How to do BitCoin Mining

[Kunal_R.One]

I am a newbie to BitCoin mining. I have an Nvidia GTX 580 installed in my PC. I want to try BitCoin mining in my PC. Can anyone tell me how it is done? I want to stay in a good position in earning BitCoins, so can anyone suggest me how to achieve it?

[HafizaAhmed]

First of all, you need to download a BitCoin mining client; this will provide you a wallet and a receiving address. You will need a pool account to proceed further. After you create a pool account, you need to create at least one worker account. You will then be provided with a link to miner program which you will need to download. After downloading this program, install it and run it in your PC. Graphic cards which don’t have OpenCL function in them are good for purpose of BitCoin mining. Generally old graphic cards are the one which don’t have OpenCL function. If your graphic card has OpenCL function, then you need to regularly update its drivers for best results.

[ddj]

You will need to configure the mining software according to your desired settings and provide the link to the pool account that you have created. It will also ask for the details of the worker account that you have created. Many times the graphic cards of AMD require having extra flags set. For that purpose, -v -w128 -f120 command can be used. If while mining you don’t need the response GUI, then for extra flags, use command -v -w128 -f0. This will result in generation of extra mhash. You are now properly ready for the mining and your software and PC is set for mining.

[veeru s]

When the mining starts, you will notice that the graphic cards temperature rises extremely. For this reason, you need to provide good cooling system and ventilation system. Don’t let the graphic card overheat as it may damage it beyond repairs.

[KumaraVel]

Many people have a misconception about this BitCoin Mining process. They think that it is a source for free money without putting any efforts. You are actually making money but you are also investing in it indirectly. You don’t pay amount to the developers, but since all the process needs a good amount of graphic card power, you need to invest in the electricity as graphic card requires good amount of electricity to operate. Also in BitCoin mining, people who are leading in earnings are the one who have invested a good amount of money in their hardware. They are using high end graphic cards to achieve the highest mining values.

[GoutamB]

To stay in competition of this mining, people have started developing ASICs for enhancing the performance of graphic card. Some have also developed FPGAs to save the electricity consumption required by the graphic cards. I have also seen many people using overclocked graphic cards.

[Dorkfoot]

As the number of users have increased in BitCoin mining; the developers have started increasing the difficulty in this process. I have been doing this for past 3 months and this month I realized that I have been collecting $7 to $8 less per day. On researching I founds that difficulty for mining has been increased by developers by around 35%. My graphic card pulls ~1.4 btc/day when worked for 24/7. As I said this number has been changed, now my graphic card is pulling average of ~0.8 btc/day. Assuming this decrease in mining value, the difficu;ty rate is increased by approximately 35% this month.

[Girr]

The trick to remain forward in mining competition is to have a good graphic card and and a good PSU. It is not necessary to have high end peripherals, but it is necessary to have ones which can give more output in less energy consumption.

[BonnieT]

I don’t think that the developers have increased the difficulty but I think that many people have entered the circle and thus the competition to remain on top has increased. Many people hold back the coins in hope of rise in its price one day. This must be leading to accumulation of coins at one user leading to shortage of coin while mining.

[veeru s]

Graphic cards manufactured by AMD are more efficient for BitCoin mining than Nvidia graphic cards. This difference is seen because of ALUs/shader. In AMD graphic cards, processing of pixels is done at low frequency clock speeds. Unlike AMD, Nvidia has complex ALUs and require higher level of clock speed to process the pixels. Thus, Nvidia graphic cards need more square millimeters of die space per ALU. This feature makes AMD more efficient when it comes to BitCoin mining.