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How to mine bitcoins reddit 20173 Ways to Mine Bitcoin - wikiHow
In order to make sure his bitcoin is a genuine bitcoin, miners begin to verify the transaction. It's not just one transaction individuals are trying to verify; it's many.
All the transactions are gathered into boxes with a virtual padlock on them—called "block chains. Once their computer finds it, the box pops open and the transactions are verified. For finding that "needle in a haystack" key, the miner gets a reward of 25 newly generated bitcoins.
The current number of attempts it takes to find the correct key is around 1,,, Despite that many attempts, the bitcoin reward is given out about every 10 minutes. In , the bitcoin reward for verifying transactions will halve to Read more : Why the Internet may never be the same again.
How do you mine on a budget? Bitcoin mining can be done by a computer novice—requiring basic software and specialized hardware. The software required to mine is straightforward to use and open source—meaning free to download and run. A prospective miner needs a bitcoin wallet—an encrypted online bank account—to hold what is earned.
The problem is, as in most bitcoin scenarios, wallets are unregulated and prone to attacks. When bitcoins are lost or stolen they are completely gone, just like cash. With no central bank backing your bitcoins, there is no possible way to recoup your loses. The second piece of software needed is the mining software itself—the most popular is called GUIMiner. When launched, the program begins to mine on its own—looking for the magic combination that will open that padlock to the block of transactions.
The program keeps running and the faster and more powerful a miner's PC is, the faster the miner will start generating bitcoins. When mining began, regular off-the-shelf PCs were fast enough to generate bitcoins. That's the way the system was set up—easier to mine in the beginning, harder to mine as more bitcoins are generated. Over the last few years, miners have had to move on to faster hardware in order to keep generating new bitcoins.
Today, application-specific integrated circuits ASIC are being used. Programmer language aside, all this means is that the hardware is designed for one specific task—in this case mining. Read more : How to make your email as stealth as Edward Snowden. There is a way around such a hefty investment: joining mining pools. Pools are a collective group of bitcoin miners from around the globe who literally pool their computer power together to mine. 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 9. 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. Not Helpful 1 Helpful 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! Hawkins Aug 18, It is useful fundamental information. Rated this article:. Stephen Ezenwa Oct 2, Thanks to the author. Quinton Wijburg Sep 26, Anonymous Jul 9, Very well done. Vivek Lakra Aug 25, Sanni Pung Dec 4, Right answer on the spot.
Love it. Easy as ABC. Jim Haskins Dec 23, DR3W4 Gauvin Jul 3, I got all the software to mine bitcoins. Sam Bishop Dec 21, Ali Bernard Aug 23, Govind Krishna Mantry Dec 8, Tapash Chatterjee Aug 6, Punit Chaturvedi Mar 18, Madhi Varman Sep 23, Lindelani Mnisi Aug 15, Kolamathy Dec 24, Lionel K.
Jul 26, Stanley Kavwam Nov 8, Shk Skj Sep 11,