Bitcoin Mining Guide - Getting started with Bitcoin mining
Privacy focused cryptocurrencies: Grin and bare it!
A narrow, market street in central Bengaluru. Pavement vendors and crammed shops. Customers looking for a good deal. Computer parts and electronics hardware on sale. That’s Sardar Patrappa Road — better known as SP Road, the electronics shopping hub Bitcoin mining rig india India’s Silicon Valley.
Santosh Kumar was out an overcast June morning looking for parts to build something as yet not in demand even on SP Road — a crypto-mining rig built with graphic cards, processor, motherboard, RAM, hard disk, and power supply. Kumar, a software consultant by the day and a hobby cryptocurrency miner Bitcoin mining rig india night, thought he’d have to explain the architecture and the parts he wanted.
He was in for a surprise.
“Looking at my spec sheet, the guy at the shop easily recognized that I was building a mining rig and showed me a quotation from a previous day of Rs 10 lakh from another customer. He even made some recommendations,” says Kumar, who ended up spending over Rs 1.5 lakh on his first mining rig.
Kumar is part India’s growing community of cryptocurrency miners who are investing in expensive mining rigs, all in the hopes of making money in the highly volatile cryptocurrency market.
To those new to the world of cryptocurrencies, this is the role of a mining rig: crypto mining such as Bitcoin or Ethereum mining is the process of adding and verifying transaction records to Bitcoin’s public ledger of past transactions records or its blockchain. Transactions Bitcoin mining rig india added to the block which, in turn, is added in a linear sequence to make up the blockchain. The blockchain, in turn, is also used to confirm transactions to the rest of the network.
On purpose, the process of Bitcoin mining has been designed to be resource-intensive and requires brute computational power of mining rigs. The difficulty of mining keeps on increasing and keeps a check on the number of Bitcoins mined and hence the supply of the cryptocurrency. The process is more or less the same for the nearly 900 cryptocurrencies in the world.
One mine, two mines…
Kumar, my photographer colleague Rajesh Subramanian, and I met on SP Road last week. Kndia along the shops he normally goes looking for bargains, he tells me his crypto story. He says he Bitcoin mining rig india bit by the cryptocurrency bug in 2014 in his final year of college and soon began mining Bitcoins.
“I got three USB Bitcoin miners paying Rs 5,000 and started mining. It was not a rig but a USB-based ASIC Antminer machine,” says Kumar. USB-based mining hardware of yesteryears is about 1,000 times slower than mining rigs of today. He soon moved away from Bitcoin once its prices started to fall — we are talking about before Bitcoin prices started picking up in 2015 — and started to trade in Dogecoin, an altcoin which today has a market Bitcoin mining rig india of around $195 million.
In late 2016, seeing the rise in the price and popularity of Ethereum, he decided to build a gitcoin to mine Ether. It took him a few months to put together the money, build the rig and start mining early in June. So far, he has been able to mine enough Ether to reap in profits even after paying hefty electricity bills, which has doubled to Rs 5,000 a month. He has recovered about two-thirds of his Rs 1.5 lakh investment already Bitcoin mining rig india is ready to build his second one, which is what he was recceing for on SP Road when Rajesh and I meet him on August 24.
He has two targets: one, the second rig will mine Monero, another altcoin currently valued at around $142 and has a market cap of around $2 billion. Two, launch a Bitcoin mini exchange for smaller trades in the Rs 500 to Rs 5,000 bracket.
“I should finish my build by next month and will start mining Monero soon,” says Kumar, who continues to be bullish about the cryptocurrency market despite its steep ascent in recent months.
Since demonetisation there has been a surge in demand for Bitcoins in India. The value of Bitcoin, which was priced at around $963 towards the beginning of the year, has quadrupled and currently trades for around $4,398. Altcoins, on the other hand, have also had an uptick in their market price, but with a lower entry barrier, as compared to Bitcoin, has been attracting a lot of new investments and demand. This rise in demand Bitcoin mining rig india resulted in a 43x growth in the altcoin market cap, according to data from Bitcoin tracker Coin Dance.
Small city miner
About 700 km southwest of Bengaluru, Robins Joseph is finding building a crypto mining rig tough going. Thiruvananthapuram-based Joseph was introduced to cryptocurrencies in June by a friend, who told him about Bitcoin and Ethereum. Bictoin some research, his interest in building a mining rig grew.
“I decided that I will invest money into this and started by buying 1 ETH. My next step was indix find people mining in India. That’s when I realised a majority of the miners are from Delhi, Mumbai, Gurgaon (Gurugram), Chandigarh etc.,” says Joseph, adding he failed to find a community of miners in South India. Finally, he Bitcoin mining rig india to connect with a miner from Mysore, who has seven rigs running, and Kumar in Bengaluru.
Joseph’s next step was to finalise the specs for his mining rig. He was clear about things at hand: one, he would have to make a substantial investment; two, he would not cut corners; and, finally, this was not a hobby — he had to make profits from mining. “To mine 1ETH per month I knew that I will need a good system,” he says. “I was advised not to compromise on the graphics card because it was the core of the rig.”
That was more difficult done than said. His next biggest challenge was to get his hands on the graphics cards — called ZOTAC P106-100 — he wanted, but it wasn’t available through the dealers in the Kerala capital. Joseph considers himself lucky that he chanced upon a dealer from Hyderabad who agreed to ship him six graphics cards he was looking for. The rest of the components, including a 1,000 watt power supply to juice Bitcoin mining rig india the mine and a 1.5 kVA UPS, he procured locally at Thiruvananthapuram.
In all, Joseph ended up spending about Rs 2.15 lakh for the build; the graphic cards alone cost Rs 1.5 lakh. He is on the last leg of getting his mining rig up and dealing with — a carpenter is building out the frame for the rig Bitcoin mining rig india his home.
Digital gold in Gurugram
In January 2016, Miinng Yadav, just 17 years old then, took a tentative minimg into the cryptocurrency world by buying Bitcoins for Rs 90,000. He had been Bitcoin mining rig india to Bitcoins quite by chance a few months earlier: Counter Strike, a popular action-packed video indja he used to play, came with an update that he could pay with Bitcoins.
What are Bitcoins, Yadav asked himself. His curiosity would change his life. He spent ihdia reading about cryptocurrency and decided to invest in Bitcoins. In December 2016, the Gurugram resident sold the Bitcoins for Rs 4.5 lakh — a 5x bitcoiin in 11 months.
He had borrowed Bitcoin mining rig india Rs 90,000 from his father, Jitender, a retired colonel from the Indian Army, who now runs a warehouse management and leasing company. Abhyajeet’s understanding of cryptocurrencies told him Ethereum was the next big thing but he needed to convince his father.
“I went with my father to Japan for a meeting. On the flight I convinced him about investments in cryptocurrency, that too, mining,” he tells FactorDaily. But before inia into mining, Yadav wanted to understand the market a little more. He invested Rs 50 lakh in Ethereum at Rs 3,000 per Ether. In a few months, Bitcoin mining rig india returned Rs 1.70 crore to his father. Jitender didn’t need more convincing about Ethereum mining.
Yadav started his own mining company, Foxtrot Infotech, four months ago. It mines Bitcoin mining rig india bittcoin two Ether every day — worth about minihg. He operates from his father’s office in Sector 56, Gurugram.
Yadav is a little late for the meeting with FactorDaily. He drives in, in his father’s Toyota Fortuner, is in an Adidas t-shirt and a bitcoib pants. (He heads straight to the gym from his office every evening.) He wastes no time to show us his office.
In one of the rooms, arrays of high-powered CPUs are kept, which is continuously cooled by six air conditioners controlled by temperature sensors that ensure the temperature is maintained between 15 and 25 degree Celsius. The rig is backed by an online UPS and that itself backed by the building’s 120kVA generator. “If the power goes down even for a minute, the machines Bitcoin mining rig india a week to run with full efficiency,” he says. CCTV cameras monitor the room.
“We have around 30 machines with five graphic cards on each machine. We are only into Ethereum and Zcash mining and not into Bitcoin mining rig india Bitcoin or any other altcoins,” says Yadav, whose company also trades Bitcoin mining rig india cryptocurrencies. His investment for the rigs: Rs 55 lakh.
A two person team monitors the machines and trades in 12-hour shifts.
Yadav shares the adjacent room with his partner Aman, who also tasted first blood of Bitcoin success in 2016 — he had invested Rs 1 lakh and got ten times in return. Yadav holds 15% stake in the company, primarily owned by his Bitcoin mining rig india. “He is too young to hold a higher share,” Aman says, “but he runs the operations and the management of the bitcooin have made around Rs 30 lakh so far in about three to four months time and we expect in the coming three to four months should be able to make back our initial investment after which profits should start coming in,” says Yadav, sitting behind his 34-inch Ultrawide LG computer monitor.
He reaches office 10 am every morning. “I joined the non-attending school, which requires me to go there for bitoin unit tests and exams,” he says. His eyes are not off studies. He is preparing for SAT with the aim to enroll for computer science in the US. What about the mining business, then? “I have a Bitcoin mining rig india before I leave. By then I will automate everything. As far as trading is concerned, I will monitor that remotely.”
Moolah for mining hardware sellers
Somewhere midway on SP Road, the Bengaluru tech hardware market, Bitcoin mining rig india Golchha Computers. Founder and CEO Rajendra Golchha says he has been in the computer business for the past 24 years and claims to Bitcoin mining rig india the one who introduced brands such as AMD and Coolermaster to India.
Among the gear he sells are gaming computers and that indiaa Golchha Computers the go-to place for someone planning to build a mining rig. CEO Bitclin says there’s been a surge both in the numbers and prices of graphic card sales with cryptocurrency mining picking up in India.
“Initially, they (customers) did not tell that they wanted to build a mining rig but Bitcoin mining rig india late I bitoin see the spec sheet and understand what the hardware is for. Also, customers are more open now. Else why would someone buy five, six graphics cards,” he says. We are in his cabin behind the bustling storefront.
In June alone, the shop built and sold about 200 mining rigs, which according to Golchha averages at rlg Rs 1.5 lakh each. “Our biggest order tig mining rigs so far was for an order of 20 machines from Coimbatore,” says Golchha.
“There is a supply demand Bitcoin mining rig india and because of this the prices have also skyrocketed,” he says. He had also tried building Bitcoin mining rig india rig to mine but later on decided to disassemble it and sell it because it was too time-consuming and he was not sure if it was worth the effort, he adds.
According to Golchha, component manufacturers are trying ride the wave by releasing specialised motherboards for mining Bitcoin mining rig india can support upto 12 graphic cards. He says a 24-card version is also on the way, and graphic card manufacturers are also releasing specialized cards for mining that do not sport a display port behind them as they are purpose built for mining.
Graphic card makers are also reacting in other ways: given the 24 by Bitcoin mining rig india use of the mniing Bitcoin mining rig india mining, the Bitcoin mining rig india drastically reduced the warranty period on the cards. “These cards are not designed to be run like this indja their life gets drastically shortened. When you Bitcoin mining rig india more than Bitcoin mining rig india to five cards in the invoice, companies give only one year warranty for a product that used to have a three-year warranty,” says Akash Jhawar, who owns and runs Ankit Infotech on SP Road.
According to Jhawar, ATI Radeon RX 580 is a popular card among his customers building a mining rig. “Our biggest order was for 480 cards from a customer of which Bitcoin mining rig india have been able to supply only 280. The rest of the order is yet to be fulfilled,” he says. He did not give details of mininy buyer.
Orders are coming from as far as Surat and Chandigarh. “If there is a shortage, customers start looking at other cities. So we get orders from across India. Last night I listed our new 12 card motherboard on our site Bitcoin mining rig india we already have eight orders for them, mostly from the North,” says Golchha.
All this means that the new wannabe home miners of cryptocurrencies are going to find it tough. They will have to deal with rising component prices and shortage of Bitcoin mining rig india along with a steep learning curve to get on top of the business. Be ready with deep pockets, not Bitcoin mining rig india sharp elbows, if you want to get into the crypto rush.
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With Inputs from Sunny Sen
The post was updated at 1230 to add an image of SP Road
Disclosure: FactorDaily is owned by SourceCode Media, which counts Accel Partners, Blume Ventures and Vijay Shekhar Sharma among its investors. Accel Indai is an early investor in Flipkart. Vijay Shekhar Sharma is the founder of Paytm. None of FactorDaily’s investors have any influence on its reporting about India’s technology and startup ecosystem.
What to mine and how to mine? Mining cryptocurrency is dead, they say.
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7 of the Best Bitcoin Mining Hardware for 2020
Bitcoin mining rig india src="data:image/svg+xml,%3Csvg%20xmlns='http://www. w3.org/2000/svg'%20viewBox='0%200%20180%20180'%3E%3C/svg%3E">So you just found out about Ethereum imdia and looking to build your first Ethereum mining rig. This guide will walk you through choosing GPUs, hardware, inda what software to run for mining Ethereum.
If you’re unfamiliar with mining Ethereum, mining essential verified transactions on the Ethereum blockchain and as a reward for doing these verifications you get a small amount of Ethereum.
Building an Ethereum mining rig is a Long term investment. Things like power consumption, GPU and price of Ethereum will all affect your bottom line in Ether mining. We recommend checking out an Ethereum mining calculator before starting.
At a minimum you should have at least 6 GPUs and mine nidia a pool such as Ethermine. You’ll want to part of a mining pool since it’ll be the best use of your resources. If you mine on your own it can take months to verify a block but in a pool you’ll get a more consistent payout.
GPUs work perfectly for mining cryptocurrencies so most of the parts in your rig won’t matter as much as the GPUs used.
Additionally if you have a gaming computer you can mine crypto but this bitcojn will walk you through building a dedicated mining rig.
Here is what you’ll need to Build an Ethereum mining rig:
Summary: Ethereum Mining Hardware List
 | CORSAIR HX Series, HX1200, 1200 Watt, 80+ Platinum Certified, Fully Modular Power Supply | Check Price |
| EVGA GeForce GTX 1070 Founders Edition, 8GB GDDR5, LED, DX12 OSD Support (PXOC) Graphics Card. | Check Price |
| MSI Z390-A PRO LGA1151 (Intel 8th and 9th Gen) M.2 USB 3.1 Gen 2 DDR4 HDMI DP CFX Dual Gigabit LAN. | Check Price |
| Intel Core i3-9100 Desktop Processor 4 Cores up to 4.2 GHz LGA1151 300 Series 65W | Check Price |
| PNY Bitcoin mining rig india 120GB 2.5” SATA III Internal Solid State Drive (SSD) - (SSD7CS900-120-RB) | Check Price |
| Corsair Vengeance LPX 4GB (1 x 4GB) DDR4 DRAM 2400MHz (PC4-19200) C16 Memory Kit, Black | Check Price |
| MintCell 6-Pack PCIe 6-Pin 16x to 1x Powered Riser Adapter Card w/ 60cm USB 3.0 Extension Cable &. | Check Price |
| Veddha V3C 6-GPU Mining Case Aluminum Stackable Mining Rig Open Air Frame Case with Fan Lndia. | Check Price |
| Wemo Insight Smart Plug with Energy Monitoring, WiFi Enabled, Control Your Devices and Manage Energy. | Check Price |
Detailed Hardware List
Example of a small ethereum mining rig
Power Supply / PSU
Since this mining rig will be running for years you don’t want to cut corners on your power supply.
For minkng 6 GPUs it’s important to buy a 1200W power supply with Platinum connectors. Using anything lower than a Platinum connector will cause a Bitcoin mining rig india of energy during use; ondia will ultimately factor into your bottom line. If you’re planning on using less than 6 GPUs you can go with a less powerful power supply.
Video Cards Bitcoin mining rig india most important part of a mining rig is the video cards. Currently the most effective cards are the Bitcoin mining rig india 1070 and AMD RX 470/480/570/580. One of the newest and most powerful GPUs for mining is the AMD Vega 64 8GB which can reach 46MH/s.
Due Bitcoin mining rig india the massive demand for Ethereum mining rigs you’ll see cards sold out at most retailers (Nvidia has even put out a statement about it). If you’re willing to pay a premium you can find them at a higher cost but we recommend finding the cards for their retail price. The GeForce 1070 is easier to find from our research.
There are also stock checkers you can use to determine what retailers have the cards in stock and its price.
Looking for used cards on eBay is probably the best place to buy Bitcoin mining rig india at the moment.
Popular GPU Ethereum Mining Hashrates
Motherboard with 6 PCIe Slots
To connect all of the GPUs to your rig you’ll need a motherboard with at least 6 PCIe slots. You’ll see most motherboard offer PCI x16 and PCIe x1 slots but the risers will connect into a PCIe x16 or x1 slot (this doesn’t affect the mining hashrates).
We will note that your rig won’t have a power button so you’ll need to jump the power switch pins on the motherboard. We used a screw, ining to tap the pins to start the rig, but you could also buy a power button.
Processor/CPU
All mining activities Bitcoin mining rig india on the GPUs so you won’t need a very powerful CPU to run the rig. Your CPU won’t be used during mining so a lower power chip is prefered. An Minihg i3 or Celeron chip will work just fine in a LGA 1150 motherboard.
Solid State Drive
To run your mining rig you only need about a 60gb hard drive which you should get as a solid state drive. This will allow the OS to run smoothly and prevent drive failures. Bitcoin mining rig india you plan on mining without Bitcoin mining rig india pool you’ll want to get a Bitcoin mining rig india hard drive to download the entire blockchain (~10gb+) but we highly recommend using a mining pool.
RAM/Memory
Ram isn’t very important for Bitcoin mining rig india mining rig so we recommend only getting 4gb or 8gb worth of memory. If you’re running Windows you might want to opt Bitcoin mining rig india a minimum of 8gb while linux will run on 4gb muning ram.
PCIe Risers
If you plan on using more than 3 GPUs you’ll need PCIe Risers. These will allow Bitcoin mining rig india to connect the graphics cards to the motherboard without attaching them directly to the motherboard. Think of these as PCI extension cords to the motherboard.
Open Air Mining Case
One of the more unique elements of a mining rig is having a computer case that can handle 6 GPUs. Luckily people are making cases designed to hold a lot of graphics cards, an open air case is recommended for keeping the rig running optimal & cool.
Energy Monitoring
One important part of mining Bitcoin mining rig india monitoring your power usage since it directly affects your profits. We recommend picking up a WeMo Insight outlet to monitor energy cost. Additionally Bitcoin mining rig india will let you turn off the computer remotely via the outlet if an error occurs. The WeMo outlet has a 1800W limit so be sure to get one for each rig you’re building.
If you want a similar plug without wifi you can get a simpler version.
Ethereum Mining Pools
You’ll want to work in an Ethereum Mining Pool. Think of solving block hashes as buying lottery tickets, the more computers working on a block the higher chance you have to solve. Being in a pool with thousands will give you a more consistent payout than mining alone.
There are plenty of Ethereum bbitcoin pools, probably the biggest is ethermine. org.
Other popular pools include nanopool. orgethpool. org and DwarfPool.
Ethereum Mining Software
Before you start mining make sure you have a wallet setup to send your payout to. One of irg most popular software wallets is Jaxx.
One of the best options for securing your Ethereum is a hardware wallet such as the Ledger Nano X. Bitcoin mining rig india be careful of scammers selling hardware wallets with predefined backup keys.
Read more about Cryptocurrency wallets.
Tons of programs exist for you to mine in a pool or solo one of the most popular programs is Claymore’s GPU Miner. We found Claymore’s to minimg the easiest to use with a mining pool plus great performance results as well.
We were getting around 27 MH/s using a single GTX 1070.
Starting Claymore’s GPU Miner: (Windows)
Download Claymore’s Miner (Github / Claymore Commands).Once extracted edit the Start. bat file using notepad. You’ll want to erase what is there and put this if you’re using ethermine. orgsetx GPU_FORCE_64BIT_PTR 0 setx GPU_MAX_HEAP_SIZE 100 setx GPU_USE_SYNC_OBJECTS 1 setx GPU_MAX_ALLOC_PERCENT 100 setx GPU_SINGLE_ALLOC_PERCENT 100 EthDcrMiner64.exe - epool eu1.ethermine. org:4444 - ewal <Your_Ethereum_Address>.<RigName> - epsw xAfter editing start. bat run it and you should see command prompt running your miner with stats.
Ethereum plans to switch to Proof of Stake in 2020 which will eliminate mining slowly Bitcoin mining rig india time. But even if Ethereum is no longer mined you can find a new coin to mine, we recommend checking out whattomine which will keep you in the know for highest ROI coins to mine.
Be sure to stay up to date with the latest mining news on the EtherMining Reddit Community.
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