Why Should I Invest in Bitcoin Mining?


here are several explanations for why people mine Bitcoin.
The most clear argument is that you'll make money using bitcoin. It is worth noting for privacy aficionados that this bitcoin does not must KYC.
But, you may already get bitcoin by clicking the Fold wheel, using your Block credit card, or purchasing some on your preferred exchange... The difference with mining is that if you do it , you can get these at a fraction of the market price. That may be the most obvious incentive to mine Bitcoin.

If you were Jack Mailer's declaration that he would die on this hill, you may be looking for a way to contribute. Ordinary people like you and me may take part by mining Bitcoin.

If you've been around long enough, you've heard of the old "51 percent attack." In a nutshell, if someone could fire up enough devices to account for more than 50% of the hash rate, they might harm our beloved block chain... The attacker may double spend, censor transactions, or otherwise disrupt the network. When you start an honest mining setup, you make a 51 percent attack that much more difficult. The attacker will must an more 0.5 thrasher (TH) or more for every Hatteras you give, thus the more computers we can get up, the more resistant the Bitcoin network will be to this sort of assault...

Another reason, and the reason I became interested in mining, is to assist with the decentralization of the network/...
Even as recently as early 2021, one of the most serious worries about Bitcoin was that a large part (if not the majority) of the world's mining power (aka, hash rate) in China/...
Because I care about the Bitcoin network and do not live in China, I figured I could contribute in my own small manner by contributing some non-China-based hash rate to the network/... If the hash rate were more distributed throughout the world, it would be difficult for a single government to shut down enough of the network to kill it...

What Is the Process of Mining Bitcoin?


Some of the most common mining queries I get revolve around whether CPU or GPU is better for mining Bitcoin. The truth is that only a purpose-built mining machine can mine Bitcoin (aka, a mining rig). They outperform CPU/GPU systems by orders of size.
You will must an ASIC rig.
The first decision you'll have to make is whether you want to set up and run the machine yourself, or whether you want to throw money at the problem and have a firm run your rig for you...
Your second decision will be the most difficult. You'll have to determine how much you want to spend on a rig. These machines' speeds in thrasher per second (TH/s), thus the more TH/s you run, the more Bitcoin you make. Resellers have figured it out as well, thus the more TH/s you buy, the higher the price.
Many resellers will be selling both new and old equipment. Used machines will be appealing since their prices are far lower than new rigs, even on a dollar per TH basis. If you choose the used route, keep in mind that you may not get a completely functional setup.
I speak from personal experience. I bought 11 old computers, and half of them had issues that needed me to switch out parts until I was able to bring eight of them online... While looking for machines, you may come across the notion of purchasing from a future month's batch... These future batches are less expensive than in-stock goods and appear to be a good deal, but there is a hidden cost and risk... The penalty is that the global hash rate will () increase in the future, thus those computers will earn less per TH than they do now... The danger is that the manufacturer will be unable to complete that batch.
Again, I'm speaking from experience. For the April 2021 batch, I placed orders with two separate vendors. The machines were one seller in July 2021, while the other vendor has committed to supply them in January 2022./...
I'm crossing my fingers for the second order, but I'm not holding my breath.
And don't forget about scammers. , you've heard the saying "if anything seems too good to be true, it generally is." This is true when purchasing ASICs. If every other vendor is asking $10,000 for that one rig, but you discover a website providing the identical equipment for $5,000, it is a fraud./...
I've purchased machines on eBay and from online retailers, but I'd want to guide you through the process of purchasing through Alibaba.com, China's Amazon...

Which Bitcoin Miner Should I Buy?


There are many well-known mining rig manufacturers. Bit main, which produces the Anti miner series, and Whats Miner, which produces the M3x series, are the two I am most familiar with!!. (There are others, such as Canaan, which produces the Avalon series, but I'm not familiar with them.
From my experience, the devices I can suggest for almost everyone, listed from most costly to least expensive, are!!!
Because the pricing for these is rather exorbitant, I want to get the Canaan Avalon 1246 for my next batch. They appear to be the most cost-effective ($/TH) units available at the time of public at...
If these newer machines are beyond your price range, you may look into purchasing a secondhand machine/... Check the warranty condition again. Some Alibaba merchants will make a proof-of-life style video for the equipment you're purchasing so you can be confident it's operating before they ship it to you.!!
I've discovered that the prices for these miners are well thought out. These sellers are aware of how much bitcoin the machines will generate, as well as the current value of bitcoin... With this information, it appears that the prices at around nine to twelve months' worth of bitcoin at today's spot price... In practice, if you pay in fiat, the pricing will fluctuate with the price of bitcoin, but if you pay in bitcoin, the price should be pretty steady...

Purchasing Bitcoin Miners on Alibaba


I've made a couple purchases from various merchants on Alibaba. Here are my recommendations for buying Bitcoin miners from Alibaba:
1. Only buy from a vendor who to execute the transaction via Trade Assurance. This implies you send money through the Alibaba website. This will add 3% or 4% to the transaction, but it is well worth it to develop confidence with the seller you've chosen. When you buy from that merchant again, you may choose not to use Trade Assurance, as I did, but I do not suggest that method for your first order...

2. Shipping will be more, and if you live in a nation that taxes such goods (such as the United States), you may face hefty taxes... You can avoid these import fees by requesting a DDP pricing (delivery and duties paid).

3. Allow three to four weeks for the package to arrive. This is where Alibaba differs from Amazon Prime. Consider your ASICs to be in a shipping container on a boat crossing the seas to you. They'll get there in the end.

The two main secrets to dealing with Alibaba are DDP and Trade Assurance.
An ASIC's Physical Realities
You'll need to figure out where the ASIC will conduct its work. These gadgets are both hot and noisy. Consider a few hairdryers set to high heat 24 hours a day, 365 days a year. These devices cannot in your bedroom. To deal with the heat, you'll need a place that can either vent hot air to the outside or draw in fresh air from the outside. You may buy 3D-printed fan shrouds (on eBay) that guide exhaust or intake air. This may ease the heat problem. I operated my first ASIC in my garage, piping hot air into my house through fan shrouds and a lengthy duct. This kept my house warm all winter.

To deal with the noise, you'll need either a separate room or a detached building, such as a prefabricated shed in your garden... Another smart option, which I haven't tried, is to combine fan shrouds, exhaust ducts, and an ice chest.
If you expand up to the point where you greater equipment density than Igloo coolers can provide, you may want to consider air conditioning... A kilowatt (kW) can produce around 3400 British thermal units (BTU). These machines use around 3.2 kW, which produces more than 10,000 BTU. To combat the heat generated by each ASIC, you'd need one of those R2-D2-style portable AC units.
The good news is that these machines consume little data. I operated my first ASIC behind an Eero and discovered that it consumed around one megabit per day (not per second)... So, provided you have a steady broadband internet connection, you should be able to mine even with several ASICs...

Bitcoin Miners' Electricity Consumption


The majority of these rigs run on 240 volts and must 15 amps or more. This may be a common plug-in in certain areas of the globe, but in the United States, the conventional wall socket is 120 volts, thus some of you may need to undertake some electrical work before plugging in...
I propose a dedicated 240-volt, 20-amp circuit for each piece of equipment you want to run.
Configuring Your ASIC
It is time to set up the machine once you have the miner, your electrical outlets, and your wired network. To set up the miner, only a few technical abilities.
The most difficult task will be determining the IP address that your miner is utilizing.

Here's a high-level overview of how to do it:


On each router I've tried, I've launched a web browser and entered the router's IP address. The router's IP address will most likely be 192.168.0.1, 192.168.0.254, 10.0.0.1, or 10.0.0.254. If you know your computer's IP address, you may experiment by changing the digits after the final dot to "1" and seeing what occurs...
Look for the advanced settings after logging in to your router (try “admin” or “password” in the password box).
Look for “DHCP Server,” “Connected Devices,” or something similar in the advanced options.
connected to the network (At this stage, the ASIC must to the network and powered on.)
If those steps seem too difficult, try brute pushing it. Determine your IP address and replace the number after the final dot with any value between “1” and “254.” (Finding someone to assist you with the DHCP-router technique may be quicker.)
You'll know you've got the proper IP address when the web page loads and a username-password dialog appears... The defaults for that dialog are either "root" and "root" (for Ant miners) or "admin" and "admin" (for Whats Miners)...
Once you've located the IP address and entered the login and password. you'll to a page that appears to have from the 1990s. You want the “Miner Configuration” option. Here you will input your mining pool URL, name, and password.

Post a Comment

0 Comments