Last updated: 12 Aug 2024
What is Bitcoin (BTC)?
Bitcoin was the first cryptocurrency, allowing users to send and receive digital money called bitcoins. Its appeal lies in its inherent resistance to censorship, the impossibility of double-spending, and the ability to conduct transactions anytime and anywhere.
Bitcoin uses a SHA-256 encryption algorithm and has a total supply of 21 million coins. Typically, one block is generated every 10 minutes, and the reward is halved 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 using a miner, a power source, a 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 sign up for a Binance Pool account to create a mining account. You can set up multiple mining accounts based on your personal needs, with a current limit of up to 100 mining accounts per user.
1.1 How to create a Mining Account?
1. Log in to your Binance account and go to [More] - [Mining Pool]. Click [Mining Dashboard] - [Create Mining Account].
2. You will see a pop-up window. Enter a name for your mining account name and select the miner you’ll be using. You can also add any remarks for your own reference. Check the box to agree to the terms and conditions, then click [Create].
3. You will see a guide that explains how to connect your miners to Binance Pool, along with configuration examples to help you set up your mining equipment.
Note:
1. Mining accounts cannot be deleted.
2. Mining account names cannot be modified.
3. If you see the message “Account already exists,” it means the mining account name is already in use by another user. Please choose another mining account. (e.g., add numbers like “1234” or letters like “abcd” at the end of the name).
For more information on creating multiple sub-mining accounts to suit your needs, please refer to What Is Binance Mining Account and How to Create It?.
2. Mining configuration setup
2.1 Configure Pool URL
Use the following URLs to configure your mining pool:
- stratum+tcp://sha256.poolbinance.com
- stratum+tcp://bs.poolbinance.com
- Supported ports include 8888, 3333, 1800, and 443
2.2 Configure worker name and password
Create worker names in the format "MiningAccount.Worker names" and set up a password. Worker names can consist of numbers or a combination of numbers and letters. For example, if your mining account name is “MiningBTC,” your worker name in the mining rig’s configuration backend could be "MiningBTC.001". The password is optional.
2.3 Mining rigs IP configuration
Finding the IP address of a miner can vary depending on the make and model of the miner. However, here are the general steps to find the IP address of a miner based on common procedures:
Connect the Miner to Your Network:
- Physical Connection: Ensure that your miner is connected to your network. This usually involves using an Ethernet cable to connect the miner to your router or switch.
- Power On: Turn on the miner and wait for it to boot up. This process can take a few minutes.
- Use a Network Scanner Tool: You can use network scanning tools to find the IP address of your miner. Some miners provide configuration software that helps locate the IP address. Check the miner’s user manual to see if such software is available.
- Open a Web Browser: Once you have the IP address, open a web browser. Type the IP address of the miner into the address bar and click [Enter].
- Login: You will be prompted to log in with the miner's username and password. Refer to the miner's manual for the default login credentials.
For detailed software requirements, please refer to the miner manufacturer's instructions.
3. Check hashrates
After the miners are up and running, the performance statistics are expected to be live in approximately 10 minutes. To view the active hashrate, select [Workers] on the mining pool homepage.
Note: Please make sure you select the correct algorithm to view 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 on the Binance Pool [Earnings] page, or by going to [Wallet] - [Funding Wallet]. You can also transfer your earnings to your Spot Wallet or other Binance Wallets without transaction fees.