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How to Set Up a Bitcoin Miner?

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There are three main categories of bitcoin mining hardware, each more expensive and more powerful than the last. This guide to setting up a bitcoin miner explains each of them, and talks about how to make them work.

Published in: Economy & Finance
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How to Set Up a Bitcoin Miner?

  1. 1. How to Set Up a Bitcoin Miner?
  2. 2. Set Up a Bitcoin Miner Hash rate:-This is the number of calculations that your hardware can perform every second as it tries to crack the mathematical problem we described in our mining section. Hash rates are measured in megahashes, gigahashes, and terahashes per second (MH/sec, GH/sec, and TH/sec. Energy consumption:-All this computing power chews up electricity, and that costs money. It's worth looking at your hardware's energy consumption in watts, when making your choice.
  3. 3. Bitcoin Mining Hardware GPU:- Mining is largely dead these days. Bitcoin mining difficulty has accelerated so much with the release of ASIC mining power that graphics cards can't compete. FPGA Bitcoin Mining:- A Field Programmable Gate Array is an integrated circuit designed to be configured after being built. ASIC Bitcoin Miners:- This is where the action’s really at. Application Specific Integrated Circuits (ASICs) are specifically designed to do just one thing: mine bitcoins at mind-crushing speeds, with relatively low power consumption.
  4. 4. What are Bitcoin Mining Pools? Pros and cons:- If you’re deciding whether to join a mining pool or not, it can be helpful to think of it like a lottery syndicate – the pros and cons are exactly the same. Going solo means you won’t have to share the reward, but your odds of getting a reward are significantly decreased. Currency difficulty:- In bitcoin's case, the current difficulty level is so high that it’s practically impossible for soloists to make a profit mining. Unless, of course, you happen to have a garage full of ASICs sitting in Arctic conditions.
  5. 5. Pool rewards When deciding which mining pool to join, you need to weigh up how each pool shares out its payments and what fees (if any) it deducts. There are many schemes by which pools can divide payments. Most of which concentrate of the amount of ‘shares’ which a miner has submitted to the pool as ‘proof of work’.
  6. 6. Starting to mine with a pool Having decided which currency to mine and which pool you'll work for, it's time to get started. You need to create an account on the pool's website, which is just like signing up for any other web service. Once you have an account, you'll need to create a ‘worker’. You can create multiple workers for each piece of mining hardware you’ll use. The default settings on most pools are for workers to be assigned a number as their name, and ‘x’ as their password, but you can change these to whatever you like.
  7. 7. SET UP ACCONT START MINING SIGN UP RIGHT NOW!! https://www.gainbitcoin.com/signup/om103/R http://www.btcmininghub.com/

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