Suppose you are not familiar with the crypto world. In this case, mining is a process that uses computer skills to solve complex mathematical puzzles, verify and validate transaction information, and create blocks that allow information to be added to the blockchain. Mining is also carried out not only in groups, it can also be done individually by building your private mining rig at home or somewhere.
How to mine this currency. What hardware is required to build a mining machine? A cryptocurrency miner’s job is to verify the authenticity of transactions and maintain the ledger in the Blockchain system. This exercise allows you to decode transactions and receive rewards.
There are currently more than 1,500 altcoins in the market, with a market capitalization of $100 billion.
If you haven’t heard of it or don’t know what it is for, you will find out below what a mining device is and the benefits of cryptocurrency mining.
Understanding the meaning of a mining rig
A mining rig refers to a mining base with one or more computers designed for the mining process. Mining is about controlling the blockchain to be used for cryptocurrencies and not be vulnerable to attacks. To mine cryptocurrency, you will need lots of computing power and electricity.Private mining rig can help you perform faster tasks and earn more.
What components are required to build your Mining Rig?
You will need the following items to set up your mining rig.
- Motherboard: A powerful motherboard is essential to maximize your benefits and costs.
- Power supply: Mining rigs can consume large amounts of power. Therefore, you should look for power supplies with power ratings between 750 watts to 2000 watts depending on your requirements.
The class determines the price of power supplies. They are usually referred to as Plus, Plus Bronze, and Silver, and Gold. For mining purposes, Bronze and Gold are the maximum. Titanium, Gold, Platinum, and Gold are the most effective for efficiency. The cost difference in electricity savings will eventually pay off.
- Graphics cards: You should have at least four and possibly six high-quality GPUs with speeds of between 450 and 450 kWh.
It must support between 4-8 video cards, which means it must have at most 4 PCI-E ports. The P45, P43, and P35 chipsets are the basis of some of the most popular motherboards.
You can install the base composition of Intel-based Z270 with Celeron G3900 processor (G3930) and a rig using Core 2 Duet E7300. The AthlonX3 445 fits perfectly in the AMD base with a 970A chipset. Intel Core i3, i5, and i7 processors are all good options for multicore processors.
- The GPU (Graphs Processing Unit): has been the most critical component of any cryptocurrency mining rig. Each AMD and NVIDIA have their advantages and disadvantages. Depending on the algorithm used to mine the coin, there are differences in mining efficiency. NVIDIA cards are generally easier to set up and less susceptible to cooling issues but consume more energy.
- RAM: At a minimum, you need 4GB RAM. However, depending on what software you use, you might need more RAM. The vertical cable connects the motherboard to the graphics card.
As we’ve seen, private mining rig are a great investment if you want an extra income from crypto-mining.
What is The Cost of Building a Mining Rig in Canada?
Another complicated question about Rigs is that it all depends on the materials used to make them. GPU Rigs tend to be cheaper than ASIC Rigs. However, the latter will have higher capabilities.
This will depend on many other factors, as well as those we have already mentioned. Are you sure that the Rig is in your house? Chances are you’ll save money on renting mining equipment, but it will also mean that you will need to soundproof the area.
Are you looking for a basement? While soundproofing is not expensive, you will likely need to pay for an air conditioner.
There are several reasons that affect the cost when building a Rig. A simple GPU Rig costs around EUR1300 (4 GPU AMD RX580). You can keep it in your bedroom, but it won’t be too bothersome.
ASIC Rigs will, however, be more costly. ASICs such as the Innosilicon A10 Pro (500Mh/s Ethereum) can be purchased for around EUR2500. Although these ASICs consume very little electricity (750W), they can be quite loud so that you won’t want them all in the same place.
Before I end this tutorial, there’s much more. It would be better before you start looking for the most affordable energy supplier. It might seem that mining cryptocurrency is expensive because of the components you need to make your private mining rig. You are mistaken! Your profits will be eroded by electricity. Find the lowest-priced supplier.
I hope you’re now ready to build your first Ethereum mining device.