Spend Bitcoin - Questions

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. 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 might not be for you. .

Once youre done with your calculations, it's time to receive your miner! Be sure to go over our Bitcoin mining equipment reviews to understand which miner is ideal 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 procedure: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 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 keep your mined Bitcoins. Once you have a wallet, be sure to get your wallet address. It'll be a long sequence of letters and numbers. Each pocket has a different way to find the public Bitcoin speech, but most pockets are pretty straightforward about it.

Some Known Facts About Get A Bitcoin Wallet.

When you join a mining pool, then youll be given smaller and easier 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 probably be spread out through the pool based on contribution. .

Basically, youll create a more consistent amount of Bitcoins and will be more inclined 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 also find a comprehensive comparison of mining pools in the Bitcoin wiki.

Once you are signed up with a pool, then youll get a username and password for that specific pool, which you will use later on.

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

Connect you miner to a power socket and fire it up. Be sure to connect it to your own computer as well (usually via USB), and open up your mining software. 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 stocks, which represent your portion of the job in finding the next block. According to the pool youve chosen, youll be paid for your share of coinsjust be 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 energy you own. Initially, this sounds official website like a excellent idea, since you dont have to experience all the hassle 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 websites are rewarding. Those that do look profitable are scams that dont even own any mining equipment; theyre just fancy Ponzi schemes that 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 particular path, be certain to make the right calculations prior to handing over any funds.

Some mobile programs claim to mine Bitcoin on your phone. While in theory, it is possible, due to the low processing power phones have in comparison to ASIC miners, youll likely end up draining your phones battery much faster and make a tiny fraction of bitcoin in return.

Best Cloud Service for Dummies

The apps that allow this behave as mining pools for mobile phones and disperse earnings according to how much work was done by each phone. Bear in mind, mining is possible with any previous computerits just not worth the energy wasted on it because the lower 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 naturally, that its not worth it.