What is Bitcoin (BTC)?
Bitcoin was the first cryptocurrency. It allows users to send and receive digital money called bitcoins (with a lowercase b, or BTC). What makes bitcoin highly appealing is its inherent resistance to censorship, the impossibility of double-spending funds, and the ability to conduct transactions anytime and anywhere.
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. Currently, most mining pools distribute transaction fees to miners in addition to block rewards.
To learn more about BTC, please visit What Is Bitcoin and How Does It Work?.
How can I get started with BTC mining?
You can mine BTC with a miner, power source, network cable, and a device to manage the miner.
BTC mining step-by-step guide
1. Register for a Binance Pool account
Visit the official Binance Pool website and register for a Binance Pool account to create a mining account. Please refer to the link below regarding how to create multiple sub-mining accounts to suit your needs: What Is Binance Mining Account and How to Create It.
2. Mining configuration setup
2.1 Configure Pool URL
- stratum+tcp://bs.poolbinance.com:3333
- stratum+tcp://sha256.poolbinance.com:8888
- Supported ports include 8888, 3333, 1800, and 443
2.2 Create worker name and password
Create worker names in the form of "MiningAccount.Worker" and set up a password. Worker names can be numbers or numbers and letters. For example, if your mining account name is MiningBTC, your worker name could be "MiningBTC.001". Password is optional.
2.3 Mining configuration
Turn on the miner and connect it to the same network as the device you use to manage the worker. Then, use the IP retriever software to obtain the miner IP address.
Open the IP address on the device you use to manage and configure the miner. Confirm that the information is correct and safe.
3. Check hashrates
After the miners are up and running, the performance statistics are expected to be live in approximately 10 minutes. You can select [Workers] on the mining pool homepage to see the active hashrate.
Note: Please make sure you select the correct algorithm in order to see the active hashrate.
4. Check earnings
The settlement cycle calculates from 00:00 of the previous day to 00:00 of the current day (UTC).
After the settlement is completed, mining income will be credited to your Binance Funding Wallet. You can check the daily income records from the Binance Pool [Earnings] page, or go to [Wallet] - [Funding Wallet]. You can also transfer your earnings to your Spot Wallet or other Binance Wallets without transaction fees.