There are many different ways to make money from computers, but now cryptocurrency is as exciting and potentially profitable as mining. Decentralization of money has caused the digital gold rush because individuals, mining pools and full-time mining companies compete for the same blocks. So how do you claim your discount and mine your own fresh Mint Crypto money? It’s about building your platform and balancing performance with performance.
Is it Profitable?
The first thing to understand is that cryptocurrency mining is a gamble. Even on the most ambiguous blockchain, thousands of miners compete with each other to find the winner's hash. The more intense the competition, the more difficult it is to challenge. If you don't win the block, you are wasting a lot of time and literally energy. The first thing to decide is the currency that you are actually mining. This affects all the other decisions you make and is a complex issue in itself. You have to consider the value of the coin and the rewards of the block versus the difficulty of the hash and the number of other miners chasing the prize.
You also need to consider the investment side of the equation. Some mining can be done with a PC you're already using, but in most cases, taking mining seriously means you'll want to invest in a purpose-built system. This means spending real money and it can range from hundreds to thousands of dollars depending on what currency you are looking for and how competitive you want to be. Of course, this is just an initial investment. Daily cost, standby loss, electricity. Throwing hashes at trillions per second starves a rig, and even moderate mining can have a noticeable impact on your electricity bill. Therefore, you not only have to focus on the performance of your platform, but you also need to balance your profits against the increase in your electricity bill.
It is important to remember that there are more ways to earn money than mining for gold. When no one else is going to dig into the hills, you can make a lot of money by selling shovels. We do not encourage you to make shovels (this is a saturated market), we are not saying that there are ways to build a rig and sell or rent your hashrate power to someone else. Remove the risk from the equation and reduce the payoff.
What do you need to get started?
The list is really short. You need a crypto wallet to store your currency. To do this, you need mining software. And of course you need hash rate electricity purchased from someone else or generated by your own mining equipment. Let's start with the software as this is probably the least stressful decision you will need to make. They are almost all free and they are all versions of the same thing, but there are still things to consider. My currency by you is most important because you will need software that can actually mine this currency. There are also features and settings provided by some programs that are not universally available. Start with currency compatibility and decide from there.
What goes into a rig?
There are three basic categories for mining rigs, CPU, GPU and ASIC (Application Specified Integrated Circuit). Like everything else, the most important factor in choosing the right platform is the currency you are trying to mine. At a time, you can just mine bitcoin with your desktop processor and the sparkle in your eyes. Now very few currencies can be mined effectively with such secondary processing power, and if you especially want to mine bitcoin, you will need an impressive machine specially designed for this purpose.
GPU
GPU mining is a bit more complicated but much more common. It's really hard to get a set of CPUs to work together towards a common goal. It's very easy to connect a set of powerful GPUs to the motherboard and set them to work. Choosing the right GPU can be the most difficult, but it is an exciting part of the chase and there is no silver-bullet answer. Nvidia and AMD are the two main contenders and they have exciting options for both experienced hash crackers and more small miners. The MSI GeForce RTX 3090 is a solid choice in terms of performance but it's definitely a big investment that's hard to get. Depending on the algorithm you're hunting for, it's capable of hashing around 110 MHs. You may also find success with the XFC Radeon VII which isn't quite as powerful, but runs more efficiently. Remember that these figures are only half the issue and the cost of electricity in your area can greatly affect the balance of this cost-to-benefit equation, please make sure you are doing your due diligence.
Motherboard
A GPU should connect to something and not just a GPU will give you the hash power you need to be competitive. You need a motherboard for that rig, and the more GPUs it has, the better. You need a motherboard that connects at least six GPUs. The MSI Pro Z390-A can be maintained at a reasonable price. If you are really going for the excitement you should check out the ASUS B250 mining expert who can connect up to nineteen GPUs for some serious block busting power.
Case / Protection
Of course, none of these GPUs fit your average PC case and you won't let them sleep on the floor. You need a frame for your rig. There are many projects out there to build your own mining framework, but if you want to invest in a trustworthy one, check out our inventory. We have simple, inexpensive options like the ASTARIN 6 GPU mining case, but you can always spend more. If you want more GPU caching and a bit cleaner, check out this magnesium alloy mining rig case that holds up to twelve graphics cards. Remember that your frame should have enough slots to have GPUs on your rig, and you need to make sure it fits in your home if you plan to store it.
PSU
All of these GPUs need to be powered, not to mention the CPU and motherboard. If you've created your PC from scratch, you're already familiar with calculating rig power consumption. This really makes no difference. This type of machine only uses components that consume more power. Keep in mind that it is important not only to supply enough power to all components, but also that energy usage dominates the profit equation. That's why finding the right power supply is so important. Consider the EVGA Supernova 1600 T2, which is fully modular and has a titanium efficiency class of over 80. Or you can save some money with Thermaltake Toughpower 1500W. Certified semi-modular with over 80 gold, it can carry large amounts of juice at a manageable cost. Be sure to invest in a PSU that is 80 Plus Gold certified or above.
ASIC
We saved the most powerful option last time. ASIC is an application-specific integrated circuit, and describes a small but powerful computing machine originally built with a specific purpose in mind, in this case, mining cryptocurrency. They are incredibly powerful, and they lead the pack in their ability to generate hashes. They are very expensive, quickly obsolete by new models, and are somewhat controversial in their capabilities. These workshops are so powerful that they can change the landscape of the cryptocurrency they are mining. They can hash most home-made rigs and are expensive enough for your average miner to pay for them. And while a miner may feel like sinking a few thousand dollars into a live average hash slinging machine, companies with large pockets and deep pockets can build big enough banks to overcome your obstacles to winning the block. That's just the beginning. ASIC's big banks also work against the principles that helped make cryptocurrencies like Bitcoin attractive from the beginning. By eliminating the disproportionately large number of blocks, these banks somewhat weaken the idea of decentralized currency.
Mining is risky, there are many other ways to spend money to create opportunities, but you can make money with the right amount of planning and research. Mining cryptocurrencies is not as easy as a gold rush to the hills of California.
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