Many years ago we just like you as a new guy in the cryptocurrency world. Don't
know how to start bitcoin mining and calculate the profit, does it really can
help us to make money? We made this article of bitcoin mining guide. hope it can
help you to think about how to make money with bitcoin mining.
To begin mining bitcoins you'll need to acquire bitcoin mining hardware. In the early days of bitcoin, it was possible to mining with any computer's CPU or GPU. But now custom Bitcoin ASIC miners offer performance up to 1000x or higher of the hash rate of CPU and GPU. Now ASIC miner has come to dominate the Bitcoin mining industry.
To use ASIC miner for bitcoin mining, the first thing we need to consider is the
price of electricity, because ASIC miners consume a lot of electricity. If
mining is performed in an environment where electricity prices are expensive,
there may be risks and losses. However, if we mining with cheap electricity we
will get considerable profit.
Many places can be mining with cheap electricity in the world. like Iran, Georgia, Venezuela, Mongolia, Russain. Sichuan China. etc.
If we are going to purchase an ASIC mining machine for bitcoin mining, we need to consider the price of the bitcoin mining device, the electricity price and the hash rate of the bitcoin miner machine. These three issues directly lead to whether we can get a profit in a short time.
For example, we have a cryptocurrency mining farm the electricity price is $0.025. we prepare to purchase used Antminer s9 price is $75 or Antminer s17 pro price is $1702. hash rate 13.5T and 53T. Now we can calculate the profit:
Antminer S9 13.5T will mining bitcoin 0.00026 per day, after deducting electricity costs profit is $1.09 per day.
Antminer S15 Pro 53T will mining bitcoin 0.00104 per day, after deducting electricity costs $6.21 profit is per day.
Bittrex, Huobi, Bitfinex, Binance, Poloniex, Gate.io, etc. are very popular
exchanges. we can get a bitcoin wallet address here for mining pools pay to us.
We can choose many mining pools. Antpool, f2pool, Nicehash, etc. Let us take f2pool as an example. Firstly we need to sign up for an account. and set a payout address (your bitcoin wallet address). when you mining out bitcoins in this pool. pool system will send it to your bitcoin wallet.
We can find the detailed tutorial in all mining pools website. like these:
Now we have the mining pool and bitcoin wallet address. Let's setting up miners and start mining.
Please refer to the following links to set up various Bitcoin miners: