Building a mining rig is very beneficial in the world of cryptocurrencies. As a miner, you receive rewards in form of coins every time you solve a block. Mining, therefore, refers to the process of extracting cryptocurrency from blockchain networks.
We will be looking at how to mine Ethereum. In a nutshell, mining in cryptocurrency is the use of computational processes, hardware, and software that works by condensing information into strings of letters and numbers to find ether.
Building blocks of an efficient mining rig.
Like building a house, building an efficient mining rig requires tools. It is through the combination of several necessary equipment and skills that you can be able to build an efficient mining rig. The main requirements include:
Hardware refers to the physical parts that are needed in order to build a mining rig. It is worth noting that a mining rig is different from the normal computer. For example, a desktop computer has a basic balance between its Graphics Processing Unit (GPU), High Definition (HD), Central Processing Unit (CPU), and Random Access Memory (RAM). On the other hand, a mining rig requires a very basic HD, 5, 6 or 7 Graphics Processing Unit (GPU), the lowest clocked CPU and a bare minimum RAM. Ideally, a mining rig has the same components as those of a computer; only that they are different because of the nature of their work.
The motherboard is the base of your mining rig because it functions as the brain of the computer. Here, you want to make maximum use of the GPU and CPU available. With an efficient mining rig, you need a GPU of up to 5, 6 or 7. Such performing motherboards can easily be found online. As for the CPU, Celerons work just fine. GPU risers ensure you have sufficient slots.
Ø Graphics card (GPUs) for mining.
Ensure that you buy efficient GPUs for your motherboard. You want a GPU that has a high hash rate since that is how you generate income and gain your coins. The best trick is to find a Graphics card that works at a high speed while at the same time has low power consumption. Sites like A Bit Greedy have useful info on how to get the best GPU for mining. Radeon RX Vega 64 – 33 MH/s using 200 watts is considered the Best GPU for Mining. Asus and Nvidia launched GPUs that are specialized for mining following the sapphire technology.
· Source of the power supply. Should be stable and certified. The power supply is usually 1200watts, but can also be less.
· RAM. A 4GB Random Access Memory is enough though you can still consider more if in a position to.
· Case. Choose the perfect size for the case depending on whether or not you are using GPU risers. I would advise you to make your own personalized case in order to adequately cater for all the parts of your mining rig.
· Accessories include basic things such as the monitor, mouse, working table, et cetera.
Set up of the software begins with the installation of an Operating System (OS). Windows 10 if you are using windows. On the other hand, EthOS app is the best if you are using Linux.
After this, you can choose solo mining where you go against the rest or pool mining where you join up with other miners. Pool mining is the best option because you get a continuous stream of ether and you do not need to download the whole blockchain.
To be efficient, you can also consider getting an ethereum wallet to store the ether that you mine. A hardware wallet works best because it can hardly get hacked.
Try the mining rig alternative
Users can now buy or sell their hash rate generated by their hardware while mining a specific coin. NiceHash and Hashrate are the new services offering alternatives to mining rigs. Most noteworthy, they are neither cloud mining nor mining rig leasing service providers. To be able to understand how they work, please go through the FAQs. It supports algorithms like Scrypt, SHA256, Nist5, and Scrypt-N, X 11, Keccak, X15 or X13.
Thank you for checking out this article, hope it was useful for you. Please check out our website and learn a lot more about the world of cryptocurrencies and everything connected with it.