A mining system is used to mine the Crypto currency, but before that let us understand more about what exactly is Crypto Mining.
What is Crypto mining?
Crypto Mining is a complicated procedure that involves the solving of mathematical puzzles to evaluate transactions to mine new chunks of currency. One of the most popular cryptocurrencies in the market is the Bitcoin which can mined and stored safely in a Bitcoin wallet.
- One can earn cryptocurrency through mining and does not have to invest any money in it.
- The miners get the Bitcoin in the form of a reward for the completion of “blocks” of validated transactions that are added to the blockchain.
- The rewards for mining are paid to those miners who solves the complicated puzzle first and the probability that a participant will be the one to solve the puzzle is directly related to a part of the entire mining power on the network.
Bitcoin is one of the first and one of the top most cryptocurrencies in the market. Initially the Bitcoin was valued at around $9000, however currently there is an increasing demand which has finally led to higher prices. If you are wondering more about the origination of Bitcoin and its sudden emergence in the market well, the availability of Bitcoin is limited to few ways like you could get Bitcoin from an exchange or get paid in BTC for goods and services, or receive a reward in the form of Bitcoin through a mining process using a group of computers.
New bitcoins are mined almost every day; however the Bitcoin mining is not an easy process. It does require dedicated hardware and enhanced power input.
What is a Crypto mining rig?
You need a well equipped and specialized mining system to become a full fledged minder. You can purchase a ready-made rig, however it may cost more than a custom made or assembled mining rig.
The entire mining system will emanate noise, generate lot of heat and needs to stay in action 24/7. You can only operate a Bitcoin mining in an extreme environment which should be in the working condition throughout.
The GPU of the mining rig needs an open-air frame for ventilation so that the GPU can breathe. The burned-out cards should be replaced, the entire system should be dusted and cleaned and should be well maintained so that the components appear fresh and in working condition throughout the process.
Actually building a mining rig is similar to building a game pc. It is always better to build the rig by yourself, as you will have a clear idea on how to maintain and service the hardware component in case any issue arises. At the same time you can opt for a pre-build rig if you do not have the time to build one on your own.
The ready-made rigs will hold a maximum of 2 GPUs where as the assembled rig will hold more than 2 GPUs. A new or pre-used mining rig will cost a couple of thousand dollars. It is advisable to purchase a new mining rig always as the used mining rig will have worn out components and naturally the lifespan also will be short.
You just need basic Windows OS and some mining related software initially. After you have chosen the casing for your mining rig, you can start looking for the motherboard. You don’t have to choose a high end motherboard for your mining rig. The only criteria is it should be able to hold maximum number of GPUs
It is better to use motherboards made by ASUS, MSI or Gigabyte as they can be customized. You can finalize on the CPU after setting the components for the rig. You will need a modern multi-core CPU with 4-8 GB of RAM, also you do not have to compromise on the stability so that your CPU gives you high performance. Just use a basic Intel CPU such as Celeron or Pentium for the same.
One can also purchase AMD or Nvidia GPUs for individual mining or for participating in a mining pool. Good deals for six-packs or even older models are available in the market that can be used to get your job done even when participating in a mining pool.
You need atleast 1000W power supply and a highly stable internet connection for a mining rig. Since these mining systems run at heavy loads 24/7, you need a gold rated mining power supply for the same. You will need to club two power supplies as the electricity bill can go shooting through the roof due to the mining process.
The area where you can save some money is at the storage section and RAM. You will need an 8GB RAM for a PC running Windows operating system, however you can still manage with a 4GB as well.
All said and done you can easily assemble a mining system at no extra cost if you have low power rates or spare parts lying round.
Do not rush through things and take it slow when it comes to mining. Due to the Bitcoin markets volatility, your mining may take a longer period to break even. So do not go for a blind investment and only invest the buffer amount or the money you can afford to lose. Also be patient and do not expect to breakeven in a few months.
If everything goes as per the plan, your mining will start reaping profits in about 7- 8 months, however be aware of the Bitcoin mining difficulty in today’s world. Nonetheless, you can always try your hand at mining if you have some unused good conditioned hardware lying around.
Minimum Hardware Requirement for Bitcoin Mining Rig
|Motherboard||Asus B250 Mining Expert|
|CPU||Intel Celeron/Pentium/Ivy Bridge|
|Graphics Card||Nvidia GTX 1070 / AMD Vega 56|
|Power Supply||Corsair HX1200i / EVGA SuperNOVA 1600|
|RAM and Storage||Newegg Patriot Memory 4GB DDR|