Mining is one of the ways through which you can get yourself some of the valuable cryptocurrencies out there.
With the right equipment, this venture can actually be profitable.
Let’s look at a step by step guide on how you can build a mining rig to help you start mining coins.
What is a mining rig?
Mining rigs are simply powerful computer systems set up to carry out mining of a cryptocurrency.
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A rig could be a specialized and dedicated system that is used for mining or otherwise be meant for other operations like gaming and be utilized for mining when needed.
How does a mining rig work?
A mining rig works by using the mining software on a miner to hook the mining hardware to a given mining pool.
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The mining rig points the rig’s hash rate at the pool before participating in the process of securing and completing transactions on the network.
You get rewarded when your rig helps the pool add a block to the blockchain.
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What are the different types of mining rigs?
1 CPU mining
This is the process of mining crypto using a CPU processor to perform the computational algorithms to solve blocks. However, it is no longer widely used.
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What are the pros and cons of CPU mining?
Pros
The CPU mining rig is inexpensive since it can be done with an ordinary PC.
You can mine other newer altcoins with CPU easily.
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Cons
It is the slowest form of mining; almost obsolete.
Low hash rate.
It’s not profitable because it’s slow.
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2 GPU mining
GPU mining rig involves the use of graphics card to complete the mining process in a network. It is used more widely for bitcoin mining than with CPU.
What are the pros and cons of GPU mining?
Pros
Higher hashing power compared to CPU.
Useful in mining a wide variety of cryptocurrencies that have different hashing algorithms.
Profitable when done properly.
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Cons
Quite expensive.
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Consider the following when building your own mining rig.
1 Hash rate
Hash rate refers to the total number of calculations that the mining hardware can handle every second when the mining process is on.
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We measure hash rates in terms of their megahashes (MH/s), gigahashes (GH/s), and terahashes (TH/s) per second.
In mining, the higher your hash rate, the more it is likely that you may end up successful in getting a transaction secured and verified.
This means a higher chance of getting an ROI.
2 Energy consumption
Cryptocurrency mining consumes huge amounts of power and therefore, the cost of electricity is always higher. Beware of how much that given to set up will consume vs. the expected ROI.
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To be on the safe side, look at the hardware’s power consumption in watts before making a purchase.
To find out your hardware’s energy consumption, take the hash rate figure and divide it by the wattage of that hardware.
3 Hardware prices
It is good to consider the prices of the hardware equipment you are going to use.
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The cost to put up the rig should be proportional to the expected profits. Check the market for cost-effective tools that give you performance and yet are not too expensive.
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4 Maintenance
Maintenance is a key component if you want to get the best out of your DIY assembled mining rig.
As you set up the rig, consider the maintenance costs, the frequency of doing so and how that can be effectively done to ensure you have an output equivalent to the costs.
Things like the cooling system need frequent checks, so consider getting one that won’t bog you down with constant failure.
How to build a mining rig?
How to build a mining rig may appear a daunting task at first but once you get everything you need, you will find it much easier than you initially thought.
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And therefore, the very first thing is to assemble everything you will need so as to save yourself the hassle of running up and down trying to locate this or that.
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