Today we see Cryptocurrency mining evolving globally. It has become an industrial activity, one which is out of reach for the common man. Similarly, with buildings and warehouses turning into mining farms, we sure feel that mining at home is no longer a viable option.
Can I still mine cryptocurrency at home?
Let’s be transparent – It’s not as simple as it used to be. Likewise, you will have to be mindful of the do’s and don’ts of mining at home. In fact, if you want to start compact and are willing to make the initial investments of machines and set-up then this is worth considering.
Let’s dive right into all you need to know.
How do I mine Bitcoin?
The most effective way of Bitcoin mining is with a purpose-built mining computer which is also known as a mining rig. A CPU alone will not prove to give enough profitability. The mining industry is divided into two segments; ASIC mining and GPU mining.
ASIC miners have specifically designed for hashing blocks in the least amount of time possible. Unlike GPU miners which can be utilised for both gaming and mining, ASIC miners are solely for mining.
GPU mining is a convenient entry into the Cryptocurrency Mining world. It provides cheaper hardware options and a wider variety of coins to mine. In fact, acquiring and configuring a GPU mining rig is simple. Oftentimes GPUs are already available at home if the user enjoys gaming. GPUs can be purchased from High-end electric stores or online marketplaces.
For an exclusive mining experience, and better results, an ASIC rig is recommended.
The next step is making a decision if you want to set up and run the machine on your own or have a company run it for you. The latter solution, of course, demands more investment.
If you have decided to do it on your own, let’s see what it entails and what you should be mindful of.
When buying an ASIC machine
The speed of an ASIC machine is measured in terahashes per second (TH/s). The higher the speed, the more profit you make. Subsequently, the price varies of the machine according to the speed it offers.
Used ASIC Machines
You will find both new and used equipment readily available in the crypto market. The used machines will look quite tempting as their price will be far lower than the new ones. Even on a dollar per TH, you would get a good deal. If you choose to purchase used machines, bear in mind that you may not get a fully functioning rig. If the reseller is offering post-purchase services and will make repairs on-demand then you may consider it. However, if that is not the case then you may be buying someone else’s headache.
While hunting for machines, you will come across some future month’s batches. These are generally cheaper in price than the in-stock inventory and may feel like a good bargain. There, however, is a hidden cost and risk.
Since the worldwide hashrate keeps changing and is uncertain, it is likely that the hashrate will be higher in the future and the machines will make less per TH than they do in the present time. Along with this, there is a risk that the manufacturer may not fulfil that batch.
Moreover, there is a risk of scams which are not uncommon in this business. As well as if you see a vendor offering an outrageously low price for a machine, you can assume it’s fraudulent.
If something sounds too good to be true, it probably is.
What Bitcoin Miner should I go for?
There are several leading manufacturers producing ASIC miners in the market. Coming in different price range and offerings we have top three picks for your mining-at-home venture
- BitMain Antminer S19XP – 140 TH
- Bitmain Antminer S19 Pro -110 TH
- Whatsminer M31S+ – 84 TH
We do not endorse any manufacturer or machine mentioned above. Make an investment at your own risk.
Practicality of mining
Mining at home will give you complete control of the Cryptocurrency mining operation, that being said it also requires preparatory work. There are key factors to keep in mind and steps you would have to take.
ASICs are loud.
An average ASIC’s noise range is between 50 – 75 DB. This is similar to a loud vacuum cleaner or food blender.
It is important to use noise cancelling or noise control materials for the at-home mining operation. Noise management strategy can vary from installing ASICs in the garage or in a remote outbuilding to using acoustic foam panels or placing insulated portable coolers with exhaust ports.
Mining requires a reliable power supply. This typically entails a 220 – 240-volt connection. An American household outlet is 110 volts with some exceptions for dryers and ovens.
It would cost a few hundred dollars to install a 220-volt outlet.
And for miners without 220 Volt outlets, ASIC manufacturers sell power supply units for their machines (PSU). Newer ASICs have a built-in PSU, which makes the mining operation one step less.
For ASICs to perform their best they require complete power supply, a decrease in power will generate less hashrate.
Heat is another primary by-product of Cryptocurrency mining beside noise. Having a cooling system maximises profits from the mining operation and elongates the lifespan of the miner.
Most at-home miners use cooling systems consisting of large fans or flexible exhaust ducts attached to the fans of every ASIC. Some miners utilise the heat to warm pools, baths or their entire home.
Immersion cooling is another strategy which requires a complex buildout. Some miners build their own immersion systems to replace air cooling.
Joining a pool
Similarly, after addressing all the essentials, the final stage is quite simple. You simply have to plug in the machine and join a pool.
To join, you have to:
- Make a choice for which pool you want to join
- Input the Stratum address
- Connect a wallet
- Configure your machine(s)
Furthermore, Any other information needed to assist you will be directly provided by the pool’s team.
Care for the ASICs
Maintaining your machines is an important consideration for every miner. Furthermore, if the machine is under the warranty of the manufacturer or the reseller, the maintenance of your machines becomes easier.
And if the warranty has expired, miners have the choice to get in touch with the repair services or research on instructions from various websites and make the fixes themselves.
As a result, if you have made all these considerations and are ready to prepare, gear up to step into the industry of Cryptocurrency Mining. You’re all set!