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You can use a bitcoin mining profitability calculator to determine your estimated cost of return on your mining hardware. Be sure to take electricity costs into account. Most mining hardware appears profitable until electricity costs are accounted for. Good Bitcoin mining hardware needs to have a high hash rate. But, efficiency is just as important.
The Avalon6 gets 0. The Antminer S7 is more efficient, with 0. The Antminer S7 also costs much less, and comes with 4. The AntMiner S7 is clearly the better option between these two miners, which are currently the most efficient miners available for purchase. I am not a professional coder, I have no experience with Ubuntu, Linux and minimal experience with Mac.
So, this is for the individual or group that wants to get started the easy way. Bitcoin mining is a very competitive niche to get into. As more and more miners come on board with the latest mining hardware the difficulty to mine increases each day. Before even starting out with Bitcoin mining you need to do your due diligence. This means you need to find out if Bitcoin mining is even profitable for you.
The best way to do this is through the use of a Bitcoin mining calculator. Just enter the data of the Bitcoin miner you are planning on buying and see how long it will take you to break even or make a profit. Make sure to go over our different Bitcoin mining hardware reviews to understand which miner is best for you.
Today, the Antminer S9 is the newest and most powerful miner. Because Bitcoin is an internet based currency, you need a place to keep your Bitcoins. Once you have a wallet make sure to get your wallet address. It will be a long sequence of letters and numbers. Each wallet has a different way to get the public Bitcoin address but most wallets are pretty straight forward about it.
Make sure you have a copy of the wallet. You can view a tutorial on how to create a secure wallet here. The reason is that if you computer crashes and you do not have a copy of your wallet. It is like burning cash. Now that you have a wallet you are probably roaring to go, but if you actually want to make Bitcoin money , you probably need to join a mining pool.
A mining pool is a group of Bitcoin miners that combines their computing power to make more Bitcoins. In a pool, you are given smaller and easier algorithms to solve and all of your combined work will make you more likely to solve the bigger algorithm and earn Bitcoins that are spread out throughout the pool based on your contribution.
Basically, you will make a more consistent amount of Bitcoins and will be more likely to receive a good return on your investment. To answer most of these questions you can use this excellent post from BitcoinTalk. You can also find a complete comparison of mining pools inside the Bitcoin wiki. Once you are signed up with a pool you will get a username and password for that specific pool which we will use later on.
Basically, for every miner that you have running, you will need to have a worker ID so the pool can keep track of your contributions. You will need a mining client to run on your computer to that you will be able to control and monitor your mining rig. Depending on what mining rig you got you will need to find the right software. You can find a list of Bitcoin mining software here.