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Before even starting out with Bitcoin mining, you need to do your due diligence. The best way to try it, since weve discussed, is via the use of a Bitcoin mining calculator. Bear in mind that mining costs money! If you dont have a couple 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, it's time to get your miner! Make certain you go over our Bitcoin mining equipment testimonials to understand which miner is best for you, if 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 process:16 nmNoise level: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, be certain that you get your wallet speech. It will be a long sequence of letters and numbers. Each wallet has a different way to find the public Bitcoin address, but most wallets are fairly simple about it.

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When you join a mining pool, youll be given smaller and easier problems to solve. All of your combined work is likely to make the pool more likely to address 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 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 also find a complete comparison of mining pools in the Bitcoin wiki.

Once you are signed up with a pool, then youll get a username and password for this particular pool, which you will find more 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 listing of Bitcoin mining applications here.

Connect you miner into a power socket and fire it up. Make sure to connect it to your computer too (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 may start collections shares, which represent your portion of their job in finding the next block. According to the pool youve chosen, youll be paid for your share of coinsjust be sure you enter your address in the necessary fields when signing up to the pool. .

Cloud mining means that 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 energy you own. Initially, this sounds like a excellent idea, since you dont have to experience all of the bother 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 websites are rewarding. Those that do seem rewarding are scams that dont even own any mining equipment; theyre just fancy Ponzi schemes which will end up running away with your money.

As a general rule of thumb, Id suggest avoiding cloud mining entirely. If you still want to pursue this route, be sure to make the right calculations before handing over any funds.

Some mobile apps claim to mine Bitcoin on your phone. While in concept, this is possible, due to the very 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 cellular phones and disperse earnings according to how much work was done by each phone. Bear in mind, mining is possible with any old computerits just not worth the energy wasted on it because the slower the computer, the smaller the chances are of actually getting some kind of reward. .

For reference, mining has been demonstrated in theory on a 55-year-old pc some time ago by IBMand the consequence was naturally, that its not worth it.