Bitcoin Mining for beginners | Practical demonstration | Easy to understand the concept

in #bitcoin-mining8 years ago

In this video:

  • I have created a virtual machine (Ubuntu 8 vCPU) on google cloud
  • sign up on slushpool.com
  • get the URLs from slushpool
  • setup and run miner using the following commands:

sudo apt-get update
sudo apt-get install build-essential libcurl4-openssl-dev
wget http://sourceforge.net/projects/cpuminer/files/pooler-cpuminer-2.3.2-linux-x86_64.tar.gz
tar xzf pooler*

  • Now run this command to start mining as per your slushpool account:
    ./minerd --url=stratum+tcp://us-east.stratum.bitcoin.cz:3333 --userpass=cloudsentinels.worker1:password -a sha256d

Please note that in the last command I am running this for USA East Coast Server, userpass is a combination of

user name: userID.workerName (you can get both from your slushpool account)
password: anything

The servers can be chosen from the following list based on your geographical location:

Servers Location Address
USA, east coast stratum+tcp://us-east.stratum.bitcoin.cz:3333
Europe stratum+tcp://eu.stratum.bitcoin.cz:3333
China, mainland stratum+tcp://cn.stratum.bitcoin.cz:3333
Asia-Pacific/Singapore stratum+tcp://sg.stratum.bitcoin.cz:3333

Now, this was just to understand how bitcoin mining actually works. But this type of CPU miners will not be profitable today, so we have to use ASICs.

ASIC - Application Specific Integrated Circuit

I have shown one in the video- Antminer S7

Useful URLs for planning and estimation:

http://www.coinwarz.com/calculators/bitcoin-mining-calculator

https://bitcoinwisdom.com/bitcoin/difficulty

Bitcoin Mining | Practical Demonstration | For Beginners

In this video: - I have created a virtual machine (Ubuntu 8 vCPU) on google cloud - sign up on slushpool.com - get the URLs from slushpool - setup and run miner using the following commands: sudo apt-get update sudo apt-get install build-essential libcurl4-openssl-dev wget http://sourceforge.net/projects/cpuminer/files/pooler-cpuminer-2.3.2-linux-x86_64.tar.gz tar xzf pooler* -