Jan 17, 2019 17:00 UTC
Jan 21, 2019 at 06:55 UTC
The mining rig mainly refers to the computer systems employed in Bitcoin mining.
The rig can be a dedicated miner based on where it had been constructed and run particularly for mining purposes or it may be a computer that satisfied other needs like what worked as gaming system and which may be used for mining on a part-time basis.
By mining is meant the process of extraction of crypto token from blockchain. When it comes to Ethereum, it will entail the computers which consistently run hashing algorithm.
To start with, the mining rig will demand a lion’s share of the processing power, which you can only get by using GPU (Graphic Processing Units) typically used for making 3D graphics for the video games.
Mining can also be done with CPUs which link the software and hardware in the computers. But GPUs are used for running the same tasks repeatedly and this is what makes them perfect for hashing on the blockchain.
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A Few Considerations To Take Before Mining
Figuring out the Return on Investment (ROI) by evaluating to proceed to mine digital currencies using custom mining rig or purchasing a pre-built mining rig is a wise choice.
In this cut-throat competition, everyone must deliberate the followings.
- Mining hardware hashrate execution
- The Bitcoin network’s difficulty
- Cost of electricity
- Time and maintenance
Elaboration of the Aforementioned Points
A pre-built device facilitates you in analyzing the machine details incorporating hashrate execution or the speed where device performs all the mining calculations.
However, measuring the device performance is feasible in terahashes for each calculation second.
Bitcoin mining is the process that involves huge electrical consumption. The cost of the electrical consumption to power the mining rig generally comes unless someone steal or get free electricity.
For measuring out the Return on Investment of machines, miners need to classify the performance of hash execution by consumed electrical watts.
Although the rough calculation of US pays out in 12 cents/kilowatt every hour, whereas, different areas of the world like China and India can avail this in lowest price.
Cost of the Device
The cost of acquiring the mining is yet another variable, which miners need to focus on.
Pre-manufactured mining rigs can get ranged from $500 to $2000, depending on the performance, in case the device is new or used.
For getting more and more of the investment in Bitcoin, you need to mine it, so you can cover up the price of machines and get profits.
Time & Maintenance
Timing & maintenance are the most crucial elements considering before proceeding the mining.
Bitcoin mining machine needs time to be setup for the entire mining process. Since the devices run so hot during the process, Bitcoin mines entail fan replacements.
Large data helps hiring employees to look out of various machines operating 24 hours a day.
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Mining Rig Companies and Products
Considering the current market, only a few dedicated mining rig firms are available with dedicated mining rigs.
Bitmain provides two dedicated mining rigs – Antminer brand ant he S9 series.
These two different machines involve consumption of approximately 845-1375 watts and calculate hash solving at 8.6-12.9 TH/s.
However, Avalon 721 ROQ Solid Miner is another launch from the Cansaan manufacturer. It uses 16nm ASIC chips with Smart Layout.
This mining rig uses 6 TH/s and also operates at 900-1200 watts. Avalon is known for posing open source repository for its mining software.
Custom Mining Rigs
With the help of Custom Mining Rigs, people can gather data station via parts and devices from multiple companies.
Mining ROI Estimation
Estimating a mining Return on Investment is possible through variables offered from the machine’s performance.
Nevertheless, there are calculators available over the internet for evaluating both the miner’s performance as well as ROI.
It has to be considered that ROI time frame will differ every day with fluctuating electrical cost and network’s mining difficulty.
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