Bitcoins are steadily gaining value and its best time to start using this digital currency. Poker players can also use Bitcoins to exchange and receive money. In this article, we will tell you in detail how to setup a Bitcoin wallet and how to mine Bitcoins.
After downloading and installing the Bitcoin wallet, open the program. Here’s how it will look like.
The Bitcoin Wallet will take several minutes to sync. You can leave the program running and let it sync. Meanwhile, you should download and install Bitcoin Miner. In the conventional money, the government prints paper currency and circulate it in the general public via banks. In the Bitcoin world, miners are used to discover money. Miners are special computer programs.
There are several Bitcoin Miners like CG Miner, BFMiner. If you are a beginner, I’d recommend installing GUIMiner. It is one of the simplest but trustworthy Bitcoin miners. Download GUIMiner from this link. After the program is installed, go to ‘File’ and then go to ‘New Miner’ tab and click on OpenCL Miner. The program will ask you to name the Miner. You can give it any name you want.
In the “Server” tab, you have to select a “pool”. A pool is a collection of servers which work in collaboration to mine and exchange Bitcoins. Bitcoin is a networked currency, and nothing works in isolation. Pools are collection of servers and computers that solve math problems to make Bitcoins. There are many pools available, such as BitMiner, 50 BTC and BTC Guild. For beginners, Slush Pool is a good option. In order to join this pool, open this website and click on the signup option. Signing up for this Bitcoin is totally free. After making an account, go to the “My Account” window and add details. For “Bitcoin Address” text field, you will have to add your Bitcoin Wallet information.
Open the Bitcoin Wallet window and click on “Receive Coins” tab and click on “New Address” button with a green plus sign on the bottom left corner. Now give any label to the new addition. You will see a new object in the list. Copy the address and paste it in the Slush Pool’s Bitcoin Address field.
Set the send threshold to 0.01.
Save the information by clicking on the Save button.
Setting Up Workers
It’s time to setup “Workers” for the Bitcoin.
Click on the “ Register New Worker” button. Add name and password and leave everything else the same. Your new worker will be added to the Workers list. Now copy the Worker id from the “Login” column and paste it in the Bitcoin miner’s Username field. Add the password which you setup for the Worker. Select the sever (slush in this case).
For the “Device” section, select your processor. If you have a GPU in your PC or laptop, it should be selected as a GPU is about a hundred times faster than a CPU. Keep the CPU affinity at 0 and click on “Start Mining”.
What does mining actually mean? Go to the view tab and click on View summary. Now, in the Speed column, you will see the speed at which your computer is mining the Bitcoins.
The “accepted” tab shows the accepted answers to the math problems. The Stale tab shows the rejected answers. Now let’s say the speed is 130Mhash/second. How much money can you make at this performance? In order to calculate that, Bitcoin calculators are used. The higher the speed, the more money you’ll make. 130Mhas/second is not good enough to make money. You can increase speed by upping your hardware capacity. You can see this great comparison of hardware devices and the speeds for Bitcoin mining if you are interested in installing smart hardware for Bitcoin mining.
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