Bitcoin mining detailed graphic tutorial – Bitcoin network virtual currency

Introduction to Bitcoin

Bitcoin (English: Bitcoin, abbreviation: BTC, currency symbol: ฿) is an electronic currency generated by open source P2P technology software. The concept of the virtual currency "Bitcoin" was first proposed by Satoshi Nakamoto (possibly a pseudonym) in 2009. Now Bitcoin also refers to the open source software designed and released according to Satoshi Nakamoto's ideas and the entire P2P network built on it.
Globally, Bitcoin can be exchanged through multiple online exchanges and service providers, and can also be exchanged for cash or gold coins at offline exchange points , but no country has made any legal guarantees for this.
For more information about Bitcoin, you can visit Wikipedia directly to view Bitcoin information: https://zh.wikipedia.org/wiki/Bitcoin

The value of Bitcoin

So what is the value of Bitcoin now? We can check the current exchange rate through https://mtgox.com/. I just checked and found that one BTC can be exchanged for $128 USD.

How to get Bitcoin

So how do we get Bitcoin? In the beginning, the way to obtain Bitcoin was to "mine" through the CPU. That is to say, just like mining gold, through CPU calculations and by contributing our CPU computing power, we can obtain Bitcoin. When your CPU mines a block, you will obtain a certain amount of Bitcoin. However, this way of working alone is becoming increasingly difficult, because the amount of Bitcoin is fixed, and more and more users know about Bitcoin, making it increasingly difficult to mine Bitcoin. So the thing called "mining pool" was born. The big guys on the Internet set up a website to pool everyone's computing power to mine together. Although you didn't mine any Bitcoin, you could also get a small amount of Bitcoin by contributing computing power.
Currently, the Bitcoin mining method has shifted from CPU to GPU. Due to the design issues of GPU, GPU is more suitable for Bitcoin's computing method. So generally speaking, the speed of GPU is often ten or even dozens of times faster than that of CPU.

Preparation

1. Graphics card: It is best to use AMD ATI graphics card. N card is not suitable as its speed is not as good as A card. Of course, the higher the grade, the better. You can also check your mining speed from this website.
https://en.bitcoin.it/wiki/Mining_hardware_comparison
2. Bitcoin Wallet
3. Mining software

Bitcoin Mining Tutorial

1. First install a Bitcoin wallet and get a Bitcoin address. Go to the official Bitcoin website and download the Bitcoin wallet Bitcoin-Qt, which is suitable for multiple platforms. Of course, you can also download it to your Android phone, search for Bitcoin Wallet in Google Play and install it easily.
Among various Bitcoin wallets, find your own wallet address, as shown below:

In addition to the official Bitcoin wallet, we also have various other wallets to choose from. Each has its own advantages.
Bitcoin-Qt – A Bitcoin client graphical interface based on C++/Qt, supporting Linux/MacOSX/Windows, with full functionality. It is now used as the official client, but it has a disadvantage, which is that it needs to synchronize data, which is super slow. I searched online and it requires about 7G of data. So it’s no wonder that a lot of people on the Internet are asking: Why is the Bitcoin wallet synchronization so slow? There's really no way to speed it up, the data packets are too large. If you really can't stand it and just want a wallet address, then you might as well try the mobile client or the following other clients. Download address: http://bitcoin.org/en/download
MultiBit – A secure, lightweight, international Bitcoin wallet that supports Windows, MacOS and Linux. The MultiBit Bitcoin client is mainly aimed at non-technical users, and its goal is to allow ordinary users to use Bitcoin faster and more conveniently. The main features include "sync in seconds" (extremely fast synchronization speed), the client can create and manage multiple wallets, and each wallet can create countless payment addresses. The only downside is that there is a 0.001 transaction fee in the option, and it cannot be canceled. Does this mean that every payment will cost at least 0.001 in fees? This is the client I use and I highly recommend it. Website: https://multibit.org/
Armory – is an open source wallet client. It was designed from the outset to provide the highest level of security for users investing large amounts of Bitcoin, while still maintaining a high level of ease of use and convenience. Its ease of use and numerous advanced features make it one of the most popular Bitcoin clients. Armory is a Python-based client currently in the Alpha testing phase, with the Beta version funded by many people. Website: https://bitcoinarmory.com/
Electrum – is a lightweight, easy-to-use Bitcoin client that protects your Bitcoins from loss due to backup errors or computer failures. Your wallet can be restored from a secret phrase, which you can write down on paper or memorize. It does not download the Bitcoin blockchain data, so when you start the client, you will find that there is no need to wait (the official client is notoriously slow to start). Website: http://electrum.org/
2. Find a mining pool, register an account and start mining. If you don’t know what mining pools there are, you might as well download a mining software first. The mining software recommended by Forece is called GUIMiner. Then open GUIMiner. By checking the server, we can know which popular mining pools are currently available.

3. After registration, select the mining method on the website, and then we can start mining with GUIMiner. Fill in the mining pool account information just registered in GUIMiner, and then click Start Mining. As for the mining method, it will be introduced below.

Introduction to several mining methods

1. Slush method - Slush mining pool is based on a points system, where older shares will have lower weights than newer shares to reduce the number of speculators who switch mining pools during a round.
2. Pay-Per-Share Method - This method pays for each share immediately. The expenditure comes from the existing Bitcoin funds of the mining pool, so it can be withdrawn immediately without waiting for the block to be generated or confirmed. This prevents mining pool operators from manipulating the environment behind the scenes. This approach reduces the risk for miners but transfers the risk to the operators of the mining pool. Operators can charge fees to compensate for possible losses caused by these risks.
3. Luke-Jr method - This method borrows the strengths of other methods. Like the Slush method, miners need to provide proof of work to obtain shares. Like the puddinpop method, payments are made immediately when blocks are generated. But unlike the previous method, the shares for a block will be reused to generate the next block. In order to distinguish the transaction transmission fees of participating miners, payment is only made when the miner's balance exceeds 1BTC. If it does not reach 1BTC, it will be accumulated when the next block is generated. If a miner does not provide a share within a week, the pool will pay out the remaining balance, no matter how much it is.
4. Triplemining method - This method is to combine the computing power of some medium-sized mining pools, and then distribute 1% of the rewards to the mining pool operators in proportion to the computing power of each mining pool.
5. P2Pool method - P2Pool's mining nodes work on a shares chain similar to the Bitcoin blockchain. Since there is no center, it will not be subject to DoS attacks. It is different from other existing mining pool technologies - each block worked by a node includes bitcoins paid to the owners of previous shares as well as the node's own bitcoins. 99% of the rewards (Note: 50BTC + transaction fees) will be equally distributed to miners, and the remaining 0.5% will be rewarded to those who generate blocks.
6. Puddinpop method - a method using "meta hashing" technology, using a specific puddinpop mining software, no mining pool uses this method now.
Currently, the most commonly used method is Pay-Per-Share. For example, deepbit.net and btcguild.com both support PPS, which is also convenient for miners to use.
Of course, in addition to GUIMiner, we have other options, such as CGMiner, etc., but GUIMiner is the most commonly used software and is more convenient for novices. CGMiner is a pure code version that requires manual configuration of some parameters before starting mining, which is a bit troublesome for novices.
In addition, when using GUIMiner, please install AMD's SDK software first, and update the driver. Currently, AMD-APP-SDK-v2.6 and AMD 12.6 graphics card drivers are relatively stable. Please go to the official website to check and download.

Other Ways to Earn Bitcoin

Now many websites also provide many other ways to earn Bitcoin, such as watching ads, watching videos, etc. As long as you complete their tasks, you can get a small amount of Bitcoin. Here Forece will sort it out and release it.
You can only get it once a day for free:
http://dailybitcoins.org/
http://boklund.nu/bunnyrun/
http://bitcoiner.net/
http://netlookup.se/free-bitcoins/
http://cointicket.org/index.php
The following sites can earn BTC by watching advertisements every day:
http://www.bitvisitor.com/
http://www.bitcoin4you.net/earnBit.php
http://earnfreebitcoins.com/visit

About Bitcoin Withdrawal

Many people want to withdraw cash as soon as they get Bitcoin. Here Forece recommends several websites for withdrawing USD and foreign currencies
Mt.Gox
BTC-E
Withdraw RMB:
BtcChina
BitSea
FXBTC

Mining rate calculation

You can come to this website and use the rate provided in GuiMiner to check the amount you can get by hanging up.
http://www.alloscomp.com/bitcoin/calculator
Reference:
http://www.btcfans.com
https://zh-cn.bitcoin.it
http://tieba.baidu.com/f?kw=%B1%C8%CC%D8%B1%D2
Reprinted from: http://www.forece.net/post/3232.htm