Start Bitcoin Mining for Beginners

Before even starting out with Bitcoin mining, you need to do your due diligence. The best way to do this, as weve discussed, is via 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 personally. .

Once youre done with your calculations, its time to get your miner! Make sure to go over our Bitcoin mining equipment testimonials to understand which miner will be best for you, in case you havent done it already in step 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 level:76 dbOverall rating:4.5 Star RatingAvalonMiner 841Manufacturer:CanaanPower consumption:1290WHash speed:13.6 TH/sEfficiency:0.099 j/GHChip procedure:16 nmNoise level:65 dbOverall rating:4 Star Rating

Youll need a Bitcoin wallet in which to keep your mined Bitcoins. Once you've got a wallet, be sure to get your wallet address. It will be a long sequence of letters and numbers. Each wallet has a different way to get the people Bitcoin address, but most pockets are fairly simple about it.

How To Open A Bitcoin Account for Beginners

When you join a mining pool, then youll be given smaller and easier problems to fix. All of your combined work is likely to make the pool more inclined to address the original problem and earn the bitcoin reward and transaction fees. The profits will be spread out throughout the swimming 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 article from BitcoinTalk. You can even find a complete comparison of mining pools in the Bitcoin wiki.

Once you are signed up with a pool, youll receive 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've got, youll need to find the ideal software. Many mining pools have their own applications, however some dont. In case youre not certain which mining software that you need, you can find a listing of Bitcoin mining software here.

Connect you miner to a power outlet and fire it up. Make sure that you connect it to a own computer as well (normally via USB), and open your mining software. The very 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 their job in finding the next block. According to the pool youve chosen, youll be paid for your share of coinsjust be sure that 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 rather rent computing power from a mining company and get paid according to how much mining energy you own. Initially, this sounds like a excellent idea, since you dont need to experience all the bother of buying expensive equipment, storing it, cooling it, and monitoring it. .

But when you do the math it appears that none of those cloud mining sites are rewarding. Those that do go to this website seem rewarding are usually scams that 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 altogether. If you still want to pursue this particular route, be certain that you make the right calculations prior to handing over any funds.

Some mobile programs promise to mine Bitcoin on your phone. While in concept, it is possible, due to the very low processing power phones have compared to ASIC miners, youll likely end up draining your phones battery much quicker and create a tiny fraction of bitcoin in return.

The 2-Minute Rule for Start Bitcoin Mining

The apps that allow this act as mining pools for cellular phones and distribute earnings according to how much work has been done by every phone. Bear in mind, mining is possible with any old computerits just not worth the electricity wasted on it because the lower the computer, the smaller the chances are of actually getting some kind of reward. .

For reference, mining was demonstrated in concept on a 55-year-old computer some time back by IBMand the consequence was naturally, that its not worth it.