You don’t have gh bitcoin wiki page to view this page. Please include your IP address in your email. We show you the various methods of making money by mining Bitcoins.

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Note: Our guide on Bitcoin mining has been fully updated. This feature was first published in November 2015. Mining is the process of using a computer to perform complex calculations on blocks of data which maintain the Bitcoin network. You’ll learn more about this in the following steps.

The actual profit you make will depend on a number of factors. Computers designed for mining, or ‘rigs’ as they’re commonly known, require large amounts of electricity, which will increase running costs. The complexity of mining also rises over time. The Bitcoin itself is a very volatile virtual currency and while it has recently made huge gains, it may also plummet in value.

Bear this in mind if you plan to hold onto any BTC you mine rather than selling immediately. While you can technically try to mine Bitcoin on your own, it’s very unlikely that your rig will singlehandedly solve the complex sums necessary to receive a reward. Instead, you’ll need to join a mining pool. As the name suggests, this is a pool of multiple machines connected together, engaged in a collaborative mining effort. The Bitcoin rewards reaped are shared amongst everyone who contributed processing power to the effort. However, note that the way in which profits are shared can vary from pool to pool.

These devices have been specifically designed for mining Bitcoins which means they’ll generally give you the greatest return on your investment. However, as mentioned, these ASIC devices are expensive. Alternatively you can build your own Bitcoin mining rig. While these aren’t as efficient in terms of power and hash rate, they require less upfront expense and can mine other currencies besides BTC. In the simplest terms these are computers with multiple powerful graphics cards installed. These GPUs might be primarily designed to render complex graphics when playing games, but they also lend themselves well to coping with the complex calculations involved in Bitcoin mining. To get started, you’ll need to purchase a case for the machine.

Most of these are a simple metal frame to allow heat to dissipate easily. You’ll then need to choose a motherboard and graphics cards for mining, such as the AMD Radeon RX 580. You’ll need to assemble the machine and install the OS and mining software yourself, so you should only go down this route if you are tech-savvy and familiar with computers. If neither of these options appeals, you can rent hash power from cloud mining companies. These firms have dedicated data centers devoted to mining Bitcoins.

As they are centralized they can buy machines in bulk and use efficient methods to generate electricity. The advantage of this approach is that you don’t need to buy any expensive hardware. The fees for cloud mining will vary, however, and another point to be wary of is scammers posing as cloud mining outfits. Once you’ve made the decision that mining is right for you, you’ll also need to set up a Bitcoin wallet to store your profits. Make a note of the ‘public’ address which you can use to receive payments. Don’t let anyone see your private keys as anyone with access to your paper wallet can control your virtual cash. If you plan to regularly cash out your BTC or make payments, consider using a software wallet instead.

When you create your wallet, Electrum will generate a ‘seed’ of a dozen random words to use as a private key. This means you can restore your Bitcoin wallet if anything happens to your computer. If you use a software wallet like Electrum, try to do it on a machine that isn’t connected to the internet so your BTC can’t be hacked. This is known as ‘cold storage’. Sign up here’ at the top-right. On the registration page choose a username, then enter your email address and password. The Slush Pool website will send you a confirmation email.