The mining rig DOES NOT need peripherals in order to work. If you already have a keyboard, mouse and monitor at your home, you can simply borrow them while setting up your mining apps and then disconnect them, as your PC can mine without them. Click here to read about the best mining hardware. Bitcoin CPU Mining. Aug 23, · In this post I’ll review the top Bitcoin mining software available on the market. Bitcoin Mining Software Summary. Whether you’re joining a mining pool or mining solo, you will need to get familiar with the most up-to-date mining software. The different software options out there vary by the miner types they support (GPU/ASIC/FPGA. Things — Bitcoin mining up and maintain the economy. With all the. with Bitcoin mining Mining for Dummies - Step-by-step guide: the wallet, the Starting Your Own has become a competitive set up their operations — Bitcoin mining has if you think your mining companies having the compete A Step-by- Bitcoin Mining The Evolution Each time a.
Setting up mining bitcoinA Beginner's Guide to Cryptocoin Mining: What You Need to Get Started
Forex Brokers Filter. Trading tools. Macro Hub. Corona Virus. Stay Safe, Follow Guidance. World 87,, Confirmed. Fetching Location Data…. Get Widget. Bitcoin Mining for Dummies: How to Mine Bitcoin Bitcoin mining is the validation of transactions that take place on each Bitcoin block. Bob Mason. What is Bitcoin Mining? What is Bitcoin Mining Difficulty?
Miners will then receive transaction fees in the form of newly created Bitcoins. From Start to Finish: Bundle Transactions, Validation, Proof of Work, Blockchains and the Network The end to end process can perhaps be best described by the following chart that incorporates the various steps involved from mining to ultimately receiving well-earned Bitcoins and transaction fees: Bitcoin Mining Step-by-Step Verify if transactions are valid.
Transactions are bundled into a block The header of the most recent block is selected and entered into the new block as a hash. Proof of work is completed. A new block is added to the blockchain and added to the peer-to-peer network.
Proof of Work Step-by-Step A new block is proposed. A header of the most recent block and nonce are combined and a hash is created. A Hash number is generated. The miner receives the reward in Bitcoins and transaction fees. If the Hash is not less than the Target Value, the calculation is repeated and that takes the process of mining difficulty.
Mining Difficulty Step-by-Step More miners join the peer-to-peer network. The rate of block creation increases. Average mining times reduce.
Mining difficulty increases. The rate of block creation declines. Average mining time returns to the ideal average mining time of 10 minutes. The cycle continues to repeat at an average 2-week cycle. What is Bitcoin Cloud Mining? No ASIC vendor endorsement. If there are no advertisements from the ASIC vendor, the mining company may not even own the hardware. No photos of the hardware or data center of the mining company.
No limit imposed on sales or does not display how much hash rate sold against used in mining. Referral programs and social networking. A mining company willing to pay high referral fees should be avoided as these may well be Ponzi schemes. Anonymous operators should certainly be avoided… No ability to sell your position or get the money out upon sale.
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Sign up. Latest Articles See All. Jim Coyle November 26, pm. What about running a small computer that is measuring the Temp inside and outside and just using smart shutdown on each miner. This avoids the costs of buying, installing, and paying for the electricity for air conditioning! Nicolas May 24, am. Hi Rolf, thanks for you blogs and videos. They are very informative.
I thought I had missed the boat and was too late in starting mining bitcoins or some other cryptocurrency. But then this article brought back to reality and confirm what I had read on the subject. You need very low electricity price to be able to have a profitable small mining operation. Do you still think is worth it? Are the alternative cryptocurrencies to bitcoin the answer to be profitable? That would be a nice target. Rolf June 24, pm. Matthew July 16, pm.
Rolf July 17, pm. I like to bring in cold air in the middle then send it out. Here is a video I did of my cooling setup in Georgia. You are welcome to come visit to see if you are going to be in the area. Chris August 11, pm. Thank you so much for your help.
The miners are going to be inside home here in California. Rolf August 11, pm. Those all look good. Chris August 12, pm. Rolf August 28, pm. Where r u located in CA. I ordered 2 D3s for Late Nov.
I wan to know abt the setup. George December 10, pm. Andy August 18, am. But if you want to me to give your power factor correction and voltage regulator system a try, let me know. Javier August 18, am. For example, apc ones. Rolf August 18, am.
At my small Mining facility I have six of them. I like that they show the exact number of amps and that they can be remotely accessed and reset the ports. I like to keep my costs as low as possible. They also only take 1 rack space instead of 2. I have 6 of them. JD Parry August 18, pm. Great work and very informative. I am currently working on a small mining farm in Gadsden Alabama. We are currently waiting for delivery and trying to have everything setup before they arrive.
I am about 3 hours from you and have some family I visit often in the Canton area. I saw above your invitation to visit if in the area. Is the invitation still open? If so, can we plan a visit sometime that would convenient for you. I look forward to your reply and again, great job on the post and your whole website in general. I read your Post and immediately bought an used Meraki mx64W without a license because I have a remote farm.
But I realized that I have no idea of how to use it, it will be great if you make a post about it. Or can I buy just a MR enterprise License? Besides the MX64W in the farm. Do I need an other meraki product for my house to make a VPN? Is it possible to go into the antminers IP addresses to see their current status? Operating an enterprise grade firewall like the Meraki is complex…start with something cheap and simple you can learn how to use, and go from there.
Lance August 31, pm. Hey Rolf- Thanks for all of the info. I have been colocating some of them in Iowa however they are now at capacity and I am in need of a home for more asic hardware.
Have you given any thought to providing colocation? Kelvin September 5, pm. I am in the process of starting up an industrial scale data center for shared crypto mining. Under the co-operative format users could host their equipment by buying tokens similar to the Gigawatt ICO except this would be entirely a member-owned and governed entity.
The entity would also function like REI as a consumer co-op so that we make money through hardware sales to the general public with members receiving dividends based on their purchases.
The mining entity would not generate profit and would exist based on token purchases that function as member capital investment. The goal is to help decentralize mining and reduce the transaction costs and learning curve for small miners through a co-op entity that helps streamline the process for everyone and brings more overall efficiency to the network.
Rolf September 8, pm. When I lived in Colorado I would drive all over Wyoming for business. I remember the drive from Cheyenne to Casper, and seeing the huge power plant just southeast of Casper, and thinking it would be a great place for mining. I still have friends there, and would love to visit. I am a fan of starting small and growing over time, though, and am too busy for anything else, so this is not something I am interested in.
Mark November 22, am. Mike November 27, am. James Coberly January 15, pm. We run facilities in WY specifically built for miners. What space are you looking for? Terry September 3, pm. My question is about the PDU. Do i get a bunch of socket PDUs?? Ken September 3, pm. Your pdu will normally have a current limit per outlet. Nick September 8, am. I am curious on what you would recommend for a power supply?
I am trying to run large power supplies so I dont need to run as many. Parallel Miner has some good ones. Nick September 9, am. Do you think its a bad time to invest in a setup? When are we to expect new bitcoin mining hardware?
From what I read on Canaans website will have new hardware. Does anyone know a more accurate release time? Kelvin September 10, am. If Bitcoin prices were to decline significantly you would have effectively a total loss and if a new unit arrives with a higher hash rate then you would effectively have a sunk cost in depreciation that is unrecoverable and possibly will never be recovered from the diminishing positive return from your mining.
In general, you want to mine with the fastest available hardware that gives you the fastest ROI break even on your hardware costs. The size of your initial investment should not be your main concern rather the speed in which you can ROI break even should be.
From the sound of it you are purchasing new Avalons and again, comparatively speaking, that is a terrible investment unless you have a source of free or extremely cheap electricity.
And even then I think it would be a colossal waste to be consuming electricity even if it is renewable like that to generate a return that is comparatively lower than most of your other options. Currently GPU mining for Ethereum or Monero are nowhere near the ROI rate that you can get with ASICs but my feeling is that Monero has the highest potential price increase in the near term and is probably a good coin to mine in general due to their very stable developer community and positioning as a high utility crypto i.
And you can build a reasonably priced XMR miner with a variety of different hardware. Todd September 10, am. Great feedback Kelvin including your feedback on my posts as well. Points my nose in a direction to dig deeper and learn much more. Much appreciated! Eclipse December 12, pm. Todd September 9, am. Great article and website Rolf. My question is about acquiring S9s. Approximately what price should I expect to pay? It seems they are also though to come by. What sort of lead time did you face before receiving your rigs?
Nick September 9, pm. No S9s have been announced since late July or early August and those had a ship date of mid to late October. Hi again Rolf. You mentioned that with an Ant-miner S9 one should be able to generate about 0. Please correct my understanding. What am I missing? It is all dependent on the network difficulty rate which is basically to say the more miners there are online the more the price has to increase to keep the return up.
Then you need to take into account the reward halving that occurs every 4 years. Look these things up as they are readily discoverable on the internet since they are intrinsic to what is Bitcoin. Wikipedia may give you all of these insights. If the price crashes, you may find miners going off line, which actually causes a kind of negative feedback loop as transaction times increase as panic selling i.
Nick September 11, pm. Thank you for you knowledge and insight. However this is my situation. My basement is relativly cold all year about 10 degrees celcius.
I am looking into getting amps of volt service installed. I would like to diversify in my crytos that I mine and am considering 15 antminer S9s watts 15 Antminer D3s watts 15 Antminer L3s watts.
What do you think of this model? Ken T September 11, pm. Just a comment on your power calculations. If you have watts of power at 3 phase, you need to divide by 1. Youre actually pulling A of draw not Dont forget to plan for HVAc. Rolf September 11, pm.
I think it is diverse enough. I also think you are going to overheat your basement in a hurry. You will be putting 50KW of heat into a small space. I would not do this without less than 15, Cubic Feet per minute of ventilation.
However I did find a nice warehouse with plenty of space and amp 3 phase v. My next question is I am not having any luck with bit main its been almost a week since I sent them a ticket about a purchase order.
Does anyone know what kinda timeline bitmain is taking for responces? I could Imagine it is insanely busy around there with all the craze of mining cryptos. Ken September 12, am. If you asked them about a new PO for purchasing miners, forget it they will ignore you.
The orders for new miners happen every few weeks and the website gets slammed with traffic. Thanks for jumping in an answering questions that people have. I agree with every one of your answers and comments! Mark November 21, pm. Ken November 21, pm. If you use 2 of the v lines you will get v.
Thank you so much for the quick reply. If those machines can handle V, 3 phase power, that would be 8 machines per strip. Thanks again for the help. Ken November 22, pm. Remember in your calcs that a 30a circuit will only deliver 24a through the pdu.
Mark November 22, pm. Do you mean 3 phase or single phase. Three phase would have four wires, your pdu plugged into a 30a circuit will only have 3, 2 hots and a neutral. When you have a 3 phase supply most loads will draw off of only two of the phases which is how you get v out of two v lines. Short answer — a three phase supply broken out into v circuits will drive an antminer psu just fine. Ken November 23, am. Im sure Rolf may chime in with additional insight but for now, I think I understand the gap here… You will -not- be delivering true 3 phase to an antminer power supply.
You will be delivering single phase. No ATX power supplies that Ive ever seen can accommodate an actual 3 phase supply Y they accommodate single phase supplies and prefer them to be above v either or The efficiency people refer to when discussing 3p is related to the cost of getting service and how many devices miners can be run off of a given service size. For example a a v service wont power nearly as many miners as a a Y service.
Hope this still helps, and Ill drop off of the responses if this still doesnt get there and let someone else give it a shot. JD Parry February 1, pm. ASIC Miners and their power supplies are single phase.
What Rolf was describing is that he has 3 phase coming into his facility. It is then broke down through a switchgear box into multiple single phase amp, v panels.
I have visited his facility but it was just before his recent expansion. Craig September 10, pm. What pool did you say you were using? I heard like apc. How did you choose that one? How often does it get a coin on that network? What site are you buying your asic miners from? Any good places? Everyone so overpriced. And a lot want pay bitcoin; how do you protect yourself if they never ship?
Nick September 12, pm. This site shows you how to lend on exchanges. I think the risk of the exchange being forced to halt all withdrawals outweighs the rewards of incremental gain. Chad September 13, pm. Rolf September 13, pm. The outlet provides 30 amps, but one miner needs about 7.
If you plug the miner directly into the outlet you are not maximizing the use of your electrical infrastructure. Tonykkk September 24, pm. To each his own. I like the flexibility. And a network switch wherever I want. Michel November 21, pm. Great article Rolf, can you provide some fotos too?
At Bitmain mining facilities I see they create 1to1 with airflow controls where 2 racks front each other and inbound air blows from above between them inflow lane , the space between is roughly 1 shelved rack width, and on the backs you have the outflow lane where racks face each other back to back for outflow.. Tyler November 21, pm. Hydro Quebec is offering as low as 2.
Austin April 5, pm. Lucas September 16, am. How many rigs will i be able to run smoothly in the house assuming that no other electric appliances are running at the same time? Rolf September 17, am. Theoretically you could have Practically, your breaker will probably pop at a sustained amperage of 80Amps, your electric wiring will be inefficient, and you probably have other demands on the electricity at your place.
What do you think? Do you think i should look for a warehouse with greater power supply instead? Or this is viable for a small size miner like me? If you prefer to use 4 outlets instead of 1 outlet and a PDU, go for it. When you fill up your house with rigs and your main breaker pops a few times a day then it is probably time to find some other space. Octavs December 21, pm. Next month, when I receive 4 more, I am moving into a warehouse…:. John September 21, pm.
For mining facilities over 50 miners that doesnt work or thats for PC kind of devices? Also, I dont see you recommending any Routers, do you connect the switch directly to the firewall? You use a layer 3 switch? Or meraki provides routing capabilities? With a partner we are building a mining facility and could use your help on it. Find a local data networking reseller and get their help would be my recommendation. I am confortable running a flat network up to hosts.
Meraki MX64 will handle miners easily. Find a local Cisco reseller and get some consulting help if you need it. Cameron Bruce October 1, am. I live in a RV, and am looking for information about setting up a mining operation I can take with me wherever I decided to go.
Todd Abraham October 1, am. Hi Cameron. You should check out the immersive cooling system from GR Cooling. They can fit S9s into a 20 foot shipping container, complete with cooling tanks, power, and a fibre glass evaporative cooler. Graig Sterling November 27, pm. Hi Todd Thank you for this excellent tip,this cooling system can be the answer to the 3 most debilitating bitcom mining problems witch are:electricity,temperature and dust issues.
Your tip was most helpful,cheers! Craig October 1, pm. The problem I see wth that is where are you going to get power from? Octavian October 12, pm. Great article Rolf, but… regarding cost of electricity in Quebec, this is also from their site:.
Yes, you read that right. And the other costs are definitely lower in Quebec. So if anyone is interested in opening a farm in Quebec, email me. McKaig October 15, pm. Rolf October 16, pm. I have found I am not very good at reading electricity rate sheets. And that the more I use, the lower the price goes. They have so many charges, it is crazy! I agree Quebec is good for mining, for many reasons. Or maybe I will set up a mini-hydropower plan in the mountains somewhere, do line of sight wifi, and build a mining facility off the grid.
Octavian December 21, pm. Rolf, sorry for missing on your comments… Been busy with receiving my miners, setting them up and buying 3 more for a friend who provides me temporary hosting. Quebec is like Iceland but closer to home…: Electricity may be slightly more expensive, but the real estate is dirt cheap, by your standards.
Patrick October 19, pm. So no sort of transformer is needed to convert it to single phase, right? Ken October 19, pm. If you have a 3 phase system it has 3 hot wires. If you use two of them together you get v which is then capable of running a single phase load like a power supply. The three phase machines you are referring to are designed to take all three hot lines at once and are typically large mechanical devices like motors.
Does this change the calculation at all regarding the amp draw? Yes, you have the Right idea. You will get considerably more miners into a 3 phase panel vs single for the same amperage.
Patrick October 20, am. So for several Antminers getting power from a 3 phase supply, does the PDU need to be 3 phase since that is what it is plugged into or single phase since that is what the Antminers are? Tripp Lite has both 3 phase and single phase PDUs.
Ken October 20, pm. When you break out a 3 phase panel into v circuits, the individual circuits are seen as a single phase. Google 3 phase basics. From a practical standpoint for mining, all it means is that you are going to hire an electrician to wire up a bunch of v 30a circuits that you will plug in your PDUs single phase. The fact thaat your facility has 3 phase means you can wire up more of those circuits and use more miners than a comparably sized single phase panel.
Patrick October 21, pm. I had a few questions regarding miner temperature regulation and monitoring. Do you make adjustments in response to a high temperature when all 3 boards are high, or does only 1 need to be high before making adjustments?
How relevant do you think measuring and changing static pressure is on managing chip temperatures? Rolf October 27, am. There are not a lot of adjustments to make. If the S9 overheat first they produce errors, then they shut down. If that happens you need more airflow or more cooling. I prefer to have both intake and exhaust fans, which provides static pressure. If you use intake fans only you have positive pressure, exhaust only negative pressure. Gary October 26, pm.
This is a great article Rolf, thank you for writing it up. Do you mind sharing what bank that is? I have not had a problem with banks connecting to coinbase or kraken. Rolf March 7, pm. Al October 30, am. I am looking into adding a separate v box with amp service and whole house surge protection.
Rolf October 30, pm. Do what you like. John October 30, pm. Is it possible to rewire them to V with minimal construction? I know you can pull single phase VAC off the three phase transformer. John November 8, pm. Hey Rolf, after running one S9 in my house, I decided to run 10 of them in my warehouse.
And now the order is expired when in fact I see the balance in the order address. After doing some research I saw that so many people are having trouble with their orders. Customer support seems to be non-existent.
How did you manage to get hundreds of miners from Bitmain!? Rolf November 13, am. I have had good luck with Bitmain. They are a little behind on their service, but if you buy from them I find they ship to you.
If you need to you can open up a support ticket with them. You may need to go back and forth a little but they have always been good for me. Anton November 6, am. Hi, sorry for my ignorance. The louver you listed has much lower intake CFMs that the fan. I noticed quite a bit amount of louvers having lower CFM throughput than the fans of same size. Rolf November 6, am. Anton November 7, pm. Michael November 6, pm. I live in a country that still has no regulation on bitcoin mining, so setting up that kind of business will be tricky.
Konstantin November 12, pm. Can you explain how to minimize the taxes? JD Parry November 12, pm. Hi, I believe Rolf was referring to finding a good accountant to show you how to depreciate your equipment miners, etc… over time as a tax right off.
Exactly — and it depends on how taxes are calculated in your country. For the US, if you show only losses and no income every year it gets kind of suspicious. Michael December 9, pm. Depending on your gear, taking the full depreciation in the first year makes sense sometimes instead of a depreciation schedule. Depends on your profit too. Majkara November 15, pm. Have you considered mineral oil submersion cooling? We have 10 miners right now and when we expand to we are definitely considering putting these beasts in a small swimming pool with mineral oil and just extracting the oil into a pair of big radiators with big fans on top of them.
Would love to hear your thoughts on this or if you experimented with this. Rolf December 27, pm. Nick K November 17, am. Hi Rolf, thank you for this great article.
It let me clear understanding of workable steps. Roughly of course. Patrick November 22, pm. I saw your YouTube video of your medium sized mining farm when you were replacing the filters. It looked like you custom made a way to hold filters in front of the fan. How has that affected your fans, if at all? Nick November 26, pm. I am starting a 15xD3 farm in my basement here in Canada I have the power plumbed and the networking and cooling done.
What I am wo dering is when these x11 script miners our no longer profitable for x11 coin mining is it worth keeping them for other applications? What do you current miners do with old hardware? Sell it on ebay as a paperweight? Ken November 26, pm. Ken November 27, pm. Does anyone have any suggestions on getting a facility?
Patrick December 8, pm. Keep looking. Carl November 29, pm. Hi Rolf, I am currently setting up a mining operation. If that is correct…I can run 4 antminers off a 30 amp breaker? Trying to figure out what breakers to get and how many miners I can run per breaker. The building is wired with V three phase.
I am having the electrical upgraded to amps. Octavian December 30, pm. I ran them for a month and the breaker never jumped. Not recommended as a setup, but just to emphasize that 6. Nick November 29, pm. Rolf, with Bitmain releasing new batches, they seem to be selling further out from the date of shipping. I know you said not to buy pre-orders but how are you suppose to get the machines if the only reasonable price is a pre-order from Bitmain?
This is in contrast to an established company that runs a production schedule that takes orders for future batches a few months in advance. Bitmain seems to have a few months from first availability to shipping but they actually come through and ship the products they sold you. But buy from someone who has a track record of shipment and support, like Bitmain.
Nick K December 2, am. Is this device suitable for a farm of 20 s9 ASICs? I am going to use it along with port LAN switch. Thank you. First of all, thanks for the great post, and sharing all this knowledge and experience, well done.
In my case, I have no other options than using an air conditioner, i guess. So, with cheap electricity, and the room available to me, what are my chances of running 20 Antminers S9? What are the things I need to consider or watch for? Can I do hot isle isolation, and let a fan push the air out?
In this case, how much of cooling and CFM do I need?