There is no doubt that the business of cryptocurrency mining seems to be booming at the moment. This is why investors are venturing into it, aiming to maximize the highest profits while it remains green. In case you are planning to start such a business, it is vital to understand everything about cryptocurrency mining. This will ensure that you have the upper hand, unlike other investors. Therefore, your efforts will not be based on guesswork, as you will understand what it takes to be successful within a short period. The good part is that there is no other better place to learn everything about the best cryptocurrency mining rig. This post will be exposing you to lots of secrets about this business to ensure that you succeed in your investment endeavors. You will be learning subject matters such as:
- What is a crypto mining rig?
- How crypto mining rig works?
- What are the main criteria for choosing the best crypto mining rig?
- How to Build Your Own Cryptocurrency Mining Rig
- How much does a cryptocurrency mining rig cost?
What is a crypto mining rig?
This simply implies a computer or an information technology system which is majorly used for the mining of Altcoins and Bitcoins. Such a computer can be used for other purposes, most notably when the rig hasn’t been designed or built specifically for a particular miner. This is when such a system is used for mining purposes on a part-time basis.
Another way to see a crypto mining rig is a system which is integrated and has been set up, designed as well as operated with the sole aim of mining cryptocurrencies like Bitcoin, and Litecoin. It is a process through which the transactions taking place in the blockchain network are verified. It can also be referred to as cryptocurrency mining.
How crypto mining rig works?
In case you are planning to build a crypto mining rig, it is crucial to know how it works. Such knowledge will help to ensure that you get the best returns from your investments. It is through mining that new coins are minted. It can also be seen as that process whereby transactions become verified before being added to a ledger to get distributed as a blockchain. It is a procedure which includes getting transactions compiled into blocks via solving of important jigsaws. Any participant who can get such brainteaser cracked is going to be entitled to having the subsequent block placed as well as claiming the incentives that will follow. Returns are a combination of transaction fees and the new coin which has been released.
When a transaction involving cryptocurrencies are being carried out, it is the responsibility of a cryptocurrency miner to ensure that the information or details are authentic. In other words, they must be verified. After that, the blockchain of such transaction will then get updated. A simpler way to know how crypto mining rig works is to understand that the entire process has to do with competing with various crypto miners. The aim is to get mathematical problems which are very complicated solved within the fastest possible time. In order to get this done, cryptographic hash functions are being made use of. These have to do with blockchain that contains transactions of such data. The transaction will be authorized by the first miner to crack such code. As a cryptocurrency miner, you need a system that has specialized hardware to be very competitive.
What are the main criteria for choosing the best crypto mining rig?
If you want to build the Best cryptocurrency Mining Rig, there are lots of factors to consider to ensure that you are positioned to get the best returns. Failure to do this can mean your business crashing before it even starts competing with others.
1 Hash Rate
The hardware you must have chosen to make use of can greatly determine whether you will be making profits in this business or not. If your mining speed is low, then profits may be adversely affected over a given period. Hash rate refers to the calculations a chip can do every second. Choosing a machine with high hash rate can make you stand out amongst other cryptocurrency miners. This ensures that complicated calculations are processed much faster. Through this, the time needed for transactions to be verified will be quicker.
2 Power consumption
It is significant to consider this to maximize profits in the best way possible. The best way to go about this is ensuring that you are aware of your overall energy consumption monthly. Also, ensure that your chosen hardware isn’t the type that has been designed to consume a high amount of power since this will affect your overall profits. There are lots of efficient machines in the market that don’t consume power yet have proven to be very fast. They can provide you with a very high hash rate, which is great as explained above. Also, ensure to choose an affordable electricity supplier.
3 Mining algorithm
This can be very technical, most especially when you are new to cryptocurrency mining rig. Your chosen hardware will be more effective when it mines the algorithm for a specific task. That is to say; it is meant to handle only one task. Some options that you can choose when it comes to mining algorithm are SHA-256, Scrypt, X11, Blake (2B), and Tensority. You must make the right choice in this regards.
4 Proper planning
Through proper planning, you will be able to get maximum rewards from your cryptocurrency investment efforts. You must consider the size of your budget with regards to the machine you want to invest in. If you do thorough research, no doubt that you will be able to find machines with great features that will help solve those complicated calculations. It is all about trying to outline what will be needed and ensuring that you come up with the best plan of integrating them into your business for maximum efficiency.
How to Build Your Own Cryptocurrency Mining Rig
Building the best cryptocurrency mining rig is one task that most people usually consider to be technical. Due to this, they get discouraged from venturing into the business of mining cryptocurrency. The truth is that with the right knowledge at your disposal, this is one of the easiest things to do. Just see the steps below for inspiration.
1 A rig frame
This is quite essential since your rig is going to be holding the miner. Therefore, it should be made from a solid material. Aluminum can do a perfect job, and it isn’t inflammable as compared to wood.
2 Choosing a motherboard
Building the Best cryptocurrency Mining Rig requires that your chosen motherboard has the right capacity. Ideally, it should have about 4 – 8 video cards. Simply put, your chosen motherboard should have the capacity of powering about 6 GUPs simultaneously. Z270 is the most effective motherboard you can choose for this.
3 A Processor
If you are using the motherboard recommended above (Z270), the perfect processor will be E7300 CPU (Core 2 Duo) and Celeron G3900. The bottom line is that the chosen processor is working perfectly with your motherboard. For instance, Intel Core i7, i5, or i3 will be perfect CryptoNight mining.
4 Large ram size
With a large ram size, you will have a system that is working perfectly and processing at very high speed. Your chosen ram should be at least 4gb and must be compatible with the motherboard you will be using.
5 Storage space should be considered
This doesn’t require much as a space of 50gb can work very fine. The key here is ensuring that you aren’t storing too many files in your system to ensure that it works very fast.
6 Focusing on GPUs
The installed GPU is what will determine the performance of your rig. AMDs don’t require much energy to get going, even though Nvidia cards don’t get damaged easily due to heat.
7 Stable electricity
This is one aspect where you may have very high overhead. However, if your power supply is stable, there is no doubt that you will get an excellent ROI (Return on Investment). The key here is ensuring that you have chosen a reliable and affordable electricity supplier.
How much does a cryptocurrency mining rig cost?
If you want to build a cryptocurrency mining rig, there are three aspects where costs will be incurred. These are software, hardware, and electricity. Most of the time, the lowest amount you can use to build your own rig will range from $3,500 – $4,000. This includes cost for items like:
- Power supply
- Hard drive
- Graphics card
- Power cables
- PCI – E Cables
- Power monitor
- PCI – E Risers
Based on the above, it is evident that building the best cryptocurrency mining rig isn’t as complicated as you must have been thinking. All that you need to do is follow the steps and details outlined above, and you will indeed become very successful in it.