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Sam has been mining Bitcoin and other cryptocurrencies since With their recent jump in value Bitcoins are becoming more popular than ever. This sudden increase in popularity has created a gold rush causing everyone to gain interest in this new digital currency.
While many people find it easier to simply buy Bitcoins others have discovered Bitcoin mining is a fun and challenging hobby. Mining for Bitcoins can be both fun, and profitable and it's actually easier to get started then you might think. Unfortunately Nvidia cards do not perform very well at all when it comes to mining when compared to AMD cards.
If you already have an AMD Radeon or newer video card installed then you are in good shape to start mining for coins. I wouldn't recommend going out and purchasing a new video card just to mine Bitcoins with but if you need to replace an older card anyway you might consider purchasing a Radeon card instead of Nvidia Hardware.. If you're hardware isn't powerful enough to mine Bitcoin you can still earn Bitcoin by using NiceHash which mines other cryptocurrencies but pays users in BTC. Graphics rendering requires tons of mathematical computations which GPUs are specifically designed to do.
Since Bitcoin mining also requires math computations hashing GPUs work very well for this purpose. A CPU is like a small group of very smart people who can quickly perform any task they are asked to do.
A GPU is like a large group of dumb people who on their own are not very fast or intelligent, but they can be taught to do repetitive tasks, and as a group they can be more productive due to the sheer number of them. Before you start mining for Bitcoins you will need to create an online wallet that will be used to receive and store Bitcoins.
There are several places to create online wallets but I recommend using Blockchain. Blockchain allows you to create a free, and secure wallet that provides many useful features. To create a wallet click on the link labeled 'Create my free wallet'. To set up the new account enter an alias think of this as the username for the account , a secure password, and the capcha answer.
Blockchain will generate a password recovery mnemonic, be sure to store this somewhere safe in case you ever need to recover access to your wallet.
It's important to use a very secure password for the wallet. If anyone were to gain access to your wallet they could quickly steal all of the coins inside. After creating the account log into the wallet using the identifier and password. The address of the wallet can be found on the main wallet home tab. The address consists of alphanumeric characters. This address is what you will provide to people so they can send you payments using Bitcoins. While it is possible to mine for Bitcoins on your own it is not something I would recommend doing.
Solo mining requires an incredible amount of processing power which most people don't have access to. Pooled mining allows miners to group up to solve blocks and earn Bitcoins together. Each miner that joins the pool earns shares for the work they contribute. Each time the pool finds a block currently worth There are many different mining pools you can join, each pool has their on pros and cons.
As you learn more about Bitcoins you will be able to make a more educated decision of which pool is best for you. I recommend joining AntPool because it has some great features and is very easy to use.
The process for joining most Bitcoin mining pools is very similar but in this guide I'll show you how to start mining with AntPool. After registering with AntPool you will need to create a sub account and associate a Bitcoin wallet. Payments will be sent from the pool to this wallet address once the payment threshold has been reached.
After logging in click on the settings like to create a new sub account. Once you've created a sub account click the edit link to add your Bitcoin wallet address. The changes to your account will need to be confirmed by responding to the email sent from AntPool. Next you need to setup a worker, click on the dashboard tab then workers. You will need one worker account for each copy of CGMiner you intend to run. At this point you should have a Bitcoin wallet which is now associated with the AntPool worker.
This means you are finally ready to start actually mining for Bitcoins! There are several different Bitcoin mining clients available but I will be showing you how to use CGMiner. It is compatible with both Windows and Linux operating systems. Among the great features of CGMiner are support for overclocking, hardware monitoring, fan speed control and also remote interface capabilities.
Versions later than 3. After downloading the compressed zip file open the archive. You can use 7zip to extract the contents of the file. Inside the archive you'll find a folder called cgminer You should end up a with a folder called c: Nest you need to enter the pool settings into the cgminer.
Edit the existing cgminer. Once the config file has been modified you are ready to start mining for Bitcoins using CGMiner. Double click on cgminer. If your configuration is correct CGMiner launch, connect to the mining pool, and start mining for Bitcoins. Once CGMiner starts mining for Bitcoins you can check the status of the worker in the mining pool web interface.
Most pools take somewhere between minutes before they will start showing statistics for the worker online. If CGMiner was able to successfully connect to the pool you will see the current speed and an estimate of the workers profitability per day. If you do not see any stats after the miner has been running for a while check the username and pool settings in the CGMiner config file.
Mining for your own Bitcoins is a great way to learn more about digital currency. You might find that you enjoy mining enough to become a hardcore enthusiast and purchase high end mining hardware such as the ASIC miners designed by Bitmain. If you decide that mining Bitcoins isn't for you it's still easy to be involved with Bitcoins in other ways. You can buy and sell Bitcoins on many of the popular exchanges such as Coinbase. Sign in or sign up and post using a HubPages Network account.
Comments are not for promoting your articles or other sites. I'm not aware of any mining software for other microcontrollers, most requires either Windows, Linux, or Mac.
It sounds like it's unable to connect to the mining pool. Double check the server address, worker name, and password in cgminer. I followed this guide now and i get this in cgminer: I tried doing this but i always get this message: The Eclipse pool has shutdown. I'm currently working on updating this article but in the mean time I recommend checking out www. You may also want to take a look at my most recent mining article which explains how to earn Bitcoins with NiceHash. I suspect you may earn more with it instead.
I have 3 gpus, i can only get 2 of them mining.. It shows 3 gpus in cgminer screen after running batch file, one off them show OFF, any idea why?? But, what if miner. Seems it starts, shows 2 fast cmd windows, and that's it. Nothing opened after that Try running the batch file from a command prompt in order to see what error message you are receiving.
Isn't it true the more bitcoins that are mined added to the total out there the longer it takes to create one and then more expensive machine you'll need to mine them in a reasonable time.
Isn't it very late to come to this party all ready seems like a ponzi scheme. Many people are actually planning to start mining Litecoins at that time.
You are correct in that it can take quite a while to generate one Bitcoin depending on how powerful your system is. Luckily by joining a pool you can earn fractions of a Bitcoin. Each coin is divisible by 8 decimal places. You can run a quick calculation to determine if mining is profitable for you using one of the many online tools.
You'll need to know the power draw of your miner, hash rate, and how much you pay per kilowatt for electricity.
Yes, I've heard of them but I don't know much about them. Yes, I've heard of Bitcoins and have used them before. No, I have no clue what a Bitcoin is. Here is a popular analogy: