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Before even starting out with Bitcoin mining, you need to do your due diligence. The very best method to do this, as weve discussed, is via the use of 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 electricity, mining Bitcoin might not be for you. .
Once youre done with your calculations, it's time to receive your miner! Make certain to go over our Bitcoin mining equipment testimonials to understand which miner will be 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 speed:14.5 TH/sEfficiency:0.093 j/GHChip process:16 nmNoise degree:76 dbOverall rating:4.5 Star RatingAvalonMiner 841Manufacturer:CanaanPower consumption:1290WHash rate:13.6 TH/sEfficiency:0.099 j/GHChip process:16 nmNoise level:65 dbOverall rating:4 Star Rating
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When you join a mining pool, youll be given smaller and simpler problems to fix. All 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. .
Fundamentally, youll make a more consistent amount of Bitcoins and will be more inclined to receive a return on your investment.
To answer the majority of these questions, you can use our Bitcoin mining pools review or this excellent post 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 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've got, youll need to find the right software. Many mining pools have their own applications, but some dont. In case youre not sure which mining software you need, you can find a listing of Bitcoin mining software here.
Connect you miner to a power socket and firing it up. Make sure that you connect it to your own computer as well (usually 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 part of the work in finding the next block. According to the pool youve chosen, try this out youll be compensated for your share of coinsjust be certain that you enter your address in the required fields when signing up to the pool. .
Cloud mining means you do not purchase 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 really good idea, since you dont need 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 look rewarding 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 route, be certain to make the right calculations before handing over any funds.
Some mobile programs promise to mine Bitcoin on your phone. While in concept, this is possible, because of the very low processing power phones have in comparison to ASIC miners, youll probably end up draining your phones battery much faster and make a tiny fraction of bitcoin in return.
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The apps that allow this act as mining pools for cellular phones and disperse earnings according to how much work was done by each phone. Remember, mining is possible with any old computerits not worth the electricity wasted on it since the lower the computer, the smaller the chances are of actually getting some kind of reward. .
For reference, mining was demonstrated in theory on a 55-year-old pc a while back by IBMand the result was naturally, that its not worth it.