Hello, the s4 that i bought to test mining is about to arrive. Please can someone tell me the steps to follow to star mining?
First creating a wallet. Done in blockchain.info. But when the machine arrives what i will have to do after plug it in to the electricity and plugin in the ethernet cable?
What pool should i join? Which is the cheaper pool fee that i can find? And all that basically. And how the pool will deposit my bitcoin profits to my wallet? I heard some previous post in this thread that i won't need a computer to configure the s4 to the pool or anything is all done in the s4.
Thats what i said. But i meant you don't need a computer
to run it, you need any kind of device that has an internet browser, put the miner's ip into your browser and edit its config there. Probably check on your router on your DHCP lease to see which IP it got. Unless the previous owner put a static IP on it. Do a reset if its not already done in the case where you can't find the IP.
Get a real wallet, SPV wallet is good for the end user usage, something like Multibit HD. If you want a web wallet, blockchain is not a good one. If you're in North America, probably Coinbase. Regardless there's a list of wallet on the bitcoin.org website.
Kano has best payout, very irregular payments because its so small. Slush pool if you want more steady payouts, that one has 2% fee. Mining bitcoin.cz. I strongly recommend the later one or some variant. Preferably not a Chinese pool. (Hash distribution preference)
I heard Coinbase can freeze your account. I mean i just need the wallet to hold 1 bitcoin, the moment i have a bitcoin i will exchange it to dollars. I will not hold bitcoins yet.
So in the web browser i put the miner ip, then inside the miner ip configurations i can configure the address of the pool? Then i guess the pool have a website, so i just make an account in the pool website and i will see there all the bitcoins i earned by mining, then the pool website have payouts directly to your wallet. Is that correct?
I heard someone had his BTC frozen and he was being pretty vocal about it, then eventually he found out it was because his bank had not cleared the funds to Coinbase yet. No problem personally. If delays or dealing with a 3rd party is a problem, then get a real wallet as previously mentioned.
Me i just use Coinbase for BTC <-> Bank. I don't store BTC there either, but they do have a Vault feature and they are insured.
Yes. Put IP in browser, you'll connect to its Open WRT OS with all the tabs and data.
Yes, pool where you do no need to register, you will put your Wallet Address you want the payout sent to as a username. For Slush pool, you register, then can set a payout address. Same for Kano.
You should probably register now so you can familiarize yourself. And properly managing your miners by setting up worker monitoring is a godsend when you have multiple miners.