How to Earn Bitcoins Mining

Bitcoin is the new digital money based on p2p technology, convertible into dollars or euros that anyone can produce and spend. The operation of creating Bitcoins from nothing is said mining and can be performed in solo or in pool mode. The mining operation consists on solving math problems sent by Bitcoin servers and get some Bitcoins every time a problem is solved.

Earn Bitcoins mining in pool mode is better because we share and receive intermediate solutions between other miners, reaching and so earning Bitcoins faster.

Here the short steps to create a Bitcoin wallet and start earn Bitcoins now:

Create a Bitcoin Wallet

Create a Bitcoin local wallet by downloading the wallet client here (Bitcoin-Qt or MultiBit) or open an online wallet by signing up on Blockchain (a sort of Bitcoin bank).
Now you have your Bitcoin address to receive money (it’s like a virtual IBAN).

Download a Bitcoin Miner

For Windows user: download and install GUIMiner. For Mac OS X users: download and install MacMiner.

This program will mine Bitcoins for you interacting with mining pool accounts.

Join a Mining Pool

Sign up on one of these mining pools:

Once you register an account, you have to create a worker name and password (to be used in miner).

Set Pool Worker in Bitcoin Miner and Start Pool Mining

In GUIMiner (Windows):

  • click on menu File > New > New OpenCL miner;
  • select the joined mining pool server, set worker username and password, select mining device (CPU: slower, GPU – mining with graphic card: recommended, faster), set CUP affinity;
  • click on Start mining.

guiminer

In MacMiner (Mac OS X):

  • click on menu View > Show CGMiner;
  • in the CG Miner window, open the Pool Settings;
  • set pool server in the BTC textbox and your worker username and password and click Save & start;
  • then click on Start button to start mining.

macminer1

macminer2

Convert Bitcoin to USD or EUR

Open an account in Mt.Gox, add founds from your Bitcoin wallet (Add funds page) and withdraw funds to your bank account (use the Withdraw funds page in the Funding options menu, select Bank transfer in withdraw methods and set your IBAN code).

withdraw

Worth It?

How much is it worth? It depends on the energy cost in your zone, how much Bitcoin system has increased the mining difficulty and how is your pc mining power (Mhash/s). You can calculate how much you are going to earn by using the Mining Calculator.

Speed up Bitcoin mining

There are enterprises like Butterfly Labs offering very expensive super computers to mine up to 600 Ghash/s (see all products here). Could be great news, but beware: these super machines may break within a few days nullifying the purchase.

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