What is Cryptocurrency Mining?
Most Cryptocurrencies rely on users running software that solves very complex math problems and pieces them together in blocks to verify transactions on blockchains. This is called hashing.
The more hashpower your machine has, the more blocks you are able to solve. Hashes solved directly correalte to your income. Miners are rewarded fresh coins and/or transaction fees for mining.
Mining isn’t profitable for everyone because of electrcity costs, but with the right setup, anyone can make money and help their favorite cryptocurrency! Rewards are given on first come first serve basis, so it is highly reccomended that you join a mining pool. Learn more about mining pools here.
Altcoin Mining in 2017
The difficulty of Bitcoin mining has drastically increased over the years, and is now not very profitable. We have great news though, alt coins are way easier to mine, and once you receieve your reward, you can convert the coins into everyones favorite: Bitcoin. So in a way, you can still mine for Bitcoins.
Whattomine is one of my favorite sites as it tells you the most profitable coin to mine is on your setup.
In my opinion, these GPU’s will give you the most bang for your buck. They are listed in order of most expensive to least expensive.
Bitcoin and Altcoin Mining Hardware 2017
Every mining rig needs a cooling system. I reccomend using fans.
Here are some reccomendations for cooling fans under and around $30!!:
In order to power your mining rig you will need a strong power supply. Antec has some of the best power supplies for mining currencies such as Bitcoin and Ethereum. Find them here.
Bitcoin ASIC Mining Hardware
ASIC mining hardware is the same as mining hardware. ASIC means: Application-specific integrated circuit.
Here is some great information on what ASIC miners are actually doing:
An ASIC is an application-specific integrated circuit, this allows miners to use hardware made specifically for Bitcoin or other SHA-256 algo coins, to mine BItcoin. An ASIC has benefits over CPU, GPU and FPGAs due to being designed for one specific task. They are able to mine Bitcoin at a higher hash rate (speed of processing transactions) than CPUs, GPUs and FPGAs. Several manufacturers produce their own ASIC chips and miners. For this part of the Bitcoin Mining Guide we will use the current top miner on the market the Bitmain AntMiner S9.
Bitcoin Mining Hardware 2017
Without a doubt, the Antminer S9 is the best Bitcoin Mining ASIC. At the time of this writing, it will cost you around $3500-$4500. This machine mines an astonishing 14 T/Hs a second.
The next step under the S9 is the Antminer S7
It has about 1/3 the hashing power but is much cheaper.
Mining Hardware Requirements
If you have mining hardware, other requirements to maximize your profit include:
- Cheap electricity
- Living in a cold area – this helps prevent your miners from overheating
- Cooling fans – you’ll need these to cool down the hardware
- Powerful Power Supply