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Getting started with Bitcoin mining

Bitcoin Mining Guide - Getting started with Bitcoin mining

Bitcoin mining is difficult to do profitably but if you try then this Bitcoin miner is probably a good shot.

How Bitcoin Mining Works

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.

Step 1 - Get The Best Bitcoin Mining Hardware

Purchasing Bitcoins - In some cases, you may need to purchase mining hardware with bitcoins. Today, you can purchase most hardware on Amazon. You also may want to check the bitcoin charts.

How To Start Bitcoin Mining

To begin mining bitcoins, you'll need to acquire bitcoin mining hardware. In the early days of bitcoin, it was possible to mine with your computer CPU or high speed video processor card. Today that's no longer possible. Custom Bitcoin ASIC chips offer performance up to 100x the capability of older systems have come to dominate the Bitcoin mining industry.

Bitcoin mining with anything less will consume more in electricity than you are likely to earn. It's essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. Several companies such as Avalon offer excellent systems built specifically for bitcoin mining.

Best Bitcoin Cloud Mining Services

Another option is to purchase in Bitcoin cloud mining contracts. This greatly simplifies the process but increases risk because you do not control the actual physical hardware.

Being listed in this section is NOT an endorsement of these services. There have been a tremendous amount of Bitcoin cloud mining scams.

Hashflare Review: Hashflare offers SHA-256 mining contracts and more profitable SHA-256 coins can be mined while automatic payouts are still in BTC. Customers must purchase at least 10 GH/s.

Genesis Mining Review: Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced. Zcash mining contracts are also available.

Hashing 24 Review: Hashing24 has been involved with Bitcoin mining since 2012. They have facilities in Iceland and Georgia. They use modern ASIC chips from BitFury deliver the maximum performance and efficiency possible.

Minex Review: Minex is an innovative aggregator of blockchain projects presented in an economic simulation game format. Users purchase Cloudpacks which can then be used to build an index from pre-picked sets of cloud mining farms, lotteries, casinos, real-world markets and much more.

Minergate Review: Offers both pool and merged mining and cloud mining services for Bitcoin.

Hashnest Review: Hashnest is operated by Bitmain, the producer of the Antminer line of Bitcoin miners. HashNest currently has over 600 Antminer S7s for rent. You can view the most up-to-date pricing and availability on Hashnest's website. At the time of writing one Antminer S7's hash rate can be rented for $1,200.

Bitcoin Cloud Mining Review: Currently all Bitcoin Cloud Mining contracts are sold out.

NiceHash Review: NiceHash is unique in that it uses an orderbook to match mining contract buyers and sellers. Check its website for up-to-date prices.

Eobot Review: Start cloud mining Bitcoin with as little as $10. Eobot claims customers can break even in 14 months.

MineOnCloud Review: MineOnCloud currently has about 35 TH/s of mining equipment for rent in the cloud. Some miners available for rent include AntMiner S4s and S5s.

Bitcoin Mining Hardware Comparison

Currently, based on (1) price per hash and (2) electrical efficiency the best Bitcoin miner options are:

AntMiner S7 AntMiner S9 Step 2 - Download Free Bitcoin Mining Software

Once you've received your bitcoin mining hardware, you'll need to download a special program used for Bitcoin mining. There are many programs out there that can be used for Bitcoin mining, but the two most popular are CGminer and BFGminer which are command line programs.

If you prefer the ease of use that comes with a GUI, you might want to try EasyMiner which is a click and go windows/Linux/Android program.

You may want to learn more detailed information on the best bitcoin mining software.

Step 3 - Join a Bitcoin Mining Pool

Once you're ready to mine bitcoins then we recommend joining a Bitcoin mining pool. Bitcoin mining pools are groups of Bitcoin miners working together to solve a block and share in its rewards. Without a Bitcoin mining pool, you might mine bitcoins for over a year and never earn any bitcoins. It's far more convenient to share the work and split the reward with a much larger group of Bitcoin miners. Here are some options:

For a fully decentralized pool, we highly recommend p2pool.

The following pools are believed to be currently fully validating blocks with Bitcoin Core 0.9.5 or later (0.10.2 or later recommended due to DoS vulnerabilities):

  • BitMinter
  • CK Pool
  • Eligius
  • Slush Pool

Step 4 - Set Up A Bitcoin Wallet

The next step to mining bitcoins is to set up a Bitcoin wallet or use your existing Bitcoin wallet to receive the Bitcoins you mine. Copay is a great Bitcoin wallet and functions on many different operating systems. Bitcoin hardware wallets are also available.

Bitcoins are sent to your Bitcoin wallet by using a unique address that only belongs to you. The most important step in setting up your Bitcoin wallet is securing it from potential threats by enabling two-factor authentication or keeping it on an offline computer that doesn't have access to the Internet. Wallets can be obtained by downloading a software client to your computer.

For help in choosing a Bitcoin wallet then you can get started here.

You will also need to be able to buy and sell your Bitcoins. For this we recommend:

  • SpectroCoin - European exchange with same-day SEPA and can buy with credit cards
  • Kraken - The largest European exchange with same-day SEPA
  • Buying Bitcoin Guide - Get help finding a Bitcoin exchange in your country.
  • Local Bitcoins - This fantastic service allows you to search for people in your community willing to sell bitcoins to you directly. But be careful!
  • Coinbase is a good place to start when buying bitcoins. We strongly recommend you do not keep any bitcoins in their service.

Step 5 - Stay Up To Date With Bitcoin News

Staying up to date with Bitcoin news is important for your bitcoin mining profits. If you want general Bitcoin news then we recommend the WeUseCoins news section.

[WARNING] - 1 August 2017 the BIP 148 UASF will occur. This could greatly impact your earnings as a Bitcoin miner by mining either the legacy or BIP 148 chain.

To prepare we recommend reading this UASF Guide.

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How long does it usually take to mine a bitcoin block? Bitcoin Stack Exchange

long bets bitcoin mining

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How long does it usually take to mine a bitcoin block?

I am quite new and wondering how long it would take with a single GTX 680? EDIT: I am using a pool.

For solo mining with a single GTX 680, which will produce 120 Mhashes/s, you would expect to find one block approximately every 98 years.

At the current difficulty, solo mining is inadvisable under practically all circumstances. Pooled mining should be done instead.

Furthermore, mining utilizing graphics cards is rapidly losing viability with the release of FPGA and ASIC-based mining hardware, which operates at far greater efficiency. Unless you have exceptionally cheap electricity or have a use for the heat output from the graphics card(s) (e.g. heating your house for winter), graphics card mining is unlikely to be profitable for you.

Additionally, mining with NVIDIA graphics cards has pretty much never been worthwhile, as they are far slower and less efficient than comparable ATI/AMD hardware, conflating the above issues with graphics card mining.

You will never mine your own block while in a pool. The owner of the pool owns all the blocks mined. Your best bet is to buy some ASIC (butterfly labs?) box and let it roll. You could get lucky.

Two years ago I solo'ed with a Raedon card and got luck after about 4 months.

I think with such a tiny amount of hashing power even being in a pool is not worth it.

But again, you will never mine a block while in a pool, only part of a block.

So if you make 0.000000485032112 bitcoin per minute, and let's say 1 bitcoin is $1000. So your making $0.000485032112 per min, or $0.02910192672 per hour or

$0.69 per day, but the power costs of running the PC don't make it worthwhile.

1) The time where GPU mining was financially profitable has been over for several months already. (Unless you don't pay for your electricity.)

2) Nvidia Cards are even less efficient than AMD cards for mining.

3) Solo-Mining is even more unlikely to succeed.

You might want to consider mining Litecoin or Altcoins, but even there the competition is slowly ramping up.

It took ages for me to mine bitcoins because of enormous competent people mining with excellent machines. You better get a Mining hardware to make your time worth since you will eventually end up paying your internet and electricity bills.

Even if you are in solo or pool mining, for the current difficulty (2.4122720023e+11), you will need at least 12Ph/s to gather a full bitcoin block (12.5 bitcoins) in 24 hours.

How Long does it Take to Mine 1 Bitcoin

Bitcoin Mining. How Much Does It Take to Mine At Least One?

You probably know that mining is the only way that Bitcoin comes into the world. You buy them, you exchange them for something else, and you earn them or even steal them. You send them per global network like mail. Thousands of coins trade hundreds of transactions per single second. However, someone created every single Bitcoin in the past. It may be a huge data center with hundreds of coolers and chips, it might be a self-miner, or it may be a mining pool with thousands of members around the world. Every solved block creates 25 Bitcoins at a time. How much time does it take to mine at least one of them? That is an important question.

To answer this question, we need to understand what factors affect the duration of mining Bitcoins and its success.

We won’t discuss solo mining because until you have a lot of the latest ASICs, it’s almost impossible to solve a block. Even if you have the newest ASICs, it’s still too difficult.

That’s why we’re going to talk about mining in a pool. What are the factors, which affect the duration of your mining. Firstly, the capacity of your equipment. That is obvious if you have a good and modern rig, you will spend less time on the process. On the other hand, if your equipment is not so fast or even if you just have a Graphic Processing Unit on your computer, your mining may take a very long time. Then, there is the difficulty of hashrate per second. This is a measure, which has been growing since 2009, and you can check on the Internet. Another factor is a pool or the indicators of the pool, which you’ve chosen. Perhaps you know its workings. People can’t perform it individually therefore they use particular pools where they collaborate and work together to solve the block and win the reward. As a result, they divide 25 Bitcoins of the reward for solving it, between themselves, according to the contribution to the pool. The more members in the pool you’ve chosen, the less share you will receive after the solving a new block. Three main factors that have an influence on the duration of mining Bitcoins.

Hashrate and Speed

Your equipment used for mining. As this may suggest, it must be as good as possible due to there being a strong correlation between the capacity of your mining equipment and your hashrate per second. Hashrate per second in a pool is your contribution that helps others to solve the block and get the reward of 25 Bitcoins. The more hashrate per second you have, the more your share is. This consequently means that your profit for one solved block also increases.

We recommend that you use a special calculator to make these measurements. Go to this link where you’ll find a simple and an easy to use a mining calculator. Here you need to type the information about your equipment, shipping costs, electricity bills, and the price of the hardware etc. In fact, this calculator is designed to compute the return on investment in mining hardware. However, you may still find out good information for you there. For example, there is revenue shown in its results, which enables you to understand the time you need for mining a Bitcoin. It is not accurate but still useful.

Now you can see how approximately fast you are able to mine a single Bitcoin working together with other people in a pool.

Every 2016 Blocks

Next is difficulty. The difficulty of mining is probably the most interesting thing about mining. The difficulty is all to do with math. It increases day by day. It changes every 2016 blocks so it rises at least month-by-month. The difficulty indicates the difficulty (surprise) of mining Bitcoins. It depends on a formula and changes as every 2016 blocks are solved. Moreover, this measure can rise infinitely or even go down in specific circumstances. However, you can check it simply by going here . It doesn’t change every day so you don’t need to check it all the time.

A Crowded Pool is not the Best One

The last one is pool. Though the profitability of a pool is very inaccurate and depends on the equipment you have and its hashrate per second, it’s still useful to check the profitability of the pool to understand how much time you will spend to earn one Bitcoin. You could estimate that it’s going to be a day or two days or even a week. However, don’t rely on these numbers of getting a Bitcoin too much. The difficulty is growing extremely fast therefore next month; the numbers can be completely different compared to the predicted time for getting a Bitcoin.

We have collected the main measures to compute a period to get a Bitcoin. You may imagine the results. It is almost impossible to predict an accurate amount of time needed to mine a single Bitcoin.

Using all information we have collected, you will find an approximate number of hours needed to put together all the tiny rewards from a pool until it turns into 1 Bitcoin. We can’t say this for certain, only that it will take a long time.

Betchain: one of the best casinos in the world!

If you are looking for a bitcoin gambling site that has both sports betting and casino games on a highly secure site, you should try Betchain! Website is nicely designed and works perfectly. The all round high quality of operation and customer experience make Betchain one of leaders in the bitcoin gambling industry. Have some fun and find out for yourself!

Leave a Reply Cancel reply Eric Schmidt, CEO of Google :

«Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value.»

The Safelist - Trusted Bitcoin Operators

So anyway - We started a 'Safelist'

We aim to be super cautious in recommending these sites to you, but overwhelming demand dictates that we should have some sort of 'goodlist' and so we're making a start on one, in the hope that it won't come back and bite us right in our reputation.

This safelist will start small, and grow slowly, but we want to get this right, and we'll try and be descriptive about each operator. If you have a bitcoin related site, and wish to be in here, contact us directly and we'll discuss adding your project.

Hosted mining sites. Where you rent hashpower.

You can be mining Bitcoin or Ethereum within minutes, how cool is that! At present though, we are really struggling to find decent Bitcoin and Altcoin mining, so it is a very short list.

*Mining profitability is absolutely dependent on bitcoin market price. Bitcoin mining can be unprofitable in real terms, however it is highly good for society, and for your soul and that revolutionary in you.

Genesis-Mining A long standing operator, with a wide range of equipment, Mine Bitcoin (BTC/XBT), Ethereum (ETH) and now Zcash (ZEC). You can be up and mining bitcoin & many other coins in minutes.

Hashing24 Hosted Bitfury Mining. A popular choice for contract bitcoin mining.

Buying and Selling Bitcoin

and accepting Bitcoin as a Merchant

When you buy or sell bitcoin, you want to do it safely, and as a Merchant, you want your payments to be hassle free and trusted.

We strongly advise that you DO NOT buy bitcoin with PayPal or with any non-refundable payment method (Neteller, Payeer, Western Union or similar)

BitbayPay If you want to sell your goods and services for bitcoin, but get paid in your own currency, this is the service for you. API's to insert into your site. See also BitBay.net

BitBay International cryptocurrency exchange based in Poland, offering quick deposits and withdrawals. Safe, easy to use platform and professional support.

Localbitcoins A solid site that has been around for years. To be extra safe, always use their Escrow Service - meaning that your purchase is secure and the seller only gets your money when the bitcoin is also held in Escrow.

Coinbase ** Follow THIS LINK to Buy $100 of bitcoin and get $10 of bitcoin FREE ** Works every time, and this exchange is regulated, secure and as safe as it gets. You can also sell your bitcoin here and transfer the funds to your Bank.

Where you convert fiat eg Dollars, to bitcoin, or bitcoin to altcoin, and back again. Learn to trade for profit.

Coinbase ** Follow THIS LINK to Buy $100 of bitcoin and get $10 of bitcoin FREE ** Coinbase is a solid, regulated and trusted exchange for US and European users of bitcoin. This exchange offers the best prices for both buying and selling, and dare we say, is the most trusted. We use it too.

HitBtc If you are keen to start trading and making money like the Wall St guys, then HitBtc has a great reputation, low fees, and is developing new features all the time. A Great place to trade across a few coins. Our own BCH experience is that this is possibly the fastest and smoothest exchange to date!

Luno Luno (formerly BitX): A fast growing digital currency exchange. It is fast, easy to use, and secure. They are the leading exchange across Africa and Asia.

Luno also has a slick wallet for you to store and buy bitcoin.

Shapeshift Does what it says on the tin. Change various cryptocurrencies for each other in just a click. Simple and Secure.

Bitstamp Not just a great exchange, but you can get a Bitcoin Debit Card as well.

Gaming & Casino Sites

Where you can bet anonymously with bitcoin. You MUST check that this is legal in your jurisdiction, and that you are not a minor.

BitcoinBetmaster The only site you need for links to safe Bitcoin Betting, Poker, Casino's, Sports, Dice and other pastimes. All the sites at BitcoinBetmaster.com have been thoroughly checked by ourselves - so you know they are safe. BitcoinBetmaster takes the gamble out of betting with bitcoin!

You visit these sites to earn bitcoin for viewing ads. These are a great way to get your first bitcoin or litecoin for no cost except a little spare time.

MoonLitecoin The sister site to MoonBitcoin, where you earn Litoshi's for visiting the site. Paid direct to your Coinpot wallet. A great way to get started with Litecoin.

Freebitcoin This is a firm favourite, and it also has a cute little feature where you can try and gamble up your earnings - They pay weekly without fail.

MoonBitcoin Claim every 5 mins, or let it build. Also build up a daily loyalty bonus up to 100%, and then there's the random bonus.

Qoinpro Free Bitcoins, and other coins every 24 hours. This site has been a solid payer since 2014.

** The longest running and most trusted Bitcoin Earning site. Start Here **

** The most trusted Litecoin Earning site. Start Here **

Hosted, or for the brave at heart who want to try mining for coins at home !

AliExpress A little diligence needed when using this site, but some bargains to be had.

Visit Rigwarz to compare the returns on various hardware.

You need somewhere to keep all those 'bits' so here's a few suggestions.

Luno Luno (formerly BitX): A simple, easy to use, secure wallet that helps you buy Bitcoin instantly. Probably one of the best looking wallets out there!

Electrum A really fast bitcoin or litecoin wallet, very secure and simple to use.

Blockchain.info Probably the single most popular online bitcoin wallet. Very secure - and a benchmark for the Industry.

Multibit Another 'local' wallet but much faster than Bitcoin QT.

Ledger & Ledger Nano You really have to see these superb wallets. Keep your bitcoin extra safe and offline in these really affordable USB Hardware Wallets.

Trezor The original 'hardware' wallet. A true bitcoin safe.

KeepKey If you want a hardware wallet with style - this is nice.

Advertising

Advertise to the Bitcoin Community - with Bitcoin

A-Ads If you wish to advertise here, on this site, then follow this link, and choose your options. You will see A-Ads slots in various places on Badbitcoin.org.

A-Ads remains our favourite Bitcoin Advertiser.

Bitmedia A very high quality service, professional and 100% dedicated to Bitcoin & Cryptocurrency. One of our favourites.

Adhitz Advertise on many bitcoin and mainstream sites (including this one), PTC's etc.

Other Links

All the sites that don't fit elsewhere.

"At Selachii, our tenacious, commercially-minded solicitors provide expert advice and assistance in all manner of investment fraud matters. We have a proven track record helping creditors and investors recover funds, both in the UK and abroad, with particular expertise in cases involving bitcoin scams and binary option trading fraud.”

Wallet Recovery Services The trusted service dedicated to helping people recover their crypto-currency when it is lost due to a forgotten wallet password or corrupted wallet. Operating since mid 2013.

Panties.com The Internet's No1 Lingerie Shop, now takes Bitcoin. Go on, buy her something nice, She may go easier on you for your weird bitcoin obsession.

Virtual Private Networks Essential for security and privacy in this surveillance society.

Use a VPN when you surf the web in order to Anonymise and Secure your Internet activity. It isn't just about having something to hide, it's also about maintaining your basic human right to privacy, and getting access to otherwise geographically blocked content is a bonus.

PureVPN Based on price/performance, this comes out well ahead of the 'also rans' The speed is superb, the encryption is excellent, and it is super simple to set up. And you can also pay with bitcoin !! they use the Bitpay secure payment system.

Cryptostorm This is possibly the worlds most secure VPN service. If you really need the best, then this is for you. We like these guys.

News Sites

Not all bitcoin News Sites are equal

Btc Echo Some excellent perspectives on bitcoin from the European viewpoint. Good links to European suppliers and services as well. (German)

GuiadoBitcoin Brazilian bitcoin users have their own news site with the latest and hottest stories and links. Well worth a visit.

Coindesk This is the No1 Bitcoin News Site. This is where the Industry looks.

Bitcoinist Another great news source, where original and informative content is accompanied by excellent presentation.

CryptoCoinsNews CCN More original reporting, and upcoming bitcoin tech.

BitcoinGarden A good forum to help you avoid frauds, and where you can report bad faucets ets and get the warning out there.

A source of Information, disinformation and general nonsense for when you get bored.

BitcoinGarden Forums, Hot News, Scam Alerts, and as much up to the minute bitcoin debate as you could ever need.

Reddit The reddit/r/bitcoin channel. Much debate and bitcoin news.

Bitcointalk The original bitcoin forum, but be very wary of posting, unless you have a strong constitution, and then only if you really like shedloads of abuse from arrogant halfwits. This is also a favourite haunt of the bitcoin thieves who like to announce their crooked schemes and catch the 'newbies' - Sad but true.

This page is still under construction, and we'll add more over the coming weeks, months and years.

This is not intended as investment advice, however we'd better just give you the obligatory caution.

All investments carry risk. Never invest more than you are comfortable losing. You may lose some or all of your investment wherever you put it, but these sites are the least risky in our judgement.

We've discovered from trial and error that diversifying is the best option, as in, spread your investments over a few good sites, and this helps to lessen those surges and dips in income.

Free Bitcoins every 24 hours.

The Safest Bitcoin Gambling

Longstanding, reliable, Bitcoin and altcoin Contract Mining

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