What is crypto mining?

We know you already know that this is not the typical mining with pickaRxes and helmets. It is in fact much more complex and deeply interesting. In short, mining represents adding blocks of transactions to the blockchain's public ledger by solving complex mathematical equations. We have prepared four straightforward steps:

Confirming a transaction - validating the information by only using the trust between the miners.

Adding the transaction to the blockchain by using your computational power, devoting it to the current block.

Solving the puzzle, using your hash rate, to find the missing element

Gaining the reward - once you find the solution you create the next block and automatically get the reward (the reward represents both the fees related to the transactions in the block and the newly mined coin)

Proof of Work

This is very important! The whole mining process relies upon a consensus of algorithm, called Proof-of-Work or PoW. It is a decentralized consensus mechanism that requires members (miners) of a network to expend effort solving arbitrary mathematical puzzles. The transactions of all cryptocurrencies using the PoW algorithm are processed peer-to-peer in a secure manner without the need of a third party. Some examples of cryptocurrencies are: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and there are many more. Keep in mind, when more miners join the network, the rate of the block generation increases, thereby increasing the difficulty. The main issue with a PoW algorithm is the amount of energy needed to solve the hash. Solving a hash takes a certain amount of energy using specialized hardware. The faster the hardware, the harder the hash will be to solve.

What do you need?

The team behind BlockchainMachines.com has set the goal of putting together everything that you will need on this journey. From crypto wallets to hardware and software, to the different types of mining. It’s all here:

Crypto Wallet

Safety above all! That’s why you will need a crypto wallet to store and operate your coins. The main difference compared to the pocket wallet is the fact that you are not actually keeping your assets inside. Cryptocurrencies and all transactions related to them are stored on the blockchain. Basically, the wallet is the key to access your funds. Most of the teams behind the coins have developed their own wallets, but there are also some multi-coin wallets available. Some of the features that experts look for when choosing potential wallets are 2-factor authentication, password encryption, Hierarchical Deterministic wallet support or multi-signature. Below we examine every type of wallet - Desktop, Hardware, Web, Mobile and Paper wallet.

Desktop wallet

Software to install on your PC to access your assets.

Hardware wallet

an offline device keeping your keys to access your coins.

Web wallet

a cloud service, which is reachable via any browser.

Mobile wallet

a mobile application serving as an access point.

Paper wallet

an offline mechanism, usually a printed piece of paper that contains keys and QR codes used to facilitate transactions.

Paper wallet

an offline mechanism, usually a printed piece of paper that contains keys and QR codes used to facilitate transactions.

Hardware

Nowadays, users have enormous choice of hardware devices, which all offer different advantages depending on the requirements of the user. In the very beginning, users were able to mine just using their CPU. There are plenty of factors which influence the mining process and its evolution, one of them is the difficulty mining, mentioned previously.

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Ultimately, we observe a hardware revolution with the usage of GPUs and ASICs. Also called graphics cards, these have developed to become one of the most common mining hardware options on the market. You can use either one or multiple GPUs to mine cryptocurrency. When you have more than one, the configuration is called a mining rig, which is of course more efficient. The ASIC machine is the latest development, which avoids the usage of a mining software – normally needed for GPU miners. It is more expensive than GPU cards, but much more powerful, achieving better mining results. More information can be found in the rig section below.

Sofware

As mentioned previously, GPUs need some extra help. You should always install and run software which will allow your GPU miner to manage your mining process. Whether you have one or several graphics cards, you will need this extra boost. Every mineable coin has different ideal settings, you can find more on this topic in the videos below:

Types of Mining

When we are talking about mining cryptocurrencies, we can divide them into three types depending on the methods used – Solo, Pool and Cloud mining. And remember, it is always a competition – who is going to mine the next block.

Solo mining

also known as individual mining is independently owned equipment-based mining. All coins that you have mined, as well as the transaction fees belong to you as profit.

Pool mining

a collective mining approach – are several servers combining the computational miners’ hash rate. It is a common computing network engaged in new blocks creation. Of course, the coins mined are divided amongst the miners, according to their own share in the process.

Cloud mining

this is where you can rent the computing power from a service that mines itself on an industrial scale. Basically, you are avoiding all the technical specifications. A middleman is responsible for this part. All you need to do is to sign a contract and pay some fees, the provider takes care of all the equipment and maintenance.

How to choose the proper rig setup

This section will serve crypto enthusiasts in their first steps into crypto mining and explain the more general aspects of making investment choices and managing expectations.

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The GPU builds offer scalability and range as well as genuine mining experience, making them appealing not only to solo operations but to larger companies farming cryptocurrencies. Choosing your components determines whether your profits exceed your costs, when profits come from the number of calculations your rig performs per second (hash rate), and costs, from consuming energy. These two go hand in hand, so make sure it’s a handshake and not an arm-wrestling match.

Motherboard

Just like in normal PC configurations the motherboard is fundamental in shaping your mining rig setup. Although not the most expensive part, a motherboard's hardware compatibility is what narrows the price range and scalability of all other components in the rig configuration.

GPUs or Video Cards

As the “heavy lifters” or the “workforce” in these mining rig setups – the more the better! Just keep in mind that they need care and attention to perform properly. Regular maintenance is key to sustaining a working and profitable setup.

Cooling

As any physical work process is proportional to the amount of energy required for its function, consumption of energy is proportional to the amount of heat produced as a side effect. And since optimal temperature is a productivity factor for any work process, maintaining it is key. Effectively keeping those GPUs cool is what separates a miner from a fool.

Power Supply

Drawing so much juice from the grid requires matching specifications for your power supply setup, although in most cases anything above average will suffice. Compromise here often presents enormous risks of constant power outages or even worse – fire hazards which could jeopardize your entire investment.

Motherboard - GIGABYTE X570 AORUS Master

SPECIFICATIONS:

  • Form factor: ATX
  • GPU Support: 6
  • Processors supported: AMD 3rd Gen Ryzen/2nd Gen Ryzen/Ryzen with Radeon Vega Graphics Processors
  • Slots: Triple ultra-fast NVMe PCIe 4.0/3.0 x4 M.2 with triple thermal guards. Intel Wi Fi 6 802.11Ax & BT 5 with AORUS antenna. Alc1220vb & ESS Sabre 9218 DAC, 130dB rear. Realtek 2.5GbE plus Intel Gigabit LAN. USB turbocharger for mobile device fast charge support

GPU - nVidia GeForce RTX 3080

SPECIFICATIONS:

  • Graphics Processor: GA102
  • Cores: 10240
  • TMUS: 320
  • ROPS: 112
  • Memory: 12GB GDDR6X
  • BUS: 384 bit

Cooling - Dark Power Pro 12 1200W

SPECIFICATIONS:

  • Form factor: Version 2.51
  • Voltage: 100-240
  • Power consumption in standby (W): <0.06
  • Slots: 300,000
  • Input current (A): 16/8

PCU - CoolerMaster V1300 Platinum

SPECIFICATIONS:

  • Max. DC Output: 1300W
  • Efficiency: 80 PLUS Platinum, Cybenetics Platinum
  • Noise: Cybenetics Standard ++
  • Form Factor: ATX12V v2.4, EPS 2.92
  • Cooling: 135mm Double Ball Bearing Fan (Delta AFB1312M)
  • Modular: Yes
  • Connectors: 2x EPS, 12x PCIe, 16x SATA, 8x 4-pin Molex
  • Warranty: 10 years

Motherboard - Biostar TB250-BTC Pro

SPECIFICATIONS:

  • Form factor: ATX
  • GPU Support: 12
  • Processors supported: 7th/6th Generation Intel Core i7/i5/i3/Intel Pentium/Intel Celeron (LGA1151 socket)
  • Slots: 1 x PCI Express 3.0 x16, 18 x PCI Express 2.0 x1, 2 x DDR4 DIMM

GPU - AMD Radeon RX 5500 XT 8GB

SPECIFICATIONS:

  • Graphics Processor: Navi 14
  • Cores: 1408
  • TMUS: 88
  • ROPS: 32
  • Memory: 4GB GDDR6
  • BUS: 128 bit

Cooling - Straight Power 11 Platinum 1000W

SPECIFICATIONS:

  • Form factor: Version 2.51
  • Voltage: 100-240
  • Power consumption in standby (W): <0.16
  • Slots: 100,000
  • Input current (A): 13/6.5

PCU - Fractal Design Ion+ 560 Platinum

SPECIFICATIONS:

  • Max. DC Output: 550W
  • Efficiency: For
  • Noise: Cybenetics A++
  • Form Factor: ATX12V v2.4, EPS 2.92
  • Cooling: 140mm Fluid Dynamic Bearing Fan (DYNAMIC X2 GP-14)
  • Modular: Yes
  • Connectors: 1x EPS, 4x PCIe, 6x SATA, 4x 4-pin Molex
  • Warranty: 10 years

The ASIC machine is a unit on its own and does not require setting up a build. However aside from its price and scarcity, it also limits the types of crypto coins you can mine and these days is generally used for mining Bitcoin.

Bitmain - Antminer S19 XP

SPECIFICATIONS:

  • Hash rate: 140 TH/s
  • Power Efficiency Standard: 21.5 J/TH
  • Life Cycle: 6 years
  • Power (W) (on wall ~25°C): 3010
  • Gross weight (Kg) : 16.0
  • Net weight, kg, including PSU weight : 14.4
  • Miner Size (L/W/H w/o package, including PSU size) (mm) :400/195/290
  • Miner Size (L/W/H with package) (mm) :570/316/430

Innosilicon - T3+ BTC Miner

SPECIFICATIONS:

  • Hash rate: 57TH/s (+/-6%)
  • Power Efficiency Standard: 93%
  • Power (W) (on wall ~25°C): 3300
  • Net weight, kg, including PSU weight : 12.3
  • Miner Size (L/W/H w/o package, including PSU size) (mm) : 338/207/293

Mining Calculator

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About Us

You can think of the BlockchainMachines.com team as a superhero team, but instead of a comic universe we have joined forces in the world of cryptocurrency and NFTs. Each of us has unique talents and abilities, proven over long years of professional education and experience. We built this page among countless others because we identify the need for it and want to support the crypto community as best we can.

You will get to know and hear about us a lot more soon, so in order not to spoil any surprises, we will keep our identities a secret for now.

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