Join over 94,000 students, learn all you need to know about Bitcoin. One Email a Day, 7 Days in a Row. One of the biggest problems I ran into when Bitcoin linux tutorials was looking to start mining Bitcoin for investment and profit was most of the sites were written for the advanced user.
I am not a professional coder, I have no experience with Ubuntu, Linux and minimal experience with Mac. So, this is for the individual or group that wants to get started the easy way. Get a Bitcoin mining rig Bitcoin mining is a very competitive niche to get into. As more and more miners come on board with the latest mining hardware the difficulty to mine increases each day. Before even starting out with Bitcoin mining you need to do your due diligence. This means you need to find out if Bitcoin mining is even profitable for you.
The best way to do this is through the use of a Bitcoin mining calculator. Just enter the data of the Bitcoin miner you are planning on buying and see how long it will take you to break even or make a profit. However, I can tell you from the get go that if you don’t have a few hundred dollars to spare you probably won’t be able to mine any Bitcoins. Once you’ve finished with your calculations it’s time to get your miner. Make sure to go over our different Bitcoin mining hardware reviews to understand which miner is best for you. Today, the Antminer S9 is the newest and most powerful miner. How much electricity does your miner consume?
This miner is a solo miner. It has a small chance of mining a block but does not generate monthly revenue. Because Bitcoin is an internet based currency, you need a place to keep your Bitcoins. Once you have a wallet make sure to get your wallet address. It will be a long sequence of letters and numbers. Each wallet has a different way to get the public Bitcoin address but most wallets are pretty straight forward about it.
Make sure you have a copy of the wallet. A mining pool is a group of Bitcoin miners that combines their computing power to make more Bitcoins. The reason you shouldn’t go it alone is that Bitcoins are awarded in blocks, usually 12. 5 at a time, and unless you get extremely lucky, you will not be getting any of those coins. In a pool, you are given smaller and easier algorithms to solve and all of your combined work will make you more likely to solve the bigger algorithm and earn Bitcoins that are spread out throughout the pool based on your contribution. Basically, you will make a more consistent amount of Bitcoins and will be more likely to receive a good return on your investment. What fee they charge for mining and withdrawal of funds?
How easy it is to withdraw funds? What kind of stats they provide? Basically, for every miner that you have running, you will need to have a worker ID so the pool can keep track of your contributions. Get a mining program for your computer Now that you’ve got the basics covered we’re almost ready to mine.
You will need a mining client to run on your computer to that you will be able to control and monitor your mining rig. Depending on what mining rig you got you will need to find the right software. Many mining pools have their own software but some don’t. The most popular program I’ve found for a PC are BFGMiner and 50Miner . Start mining OK, so hopefully now everything is ready to go. Connect you miner to a power outlet and fire it up. The first thing you’ll need to do is to enter your mining pool, username and password.