Chapter 1 What is Bitcoin Mining? Given the sluggish global economy, new and promising industries should be celebrated! Most Bitcoin mining is specialized and the warehouses look something like this: Source ieee. A doubling in the Bitcoin price could increase your profits by two. To successfully attack the Bitcoin network by creating blocks with a falsified transaction record, a dishonest miner would require the majority of mining power so as to maintain the longest chain. This is called solo mining.
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Step 4: Select a wallet
Hello and welcome to my Bitcoin for Beginners Tutorial. How to mine it and some tips and tricks that you can use to make more money mining Bitcoin. So, the first thing that I want to touch on is what Bitcoin is. Bitcoin is a new online digital currency. What is a Bitcoin?
It’s not all free money. Here’s what to know before you try to mine Bitcoin
Hello and welcome to my Bitcoin for Beginners Tutorial. How imne mine it and some tips and tricks that you can use to make more money mining Bitcoin. So, the first thing that I want to touch on is what Bitcoin is. Bitcoin is a new online digital currency. What is a Bitcoin? Now you might be wondering well, how do I get a Bitcoin? You can get a Bitcoin in a number of different ways. You can exchange your local currency like U. And mining is a process essentially that just uses your computer to solve mathematical problems and you are rewarded when you solve these problems with a service fee.
And those service fees while small add up especially depending on how fast your computer is. And now there are people out there that caan hundreds and thousands of dollars mining Bitcoin. Well, not really. So, when people want to send and receive Bitcoins they need computers to process that information in order to make that transaction.
So, just to give you an example, like Bank of America or Chase or Wells Fargo all of these really big banks they have skyscraper upon skyscraper of buildings and computers and servers to allow their entire financial network to run. The first thing that I want to show you is the Bitcoin wallet.
Go ahead and download and install the Bitcoin wallet. Now go ahead, leave it alone, let it sync. Now there are a number of different mining programs out there, CG miner, BF miner. So, go ahead and download GUI miner. Once you download GUI miner run the miner and you will see something similar to this screen.
And that will show us a screen similar to. And that brings me to my next point. Well, a pool is basically a collective pool, a collective network of computers that are all working together to solve blocks of information to receive Bitcoin. Now there are bitcoons number of different pools out.
BTC Guild for some reason I was making zero progress. So, the first thing that we need to do now is join a pool. We can click here to sign up. All you need is an e-mail you create a password. Now you can see here, Bitcoin address. So, once I do that you can see it pops up here in this list. Now we need to create a worker. And this is kind of like a log in and password information.
It can be anything that you want. I suggest just something simple will work. Now this is what we need to copy. We have my Intel i7 processor and then we also have our graphics card processor. You want to select your graphics card processor. So, you can see here test miner for beginners. I have it mining. I am just going to stop.
And I have zero stales. Now this number here, this column, what this represents is a count of the number of times that you were given a bit of information for your computer to solve. And your computer dree it and sent in the answer flr your answer was confirmed as correct and accepted and so czn get a share under accepted. Now if you have any numbers in this column under stale basically what that means is that you were given some information to solve. You solved it, you sent it in, but you sent it in too late or you sent it in and it was wrong.
So every time you get an accepted share you get paid. Now your computer is mining. And so, how we do that is we use a calculator, a Bitcoin mining calculator. That is great. Go ahead and click on it. And this czn a Bitcoin mining calculator. So we can enter in our megahashes per second which is So, I have an or an power supply in my computer. Whether my computer is using all that power or not is debatable. So, then the question is well, how — what do I have to do in order to make money?
Well, the answer is your megahashes per second. This number here needs to be higher, needs to be higher than the amount of money that you need to spend on electricity. So you need to make more Bitcoin than it costs to run your computer. So, let me just give you an example. Some people are making megahashes per second which equates to 3 gigahashes. So, megahashes can u mine bitcoins for free second. Time bitcoinss 30 days.
Keep all those settings the same, calculate. So, just to quickly answer any question that you might have, in order to get this number mne, this megahash per second we need a faster graphics card. And so a really good website that I found is this one.
It will basically compare all of the graphics cards that are out on the market today. So, we can scroll down here a little bit. Here is the model number and bitocins will tell you the megahashes. So, you can kind of guesstimate what your megahash number will be based on which graphics card you have or which graphics card you want to purchase.
Now mind you, you can plug in more than one graphics card to your computer. But in order to do that you need to make sure that you have enough power to do fpr. This is just all guessing right. So just, these are just some resources for you to check out and kind of experiment. All in all after watching this video you should have been able to at least set up your wallet, set up your mining software, set up your worker and connect to a pool which then you bitcoims be able to start mining.
That concludes the Bitcoin for Beginners Tutorial. Thank you so much for watching and good luck. Welcome to Bitcoin for Beginners Part 2. This may change by the time you watch this video but I wanted to address some of the most common questions that I received in Part 1. Let you know some of the alternatives for the Bitcoin wallet because a lot of people had some issues syncing to the network and getting that to work.
You can see I am running GUI miner right. I also wanted to show you a miner that the Mac users can use. People were reporting that they were having issues with their Bitcoin wallet. Either they were having issues cab the program on their computer or that it was taking too long to sync and never fully syncing up to the Bitcoin network. MultiBit is a popular Bitcoin wallet. And one of the best things about it is that you can password protect your wallet.
Now I want to make a side note. This is the wallet that I showed in video number one. And this is going to be in Bitcoin. Are you sure you want to send to the following address?
Yes, okay. You can see sent to address transfer up and there it is right. It just transferred. I did not know. And if we click on the transactions tab we can see the transaction, we can see all the information about it.
It basically just confirms that we transferred that amount of money. See where it says keep your password safe you need this password to spend your Bitcoin and it cannot be recovered if lost.
So now my wallet is password protected. Now we have CG miner and Diablo miner. But the Mac guys I would suggest trying this anyways.
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There are bitfoins aspects and functions of Bitcoin mining and we’ll go over them. Bitcoin mining is done by specialized computers. Like other business, you can usually write off your expenses that made your operation profitable, like electricity and hardware costs. The answer is somewhat complex and requires a solid understanding of the above mining process:. Zcash mining contracts are also available. Do you understand what you need to do to start? Here are some options: For a fully decentralized pool, we highly recommend p2pool.
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