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Bitcoin Mining Tutorial

2020-03-24 05:30

Bitcoin was first conceptualized by the legendary Satoshi Nakamoto, who designed the open-source software and P2P network on which the Bitcoin blockchain was built. Bitcoin is a type of P2P-based virtual encrypted digital currency.

Bitcoin uses a SHA256 encryption algorithm and has a total of 21 million blocks. Typically, one block is generated every 10 minutes and the reward is cut in half every 210,000 blocks. Presently, most mining pools distribute transaction fees to miners in addition to block rewards.

What you need to start mining:

  1. Mining hardware: Miner, power source, network cable, and a PC to manage the miner.
  2. In the Binance Mining Pool, create a mining account and obtain the miner IP address.

Pool URL:

stratum+tcp://bs.poolbinance.com:3333

stratum+tcp://sha256.poolbinance.com:8888

        ( Supported ports 8888、3333、1800、443 )

Create a Worker username

 In the Binance Mining Pool, the Worker username is used to fill out forms. The format is < worker_username.miner_ID >.

Miner Configuration: 

  1. Turn on the miner and connect it to the same network as the PC used to manage the worker.
  2. Use the IP retriever software to obtain the miner IP address.
  3. Open the IP address on the PC used to manage the miner and configure the miner as shown below:

__1.png

Confirm that the information is correct and safe. You will be able to check the worker hash rate and earn profit in the Binance Mining Pool.

Earnings description: 

The Mining Pool settlement period is 08:00 (UTC+8) - 08:00 (UTC+8) the next day. Once the Earnings Settlement is calculated, it will be credited to the Binance Mining Pool account.