How to mine Bitcoin

Welcome to the multi-billion-dollar industry of cryptocurrency mining ! Bitcoin was the first decentralized cryptocurrency with an unprecedented reputation that has spawned numerous copies and innovations. It remains the largest cryptocurrency by market capitalization to this day. It singlehandedly helped create the blockchain industry and has continued to have a profound influence on the industry culture since its universe .
Founded in 2013, f2pool was one of the earliest Bitcoin mining pools. Use this comprehensive examination mine guide to kickstart your mining career and assistant secure the largest decentralize net with us !

What is Bitcoin mining?

General overview

On October 31, 2008, a programmer using the pseudonym of Satoshi Nakamoto released a document called “ Bitcoin : A Peer-to-Peer Electronic Cash System ” —the Bitcoin whitepaper.

On January 3, 2009, Bitcoin ’ mho genesis pulley was mined. This marked the parentage of cryptocurrency, a trustless shape of currentness with no centralized regulate body .
Bitcoin uses a circulate daybook to maintain the balances of every drug user. Each transaction is recorded and propagated to the network, where all block-producing network participants must confirm it .
This is where the miners come into dally. Miners enable the fundamental security of the network by providing calculator exponent, or hashrate, to validate these transactions and blocks of data. They are compensated with newly minted bitcoin and transaction fees .

Basic information

Items Details
Block explorer
Total supply 21 million BTC
Algorithm SHA256d
Consensus Proof of Work
Block time 10 minutes
Current block rewards 6.25 BTC
Mining device ASIC miner
Mining channel Bitcointalk thread
f2pool mining community Reddit group
f2pool address f2pool servers

The economics of mining

There are some basic economics miners should be mindful of in order to gain a unclutter sympathize of the network and its gross potential .
Bitcoin is a deflationary currency : Only 21 million Bitcoin will ever be mined. Currently, more than 89 % of Bitcoin ’ s full supply has been mined. Every ten-spot minutes, another 6.25 BTC will be generated. Block rewards are halved every 210,000 blocks, or roughly four years .
nowadays, hashrate contributed by miners is normally measured in Thash/s as the basic unit. The more hashrate in the network, the more difficult it becomes to mine a block. Network trouble adjusts itself about every 14 days to fit the ten-minute block fourth dimension .
Connecting your mine machines to a mining pool can make participating in the network easier and help you with achieving more stable returns .

What hardware do I need to mine Bitcoin?

✅ Bitcoin can be efficiently mined with SHA256d ASIC mine machines
❌ Bitcoin can not be efficiently mined with GPUs
💡 Some models will fluctuate between profitableness and unprofitableness due to changes in the bitcoin price

Hardware requirements

today, after years of acute hashrate competition, only ASIC ( application-specific integrated lap ) mining machines are effective for Bitcoin mining .
basically, ASICs with unit ability ( calculated as total ability consumption divided by sum hashrate ) less than 60 W/T ( watt per terahash ) are the mainstream outfit .
typically, machines are operated in mining farms in parts of North America, Russia, China, and other regions that can offer moo electricity prices. Lower electricity prices mean lower operate costs and better profit margins. many mine farms provide plug-and-play solutions, including device buying, host, exile, deployment, maintenance, and so on .
If it is not feasible for you to purchase a mining machine or spend time maintaining the hardware, there are platforms that allow you to rent hashrate. Learn how to use popular hashrate rental platform NiceHash to mine with f2pool here .

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Mine more efficiently

The lower the unit might consumption compared to the hashrate, the higher the mine efficiency .
The latest ASIC models can reach a unit exponent of about 30-40 W/T and achieve electricity cost rates of less than 50 % .
For some old-gen rigs, miners will sometimes have to temporarily turn their devices off or flush the firmware to underclock them for lower office consumption when the bitcoin price makes them unprofitable to run under convention conditions .
Check out the f2pool Popular Miners page for detailed data such as hashrate and power consumption for Bitcoin mining machines .

How do I set up the software and create an account?

Step 1: Create a wallet address

Creating a wallet address is constantly the beginning pace when diving into a new blockchain network. You ’ ll need a wallet address to check and receive payouts to mine Bitcoin with f2pool .
You can choose to run a full node as a wallet or use another wallet solution. An extensive list of wallet options is available on the web site. You can besides choose an exchange address. Note: You should always do your own due diligence when choosing a wallet provider or exchange.

Step 2: Create an f2pool account

You ’ ll need to create an f2pool account before mine Bitcoin. If you don ’ t have one however, please chink here to register .
Set an account_name. This will be required for shape. You are unblock to create multiple subaccounts to monitor your workers/miners .
now add your Bitcoin wallet address created in Step 1 and enter it in your Payout Settings. You can set a payout doorway and check hashrate changes and your rewards once you start contributing mining power .
You can add or change your payout savoir-faire in your Payout Settings. f2pool distributes mining revenues on a daily basis to every exploiter who reaches the payout brink .

Step 3: Configuration

now that you have a wallet and an f2pool report name, you can proceed to configure your mine device .
ASIC miners are the easiest mining devices to use compared to GPUs and CPUs, which are no longer profitable for mining bitcoin. No mining software is required to be run on your calculator. All you need is the proper electricity apparatus to meet the power consumption requirements and a reliable internet connection .
Please note that your ASICs should have a wired connection to your local net and that your computer and your ASICs should be on the like network .
Use any modern browser that accesses the IP address of your machine, then connect to an f2pool server. You ’ ll necessitate to enter the pursuit information into your mining device :
URL : stratum+tcp : //
Username : account_name.worker_name
Password : Your option
Please note

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1. Ports 1314, 3333, and 25 can be used as alternative ports for the server .
2. Your account_name is provided in your Account Settings .
3. worker_name is optional, but we recommend labeling each of your mine devices with a separate worker_name for more efficient monitor .
example configuration
A miner with the mine report username oceanminer and a actor named bigfish1 who wants to connect to our pool server would configure his device as follows :
URL : stratum+tcp : //
Username : oceanminer.bigfish1
Password : 123456
ASICs take just a few steps to configure. Once you ’ ve configured your device and saved your settings, you ’ re ready to start mining and gain rewards. You are not locked into f2pool and can enter and exit the pool freely at any clock. however, you will only earn mining rewards from f2pool while connected to an f2pool server .

How do I check my rewards?

immediately that you ’ ve started mining, you can calculate the gross your devices are generating. We ’ ll besides give you an overview of how fees and payouts work with f2pool .

Check the block reward on-chain

Visit the Bitcoin freeze internet explorer to get a better sympathize of the decentralized world you ’ re powering with your hashrate. Input your wallet and transaction details to find on-chain information, such as payouts from f2pool .

Calculate what you can earn

Measure your revenue
The phone number of coins you can earn is chiefly based on how a lot hashrate you have. You can measure your estimated day by day gross by using your Thash/s to calculate the count of coins you can mine and then multiply this number by the current central rate for your target currentness ( e.g. USD or EUR ). You can use this hashrate conversion tool if you prefer units other than Thash/s .
Factors affecting profits
At any given bitcoin price, the biggest factor influencing your profits is your costs, which are highly pendent on your mine machines. As such, electricity and the overall cost of your hardware are the chief factors that charm your costs .
Mining difficulty, payout schemes, and fees can besides affect your profits .
f2pool calculator tool
You can use our calculator tool to easily estimate your potential gross from democratic mining machines .

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Verify your payouts from f2pool

once your device has started mine and submitting data to the pool, you can access real-time wages records from f2pool .
View your records
adenine long as your miner is submitting your hashrate successfully, you will receive payouts from f2pool .
To view your real-time Bitcoin mining payout records, visit the f2pool web site and sign in to view your records .
The f2pool app is besides a commodious option for checking your rewards .

How f2pool calculates rewards

For mining Bitcoin, f2pool calculates rewards using PPS+ ( Pay Per Share+ ) and charges 2.5 % from your rewards as commission. When the coins in your account reach the minimal threshold of 0.005 BTC, you will receive a payout within 24 hours .
Details about our payout method acting and fees can be found here .

Increase your earnings

We want to introduce incorporate mine as a way to help you get the most out of your mining activities .

Merged mining

Merged mining is “ The act of using work done on one blockchain on more than one chain. ” In early words, merged mining enables you to receive mining rewards for multiple coins without adding any extra hashrate or diminishing your rewards for the primary coin you are concern in mining ( such as bitcoin ) .
When you mine Bitcoin with f2pool, you can receive payouts from several different merged mine coins .
For exemplar, to receive detached Hathor ( HTR ), from mining Bitcoin, you will need to obtain an HTR wallet address from the official page or KuCoin. The advantage ratio is 120 HTR for each BTC mined .
There are besides other merged mine coins you can add to your report. Go to your Payout Settings to set up your payout addresses for merged mine coins .
There are two more steps for enabling these rewards : 1. Verifying via SMS or two-factor authentication, and 2. Activating a radio link send to the electronic mail address linked to your f2pool account .

Start mining today!

now that you have all the information you need, it ’ south time to start securing the network !

If you run into any problems mining Bitcoin, please feel dislodge to reach out to our customer military service team at support @, open a back ticket, or start a conversation on Reddit or Discord .
To stay updated with the latest validation of Work news and developments, follow us on Twitter .
happy mine !

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Category : Coin

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