how to mine bitcoins solo

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How to mine bitcoins solo sports betting nj laws

How to mine bitcoins solo

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Asked 7 years, 3 months ago. Active 4 years, 8 months ago. Viewed k times. What are the odds? Improve this question. Isac Isac 1 1 gold badge 3 3 silver badges 8 8 bronze badges. Add a comment. Active Oldest Votes.

PS: Math. Improve this answer. Luca Matteis Luca Matteis 4, 14 14 silver badges 21 21 bronze badges. Where 69 years is the expected time , it could be much quicker with luck, but likely much longer because the difficulty its constantly increasing meanwhile. Thank you. One more thing, is theory and practice the same thing in this case? Isac: In theory, theory and practice are the same.

As dam close as. Don't use your CPU, use the electric bill your running up to go buy lottery tickets instead, better odds. CPU is as you say, very useless. Show 2 more comments. Tim S. Lottery ROI is consant.

Bitcoin difficulty is not. TimS, but surely there's a minimum amount of computational power you need before you can even "take part in the bitcoin mining lottery" right? Pacerier There is a minimum. I'd estimate 10 minutes per hash as the minimum to participate: you could do approx. There is a chance that hash is the right one!

You've played the lottery. May 22 '14 at Pacerier note that there is no hard minimum. However, I'm pointing out that when you get into the range of minutes per hash or slower , there is an extra limiting factor: blocks have likely been found in the meantime. Btw, that extra limiting factor is actually closer to 3 minutes right? Since we had to factor in the delay of actually getting notified when someone else has won lottery.

Show 1 more comments. You are correct, the question was about the odds of the asker succeeding in finding a block. However, you can either express the odds as chance per block or as expected time until the outcome will be achieved, Luca has chosen the latter. The 1GH is also highly over-estimating his CPU's mining power, a more realistic value would be less than 0. So, the odds are more along the line of per year, traded for the energy cost of running the PC at full-blast for a year.

It's better than being in the lottery! So, all chance calculations aside, are you feeling lucky? Lodewijk Lodewijk 1, 10 10 silver badges 15 15 bronze badges. Better than which lottery? Assuming that your mining hardware is equal to others' you'll be better off than any lottery.

Provided the lottery works as expected collect money and give it to a single participant - fees. But with worse hardware it all just depends. It will not improve your chances. It doesn't even affect your gambliness. Downvoted: "No matter what statistics are used to calculate the odds of hitting the jackpot, they can never be used to predict the outcome.

The Overflow Blog. I followed my dreams and got demoted to software developer. Podcast How to think in React. Featured on Meta. Opt-in alpha test for a new Stacks editor. Visual design changes to the review queues. Reminder: Please don't just answer bad questions, edit them into shape. Revisit close reasons in Linked 0. By storing a mining machine in our datacenter you will save significantly on operating costs.

Miner housing at Master Internet includes uninterrupted high-speed Internet access, a favorable price for energy and the safety of a professional data center. And what's more - you get rid of the worries of cooling and noise.

Get miner housing. If you are thinking about starting mining, you should concentrate on the following parameters during your selection: performance hash rate , consumption of electric power, and price. Hash rate indicates how many attempts to solve a block can the machine make per second.

To put it in simple terms, the most efficient miner is the best one. You can inspire yourself on the webpage Asic Miner Value where detailed information about new miners is displayed. Keep in mind that it could be very difficult to get these devices these days because the demand is extremely high. It also influences the price of these devices which varies between hundreds or even thousands of dollars. Before you buy an ASIC miner, try to calculate the profitability of the chosen device in an online calculator f.

Apart from parameters of your mining rig, the calculation also includes the price of electricity, fees from mining pool or the level of mining difficulty. You will find out whether mining can be profitable or how much money you have to invest in the beginning. During your decision making, take into consideration the increasing difficulty of the mining as well as declining profit over time.

What does it mean in practice? Find more information about mining difficulty in our article Bitcoin mining in theory: what is the principle of mining? Bitcoin mining demands not only a lot of electric power but also a special place for a machine as mining rigs are noisy and emit a lot of heat.

The service miner housing provides a solution to this problem — you can place your machine into a professional data center and get rid of all these concerns. Nowadays, there are thousands of cryptocurrencies which differ by the used algorithm. A specialized mining rig can work only with a particular algorithm.

If you buy an ASIC hardware to mine bitcoins you will also be able to mine other cryptocurrencies with the same algorithm e. Bitshare, Bitcoin Cash or ByteCoin , but not cryptocurrencies based on a different algorithm. However, machines are constantly developing and some companies are starting to offer ASIC devices capable of solving multiple different algorithms e.

Baikal Miner. Moreover, it is still possible to mine cryptocurrencies by graphics cards, if there is no specialized hardware to deal with a particular algorithm. There are many advantages to mining by graphics cards — you can mine multiple cryptocurrencies and the machine produces much less noise and heat.

Nevertheless, you have to take care of it and change cards regularly. The next important step is to set up a Bitcoin wallet. That's where you will receive your Bitcoins and will be able to manipulate with them. Bitcoin wallets allow you to manage your Bitcoin addresses Bitcoins themselves are technically stored in the Blockchain.

Each Bitcoin address has a form of a public key and matching private key. The public key comprises of a unique combination of characters and it looks for example like this: 18ukxpD1eqnVjux13ehEz8r4d8py1dSdzw. It works basically like a bank account number so if you want to receive Bitcoins from somebody, you have to tell him your public key.

Every bitcoin address is public and you can trace back every transaction that passed through it. In contrast, the private key is secret and it serves to send off transactions. If you lose your private key, you lose your Bitcoins placed on this particular address forever. In general, there are multiple types of wallets from simple online wallets, software ones to the most secure hardware and paper wallets. Each wallet has its advantages and disadvantages.

Some of them can keep multiple currencies at the same time. The best option for starting miners is a software wallet. It is secure but still easy to manage and suitable for frequent manipulation with mined currency. You easily download a wallet to your computer, where your coins will be stored and nobody can get to them. There are two kinds of software wallets: full ones which download the whole Blockchain or light-weight ones which store only relevant transactions.

The first option requires a lot of space and memory in your computer but is definitely safer. If you have decided to choose a full version of the wallet, you can download f. Take into account that its full synchronization takes a couple of hours because the Blockchain currently is the size of tens of GBs. If you prefer a wallet which can manage multiple currencies, you can try Exodus.

Miners provide their computing power to a group and when Bitcoins are mined, the gain is divided among members according to a given power. The income is lower but regular. You can choose from many pools, this graph from illustrates the representation of the biggest pools. For better orientation, you can use the comparison of mining pools on Bitcoin Wiki.

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There are too many variables that change continously overtime diffuclty rate, amount of miners, growing blockchain etc. Instead of focussing on mining itself you better try and find a way to reduce the cost. In that case it's cheaper then taking part in a lottery and your chances to hit the pot will be no more or less the same either way.

That's why we call it luck ;. Sign up to join this community. The best answers are voted up and rise to the top. Solo mining just for luck, realistic? Ask Question. Asked 7 years, 3 months ago. Active 4 years, 8 months ago. Viewed k times. What are the odds? Improve this question. Isac Isac 1 1 gold badge 3 3 silver badges 8 8 bronze badges. Add a comment. Active Oldest Votes. PS: Math. Improve this answer.

Luca Matteis Luca Matteis 4, 14 14 silver badges 21 21 bronze badges. Where 69 years is the expected time , it could be much quicker with luck, but likely much longer because the difficulty its constantly increasing meanwhile. Thank you. One more thing, is theory and practice the same thing in this case? Isac: In theory, theory and practice are the same. As dam close as. Don't use your CPU, use the electric bill your running up to go buy lottery tickets instead, better odds.

CPU is as you say, very useless. Show 2 more comments. Tim S. Lottery ROI is consant. Bitcoin difficulty is not. TimS, but surely there's a minimum amount of computational power you need before you can even "take part in the bitcoin mining lottery" right? Pacerier There is a minimum. I'd estimate 10 minutes per hash as the minimum to participate: you could do approx. There is a chance that hash is the right one! You've played the lottery.

May 22 '14 at Pacerier note that there is no hard minimum. However, I'm pointing out that when you get into the range of minutes per hash or slower , there is an extra limiting factor: blocks have likely been found in the meantime. Btw, that extra limiting factor is actually closer to 3 minutes right?

Since we had to factor in the delay of actually getting notified when someone else has won lottery. Show 1 more comments. You are correct, the question was about the odds of the asker succeeding in finding a block. However, you can either express the odds as chance per block or as expected time until the outcome will be achieved, Luca has chosen the latter. The 1GH is also highly over-estimating his CPU's mining power, a more realistic value would be less than 0.

So, the odds are more along the line of per year, traded for the energy cost of running the PC at full-blast for a year. It's better than being in the lottery! So, all chance calculations aside, are you feeling lucky? Lodewijk Lodewijk 1, 10 10 silver badges 15 15 bronze badges. Better than which lottery? Assuming that your mining hardware is equal to others' you'll be better off than any lottery. Provided the lottery works as expected collect money and give it to a single participant - fees.

But with worse hardware it all just depends. It will not improve your chances. It doesn't even affect your gambliness. Downvoted: "No matter what statistics are used to calculate the odds of hitting the jackpot, they can never be used to predict the outcome. The Overflow Blog. Some of them can keep multiple currencies at the same time. The best option for starting miners is a software wallet. It is secure but still easy to manage and suitable for frequent manipulation with mined currency.

You easily download a wallet to your computer, where your coins will be stored and nobody can get to them. There are two kinds of software wallets: full ones which download the whole Blockchain or light-weight ones which store only relevant transactions. The first option requires a lot of space and memory in your computer but is definitely safer.

If you have decided to choose a full version of the wallet, you can download f. Take into account that its full synchronization takes a couple of hours because the Blockchain currently is the size of tens of GBs. If you prefer a wallet which can manage multiple currencies, you can try Exodus.

Miners provide their computing power to a group and when Bitcoins are mined, the gain is divided among members according to a given power. The income is lower but regular. You can choose from many pools, this graph from illustrates the representation of the biggest pools. For better orientation, you can use the comparison of mining pools on Bitcoin Wiki. It is recommended for beginners to try Slush Pool , the very first pool in existence and is considered one of the most credible ones.

As soon as you choose a mining pool, register yourself on its website and set your account. Afterward, you will receive a worker ID for your miner. It connects you to the Blockchain and Bitcoin network. Mining software delivers work to miners, collects complete results of their work and adds all information back to the Blockchain. In general, there are many free programmes used to mine Bitcoins, the best programmes can run on almost all operational systems and each of them has its advantages and disadvantages.

Some mining pools also have their own software. Beginners will appreciate Nice Hash Miner. It is very easy to use, mines multiple cryptocurrencies and automatically chooses an algorithm which is the most profitable in a particular moment. Download the programme and choose a device you would like to mine with. And now you can start mining and earning Bitcoins! Connect your miner to a power outlet, link it with computer and install mining software. Fill in your information about your wallet and mining pool into the mining software, choose a device, and let the mining begin!

Some advice to send you off: if you want to mine profitably, keep track of the news from the crypto world. The development goes ahead very fast and it changes on a day to day basis. Store your mining machine in a professional datacenter and benefit from the advantageous price of electricity and high-speed internet connection. Your machines in MasterDC will be in a cool, secure environment under the supervision of experienced support staff.

How exactly does Bitcoin mining work? How many Bitcoins are there and how many of them still remain unmined? Find all the answers in this article. Continue reading. What type of storage should you use in servers? Read the part two of our comparison to find out about their pros and cons. Administrators might just have gotten a new weapon against hackers.

Our blog brings you the best insights from the world of IT. Subscribe for news and contests! Sounds good! Follow us. Done, thank you! Toggle navigation. CZ SK. Data centers Hardware Software. Do you want to start mining Bitcoins?

Mine bitcoins effectively! How are other cryptocurrencies mined? I like this post. Share post. Related posts.

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Only allow IPs that are connected to your private network. Example of private IP: This is the address where your wallet will be listening for network connection and requests. Download the mining software that supports solo mining and configure it appropriately. Your wallet is not needed actually.

To solo mine using your mining rig all we need to do is connect the miner to your PC where the wallet runs. Your WiFi router will automatically assign a local IP address for your computer and each of your mining rigs. This local IP address can only be accessed within your private network and is normally hidden from the outside world. So it is completely safe.

To know the internal IP; open command prompt. Now in the command window input ipconfig and hit enter. Fetch this IPv4 address of both your mining rig and your PC. If you have more than a rig then fetch all of its IP address. Next follow the steps below. Step 1: First close your wallet, then open your wallet config file and allow all those IP. Once done, save the file and keep the wallet open.

Step 2. Now in your mining rig enter the IP address of your wallet machine in the URL field of your batch file. Save it and then run it. First to ensure if you are on right track check the block height that you are mining currently. Open your wallet, go to Debug console window and enter getmininginfo which will return the block height. In addition to this you can also use the block explorer. The reward for the block which you solved will reflect immediately in your wallet address that you entered in the miner batch file.

Research on this as most of the new forked coins have removed getwork command, they only support getblocktemplate. Currently getblocktemplate is only supported by sgminer, cgminer and some forked ccminer. Each and every client is a little bit different so you may encounter some errors at the start.

However if you understand this setup then with few tweaks you can get them working. Hope this guide helps! Solo mining still exists and, in fact, became easier for the less tech savvy people. I mine verge a day, for instance, on a 3 year old computer running GTX 3Gb using Begrip Miner from buzzilio. Here is the. Hey man great article. But is there a website where it lists all the newest alt coins that are out?

Check this post. Hello somebody can help me to install a minerpool or solomining? We mined schillingcoin but now the developer closed the pool!! But he took this pool. Good guide except you need to remind people to re-open the wallet before the final step when running the configured miner. This is a very intereting post but it lacks support for an asic miner.

I tried following the guide up to the point of setting up my asic miner. I need help. I am copying bitcoin solo via USB. I have Bitcoin wallet and the whole synchronization is OK. When I start the cgminer with the machine idize diff very high. USB does not copy. If you're interested, check out Coinabase or Binance! Before I get started teaching you how to mine Bitcoin, I should first offer a brief explanation of what we mean when we talk about Bitcoin mining.

As you most likely already know, Bitcoin is a blockchain -based cryptocurrency. However, banks need you to trust them. Bitcoin is different. You only need to trust the code that created the network, and its rules. How do you know that every Bitcoin can only be spent once? The network is secured by specialized computer units called miners that are distributed across a large number of unique entities.

When you submit a transaction to the Bitcoin blockchain, these miners need to check that you have the necessary Bitcoin to send it, and that various other rules are followed. Transactions are grouped into blocks and then a string of characters must be guessed by the miners on the network.

Each block contains the hash of the previous block, as well as a new hash that needs to be guessed. Once correctly guessed, the miner can add the block to the chain. By including the hash of the previous block, the other miners on the network can verify that those transactions contained in a block did come after those in the blocks that went before it. This collection of blocks in the sequence is the blockchain.

Simple, right? Miners unlock new Bitcoin when they add a block to the blockchain. They also get the reward of the fees that users include in their transactions. This makes it worthwhile to spend money on the electricity and computer systems needed to mine.

There are three ways to start mining Bitcoin:. Mining alone not recommended for novice or hobbyist miners. Bitcoin mining as part of a larger pool of miners is the easiest , fastest , and most reliable way to make sure your Bitcoin mining operation is profitable. You join forces with other miners to share the rewards.

By signing up with a pool, you and everyone else in the pool are agreeing to split any Bitcoin you are rewarded with the other pool members. This means that you will receive small payments regularly. However, not all pools are the same. There are plenty of things you need to consider when choosing a pool. They are:. However, since the rewards will be split between more users, they will also be smaller! Biggest Mining Pools Source: blockchain.

Joining large cryptocurrency mining pools is usually a comfortable option for beginners how to mine Bitcoin. Another important thing to look at is the minimum payment that the pool will let you withdraw. By minimum payment , I mean the smallest amount of Bitcoin that the pool will let you take out. This will mean that you can be sure that it all works as it should do in a shorter period. Every pool charges a fee for organizing it all for you.

The fee is usually a percentage of your profits. However, their reliability is yet to be seen. Running a pool is expensive. There are lots of computer systems and data center space that need to be paid for. When talking about how to mine Bitcoin, mining alone is possible. It probably seems like the best idea. Even if you have more computing power than every single miner in every pool, do you have more than the entire pool combined?

Probably definitely not! That said, if you are a multi-millionaire , you could set up a profitable solo mining operation. To run hundreds of computer chips will take a whole lot of electricity. The best possible way how to mine Bitcoin now is with the help of the DragonMint T1 miner. This runs at 1,W. To make matters worse, running hundreds of computer chips gets hot.

Think about using a laptop for a few hours on your knee. They can get pretty warm, right? The average laptop runs at around 60W. Now, imagine of these bad boys running at once in a small room. That means more power consumption! One of the concerns that will occur on your way to learn how to mine Bitcoin is the noise. With the constant buzzing of hundreds of computer components , plus industrial-scale cooling facilities running 24 hours a day, a professional scale solo mining operation is going to be hellishly loud!

The top Bitcoin mining locations today are Iceland , rural Canada , and Russia. You might ask why someone would bother spending the huge sums of money on expensive mining equipment to rent it out to someone else. The reason is simple. They want to guarantee profits on their investment and not have these affected by swings in the price of Bitcoin. The concept seems strange , but some people choose how to mine Bitcoin in this way.

The company might require you to pay for damage done to their equipment! If the price of Bitcoin drops considerably, you might be stuck in a contract and mining at a loss until the price increases again if it ever does. You take all the risk as the cloud mining operator is guaranteed a profit. In July of , Genesis Mining was hacked. That way, if the market takes a dramatic downturn, you can sell your position. Looking for more in-depth information on related topics?

We have gathered similar articles for you to spare your time. Take a look! Learn what does the future of Ethereum look like. Wondering where to buy Ripple? Maybe still need a bit clarification on what is Ripple? Read our guide on Where to Buy Ripple and find out! So, you probably want to start mining Bitcoin already? There are a few things that you must have before you begin:. The specific setup options will vary depending on the model of ASIC miner you are using. The manufacturer should detail exactly how to do this in their user manual or on their website.

The following guide is specific on how to mine Bitcoin with the Antminer S9 unit on the Antpool. However, much of it will be useful no matter what ASIC miner you decide to use. Find the power draw of your ASIC. This should be clearly stated in the manual under specifications. The S9 uses 1, Watts. Match your power supply units to the power draw. Make sure all the necessary connections are made then power up the power supply. Your Antminer S9 should now come on. On your computer or mobile device, use an IP scanning tool to show the devices connected to your internet connection.

You should see your Antminer listed. You can then type the IP address of the Antminer into your browser window on your chosen device. The next screen you see should be the login window of the miner. In the case of the Antminer S9, the default login details are username — root, password — root. I recommend doing this. You will now need to enter various details from the mining pool you will be using.

You should be able to find these out easily from the website of your mining pool. On your path to learning how to mine Bitcoin, you can choose any Bitcoin mining pool you want. However, we recommend you choose from one of these recommended pools to begin with:.

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As you most likely already know, Bitcoin is a blockchain -based cryptocurrency. However, banks need you to trust them. Bitcoin is different. You only need to trust the code that created the network, and its rules. How do you know that every Bitcoin can only be spent once?

The network is secured by specialized computer units called miners that are distributed across a large number of unique entities. When you submit a transaction to the Bitcoin blockchain, these miners need to check that you have the necessary Bitcoin to send it, and that various other rules are followed. Transactions are grouped into blocks and then a string of characters must be guessed by the miners on the network. Each block contains the hash of the previous block, as well as a new hash that needs to be guessed.

Once correctly guessed, the miner can add the block to the chain. By including the hash of the previous block, the other miners on the network can verify that those transactions contained in a block did come after those in the blocks that went before it. This collection of blocks in the sequence is the blockchain. Simple, right? Miners unlock new Bitcoin when they add a block to the blockchain.

They also get the reward of the fees that users include in their transactions. This makes it worthwhile to spend money on the electricity and computer systems needed to mine. There are three ways to start mining Bitcoin:. Mining alone not recommended for novice or hobbyist miners. Bitcoin mining as part of a larger pool of miners is the easiest , fastest , and most reliable way to make sure your Bitcoin mining operation is profitable. You join forces with other miners to share the rewards.

By signing up with a pool, you and everyone else in the pool are agreeing to split any Bitcoin you are rewarded with the other pool members. This means that you will receive small payments regularly. However, not all pools are the same. There are plenty of things you need to consider when choosing a pool.

They are:. However, since the rewards will be split between more users, they will also be smaller! Biggest Mining Pools Source: blockchain. Joining large cryptocurrency mining pools is usually a comfortable option for beginners how to mine Bitcoin. Another important thing to look at is the minimum payment that the pool will let you withdraw.

By minimum payment , I mean the smallest amount of Bitcoin that the pool will let you take out. This will mean that you can be sure that it all works as it should do in a shorter period. Every pool charges a fee for organizing it all for you. The fee is usually a percentage of your profits. However, their reliability is yet to be seen. Running a pool is expensive. There are lots of computer systems and data center space that need to be paid for. When talking about how to mine Bitcoin, mining alone is possible.

It probably seems like the best idea. Even if you have more computing power than every single miner in every pool, do you have more than the entire pool combined? Probably definitely not! That said, if you are a multi-millionaire , you could set up a profitable solo mining operation. To run hundreds of computer chips will take a whole lot of electricity. The best possible way how to mine Bitcoin now is with the help of the DragonMint T1 miner.

This runs at 1,W. To make matters worse, running hundreds of computer chips gets hot. Think about using a laptop for a few hours on your knee. They can get pretty warm, right? The average laptop runs at around 60W. Now, imagine of these bad boys running at once in a small room.

That means more power consumption! One of the concerns that will occur on your way to learn how to mine Bitcoin is the noise. With the constant buzzing of hundreds of computer components , plus industrial-scale cooling facilities running 24 hours a day, a professional scale solo mining operation is going to be hellishly loud!

The top Bitcoin mining locations today are Iceland , rural Canada , and Russia. You might ask why someone would bother spending the huge sums of money on expensive mining equipment to rent it out to someone else. The reason is simple. They want to guarantee profits on their investment and not have these affected by swings in the price of Bitcoin.

The concept seems strange , but some people choose how to mine Bitcoin in this way. The company might require you to pay for damage done to their equipment! If the price of Bitcoin drops considerably, you might be stuck in a contract and mining at a loss until the price increases again if it ever does.

You take all the risk as the cloud mining operator is guaranteed a profit. In July of , Genesis Mining was hacked. That way, if the market takes a dramatic downturn, you can sell your position. Looking for more in-depth information on related topics? We have gathered similar articles for you to spare your time. Take a look! Learn what does the future of Ethereum look like. Wondering where to buy Ripple? Maybe still need a bit clarification on what is Ripple?

Read our guide on Where to Buy Ripple and find out! So, you probably want to start mining Bitcoin already? There are a few things that you must have before you begin:. The specific setup options will vary depending on the model of ASIC miner you are using. The manufacturer should detail exactly how to do this in their user manual or on their website. The following guide is specific on how to mine Bitcoin with the Antminer S9 unit on the Antpool.

However, much of it will be useful no matter what ASIC miner you decide to use. Find the power draw of your ASIC. This should be clearly stated in the manual under specifications. The S9 uses 1, Watts. Match your power supply units to the power draw.

Make sure all the necessary connections are made then power up the power supply. Your Antminer S9 should now come on. On your computer or mobile device, use an IP scanning tool to show the devices connected to your internet connection. You should see your Antminer listed.

You can then type the IP address of the Antminer into your browser window on your chosen device. The next screen you see should be the login window of the miner. In the case of the Antminer S9, the default login details are username — root, password — root. I recommend doing this.

You will now need to enter various details from the mining pool you will be using. You should be able to find these out easily from the website of your mining pool. On your path to learning how to mine Bitcoin, you can choose any Bitcoin mining pool you want. However, we recommend you choose from one of these recommended pools to begin with:.

Note: Pool addresses are for users from Europe where indicated. Other addresses will apply from other parts of the world. When you've accumulated enough, you can send it to your wallet. Others may allow you to withdraw your earnings any time you want, as long as you have a minimum amount. The minimum can range anywhere from 0. Method 3 of Use an online mining calculator to calculate mining profitability. Mining rigs can be relatively expensive and consume a lot of power. Playing with different setups on an online mining calculator can help you determine whether it's worth it to you to start mining.

If you're just getting started, you may not have all the information available, such as mining pool fees or power cost. However, the more information you provide, the more accurate the profitability estimate will be. Buy ASIC miners and a power supply for your mining rig. Essentially, it's a computer chip that needs a power supply to run it. ASIC miners vary in price depending on their hashing power and their efficiency.

You can monitor the price of Bitcoin to calculate changes in the time it will take to turn a profit. Profit may also vary based on the price of electricity. Connect your miner and boot it up. Connect your power supply to your ASIC miner, then connect your miner to your router.

Use an ethernet cable to connect your miner — a wireless connection is not stable enough. This will take you to your router's admin page. This will enable you to configure your miner. Download Bitcoin mining software to a networked computer. After you've connected your hardware, you need to download software so you can mine Bitcoin. There are a number of different mining programs to choose from. These are both command-line programs, so if you aren't particularly tech-savvy, they may present a challenge for you.

EasyMiner has a graphical interface that is more intuitive and easier to use, especially if you're a beginner with limited computer skills. EasyMiner works on Windows, Linux, and Android machines. Join a mining pool. Mining pools are groups of miners that pool their hashing power to mine Bitcoin more quickly. A pool enables you to compete with massive mining conglomerates that have mining farms with tremendous hashing power. You don't need to pay anything up front to join a mining pool.

Instead, the pool takes a percentage of the Bitcoin mined typically between 1 and 2 percent. Without a mining pool, you would have to mine potentially for years before you'd see any profit. With a large pool, it's possible that you could start earning Bitcoin within a few months. Configure your miner to work in your mining pool.

Once you've chosen your mining pool and set up a worker account, access your ASIC miner configuration screen and enter the IP address for your mining pool. Then enter the worker name and password you created for the mining pool. When you've entered this information, save your settings. As soon as you save your settings, your miner will start working in your mining pool. You can go to your mining pool account to see your status and evaluate your miner's performance.

However, keep in mind it may take up to an hour for your mining pool to display your miner's hashing rate. Transfer any Bitcoin you mine to your secure wallet. As you mine Bitcoin, it will show up in your mining pool account. Your mining pool may have a monthly or quarterly payout schedule, or you may be responsible for manually moving your Bitcoin from your account to your wallet.

Some mining pools may only allow you to transfer Bitcoin to your wallet once you have a certain amount, typically around 0. You may be able to withdraw smaller amounts for a fee. Contracts are used with cloud mining services. Essentially, you lease the hashing power of a miner in the service's control for the period of time established by the contract. During that time, all Bitcoin mined by the miner you've leased would be given to you.

This allows you to mine Bitcoin without having to purchase a mining rig or pay for its maintenance. Not Helpful 0 Helpful 7. Mining rigs are available from online retailers, and at many brick-and-mortar stores that sell computers and computer accessories. Not Helpful 1 Helpful 5. You can use online calculators to determine how much Bitcoin you can mine in a month, as well as how much it would cost you in terms of electricity, fees for mining pools, and other expenses.

You aren't going to mine Bitcoins, plural, in a month, or even a year. It can take several years to mine a single Bitcoin. Not Helpful 6 Helpful 4. If you don't have the money to invest in a mining rig, you would be better served to attempt a cloud-mining service. The contract will still cost you money, but it's nowhere near the investment you'd have to make in a mining rig, or the costs of maintaining your rig and keeping it running.

Not Helpful 2 Helpful After you've installed and configured your miners, it will run on its own. It won't require any more time or effort on your part to mine Bitcoins, unless the power goes out and you have to restart the system. Not Helpful 5 Helpful 3. Is it advisable to mine with android applications?

Like say a phone that has 2. You would likely burn out your phone relatively quickly and it is unlikely that you would mine any Bitcoin at all. Not Helpful 2 Helpful 8. Is it worthwhile now to invest on Bitcoin? Will Bitcoin become unworthy in the future, and when?

James Engberg. Bitcoin is a cryptocurrency, so like stocks, they rise and fall unexpectedly. That said, invest whenever you think is best, but never invest an amount you aren't prepared to lose, just in case Bitcoin does crash. Do I need to connect the hardware to the computer, and is it worth the time and effort?

You can either buy custom hardware or use a rig of your own to mine and yes, it's likely worth it, depending on what kind of hardware you have to mine with. You can check with a bit calculator to see what hardware mines how much bitcoin a day. Not Helpful 3 Helpful You can join a pool, but mining on a laptop is obsolete, as you will be spending way too much on electricity, and not making any profit, as well as wearing down your laptop's hardware faster. Not Helpful 28 Helpful Coins found go directly to your account; all you would need to do is start the computer again and keep going.

Not Helpful 9 Helpful Include your email address to get a message when this question is answered. Avoid buying a used ASIC miner. They are prone to burnout, and may not last long enough for you to make any profit. Helpful 0 Not Helpful 0. Cryptocurrencies are volatile. The market value of Bitcoin can and does change frequently. Don't invest any more money in Bitcoin than you can afford to lose.

While this used to be possible, the blockchain is far too advanced now for this to be a viable option. You'll end up spending more on electricity than you make in Bitcoin, and will likely burn out your computer equipment. Related wikiHows. More References 4. About This Article. Co-authored by:. Vinny Lingam. Co-authors: Updated: December 16, Categories: Featured Articles Bitcoin.

Article Summary X To mine Bitcoins, start by downloading a Bitcoin wallet on your computer or mobile device, which you'll need to store your mined Bitcoins in. Bahasa Indonesia: Menambang Bitcoin. Thanks to all authors for creating a page that has been read 1,, times. I know I will be digging with the best in no time!

David Lambert Apr 10, The startup script was a little foggy, but then if one goes down that route, they would obviously find out those details. Jeff Plumb Nov 29, It also gave me the info on what kind of equipment I might need. Thank you. Chuck Tebow Dec 5, I just heard the term and know nothing about it. You can earn at least. Dec 20, Pro and cons. Liked the pool mining. Need to know the best pool mining location in the world. Hopefully, Japan. Mhathung Humtsoe Sep 7, I feel like I get to know everything about Bitcoins and the reason why everyone is crazy about this valuable thing called Bitcoin.

DeGraft Ansah Dec 6, It is well understood. No complex definitions and jargon. Love it, keep it up. George Davud Sep 10, Thanks Bitcoin! Jay Dutt Oct 24, All the information you need to get started, all in one place!