MINE BITCOINS AT HOME

HOW TO MINE BITCOINS AT HOME

1.-Find out if mining is profitable

Before doing bitcoin mining you have to calculate if it’s worth or not worth it, for that you have to use a mining calculator. Mining costs money and is not free.

2.-Get your miner

DRAGONMINT T1

 

MANUFACTURER

Halong Mining

POWER CONSUMPTION

1480W

HASH RATE

16 TH/S

EFFICIENCY

0.0925 J/GH

CHIP PROCESS

10 NM

NOISE LEVEL

75 DB

VISIT WEBSITE

ANTMINER S9

 

MANUFACTURER

Bitmain

POWER CONSUMPTION

1350W

HASH RATE

14.5 TH/S

EFFICIENCY

0.093 J/GH

CHIP PROCESS

16 NM

NOISE LEVEL

76 DB

VISIT WEBSITE

AVALONMINER 841

 

MANUFACTURER

Canaan

POWER CONSUMPTION

1290W

HASH RATE

13.6 TH/S

EFFICIENCY

0.099 J/GH

CHIP PROCESS

16 NM

NOISE LEVEL

65 DB

VISIT WEBSITE

3.-Get a Bitcoin wallet

You need a bitcoin wallet to store your bitcoins. It is very important that you save your bitcoin wallet password, if you lose the key you will lose all the bitcoin you have.

4.-Find a mining pool

When you join a mining group all the benefits that are obtained from this mining will be shared among all the people who are mining. The benefits will be distributed according to the contribution.

Basically, you’ll make a more consistent amount of Bitcoins and will be more likely to receive a return on your investment.

  • When choosing which mining pool to join, make sure to ask the following questions:
  • What is the reward method? (Proportional/Pay Per Share/Score Based/PPLNS—more on that here)
  • What fee does the pool charge for mining and the withdrawal of funds?
  • How frequently does the pool find a block (i.e., how frequently do I get rewarded)?
  • How easy is it to withdraw funds?
  • What kind of stats does the pool provide?
  • How stable is the pool?

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 complete comparison of mining pools in the Bitcoin wiki.

5.-Get a mining client

You will need software to control and monitor all your mining. Depending on the mining platform you have, you will need the appropriate software. Some mining platforms have their own software, but others do not. Here is a list of mining software.

6.-Start mining

Connect you miner to a power outlet and fire it up. Make sure to connect it to your computer as well (usually via USB), and open up your mining software. The first thing you’ll need to do is to enter your mining pool’s address, username, and password. Once this is configured, you will start collections shares, which represent your part of the work in finding the next block. According to the pool you’ve chosen, you’ll be paid for your share of coins—just make sure that you enter your address in the required fields when signing up to the pool.

 

 

 

 

OTHER TYPES OF MINING

1.-Cloud Mining

With mining in the cloud, what you do is rent a mining farm to another company. This means that you do not need your mining equipment at home. This way of mining costs money. It seems good because you do not need a mining equipment.

If you do the calculations well no cloud mining equipment is profitable, many of them are scams and never get to pay what we have invested.

As a general rule of thumb, I’d suggest avoiding cloud mining altogether. If you still want to pursue this path, make sure to make the right calculations before handing over any funds.

2.-Mining of a mobile phone

Some miners say they are able to extract bitcoins with mobile devices, this is possible, but it will also cause your mobile phone to burn and drain the battery.

The apps that allow this act as mining pools for mobile phones and distribute earnings according to how much work was done by each phone. Remember, mining is possible with any old computer—it’s just not worth the electricity wasted on it because the slower the computer, the smaller the chances are of actually getting some kind of reward.

3.-Web Mining

Somewhere around 2017, the concept of web mining came to life. Simply put, web mining allows website owners to “hijack,” so to speak, their visitors’ CPUs and use them to mine Bitcoin. This means that a website owner can make use of thousands of “innocent” CPUs in order to gain profits. However, since mining Bitcoins isn’t really profitable with a CPU, most of the sites that utilize web mining mine Monero instead. Up until today, over 20,000 sites have been known to utilize web mining.

The concept of web mining is very controversial. From the site’s visitor perspective, someone is using their computer without consent to mine Bitcoins. In extreme cases, this can even harm the CPU due to overheating. From the site owner’s perspective, web mining has become a new way to monetize websites without the need for the placement of annoying ads. Also, the site owner can control how much of the visitor’s CPU he wants to control in order to make sure he’s not abusing his hardware.

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