When it comes to cryptocurrency mining, the graphics card plays an integral role. After all, recent years have seen the rising price of graphics cards as mining for cryptocurrencies start experiencing an increase.
Bitcoin mining rig
The idea of a mining rig is very much the same as an oil rig. Both are used for mining something valuable and mining rigs function very much the same way.
One thing for sure, a desktop computer (PC) would be required for cryptocurrency mining. This is the type of desktop PC which is specialized and is different from the usual PCs you use for word processing or surfing the internet. Mining rigs typically are computers but they are designed specifically to mine cryptocurrencies. In other words, the PC is not used for any other purposes. But being a mining rig means that you will have an efficient machine to maximize its power to get you the returns you are looking for.
Building your own rig
Building your own mining rig is no easy task. The processors are very much similar but the focus will be on the GPU or Graphic Processing Unit. Here are some of the best hardware you can count on to work for you:
- Shark Mini – An established company known for building mining rig computers. The idea is Shark Mining which comes with a 4x AMD RX570 or 580 graphics card
- Bitcoin Gold GPU Miner 2000 H/s – Designed by Ethereumine.eu, the name is what it is. This pre-build mining rig comes with a 6x Nvidia GTX 1060 6gb graphics card.
- Shark PRO – This is another entry list mining rig that comes with the reputable 6x AMD RX570/ 580 graphics card. The GPU can be upgraded though
- PandaMiner B5 Plus – This machine has one of the best GPU to date. It comes built with an 8x AMD Radeon RX460 card
What should be mined?
The earlier you start mining, the better it is. Since cryptocurrencies burst into the scene, many have already earned thousands of dollars. If you are among those that started this in 2009, you would have earned a big profit to date. For now, many would tell you that mining for the popular names like Bitcoin and Ethereum would be your best bet. But take note, the more renowned names would be possible if you run a large-scale operations like Bitcoin. This means that unless you got a lot to invest in the hardware, you might want to consider other options like:
The rule of thumb is that you will need to mine for these coins. This means that it takes time to find them. In order to do that, you will need to have some very expensive and powerful hardware.
Is it worth the time and money?
The calculation of cryptocurrency mining is simple. It is not easy to become lucrative overnight. There are several options you should think about:
- Part-time hobby – You can pursue this as a hobby or as a side venture. After all, you can probably mine about 1 to 2 dollars daily. In 2 years or so, you might break-even on your hardware investment
- Second income – Might not be that viable because it might not be consistent. You need to invest a lot more money into the hardware if you want to make about 50 dollars or more each day
Hence, it is better that you just buy cryptocurrencies directly instead of mining for them. You need to remember that you need a lot of patience if you are going to mine for the coins.
What are the costs?
There is no direct way to calculate the cost of cryptocurrency mining. You must understand that you need a lot of processing power versus the value of the cryptocurrency you choose. So, investing in a good machine with a powerful GPU might be expensive (usually 4 ASIC processors or 4 GPUs). In Malaysia, the electricity tariff is as follow in domestic locations:
- First 200kWh – RM21.80 sen/kWh per month
- 201 – 300 kWh – RM33.50 sen/kWh per month
- 301 – 600 kWh – RM51.60 sen/kWh per month
- 601 – 900 kWh- RM54.60 sen/kWh per month
- From 901 kWh upwards – RM57.10 sen/kWh per month
- There is a minimum RM3.00 charge per month as well
Another bill you must consider is on air-conditioning. In Malaysia, air-conditioning contributes to one of the largest parts of the electricity bill. Because mining rig needs to be switched on for the entire day, you can calculate this by:
- 1 hp air-conditioning unit will cost you about RM150 per month (24 hours daily)
- 1.5 hp air-conditioning unit will cost you about RM240 per month (24 hours daily)
- 2.5 hp air-conditioning unit will cost you about RM400 per month (24 hours daily)
How are people mining?
To date, there are many different ways as to how people are mining for cryptocurrencies. Take note that, once you start mining, you can leave your machine alone so that it can do what it is supposed to. Among the ways that people have been reportedly used for cryptocurrency mining include:
- Place the machine in an untouched location (in their workplace) as they will use the electricity of the company
- Use cloud mining services which helps them to save on electricity and other overheads
- Rent special places like the first or second floor of shop-lot and place machines there. This comes with air-conditioning so that the machines do not overheat. This allows them to monitor the rates and control the cost better.
- Use own space – this can be the home or in their own commercial properties. The idea is to have a place that is undisturbed and untouched by others