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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 through using a Bitcoin mining calculator. Bear in mind that mining costs money! In case you dont have a few thousand dollars to spare on the right miner, and if you dont have access to cheap electricity, mining Bitcoin may not be for you. .

Once youre done with your calculations, it's time to get your miner! Make sure to go over our Bitcoin mining equipment reviews to understand which miner is 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 process:10 nmNoise degree:75 dbOverall rating:5 Star RatingAntminer S9Manufacturer:BitmainPower consumption:1350WHash speed:14.5 TH/sEfficiency:0.093 j/GHChip procedure:16 nmNoise level:76 dbOverall rating:4.5 Star RatingAvalonMiner 841Manufacturer:CanaanPower consumption:1290WHash speed: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 maintain your mined Bitcoins. Once you've got a wallet, make certain that you get your wallet address. It will be a long sequence of letters and numbers. Each pocket has a different way to find the people Bitcoin speech, but most wallets are fairly straightforward about it.

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When you join a mining pool, youll be given smaller and easier problems to solve. All of 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 make a more consistent amount of Bitcoins and will be more likely to receive 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're signed up with a pool, youll get 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 applications, however some dont. In case youre not certain which mining applications that you need, you can find a see this site listing of Bitcoin mining software here.

Connect you miner to a power socket and firing it up. Make sure to connect it to your computer as well (usually via USB), and open your mining software. 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 shares, which represent your part of the 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 that you do not purchase a physical mining rig but instead rent computing power by a mining company and get paid according to how much mining power you own. At first, this sounds like a excellent idea, since you dont need to go through all the bother of buying expensive equipment, storing it, cooling it, and monitoring it. .

However, go to the website when you do the math it seems that none of those cloud mining sites are rewarding. The ones visit this page that do seem profitable are scams that dont even own any mining equipment; theyre just elaborate Ponzi schemes which will end up running away with your money.

As a general rule of thumb, Id suggest avoiding cloud mining altogether. In case you still want to pursue this route, be sure to make the right calculations before 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 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 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 because the slower the computer, the smaller the chances are of actually getting some kind of reward. .

For reference, mining has been demonstrated in concept on a 55-year-old pc a while back by IBMand the result was of course, that its not worth it.