As discussed in our best CPU mining guide for Monero, we went through the best way to start mining using your PC or Laptop to mine. In this guide we go deeper into the equipment for a dedicated machine. We have put together a component checklist for building your own dedicated GPU mining rig. On top of mining Monero, this will enable the mining of Ethereum and other GPU/CPU based Cryptos as well.
This Checklist is as follows and using the reference to our Mining Monero guide as a baseline, we will go more in depth into the Mining Equipment section.
Things You May Need to Mine Crypto Coins
Coin Wallet: the coin wallet helps you keeping a ledger of all your transactions and also keeps track of all your earnings.
Mining Software: A mining software acts as a bridge in connecting your monero mining hardware along with the mining pool and a blockchain.
Mining Pool Membership: If you are planning for mining crypto, one of the best coin for cpu mining, then first you need to decide whether you are going to join a mining pool as solo mining can be slow and less profitable whereas when you join a mining pool, you could benefit from combining all systems of the computers to increase your mining power and in turn increase your profitability.
Online Currency Exchange Membership: Cryptocurrencies can be exchanged for flat money and only if have a membership with some online exchange can you exchange all your virtual coins for real cash
Reliable Internet Connection: You definitely need a full-time and reliable internet connection with a minimum speed of 2Mbps or more.
Cooling System: Mining can consume a lot of power and also generate a lot of heat. Hence, you need to have a dedicated fan or an air conditioner to cool down your system. Many systems do use air and heat sinks but for this guide we just need reliable fans.
Here is what we are trying to achieve:
There are 3 rigs that we will go through depending on budget. Full rig ($US6900), Half rig ($US3700) and starter rig ($US1700). The beauty of these rigs is that we can start from the starter rig and work our way through to the full blown “Messiah” rig as more funds become availableto scale the motherboard and invest into more 1080 TI GPU units.
As you can see good metrics at $15.00 a day (as of 1st Feb 2018), with a faster payback of 6 months. Do you know of any investment that gives you a 102% ROI? Of course there are risks, but the ability to scale from here into a more advanced rig will benefit.
As you can see good metrics at $45.00 a day (as of 1st Feb 2018), with a faster payback of 5 months. Do you know of any investment that gives you a 138% ROI? Of course there are risks, but the ability to scale from here into multiple rigs will increase your bottom line. You will also be able to trade your better cryptos for more in demand cryptos such as BTC and ETH. This will all depend on market analysis.
Putting the Machine Together.
If you have never put together a PC or Laptop together it may be worth speaking to your local PC operator and getting them to put it together for you. You can do damage to the components if you have never done this. Ask around for your best quote.
Where to next? You have a profitiable machine and are looking for the next challenge? Scale? Negotiate Electricity? Look at a cost analysis of setting up in a Foreign Country with cheap power costs. Sky is the limit, go forth and dominate.
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