Step-by-step instructions on how to mine Bitcoin in your own home

 


There are several ways to mine Bitcoin at home, each with its own particular pros and cons. But which one should you choose? This article describes the strengths and weaknesses of some of the most popular Bitcoin mining methods, so you can decide which one works best for you. All that’s required is some basic technical know-how, as well as some time and hard drive space. Just remember – mining isn’t as easy or as profitable as it once was!

Get prepared

First things first, you need a place to house your rig. If you’re not comfortable going it alone, several companies can help you set up a mining operation, complete with hardware and technical support. Setting up a cloud mining system is easy and affordable—most services cost less than $1 per gig hash—and you don’t have to worry about electricity consumption since someone else will pay for all of that. However, many experts suggest that cloud mining may be more profitable if you run it yourself with hardware that’s dedicated only for mining purposes. It all depends on what kind of time investment you’re willing to make.

Antminer S9 Mining Rig

The Antminer S9 is one of Bitmain’s latest and most powerful mining rigs. It uses an ASIC (application-specific integrated circuit) mining chip, meaning it’s made specifically for mining cryptocurrencies. Although there are more powerful machines out there, they cost more than what many new miners can afford. If you’re looking for a relatively cheap way to get into crypto mining, the Antminer S9 is worth a look.

If you are interested and want to buy an antminer you can Click Here



Setting up the Antminer Miner

To begin mining, you need a few things. A computer, of course. Something like an Antminer S9 will do nicely. You’ll also need a power supply that can provide enough juice for both your miner and whatever else is plugged into it—at least 16 amps (6 amps per miner). To keep everything cool, get a large air conditioner or box fan.

Heat Management Section

Keeping your mining rig cool is one of the most important aspects of mining. Your mining rig will generate a lot of heat when it’s cranking away at high hash rates, so investing in a quality case with effective fans will keep everything running smoothly. Make sure you have enough air circulation around and inside your rig by placing it near a window or purchasing an additional desktop fan. Just make sure you remember where you put your rig before you leave for work!

Cooling Down The Mining Computer

When bitcoin mining first started, people could use their personal computers to mine for bitcoins. Nowadays, bitcoin mining has become extremely competitive and no individual miners can make a profit by themselves. To get around this, most people join pools where they work together and receive a smaller but steady flow of income every day into their individual accounts.



Power Consumption and Costs Section

Mining hardware will take up a lot of power, and for most people, electricity costs will likely exceed any potential profits. It’s hard to estimate profitability without first knowing what you’re mining (e.g., bitcoin or other coins), but you can use an online calculator like WhatToMine to determine based on current market conditions.

Electricity Cost Comparison Over Time Section

For example, if it costs $0.10 per kilowatt-hour for you to produce 1-kilowatt-hour at a given time and you have 10 terawatt-hours worth of mining hardware, then you’re spending $1 per day or roughly $365 per year. You might prefer an estimate that accounts for future increases in network difficulty or a dip in cryptocurrency price by calculating what your costs will be six months from now at today’s rates.

Building a Mining Pool With NiceHash

This is optional, but if you’re interested in mining bitcoin for profit (and have invested a lot of money into hardware), it’s wise to put all of your eggs into one basket. NiceHash is a service that lets you rent out processing power to people who are doing cryptocurrency mining. This means you can make money without buying thousands of dollars worth of equipment—you just need a bit of technical know-how and enough hardware to connect with other people on NiceHash.

Extra Benefits of Cloud Mining

Cloud mining is a way of creating income through bitcoin without being fully exposed to its price volatility. If you have been planning for some time now to get involved with bitcoin, but don’t want to spend money on powerful computers or access costs and technical knowledge necessary for private mining, cloud mining might be an alternative worth considering. Also, it allows users to get their feet wet with bitcoin, even if they don’t want (or can’t afford) to invest thousands of dollars into computer hardware.