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How to Build a Mining Rig? Step by Step Guide

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What is a mining rig?

Cryptocurrency Mining: The Ultimate Guide

A guide to the world of mining bitcoins and other cryptocurrencies.

There is probably nothing novel in the fact that buying is not the Ultimate bitcoin mining tutorial way to get cryptocurrency. You must have heard about mining and that more people use this option to obtain cryptocoins, which is not surprising, given the rise in the cost of Bitcoin (Bitcoin) in 2017. The prices of some altcoins also increased significantly. Recently, the growth rate of Ethereum (ETH/USD) somewhat decreased, although many were impressed by the spring jump in its price. In just six months, the currency has risen 50 times in price. Mining began to be considered a simple and quick way to generate income, which does not require special skills and in-depth knowledge. But is it really that simple? We will tell you about the fundamentals of mining, its types and ways of implementation.

Mining: what is it

At the dawn of the development of the cryptocurrency, there were several major problems, including the ‘Emission’ issue. The fundamental concept of cryptocurrencies is that there is a total decentralization and the lack of a "central bank", or a single body responsible for issuing and controlling the currency.

At first glance, an analogue of the central bank is necessary for emission, but the entire meaning of the existence of the cryptocurrency is lost if a single monitoring body appears in the system. In this case, digital currencies turn into a kind of classic money with some affiliated shortcomings. The decision was to transfer the functions of the issuing authority to miners - ordinary participants in the system.

‘Verification’ issue played another important role in the development of cryptocurrencies, associated with the need to maintain the operation of the entire network and establish the authenticity of each transaction. It is clear that the existence of a single center responsible for transactions is contrary to the principles of decentralization, as it would otherwise have received excess power and could interfere Ultimate bitcoin mining tutorial the operation of the system. Yet, there must be someone accountable for the process of verifying transactions and it must be decentralized.

This need is the basis of Ultimate bitcoin mining tutorial verification issue, the second theoretical feature of the cryptocurrency system. The solution lied in mining: the computing powers of the miners are used to verify and confirm transactions. In this case, the motivating factor is remuneration.

Risks

Mining is experiencing a boom - people who were not even associated with the world of cryptocurrency are now active miners. Unfortunately their attention is often escaped by risks associated with the specifics of the process. It should be kept in mind that it is impossible to predict the profitability of mining in advance. It depends on such factors as price and total computing power of Ultimate bitcoin mining tutorial network.

Cryptocurrency exchange rates are very volatile and they can drastically change without any preconditions, on which it would be possible to react in advance. A novice miner should take into account the risk of negative changes in quotes, because of which equipment costs may not pay off - the profits obtained during the production of the cryptocurrency will be much lower than expected. A drastic collapse of Ultimate bitcoin mining tutorial (flash crash) can be caused by the following reasons:

Vulnerability in the programming code of cryptocurrency. It can be used by hackers, undermining confidence in a certain currency and, accordingly, the demand for it (and the lower the demand, the lower the price);High uneven distribution of the cryptocurrency in the society. A significant collapse in value can occur in the event that a certain cryptomonopolist suddenly decides to sell all of his savings. This will lead to an excessive supply in the market and a drop in prices;The actions of state authorities and international organizations directed at banning or limiting the anonymous use of cryptocurrency. Such actions can harm the status of the currency and form a negative image, reducing the number of those who want to buy it.

Furthermore, inexperienced miners should take into account that the amount of compensation, received at equal intervals on the same equipment, may vary depending on the complexity inversely proportional to the total processing power of the network.

The mining hype around the production of cryptocurrency has become so high that some people are ready to sell their properties and other commodities to invest their money in equipment, being completely confident in future incomes. Just remember that the more people are involved, the less income each earns, provided that the exchange rate does not change.

What are the types of mining?

Technically speaking, the world knows several types of mining that are distinguished depending on the configuration and cost of equipment connected to the network:

Using the CPUUsing graphics cards (GPU)With the help of Application-specific integrated circuit (ASIC)

In the first type of mining, a central PC processor is involved. Now it is obsolete due to the low efficiency compared to the more modern approaches. Extraction with the help Ultimate bitcoin mining tutorial the CPU does not bring profit since Ultimate bitcoin mining tutorial, when it was replaced by mining with the help of video cards.

Mining with GPU (graphics processing unit) is based on the calculations performed by video cards. It gives high speed due to its ability to perform parallel calculations and solve several tasks simultaneously.

The transition to mining using the GPU Ultimate bitcoin mining tutorial a real discovery compared to CPU-mining. The video card can calculate much Ultimate bitcoin mining tutorial hashes than the CPU. In addition, it became possible to Ultimate bitcoin mining tutorial four cards on one motherboard (later their number increased to six, and the theoretical limit is eight), which allowed users to create relatively cheap mining farms from video cards.

Another type of mining is Ultimate bitcoin mining tutorial on ASIC chips. They were created to perform a single task (and are focused on the extraction of only one currency, most often bitcoins). Ultimate bitcoin mining tutorial, ASIC is much more efficient than the CPU - the difference in the performance of devices of the same price Ultimate bitcoin mining tutorial can reach thousands of percent.

The narrow specialization of ASIC-systems implies not only pluses, but also disadvantages: they are usually limited to the production of a single cryptocurrency and are not able to switch to its analogs (in addition, not all digital currencies are suitable Ultimate bitcoin mining tutorial ASIC mining).

In case of a collapse of the rate of the cryptocurrency, the ASIC system will be much more difficult to sell than the GPU. In the secondary market, there simply won’t be anyone willing to buy them, while graphics cards can be sold to gamers.

Mining is also subdivided into types depending on the number of participants. There are Ultimate bitcoin mining tutorial main ways:

Solo miningPool miningCloud mining

Solo mining

It is important to remember that this type is suitable only for new cryptocurrencies, where large computational power is not required for calculations. In this case, the block search is done by one miner independently of its equipment. The major benefit of this type of mining is that the miner keeps all the coins. However, there is a significant drawback - the search for blocks can take quite a long time. Everything depends on the complexity of calculations and luck.

Pool mining

The most popular way. In this case, a large number of independent miners are pooled to calculate the Ultimate bitcoin mining tutorial, and the profit is distributed between each participant, depending on its contribution (computing power).

Joint extraction is more reliable than independent, because all participants are guaranteed a part of the profit, regardless of which of them generated the next block.

Cloud mining

In the first two types, the equipment itself is monitored by the miner. With Ultimate bitcoin mining tutorial mining, computers can be located anywhere in the world, and the only thing left to believe Ultimate bitcoin mining tutorial the promises of the service provider. Keep in mind that there are no guarantees that suppliers will consciously fulfill their obligations, and the miner will receive a reward for the calculated units.

Mining is still attractive, but all risks must be taken into account.

How Much Power Does It Take to Create a Bitcoin?

Bitcoin Mining Guide - Getting started with Bitcoin mining

Price. Global Vol. Diff.

You will learn (1) how bitcoin mining works, (2) how to start mining bitcoins, (3) what the best bitcoin mining software is, (4) what the best bitcoin mining hardware is, (5) where to find the best bitcoin mining pools and (6) how to optimize your bitcoin earnings.

Bitcoin mining is difficult to do profitably but if you try then this Bitcoin miner is probably a good shot.

How Bitcoin Mining Works

Before you start mining Bitcoin, it's useful to understand what Bitcoin mining really means. Bitcoin mining is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Ultimate bitcoin mining tutorial transactions and provide the requisite security for the public ledger of the Bitcoin network. The speed at which you mine Bitcoins is measured in hashes per second.

The Bitcoin network compensates Bitcoin miners for their effort by releasing bitcoin to those who contribute the needed computational power. This comes in the form of both newly issued bitcoins and from the transaction fees Ultimate bitcoin mining tutorial in the transactions validated when mining bitcoins. The more computing power you contribute then the greater your share of the Ultimate bitcoin mining tutorial.

Sometimes you may want to mine a more volatile altcoin like MWC which is superior for scalability, privacy, anonymity and fungibility by utilizing MimbleWimble in the base layer.

With mainnet launching in November 2019 it has risen from $0.22 to over $8.00 in its Ultimate bitcoin mining tutorial two months.

Step 1 - Get The Best Bitcoin Mining Hardware

Purchasing Bitcoins - In some cases, you may need to purchase mining hardware with bitcoins. Today, you can purchase most hardware on Amazon. You also may want to check the bitcoin charts.

How To Start Bitcoin Mining

To begin mining bitcoins, you'll need to acquire bitcoin mining hardware. In the early days of bitcoin, it was possible to mine with your computer CPU or high speed video processor card. Today that's no longer possible. Custom Bitcoin ASIC chips offer performance up to 100x the capability of older systems have come to dominate Ultimate bitcoin mining tutorial Bitcoin mining industry.

Bitcoin mining with anything less will consume more in electricity than you are likely to earn. It's essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. Several companies such as Avalon offer excellent systems built specifically for bitcoin mining.

Best Bitcoin Cloud Mining Services

Another option is to purchase in Bitcoin cloud mining contracts. This greatly simplifies the process but increases risk because you do not control the actual physical Ultimate bitcoin mining tutorial.

Being listed in this section is NOT an endorsement of these services. There have been a tremendous amount of Bitcoin cloud mining scams.

Hashflare Review: Hashflare offers SHA-256 mining contracts and more profitable SHA-256 coins can be mined while automatic payouts Ultimate bitcoin mining tutorial still in BTC. Customers must purchase at least 10 GH/s.

Genesis Mining Review: Genesis Mining is the largest Bitcoin Ultimate bitcoin mining tutorial scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced. Zcash mining contracts are also available.

Hashing 24 Review: Hashing24 has been involved with Bitcoin mining since 2012. They have facilities in Iceland and Georgia. They use modern ASIC chips from BitFury deliver the maximum performance and efficiency possible.

Minex Review: Minex is an innovative aggregator of blockchain projects presented in an economic simulation game format. Users purchase Cloudpacks which can then be used to build an index from pre-picked sets of cloud mining farms, lotteries, casinos, real-world markets and much more.

Minergate Review: Offers both pool and merged mining and cloud mining services for Bitcoin.

Hashnest Review: Hashnest is operated by Bitmain, the producer of the Antminer line of Bitcoin miners. HashNest currently has over 600 Antminer S7s for rent. You can view the most up-to-date pricing Ultimate bitcoin mining tutorial availability on Hashnest's website. At the time of writing one Antminer S7's hash rate can be rented for $1,200.

Bitcoin Cloud Mining Review: Currently all Bitcoin Cloud Mining contracts are sold out.

NiceHash Review: NiceHash is unique in that it uses an orderbook to match mining contract buyers Ultimate bitcoin mining tutorial sellers. Check its Ultimate bitcoin mining tutorial for up-to-date prices.

Eobot Review: Start cloud mining Bitcoin with as little as $10. Eobot claims customers can break even in 14 months.

MineOnCloud Review: MineOnCloud currently has about 35 TH/s of mining equipment for rent in the cloud. Some miners available for rent include AntMiner S4s and S5s.

Bitcoin Mining Hardware Comparison

Currently, based on (1) price per hash and (2) electrical efficiency the best Bitcoin miner options are:

Step 2 - Download Free Bitcoin Mining Software

Once you've received your bitcoin mining hardware, you'll need to download a special program used for Bitcoin mining. There are many programs out there that can be used for Bitcoin mining, but the two most popular are CGminer and BFGminer which are command line programs.

If you prefer the ease of use that comes with a GUI, you might want to try EasyMiner which is a click and go windows/Linux/Android program.

You may want to learn more detailed information on the best bitcoin mining software.

Step 3 - Join a Bitcoin Mining Pool

Once you're ready to mine bitcoins then we recommend joining a Bitcoin mining pool. Bitcoin mining pools are groups of Bitcoin miners working together to solve a block and share in its rewards. Without a Bitcoin mining pool, you might mine Ultimate bitcoin mining tutorial for over a year and never earn any bitcoins. It's far more convenient to share the work and split the reward with a much larger group of Bitcoin miners. Here are some options:

For a fully decentralized pool, we highly recommend p2pool.

The following pools are believed to be Currently fully validating blocks with Bitcoin Core 0.9.5 or later (0.10.2 or later recommended due to DoS vulnerabilities):

Step 4 - Set Up A Bitcoin Wallet

The next step to mining bitcoins is to set up a Bitcoin wallet or use your existing Bitcoin wallet to receive the Bitcoins you mine. Copay is a great Bitcoin wallet and functions on many different operating systems. Bitcoin hardware wallets are also available.

Bitcoins are sent to your Bitcoin wallet by using a unique address that only belongs to you. The most important step in setting up your Bitcoin wallet is securing it from potential threats by enabling two-factor authentication or keeping it on an offline computer that doesn't have access Ultimate bitcoin mining tutorial the Internet. Wallets can be obtained by downloading a software client to your computer.

For help in choosing a Bitcoin wallet then you can get started here.

You will also need to be able to buy Ultimate bitcoin mining tutorial sell your Bitcoins. Ultimate bitcoin mining tutorial this we recommend:

SpectroCoin - European exchange with same-day SEPA and can buy with credit cardsKraken - The largest European exchange with same-day SEPABuying Bitcoin Guide - Get help finding a Bitcoin exchange in your country. Local Bitcoins - This fantastic service allows you to search for people in your community willing to sell bitcoins to you directly. But be careful! Coinbase is a good place to start when buying bitcoins. We strongly recommend you do not keep any bitcoins in their service.

Step 5 - Stay Up To Date With Bitcoin News

Staying up to date with Bitcoin news is important for your bitcoin mining profits. If you want general Bitcoin news Ultimate bitcoin mining tutorial we recommend the WeUseCoins news section.

There is the Bitcoin Mining News Section and these are the 5 most recent articles: