Looking to start crypto-mining

    With the myths around crypto currencies and how expensive it is to start, and how volatile the market is; we as one of the crypto investment companies thought of discussing how one can make a fortune by mining crypto, that to, by building and setting up a cheap cryptocurrency farm.

    There are thousands of cryptocurrencies in the world and potential to make money is huge.

    One can buy and sell currencies, or by mining.

    If you are amongst the former, then keep in mind to watch the trends and analyze but invest only what you could afford to lose. Also with lesser market exposure and experience, the gain anyone expects rely more on the luck and falls in restricted bracket.

But if you are amongst the later, this blog is for you. This blog will concentrate on how to build your cheap cryptomining rig, mining farm.

                What is mining and how does it work.

    In our last blog, we have discussed the types of cryptomining and in continuation to that, we are here to discuss how to set up your own cheap crypto farm.

    For cryptocurrencies to work, transactions needed to be verified, and if not verified people would end up spending their currency more than once. This verification is done by allowing the users on the network to verify the transaction. If one is able to verify the transaction, they are awarded with spoils of the currency as payment.

    Here the question arises, how does this verification work, and how one can earn the coins. The answer to this is by solving complex mathematical equations. For solving these complex equations, rigs are needed, faster is the performance of the rig, better are the chances for you to solve the equations and earn some cryptocurrency.

            Now the question arises, how difficult is to build that and how much can that cost

    Rig is not much different from a PC, and the software installed is special mining software. Basic components of a rig are the same as that of a PC.     Basic components of any rig are a computer that has many graphics cards. Computer cases are filled with GPU cards, a power-generating unit, a motherboard and a cooling system. But to enclose the parts, rather than a sealed unit, an open-frame is a better option as during the process, components generate a lot of heat and the system can fry up, to avoid, either open frame or an aluminum rig or even a milk carton can be used.

    On this hardware, cryptomining software are installed, these software are nothing but the method which is used to add new blocks to an existing blockchain and to create a new cryptocurrency. Once the block is added, new currency is validated and is rewarded to the miner for the contribution to the blockchain.

    When it comes to motherboard, any gaming motherboard would work fine, depending on the number of graphic cards, the motherboard can support. If your pocket allows, you can buy a dedicated mining motherboards that are specifically build to handle a lot of graphic cards, and these come with BIOS settings already up for mining.

    When it comes to CPU power, even a dual-core Celeron will give enough processing to get the mining done.

    Talking about power supply, at least 1000W output as a minimum is needed as there are a lot of components needing a lot of power.

To save some, you can opt for connecting multiple power supplies to a single motherboard.

RAM which is a major part for any performing PC is not needing in abundance, 8GB is enough to start with, if you are falling short in cash, you can start with 4GB.

    Here comes the most important component, GPUs: these are the heart of any mining rig. These are the most important part along hash rate (Mining Hash Rate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack) to solve the equations to make money, which graphic card to choose depends on the factors you are considering; ease to use, cheap, simple to configure, good scope pf overclocking, power, efficiency to solve algorithms.

    Here comes the main question now, how much does it cost?

    The cost depends upon, how much you want to spend.

    Nice open frame starts from $100 or use free milk cartons.

    Dedicated mining motherboard $ 200 or use your old gaming motherboard.

    Power supply, a good one for $ 200. 4GB RAM for $ 50

    Or use a refurbished PC for $150, take put the components and add components of your liking to create your rig and try on cheaper currency.

    But one thing which needs maximum focus is choosing the graphic cards; good one usually starts at $ 250.

    Now the question is how much you can earn, this is not an objective questions and depends on various factors; number of people currently mining in the farm, cost of electricity in your area, price of the currency you are mining and how many coins you will be rewarded with if you solve the puzzle.

    Use an online available profitability calculator, set your target, select the currency, know the power rates and coins you can earn.

    Which currencies can one mine?

    The answer to this question is all major around 1/3rd of the currencies can be mined for get coins in reward like bitcoin, ethereum, litecoin and monero whereas some currencies like Ripple works on different protocol and cant be mined to be rewarded for coins but one can become validator for the transaction can generate the earnings.

    Can one improves the farm performance?

Yes easily by modifying few values

1. Modify the drivers for performance: To start with set the drivers to compute mode, this will optimize the GPU to handle computations rather than graphics. What are the best setting for your farm depends on many factors like currency to be mined, complexity, power rates etc. to optimize the performance, look for more resources.

2. Overclocking: GPU are software limited to make sure these don't get overheated but with the use of special soft wares, GPU can process faster nut at the same time gets heated up. So tweak the setting so GPU can process faster, handle the heat and wouldn't get fried up in the process.

If you want to know more about the world of investing and cryptocurrency, then we’re here to help.

Feel free to contact us anytime for any assistance needing in investing in cryptocurrency.