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How to mine Bitcoins for dummies, Tutorials

How to mine Bitcoins for dummies, Tutorials

So you’ve determined to begin mining Bitcoin for profit. Fine! But chances are you will face one serious problem: most sites on this topic are designed for advanced users. If you are not a professional coder and don’t have much practice with Ubuntu and Linux, this text will help you commence with the very basics.

1. Buy a mining equipment

Bitcoin (Bitcoin) mining is a very competitive activity. Every day more and more users with the newest mining equipment get into this niche, and it is becoming more and more difficult to keep the tempo. So before you get embarked, you need to prepare well. It is necessary to make your own research and attempt to figure out whether Bitcoin mining will everzwijn give you profit.

Very first, investigate the reviews for mining equipment to understand which miner is best for you. Keep ter mind that the initial investment is likely to be at least $2000. Then attempt to figure out how long it will take you to voorkant your expenses. The easiest way to do this is to use a Bitcoin mining rekenmachine. Just inject the specs of the bitcoin miner you are going to buy, and the app will determine the time framework. Think well whether it’s suitable for you.

Having done with the calculations, it’s time to buy your mining equipment. Ter the past, it wasgoed possible to mine bitcoins on any PC using a graphics card (GPU mining). However, today mining has become so competitive that you will want to use ASIC miners – special computers designed exclusively for mining Bitcoins. Today, the Antminer S9 is the newest and most advanced ASIC miner.

Two. Choose a Bitcoin wallet

Now that you’ve got a miner, you will want to choose a Bitcoin wallet. It’s not a hard thing to do: just go after the recommendations on bitcoin.org. Once you have got a wallet, make sure you have a purse address. It is a long sequence of letters and numbers. The ways of obtaining the public (open) bitcoin address may vary for each wallet, but usually it’s not too hard, either. Note that you will need a public bitcoin address, not a private key, which serve spil the password to your wallet.

If you’ve chosen a self-hosted wallet (i.e. you downloaded a program to your rekentuig and do not use an online service), you need to do another very significant thing: сopy the wallet.dat verkeersopstopping onto the USB flash drive, and print a copy of it. If someday your rekentuig violates and you do not have a copy of the wallet.dat verkeersopstopping, you will lose all your bitcoins.

Three. Join a mining pool

Okay, you most likely can’t wait to embark mining, but if you truly want to make money on it, you’d better join a mining pool. A mining pool is a group of Bitcoin miners who combine their computing power to produce more Bitcoins. The thing is, the prize for mining (i.e. Bitcoins) comes out te blocks, a block usually equals 12.Five bitcoins, and a single user vereiste be very, very fortunate to get this money, so it’s almost unlikely.

Once you have joined a pool you will need to rut smaller and less difficult algorithms, and thanks to collective efforts, you, and your team, will have more chances to solve a large algorithm and earn Bitcoins that will be distributed among the pool members ter proportion to their contribution. Spil a result, you will be able to earn more bitcoins, and your investments will be more likely to make a profit.

When choosing a mining pool, ask yourself the following questions:

  • What is the fees for mining and withdrawal of Bitcoins?
  • How often do they find a block (that is, how often will you get a prize)?
  • Is it effortless to withdraw funds?
  • What statistics do they provide?
  • How reliable is this pool?

There is a detailed comparison of mining pools te Bitcoin Wiki.

Four. Choose your mining software

Now you are almost ready to commence mining Bitcoins. All you need to do is to install a mining client on your laptop to control your mining equipment. Different miners require different software. Many pools, such spil Bitminer, suggest their own software, but some do not. You can find a list of Bitcoin mining software here. If you work on a Mac, attempt to use the MacMiner. The most popular programs for PC are BFGMiner and 50Miner.

Five. Begin mining

Now you are ready to go! Turn on your miner. Make sure it’s connected to your rekentuig (usually via USB), and launch your mining software. When it opens, choose your mining pool and inject your username and password. Once you klapper “Enter” you’ll basically begin mining. Depending on the pool you’ve chosen, your will be rewarded for your share of coins. Just make sure that you have correctly entered the address of your wallet when signing up to the pool.

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