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Topic: How to MIne Bitcoin? - page 4. (Read 3085 times)

newbie
Activity: 44
Merit: 0
October 17, 2017, 03:04:36 AM
#10
Get a hardware specific for BTC mining, and join a pool. It's pretty much the same with gpu based mining, only difference is the hash rate is so high that you need to get a device with a specific algorithm for BTC and of course the hash power.

It's a bit too late to invest in BTC mining if you're starting small though, I suggest you go with gpu mining, or better yet go with Proof of Stake. It's basically "mining" by just owning a number of coins in your wallet. You can start staking coins like Deep Onion, the current network right now has a very high payout (around 10%) per year. You don't need to have expensive hardware, gauge the cost of electricity and most of all better ROI.They have a pretty good community with tutorials on how to start staking, so better check it out!

Thanks for the info, that's very helpful.
member
Activity: 308
Merit: 13
October 16, 2017, 11:33:00 PM
#9
You must have a good setup before mining .or you have to get one for rent from some company .i  dont think mining is suitable for now .coz there is a huge competition
full member
Activity: 336
Merit: 100
October 16, 2017, 09:45:21 PM
#8
To mine bitcoin, Acquire bitcoin hardware, like antminer s7, antminer s9 or avalon6, Then you need to download special program used for bitcoin mining, like CGminer or BFGminer, Once your ready to mine bitcoins, Join in mining pool, these are the group of bitcoin miners working together to solve a block and share in its rewards. Then set up bitcoin wallet where you store your mined bitcoins.
newbie
Activity: 43
Merit: 0
October 16, 2017, 05:44:45 PM
#7
From what I hear it's virtually impossible to mine profitably any more (unless you have access to free electricity).
This is not true at all. I am getting multiple hundreds of dollars off of a single Antminer alone with $.1 electricity cost.

What are the processes of bitcoin mining? What are the tools needed?
You should get an Antminer S9. If you need help setting it up, you can check my blog  Wink
member
Activity: 98
Merit: 10
October 16, 2017, 05:19:11 PM
#6
From what I hear it's virtually impossible to mine profitably any more (unless you have access to free electricity).
full member
Activity: 474
Merit: 101
October 16, 2017, 04:43:14 PM
#5
If you want to mine bitcoin ( or other currencies) you can:
1)  buy hardware ( mining machine) which will generate you some BTC .
2 )some platforms support " browser mining" such as freebitcoin , just leave your browser opened
3 )there are some companies that share their mining revenue with their users who invested in ( it's like you buy a part of mining hardware and you get your profit daily/weekly/monthly)
newbie
Activity: 28
Merit: 0
October 16, 2017, 08:20:19 AM
#4
Before you start mining Bitcoin, it's useful to understand what Bitcoin mining really means. Bitcoin mining is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. The speed at which you mine Bitcoins is measured in hashes per second.

The Bitcoin network compensates Bitcoin miners for their effort by releasing bitcoin to those who contribute the needed computational power. This comes in the form of both newly issued bitcoins and from the transaction fees included in the transactions validated when mining bitcoins. The more computing power you contribute then the greater your share of the reward.

full member
Activity: 270
Merit: 100
October 16, 2017, 08:19:12 AM
#3
Get a hardware specific for BTC mining, and join a pool. It's pretty much the same with gpu based mining, only difference is the hash rate is so high that you need to get a device with a specific algorithm for BTC and of course the hash power.

It's a bit too late to invest in BTC mining if you're starting small though, I suggest you go with gpu mining, or better yet go with Proof of Stake. It's basically "mining" by just owning a number of coins in your wallet. You can start staking coins like Deep Onion, the current network right now has a very high payout (around 10%) per year. You don't need to have expensive hardware, gauge the cost of electricity and most of all better ROI.They have a pretty good community with tutorials on how to start staking, so better check it out!
newbie
Activity: 50
Merit: 0
October 16, 2017, 06:31:54 AM
#2
Purchase custom mining hardware, Decide between joining a pool or going alone, Download a mining program,Run your miner, Check your profitability.
newbie
Activity: 44
Merit: 0
October 16, 2017, 12:25:53 AM
#1
What are the processes of bitcoin mining? What are the tools needed?
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