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Before even starting out with Bitcoin mining, you need to do your due diligence. The very best way to do this, as weve discussed, is through using a Bitcoin mining calculator. Keep 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 personally. .
Once youre done with your calculations, its time to get your miner! Be sure you discuss our Bitcoin mining equipment reviews to understand which miner is best 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 degree:75 dbOverall rating:5 Star RatingAntminer S9Manufacturer:BitmainPower consumption:1350WHash rate: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
About Bitcoin Mining Wiki
When you join a mining pool, then youll be given smaller and simpler problems to fix. 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 probably be spread out throughout the pool based on contribution. .
Fundamentally, youll make a more consistent amount of Bitcoins and will be more likely to be given a return on your investment.
To answer the majority of these questions, you can use our Bitcoin mining pools inspection or this excellent post from BitcoinTalk. You can also find a comprehensive comparison of mining pools in the Bitcoin wiki.
Once you are signed up with a pool, youll get a username and password for that specific pool, which you may 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 certain which mining applications that you need, you can find a listing of Bitcoin mining applications here.
Connect you miner into a power socket and firing it up. Make sure to connect it to your computer as well (usually via USB), and open up your mining look at these guys 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 compensated 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 you do not buy a physical mining rig but instead rent computing power from a mining company and get paid according to how much mining power you own. Initially, this sounds like a really good idea, since you dont have to experience each the hassle of buying expensive equipment, storing it, cooling it, and monitoring it. .
However, when you do the math it seems that none of these cloud mining sites are profitable. Those that do seem profitable are usually scams which dont even own any official website 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 entirely. In case you still want to pursue this path, be certain that you make the ideal calculations prior to handing over any funds.
Some mobile programs claim to mine Bitcoin on your phone. While in theory, this is possible, due to the low processing power phones have compared to ASIC miners, youll likely 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 act as mining pools for cellular phones and distribute earnings according to how much work has been done by each phone. Bear in mind, mining is possible with any old 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 has been demonstrated in theory on a 55-year-old computer a while back by IBMand the result was of course, that its not worth it.