Bitcoin mining involves technical processes that can be too intimidating for beginners and average users.But never let this be a reason to pass up on the opportunity to get involved in mining cryptocurrencies.Let this mining guide help you prepare all the requirements to begin mining Bitcoin.Determine how you want to mine This is the most basic step that will launch your future in Bitcoin mining.Back in the beginning, there are only two options to consider: do you want to mine alone or would you rather join a mining pool?As technology in this field evolves, you’re now provided with another option, which is to buy Bitcoin cloud mining contracts.Solo mining and pool mining are technically different in concept but similar in the hardware needed.Cloud mining, however, only requires miners to purchase mining contracts online, without having to buy a mining rig.Granted that solo mining and pool mining belong to the same classification, they have major differences from Bitcoin cloud mining.

You don’t need to worry about power consumption and getting the latest mining hardware if you opt to buy cloud mining contracts.However, you’re exposed to more risk with the latter since there can be instances when the mining company turns out to be a scam.Mining alone or in a pool also lets you be in control of the rig and the software and stay on top of the operation.how to sell bitcoin legallyWeighing in on the advantages and disadvantages of these two kinds of mining is imperative early on.bitcoin faucet iosOf course, if you prefer to invest in contracts instead, then there’s no need to buy a mining rig.simple bitcoin tickerOtherwise, this should be your next focus.pakai bitcoin

ASIC chips are your best bet when mining Bitcoin.It offers performance that registers up to 100x the power of the older systems like CPU, GPU, and FPGA.This is the reason getting mining hardware that has the latest technology is the smarter move.Yes, this will cost a bit more, but the payoff is the less power consumption during the mining operation.miglior bitcoin poolResorting to cheaper but less capable hardware will end up with a surge in your electricity bill.bitcoin calculator javaYou’re practically surrounded by different types of Bitcoin wallets that each come with distinct features.Whichever will be your chosen wallet, remember to take note of your wallet address, which is a string of letters and numbers.In case you’re using a software wallet, make sure to copy the wallet.dat.file to a back-up device like a USB stick or to print out a copy for yourself.

In the unfortunate event that your computer fails, you’ll still be able to access your bitcoins through the wallet.dat.file.pool mining Mining alone isn’t advisable nowadays since the mining difficulty has significantly increased from the years before.This subsequently promotes pool mining, which involves several miners combining their mining capabilities to mine faster and efficiently solve bigger blocks.When mining in a pool, however, the profits are shared among the miners based on the hash rate contributed in solving the algorithms.As such, it’s important to know the specifics on how a mining pool functions, the fees involved, and its stability.A special program is needed to initiate Bitcoin mining on your computer.This software allows you to control and monitor the mining rig, but it must be compatible with the hardware for the two to reach optimum performance.It also depends on which computer you use since there are different mining software designed for Windows, Mac, and Ubuntu platforms.

You’re just a few steps before starting to mine.Connecting the mining rig to the computer and setting up the mining software should initiate the process.When joining a pool, see to it that you enter the pool details correctly, especially your wallet address.Otherwise, you may end up without your share of the pie.The smartphone is by far the world’s favorite piece of technology.It is estimated that there will be over 2 billion smartphones across the world by next year (ref: eMarketer).Over 80 percent of these smartphones run on Android operating system (data: IDC, 2015 Q2).Nowadays, smartphones are literally miniaturized computers, their processors pack anywhere between 1 GHz to 2.7 GHz processing power which is on par with a decent low-range/mid-range laptop currently in the market.Processing power of these devices come to use only while playing games or running few process intensive applications.But it can be put to use for other purposes as well.For example, altcoin mining.Theoretically the processing power possessed by smartphones can be harnessed to mine cryptocurrencies.

While mining bitcoin using the currently available smartphones is out of question, there are many altcoins that could be mined effectively on these handhelds.However, it may not be as effective as it would be if you use your PC instead of mobile phone for mining your coins.However, there are a few applications out there on the market that allows smartphone users to mine crypto coins on their handhelds.Some of the mining applications available for Android platform are – Crypto Miner (BTC, LTC, X11, XMR) Coin Miner pro DroidMiner BTC/LTC/DOGE Miner ARM Miner Bitcoin Pro LTC and Scrypt Miner Pro Quark Miner Pro Mangocoinz While these mining applications use the mobile processor to mine a wide range of crypto coins, there are other set of applications like Eobot, Cointellect etc. which are mobile clients for cloud mining platforms .These mobile clients only allow users to visualize the performance of their mining pool on their Android powered smartphones.

While mining bitcoin using an Android device will cost you more than what you spend in terms of power, battery life etc. Mining altcoins based on CryptoNote and CryptoNight protocols are considered a bit easier on Android devices.Some of the coins that can be mined efficiently includes quarkcoin, bytecoin, mangocoinz, dogecoin (to an extent) etc.It is better to mine these altcoins and exchange it for bitcoin than attempting to mine bitcoin or litecoin on Android phones.ARM processors used in Android phones generally do not generate enough hash rate to even get registered on the mining pool.However, high end Android phones like Samsung Galaxy S6 have a more powerful GPU and they can generate somewhere around 2 MH/s.The average hash rate generated by Android devices range between few hundred KH/s to single digit MH/s.To put it in perspective, it takes over 14 million Android devices mining bitcoin continuously for 24 hours or more to generate 1 bitcoin!If you are looking for a unique experience while mining, the Mangocoinz is something worth exploring.

The value of one mangocoinz is close to one cent and it can be exchanged to bitcoin.A specialized Android application is available to mine mangocoinz, which works based on the movement of the device.At least this way one can burn some calories while attempting to mine the altcoin.Another similar, soon to be launched, application is BitWalking which converts steps to BitWalking Dollars.There are few instances where people have shared their story of success with mobile phone mining.One such instance was shared by a Minergate pool user who goes by the username Baresgeld.According to him, he is the owner of a mobile phone store and he runs an Android based miner he developed following instruction provided by yvg1900 (bitcointalk username) on all the smartphones in his store.He mentions that he mines CryptoNight protocol based altcoins on all the phones using Minergate mining pool.He claims the process to be efficient enough to be able to proportionally reduce the cost of phones on sale every day.