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Before even starting out with Bitcoin mining, you need to do your due diligence. The very best method to try it, 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 ideal miner, and if you dont have access to cheap power, mining Bitcoin may not be for you. .

Once youre done with your calculations, its time to receive your miner! Be sure to go over our Bitcoin mining equipment reviews to understand which miner will be ideal for you, in case you havent done it in measure 1.

DragonMint T1Manufacturer:Halong MiningPower consumption:1480WHash speed:16 TH/sEfficiency:0.0925 j/GHChip process:10 nmNoise level:75 dbOverall rating:5 Star RatingAntminer S9Manufacturer:BitmainPower consumption:1350WHash rate:14.5 TH/sEfficiency:0.093 j/GHChip procedure: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 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 sure to get your wallet speech. It'll be a long sequence of letters and numbers. Each wallet has a different method to get the public Bitcoin speech, but most pockets are pretty simple about it.

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When you join a mining pool, youll be given smaller and easier problems to solve. 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 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 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 will use later on.

Controlling and monitoring your 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 applications, however some dont. In case youre not sure which mining software that you need, you can find a list of Bitcoin mining applications here.

Connect you miner into a power outlet and firing it up. Make sure that you connect it to your computer as well (usually via USB), and open up your mining program. 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 stocks, which represent your part of their job in finding the next block. According to the pool youve chosen, youll be compensated 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 you do not purchase a mechanical 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 all the bother of buying expensive equipment, storing it, cooling it, and monitoring it. .

However, his explanation when you do the math it appears that none of those cloud mining websites are rewarding. The ones that do seem profitable are scams which dont even own any 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 altogether. In case you still want to pursue this route, make certain that you make the ideal calculations before handing over any funds.

Some mobile apps promise 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 make a very small fraction of bitcoin in return.

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The apps that allow this behave as mining pools for mobile phones and disperse earnings according to how much work was done by every phone. Remember, mining is possible with any old computerits not worth the electricity wasted on it because the slower the computer, the bigger the chances are of actually getting some kind of reward. .

For reference, mining has been demonstrated in concept on a 55-year-old computer a while ago by IBMand the result was naturally, that its not worth it.