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Do you really know how to mine Bitcoin through mining pools

Date:2024-07-20 19:39:12 Channel:Trade Read:


The four most famous international exchanges:

Binance INTL
OKX INTL
Gate.io INTL
Huobi INTL
Binance International Line OKX International Line Gate.io International Line Huobi International Line
China Line APP DL China Line APP DL
China Line APP DL
China Line APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.


Bitcoin is generated by miners calculating the optimal hash value. This process is vividly called "mining" (referring to the process of running Bitcoin mining programs and performing calculations to obtain Bitcoin rewards). This process requires a lot of computing resources. From the current situation, it is becoming increasingly difficult to find Bitcoin alone. Some people have not mined any Bitcoin even after running their computers for 3 consecutive years. Of course, you can leave a computing device running, doing calculations and mining continuously. But the problem is that the cost of computing resources you consume may be far greater than the value of the Bitcoin you mine. In this way, collaborative mining through "mining pools" seems to be a more rational choice. You can share the Bitcoin mined by the "mining pool" with a group of people, and then pay a certain fee to the mining pool, and then distribute it according to the amount of contribution. The collaborative mining method is shared as follows:

1\. Get a wallet

You can store your wallet locally or online. Websites such as coinbase.com are very simple websites for setting up online wallet services without downloading any files. If stored locally, the wallet needs to download about 6GB of data files. If it is for privacy and security reasons, it is better to store the wallet locally.

To download a local wallet, you can log in to the Bitcoin official website to download it. Once you create a wallet, you will get a wallet address similar to 1BEkUGADFbrEShQb9Xr4pKPtM8jAyiNQsJ
. This address can be used directly to receive Bitcoin.

If you use an online wallet, taking Coinbase as an example, the wallet address can be seen in the linked account options page.

2\. Join a collective mining site

To collaborate in mining, you have to join a collective mining site (Pool) that already has a Bitcoin mine. The most famous collective mining sites are Slush’s Pool and BTC
Guild. The difference between these collective mining sites is the handling fee and the number of people in each mine. Taking Slush’s
pool as an example, the handling fee of this company is 2% per mine. Usually, mining sites with more people have lower fees.

But there is a problem: you cannot monitor whether the operators of the collective mining site distribute the property fairly. The operator of Slush’s
pool said: "In theory, I can take all the 25 bitcoins I mined, but I won't do that. You can choose to believe it or not, but it is your free choice to go to which collective mining site. Bitcoin is such a product of freedom."

For simplicity, take Slush’s Pool
as an example. First, create a login account and create a working process. In the demonstration of this article, 3 working processes are created, one is intended to be used on the iMac, and the other 2 are used on the old PC.

This process is a bit like a large online game, just join and you can start.

3\. Download mining program

Now there are many mining programs to choose from. Like some collective computing projects, using GPU (graphics card) to calculate is faster than using CPU. Several popular mining programs are as follows:

1) GUIMiner and 50Miner, the simplest mining programs under Windows, can use graphics cards for mining.

2) CGMiner, a client for Linux users

3) DiabloMiner, a client for Mac

4\. Collecting money

After downloading the program and performing mining operations, you can get Bitcoin allocated by the collective mining site operator.

Although Bitcoin seems to be very easy to mine, the current situation is that as more and more Bitcoins are mined, the process of discovering Bitcoins is becoming more and more difficult. There are Bitcoin mining probability calculation programs on the Internet that can help you understand the difficulty of mining Bitcoin. I wish you a happy mining.

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