Bitcoins are becoming increasingly popular to mine and because of this the amount they are worth is constantly fluctuating. This makes the risks higher, due to the changes in the amount of people using Bitcoins.
Subsequently, how can you make a decent profit by mining Bitcoins without having to buy a Bitcoin mining rig? You make your own.
How Bitcoin mining rigs work
There are algorithms that, once figured out, make up Bitcoins. As a very simple explanation, Mining rigs are calculators that gather algorithms and work them out. Mining is the term for the process of extracting the Bitcoins from unique block-chains.
It sounds basic, but the mining rig is actually working at ridiculous speeds and constantly hashing algorithms. These hashes are made up of satoshis that add up to Bitcoins and are measured in megahashes (MH/S), gigahashes (GH/S) and terahashes (TH/S). This represents the amount of hashes your mining rig can perform within a second.
What you’ll need
There is a fair amount of equipment and software that you’ll need for your DIY Bitcoin mining rig, of which include:
- Graphics card
These are circuit boards within a computer’s hardware that control the output to a display screen. In other words, they are what produce the images you see on your screen.
- Bitcoin mining hardware
To start off with, Satoshi (founder of Bitcoins) intended miners to use CPU’s to mine on computers, however as technology has advanced we have found that you can mine with more hashing power using graphics cards. This means that nowadays most miners will use ASICs, but their are two other hardware’s that are also common: GPU and FPGA.
You’ll need a printed circuit board, commonly known as the Motherboard to allow communication to computer hardware components and in order to allocate power.
- Powered risers
These are very important because your Bitcoin mining rig is going to create a lot of heat which will need somewhere to escape through. Installing powered risers will allow heat to get out and create better airflow through the rig.
- Custom case
You can buy a case for your rig, but we would suggest building your own to save money. Not to mention, you can create a case that’s designed perfectly to fit your rig and aesthetic needs.
- Bitcoin software
This software connects your Bitcoin miners and the blockchain together. Additionally, it will also link to the Bitcoin mining pool if you are in one.
Figuring out if It’s worth it
You’ll want to calculate the energy it takes for your rig against how many Bitcoins it will be able to mine. This along with many other factors need to be considered if you want to make a profit.
These other factors include; equipment cost, hash rate, power/energy consumption, current Bitcoin price and the likely possibility that the currency of bitcoin will decrease, or hopefully increase.
As mentioned before there are a few options when it comes to the software you’ll use. If you’re using GPUs or FPGAs you’ll require a host computer which can run two things:
Standard bitcoin client
This is here to unite your computer and the network so that transactions can be made and Blockchains can be kept accounted for.
Bitcoin mining software
This software is like the receptors that relay to the hardware, the transaction blocks that it will need to calculate. If you want it in basic terms – the software bosses the hardware around. Which is why you’ll need both as one won’t work without the other.
The mining software is available for Windows, Mac OS X and many other software.
Now you’ve got all the technical stuff sorted, you’ll require either buying a Bitcoin mining rig case or building one. You can make one easily by using a plastic crate, or if you are a DIY expert you can create a case that’s much more appealing to the eye.
According to external sources, Bitcoin is becoming a recognised currency at a growing amount of businesses; like, Expedia who have accepted Bitcoins as payment for online hotel bookings since 2014. Additionally, if you’re interested in online gambling, we would recommend using reputable sites like bitcoincasinos.com to get objective reviews about safe casinos that take Bitcoin for deposits.
Send us an image of your DIY Bitcoin Mining Rig in the comments below and let us know how it went! We’d love to hear all your successful (or unsuccessful) stories.