining Wiki - An Overview


Before even starting out with Bitcoin mining, you need to do your due diligence. The best method to do this, as weve discussed, is through the use of a Bitcoin mining calculator. Keep in mind that mining costs money! In case you dont have a couple thousand dollars to spare on the right miner, and if you dont have access to cheap electricity, mining Bitcoin might not be for you personally. .

Once youre done with your calculations, it's time to get your miner! Be certain to go over our Bitcoin mining equipment reviews to understand which miner will be best for you, if you havent done it in measure 1.

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

All about Best Cloud ServiceThe Facts About Start Bitcoin Mining Revealed
Youll need a Bitcoin wallet in which to maintain your mined Bitcoins. Once you've got a wallet, make sure to get your wallet address. It will be a long sequence of letters and numbers. Each pocket has a different method to find the public Bitcoin address, but most wallets are fairly simple about it.

Facts About How To Open A Bitcoin Account Revealed


When you join a mining pool, 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 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 inspection or this excellent article from BitcoinTalk. You can even find a comprehensive comparison of mining pools in the Bitcoin wiki.

Once you're signed up with a pool, youll receive a username and password for that particular pool, which you will use later on.

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

Connect you miner to a power socket and firing it up. Be certain to connect it to a computer too (normally via USB), and open up your mining program. The very first thing youll need to do is to enter your mining pools 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 compensated for your share of coinsjust make certain that you next page enter your address in the necessary fields when signing up to the pool. .

Cloud mining means that you do not buy a mechanical mining rig but instead rent computing power by a mining company and get paid according to how much mining energy you own. At first, this sounds like a excellent idea, since you dont have to experience each of the bother of buying expensive equipment, storing it, cooling it, and monitoring it. .

However, when you do the math it appears that none of these cloud mining sites are rewarding. Those 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 rule of thumb, Id suggest avoiding cloud mining altogether. If you still want to pursue this particular path, be certain to make the ideal calculations before handing over any funds.

Some mobile apps promise to mine Bitcoin on your phone. While in theory, this is possible, because of the low processing power phones have compared to ASIC miners, youll probably 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 distribute earnings according to how much work was done by every phone. Bear in mind, mining is possible with any previous computerits just 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 pc some time ago by IBMand the consequence was naturally, that its not worth it.

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