Mining Ether will start with the release of the Frontier platform. The Olympics test beforehand had no value attributed to the Ether which was mined and all balances at the Ether launch were set back to the close of the Fundraising – so even if you had transferred our Ether on the testnet after contributing to your fundraise you will keep the Ether on the launch of the Frontier platform.
The proof of work in Ethereum is run through Ethash. The successful PoW miner will receive a static block reward that is equal to 5 Ether.
The successful miner will also receive all the gas in fees that it generates from the transactions in the block that it verifies. As time goes on and the amount of Ether created grows it is expected that gas rewards will take the lions share of mining rewards.
The miner will also receive an award of 1/32 per Uncle block included. Uncles are stale blocks with parents that are a maximum of six blocks back from the present block. Valid Uncle blocks are rewarded to halt network lag (time to propagate a valid block to the whole network). Uncles included in a block receive 7/8 of the static block reward – or 4.375 Ether- with a maximum of 2 Uncles allowed per block.
After you have mined some ether you will need somewhere to store it and you can choose the best place here with our ethereum wallet comparison page.