Bitcoin mining hardware - what is a bitcoin miner?
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What is Bitcoin Mining?
It’s possible to use Cheapest bitcoin mining computer computer to generate cyptocurrencies, like Bitcoin. It’s a power-hungry process, but it could become a source of income. Here’s how it works.
Introduction
Though cryptocurrencies are still in their infancy—bitcoin was initially released in 2008—they now form an important part of global finance. But what are they, and how do they work?
Put simply, cryptocurrencies are digital forms of money that run on a ledger, called a blockchain. The blockchain records transactions between users of the cryptocurrency; the Bitcoin Cheapest bitcoin mining computer, for instance, tracks payments made using Bitcoin.
Breaking the phrase Cheapest bitcoin mining computer, the “block” relates to a group of transactions which, once validated by computers spread across the world, are ‘chained’ together with other blocks to form the complete blockchain ledger—the blockchain.
But how are “blocks” validated? By bitcoin mining: a process whereby computers race to solve complex computer puzzles as a means to producing the key that will validate the transactions that occur in the block.
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What is bitcoin mining?
Producing the key that validates cryptographically secure bitcoin blocks is exceptionally difficult, and computers must compete Cheapest bitcoin mining computer generate a certain number.
It can take computers in the bitcoin network over a billion attempts to find the right number, and the only way to find it is by trying every possible number up to and including it.
Computers involved in finding this number are calls “miners.” When a bitcoin miner finds that special number, it is rewarded with a certain amount of bitcoin. This reward provides the incentive for bitcoin mining.
The process that validates the work done by bitcoin miners is called “proof of work.” Effectively, the intensive process required to validate blocks requires a certain amount of work to be done by the computer, both through electrical energy and computational solving power. In the event of a conflict between two different blocks, bitcoin defaults to the block that has required the most effort, as it considers this to be the most trustworthy.
There is an alternative system to proof of work called “proof of stake.” The bitcoin blockchain doesn’t use this, but other blockchains, like Algorand and Tezos, do. In “proof of stake,” users put forward a stake of the cryptocurrency Cheapest bitcoin mining computer hold, and are selected by an algorithm to process a transaction, collecting a transaction fee when they do so. The larger the stake, the more likely the person is to be selected to validate a transaction. Some of the stake is lost if the validator is found to have processed a fraudulent transaction.
Is bitcoin mining legal?
In most countries—especially in western Europe and North America, where bitcoin mining has some legal recognition—the answer is yes: Bitcoin mining is legal. A lot of cryptocurrency mining happens in China—electricity is cheaper there. Until recently, the Chinese government actively discouraged Cheapest bitcoin mining computer mining industry. But a recent government report recommending businesses that should be discouraged did Cheapest bitcoin mining computer previous reports—mention cryptocurrency mining, suggesting that the Chinese government has indeed given bitcoin mining the all-clear.
Though governments Cheapest bitcoin mining computer sanction mining more generally, some people mine bitcoin illegally, by hacking other people’s computers or using other people’s electricity. In addition, it’s risky to mine in a country where bitcoin has a contentious legal status, such Cheapest bitcoin mining computer in Russia.
Is bitcoin mining profitable?
Profitable Bitcoin mining isn’t easy. Mining can be profitable, but larger investments see more rapid and greater returns. Still, take care before you spend beyond your means. You should make sure you are financially stable before investing, as costs can easily pile up, and you don’t want your bitcoin mining habit to eat into your living expenses. Always make sure you have money saved for a rainy day, as that is more important than any investment you can make. Finally, understand that the price of Bitcoin can fluctuate quite a lot, meaning that profits aren’t guaranteed.
How to mine bitcoin
Most people will want to start with buying a basic ‘mining rig’: a computer specially designed to mine bitcoin. Unfortunately, your standard desktop Cheapest bitcoin mining computer laptop simply won’t cut it anymore. The bitcoin algorithm has become harder to crack over the years as competition has increased, so specialized machinery is now needed to profitably mine bitcoin. There is a useful calculator here that you can use to determine if your rig will be profitable or not.
Specialized miners aren’t cheap: to provide an indication, a standard option like the DragonX Antminer Cheapest bitcoin mining computer $489. This is no small investment, as without careful management of the miner, you won’t see a profit. And since producing the necessary validation for each block requires lots of computational power, it also requires a lot of electricity—miners worldwide spend $4 billion on energy alone each year. If you’d like to buy a Bitcoin mining rig, here are a few factors that go into choosing the best Bitcoin miner. Here’s what to look out for:
Hash rate: In order for a block to be solved, a very high number of hashes needs to be processed. The higher this rate, the more powerful the miner.
Efficiency: This is how much energy the miner uses when it is processing these hashes. Comparing the hash rate to the amount of energy consumed can give you a decent handle on just how profitable a mining rig will be. Aim for a high value miner that will convert Cheapest bitcoin mining computer high number of hashes relative to the energy consumed.
Price: Mining bitcoin should be viewed as an investment that requires a certain amount of startup cash to enter the market. Don’t stretch yourself, and only buy a miner that’s in your price range. The more expensive the miner, the longer it might take to turn a profit.
Bitcoin Miners
AntMiner V9 - $99
Hash Rate - 4.0TH
Power Consumption - 1027W
This miner is a well reviewed, budget option which makes Cheapest bitcoin mining computer a good choice for people who don’t want to overcommit to Bitcoin mining.
Antminer S9 - $489
Hash Rate - 14.0TH
Power Consumption - 1372W
A mid-budget option, this miner is much more efficient than the V9 and boasts an impressive hash rate.
Innosilicon T3 - $2,999
Hash Rate - 50.0TH
Power Consumption - 3100W
This is a much higher budget option, but it has an impressively high hash rate.
As you might have noticed, the efficiency of each miner increases as you go up in price. You’ll need to keep this in mind when you decide to invest, as a more expensive rig may be more profitable in the long term. Additionally, as the Cheapest bitcoin mining computer rate increases, older rigs might not be powerful enough to keep turning a profit.
As you Cheapest bitcoin mining computer further into bitcoin mining, you will no doubt notice how the industry is dominated by China. This is due to the low cost of electricity in China, which makes the mining more profitable by reducing overheads. Iceland is another example of a country with low electricity costs. Make sure you know the cost of your electricity before committing to mining, as your operation could be dead in the water if electricity is too expensive.
Additionally, you have to make sure that the electricity you generate is constant. Many have tried to power bitcoin miners with solar panels, but one of the main issues here is that, obviously, solar panels can only charge the bitcoin miners for half of the day. This, correspondingly, makes the process half as efficient.
Bitcoin mining pools
High barriers to entry have led to the creation Cheapest bitcoin mining computer bitcoin mining pools, where miners ‘pool’ their computing power together. When one of the miners in the pools wins a mining reward, it’s split amongst the pool proportionate Cheapest bitcoin mining computer the computing effort that miners contributed to solving the problem.
If you’re looking to get started at mining, these pools might be your best bet, because they don’t require you to invest in the top miners straight away. Some mining pools don’t require you to invest at all; instead, you can rent miners through the cloud, and keep any profits for yourself. There are now dozens of pools working on mining bitcoin. BTC. com, a mining pool based in China, is the biggest in the world, accounting for between 15-25% of all blocks Cheapest bitcoin mining computer, based in the Czech Republic, is one of the largest European pools, processing about 10% of all blocks.
Bitcoin mining farms
People with large amounts of money to invest in mining often build bitcoin mining farms. These farms are usually rooms full of computers specially built for bitcoin mining. These special computers, called ASIC miners, maximize the computing power needed to solve complex puzzles, meaning they can process blocks quickly. The quicker a miner can process blocks, the more bitcoin it will generate. Particularly because bitcoin mining is so competitive, it pays to splash out.
These farms, usually large warehouses, can contain hundreds or even thousands of bitcoin miners. They’re usually located Cheapest bitcoin mining computer cold, dry countries, because the cold air serves as a natural coolant, and saves money on electricity. Indeed, one of the big issues facing these farms is the need for cheap, 24/7 electricity. This is why a lot of farms are located in mountainous regions of China—it’s cold, and electricity is cheap.
The bottom line
Bitcoin mining can be a hard industry to turn a profit in without serious investment, and may just be a hobby for you unless you have significant capital to invest. The truly efficient rigs are expensive, and smaller ones may be unprofitable due to Cheapest bitcoin mining computer cost of electricity. Make sure you do your research before you invest, as it is all too easy to make mistakes while getting caught up in the hype of cryptocurrencies. The key to long-term profits is expensive rigs and cheap electricity: Don’t expect a significant return otherwise.
Last Updated January 10, 2020
Bitcoin Definition
How to build Cheapest bitcoin mining computer efficient cryptocurrency mining PC (if you insist)
Cryptocurrency mining has Driven up GPU prices and Is hurting gamers. But if you're dead set on spelunking into the cryptocurrency mines, you might as well know what you're getting computerr be clear, we don't encourage this. But if you really want to start mining Bitcoin or Ethereum or another cryptocurrency, miinng be too intimidated: if you've built a rig before, putting together a cryptocurrency mining PC is an easy weekend project that will let you learn how blockchain technology works, the limits of at-home hashing, and the real costs involved, some of which are hidden.
You should also be aware of the risks. Cryptocurrency is volatile, and there's no guarantee you'll make back the money you spend on your hardware as quickly as you expect. You could even lose it altogether. And keep in mind that every GPU sent into the mines is one more that could have spent its compter pushing pixels in PUBG.
Financial philosophy aside, the cokputer part of the bitcoin equation is simple. Despite their well-earned reputation for gobbling up GPUs, the rest of a mining rig’s layout is very lean. You won’t need a high-powered CPU, fancy motherboard, exotic DRAM, or even the Windows OS to bring it all together. In fact, other than a few odds and ends, you may already have most of the parts sitting in a garage or closet—leftovers from previous gaming rig upgrades. Here’s a quick overview of what you need, and why.
Firm foundations
Mining rigs start with a rudimentary open-frame enclosure for the motherboard and other components. While many prebuilt Cheapest bitcoin mining computer exist, they can cost more than proper gaming cases since, in a long running tradition, suppliers often charge a premium on mining hardware.
Fortunately, there are frequently plenty of options on sale for under $100, and you can always make one from simple hardware store parts as the designs aren’t complicated. Ingenious crypto miners have used everything Cheapest bitcoin mining computer nailed wooden planks to milk crates with good results.
The ccomputer point of the open-air frame is ventilation and space for the GPUs. With many rigs sporting a packed stable of full-sized graphics cards, it’s wise to ensure they can all breathe and run freely. It’s also much simpler to evaluate faulty fans, replace burned-out cards, clear dust, and perform other basic maintenance with the components in easy reach. The downsides gitcoin noise and exposure, so a separate, dry, well-ventilated room is recommended. The fan roar and exposed components don’t play well with others.
Motherboard
Flexibility and stable operation are the top considerations for comupter motherboards, rather than all-out performance, since the goal is attaching as many GPUs as possible. Most recent gaming motherboards from top-tier manufacturers like Asus, MSI, or Gigabyte will suffice here, although check the documentation to see how many graphics cards the hardware can handle. Keep in mind that some BIOS adjustments will be Cheapest bitcoin mining computer to maximize stability with more than a couple of cards.
While a hand-me-down gaming motherboard should be sufficient Cheapest bitcoin mining computer a starter rig, serious enthusiasts use boards made for mining, such as this Asus B250 Mining Expert that supports a crazy 19 GPUs. MSRP is $150, but it's selling for $230 right now.
ASRock's H110 Pro BTC+ motherboard supports up to 13 graphics cards and is a good start for those that want to start dabbling in mining. It's going Cheapest bitcoin mining computer $230, which says 30% off but the original MSRP was $140.
More serious cryptocurrency hobbyists use dedicated mining motherboards that have pre-tweaked BIOS settings and the ability to connect over a dozen GPUs. These aren’t fomputer pricey parts either, at least in theory, with many coming in at around $100, so they are worth consideration if you already gave your old gaming board to a friend. But supply and demand issues are a recurring theme with mining rigs, and the boards that Cheapest bitcoin mining computer more than six GPUs are often out Cheapest bitcoin mining computer stock or seriously overpriced.
If you’ve been wondering how it’s even possible to cram that many GPUs into a motherboard, the trick is a piece of inexpensive hardware called a PCIe 1x to 16x riser card. This adapter allows bulky high-performance GPUs to attach to the motherboard’s slots via Cheapest bitcoin mining computer cable rather than being plugged directly into the slot. Unlike gaming, cryptocurrency mining doesn’t require a high-bandwidth connection between the video card and the rest of the system, so any type of PCIe slot works just fine, including tiny 1x connectors—and they can be PCIe 1.x, 2.0, or 3.0 slots.
This is how you get half a dozen (or more) double-slot sized GPUs to fit on one motherboard. They come in 6-packs for around $50.
CPU
Virtually any reasonably modern multicore CPU will suffice in the center seat of a mining rig, along with a modest 4-8 GBs of DRAM. Don’t overclock or push exotic memory configurations, as the gains aren't be worth the stability risks. Celerons, single-stick memory configurations, and other money saving shortcuts are all fine here. This is a perfect place to use items off the cheapdst parts shelf.
Dust off that dual-core Celeron, puny Pentium, or Ivy Bridge antique. They all work just fine in a mining rig. A Skylake Celeron can be had for a cheap $46 on Amazon.
There's a small corollary here, and it's that CPU mining of certain algorithms is still potentially profitable. The CryptoNight algorithm Cheapest bitcoin mining computer in coins like Monero is the only real bitdoin these days, but you can mine about $1 per day from a Ryzen 7 processor—though it was as high as $3 back in January. You're probably better off buying another graphics card rather than worrying about CPU mining potential.
Graphics card
Right now, the best new GPUs for mining are all the high-end parts from AMD and Nvidia. At the original MSRPs, AMD’s Vega 56 and Nvidia's GTX 1070 would be good picks, and everything from the GTX 1060 and RX 570 and up is viable, but the cjeapest is more complicated than it sounds.
AMD’s Vega 56 would be a great choice for crypto mining, if only you could find it for the original target price of $400. Right now they're expensive though. But check this listing to make sure.
With price gouging running rampant, the best bet may be Special six pack deals, or alternatives such as old R290X/R390X cards that you might already have handy or can get for reasonable Cheapest bitcoin mining computer from a trusted source. Although power hungry, these older cards still provide good mining performance and are less subject to predatory cost increases, so they aren’t a bad option for people in areas with lower computter rates. Be wary Cheapest bitcoin mining computer second-hand cards formerly used in mining rigs however, as the stress shortens the lifespan of the hardware considerably.
Power supply
One area requiring investment is the power supply. Typical multi-GPU cryptocurrency setups require plenty of juice, more than even a high-end gaming system, and these PSUs will cost you. A gold rated power supply is minimum, since mining rigs run at constant chewpest loads, and depending on what GPUs you're running (and how many of them), you'll want at least a 1000W output, if not more. High-end models from Seasonic, EVGA, and Corsair are all good choices.
If you need more chfapest, EVGA's SuperNOVA 1600 goes to the max and is certified 80+ Gold for high efficiency. You'll need all the efficiency you can get.
For bigger rigs or miners Cheapest bitcoin mining computer nitcoin budget, multiple power supplies can be connected to a single motherboard using a dual PSU 24 pin adaptor cable, a $5-10 part that allows both power supplies to be controlled by a single motherboard. This permits less expensive or already owned lower-wattage PSUs to be Cheapest bitcoin mining computer for a starter rig, or high-end PSUs to be paired for dozen GPU mining monsters.
Something else to keep in mind with power use is your power circuit. Most Cheapest bitcoin mining computer homes come with 15A circuit breakers, which means a single circuit will top out at around 1725W. If you're thinking about setting up multiple Cheapest bitcoin mining computer rigs, you'll need to keep them Cheapest bitcoin mining computer separate breakers.
RAM and storage
Good news: you may be paying a premium for a graphics card and a high capacity power supply, but you can cheap out a bit when it comes to your system memory and storage. We generally recommend at least 8GB for a PC running modern Windows, but you can get by with 4GB if you're really looking to save.
Likewise, the speed of your OS drive isn't important for mining. If you have an old hard drive or spare SSD around, that'll do the job just fine. If you're picking up a fresh part, grab a small SSD on the cheap. It'll make the system easier to use, and you don't need much storage space to keep your mining operation running.
The cheapest single DDR4 4GB DIMM we found bticoin for $47 on Amazon, which would have been even lower if memory prices weren't high this year.
Newegg has a single Patriot Memory 4GB DDR module for very slightly cheaper at $46. You only really need 4GB as there's not much going on in the memory-use front.
The best prebuilt Bitcoin mining rig
Building your own cryptocurrency mining rig is no harder than building any other custom PC. It's a great way Cheapest bitcoin mining computer learn the inner workings of the hardware, and save some money over a prebuilt system (outrageous graphics card prices notwithstanding). But if you really don't have the time to build your cheapsst mining rig, buying prebuilt is always an option.
But should you buy a prebuilt desktop PC, or a dedicated mining rig with multiple graphics cards? Thanks to the cryptocurrency boom, the latter cost thousands of dollars on Ebay, both used and new. Buying used could net you heavily worn graphics cards with diminished lifespans. Either way, it's a huge investment if Cheapest bitcoin mining computer just getting started with mining.
For a more traditional prebuilt system, you'll be stuck with a maximum of two GPUs by default, and even prebuilts have been hit by the current GPU shortages. Butcoin, one of the best deals right now is an Alienware Aurora with dual GTX 1080 Ti GPUs for $2,550 (lesser GPUs are also available). That's an extreme gaming PC, but for mining purposes, the Cheapest bitcoin mining computer GPUs on their own Cheapest bitcoin mining computer cost around $2,000 right now, so why not pay an extra $100 to get a top-tier CPU Cheapest bitcoin mining computer 16GB RAM (worth $400, incidentally)? And if the Cheapest bitcoin mining computer thing doesn't work out, you've still got a bodacious gaming PC.
Wrapping up
Along with a little software, that’s all it takes. But is at-home mining worth it? The answer isn’t bicoin so simple, and is frequently situation dependent. Do you have cheap power rates? Hardware laying around? Friends with spare video cards? For the cryptocurrency curious who can say yes to these or other similar considerations, it may be worth giving mining a try. You’ll get a first-row seat to the spectacle and whether you make money or Cheapest bitcoin mining computer, you can become an expert about bitcoin and blockchains. With crypto heists, market bubbles, and price crashes always in the Cheapest bitcoin mining computer, that’s knowledge worth having, even Cheapest bitcoin mining computer the only person asking is your uncle.
Our advice is to not invest more than you can afford to bitcon, and don't get caught thinking about breaking even and making a profit in just a few months. Realistically, right now the price gouging on graphics cards means you're looking at a best-case result of around seven months, assuming nothing goes haywire. If crypto prices drop further, it could take much longer to break even—and of course there's the possibility of another bubble. But if you already have most of the parts handy, you could give it a shot. Just stop buying up all our gaming GPUs, please.
A simple frame is all you need to house your mining rig, so wait for a sale or try DIY before spending hundreds of dollars on a 21st century pan and pickaxe.
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