User talk:JosepKendall

Create your Own Bitcoin Mining Pool Account with all these Simple Ideas

More and more professionals, businesses and companies are accepting bitcoins as payment for their products and services. This is the reason why it is very popular right now. If it is your first time doing bitcoin mining, it will be a bit difficult for you to get them. This is a good deal for those who already have bitcoins.

In the past, it is easy to mine bitcoins because only a few people are mining. Chances of getting bitcoins go down as more are found. They have been using pool mining for many years so it will be extremely difficult for you start your mining now. The only thing that will actually keep you from doing it is the exchange rate. Right now, the exchange rate is about $500 and it is expected to rise if more companies will be accepting it in the future.

If you decided to mine bitcoins, you should first know how you can setup your bitcoin mining pool account. These are some of the tips that you can consider when setting up an account.

Setup an Online Wallet

You need to have a wallet or a storage area where the bitcoins that you are mining will be stored. You can try to get a local wallet or you can also store all your bitcoins online. This is all about your money and wealth, so it will be a good idea if you can store the coins locally.

If you have a hard time trusting a website when it comes to your storage, a local wallet will be a better choice.

Join a Mining Pool

You cannot simply mine a bitcoin because you wanted to mine them. Try to look for existing blocks where other people are already mining. You have to know that a pool usually charge fees depending on the blocks that you will find. The fees will be deducted right away.

You should be careful when you are searching for a mining pool. There are instances when the owner keeps all the coins to themselves. You need to know about this fact if you want to mine for bitcoins.

Always Focus on your Mining

You should not be worrying about the number of coins that the other miners are getting. They won’t really get ahead of you even if they setup hundreds of machines. It means that the chances of getting coins will be lower if more coins will be found.

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Happy editing, Brandon Rhea (help forum | blog) 10:12, April 11, 2014 (UTC)