Export private key from Bitcoin wallet

I’ve received a few requests to explain how to mine for bitcoins. It’s quite simple really so I’ll break them down into basic steps:

Step One: Buy hardware.

Bitcoin mining today requires dedicated hardware. Up until recently you could just use your computer’s processor and video card to get a decent profit from mining but that is no longer profitable. The difficulty of solving blocks of data (the essence of mining) is designed to increase over time requiring faster and faster hardware. If you try to mine using only your computer today, you will only get a few pennies per day, not even enough to cover your electricity costs.

Mining speed is measured in hashrates. See my hardware page to get a better understanding of this and take a look at the accompanying hardware comparison chart to see examples of the current generation of hardware available. cost of hardware is too much of an investment, check out my blog post Bitcoin Cloud Mining for a cheaper solution!

You will need to follow the instructions from your hardware’s manufacturer to set-up the device and configure it to work with your system. This can get a bit technical so be aware of your hardware’s requirements before you buy.

Step Two: Join a mining pool.

A list of Bitcoin mining pools can be found here: https://en.bitcoin.it/wiki/Comparison_of_mining_pools. Be sure to read about the different reward types and pool fees before choosing one. Most pools now use a “pay per last N shares” (PPLNS) reward system. This is especially good for new miners or those with low hashrates. this tutorial I will be using BTC Guild. Joining a pool is a simple matter of registering with a username, password, and email address.

Step Three: Download your free mining software.

I recommend BFGMiner for Windows (Mac version here). Note: This tutorial will be using the Windows version. Unzip the file you just downloaded and launch the BFGMiner application.

You will be asked for three items of information: URL, username, and password. We will go back to our mining pool’s website for this information.