If you are looking to mine Helium, keep in mind that before you do so, invest some time into researching if your setup will actually generate you any profit. Heliums price can fluctuate and the amount of miners also plays a great deal in your chances of making a profit. At the current price of HNT, consider how much worth it setting up a mining rig would be. Hardware that would be most powerful for mining would be ASICs which are unfortunately nowadays extremely pricey. If mining with a computer, a GPU wont generate a large turnout but it might be something for the start when mining Helium. Mining profitability charts can show you how much USD you can make for 1 Mh/s of hash rate. These charts also have the electricity expenses covered. Mining difficulty increases by the number of miners and every time the demand for a larger hash rate increases. Your hash rate is basically how much computing power you are providing for mining new blocks. This takes what is called "block time".
What is an ASIC miner? ASIC mining rigs are machines made of a motherboard, ASIC chip and a cooling system. They're designed specifically to mine a certain cryptocurrency and they do it well. This hardwares purpose is to solve as many cryptographic puzzles at a time. The primary investment into one of these could get paid for in a few months, but there is still a large problem with noise, heat and power demand of these machines besides, they do break down and as the machine runs 24/7, they do wear out.
What is a hashrate. A hash rate is basically a scale of how many guesses for the puzzle your mining setup can make in a given amount of time. The rate is in hashes per second (h/s) and can be decadically moved up (KH/s, MH/s,...).
Ethash is used for encrypting Ethereum and Ethereum Classic. Ethash was built to be ASIC-resistant through memory-hardness (by requiring large memory, standart ASICs couldnt decrypt the puzzles). Unfortunately for graphics miners, in early 2018 the first ASIC miners for Ethash were introduced on the market and Ethereum eventually lost its decentralization similarly like Bitcoin.
SHA256 (or Secure Hash Algorithm) was originally designed by the NSA back in 2002. Later the algorithm found use within the Bitcoin cryptocurrency and is what runs all Bitcoin based coins. SHA256 is a hash of 256 bits and is what miners decrypt using their mining setups which eventually validates blocks, for what miners are rewarded.
The Scrypt algorithm similarly to Ethash was designed to be ASIC-resistant, but unfortunately ASIC miners for Scrypt have entered the market and cryptocurrencies like Litecoin expect the same fate as Bitcoin or Ethereum.
Cryptocurrencies like bitcoin are already ASICs mined so nowadays mining these with a GPU is useless. If you consider that one of the best GPUs on the market go for around $400 and will give you only about 1 GH/s of power and an Antminer U2 which youre able to get for around $20 on ebay will provide 2 GH/s, the difference is huge. Always calculate if your desired cryptocurrency is still worth mining on your type of setup.
GPUs are far better at handling parallel processing than CPUs. These computations are basically simple math problems at which GPUs are far better at solving. A CPU is nowadays only usable for mining coins which havent been destroyed by ASICs miners. Try calculating your turnout using online calculators like WhatToMine.
The DAG Epoch is what the Ethereum mining difficulty is called. In time, as the currency grows and the amount of miners increases, the mining difficulty grows. As the difficulty increases, also the memory requirements do. Mining with smaller GPUs has become impossible due to this feature which prevents ASICs mining.
Certain mining programs allow mining two cryptocurrencies like Ethereum and Pascal, Decred, etc. simultaneously. This allows you to maintain efficiency while mining both coins. When mining for example Eth+sia, mining both has almost no impact on the Ethereum hashrate. Youre basically getting two coins at once for the same power you provide.
The proof-of-capacity protocol used in Helium is the newest, being introduced in 2013. In this protocol, coins are distributed among miners over a long period of time. All that is needed is hard drive space in order to mine.
Cryptocurrency mining has in many respects become an industrialized business. But despite the concentration of hashing power, the increasing difficulty and diminishing returns, in some cases it can still be profitable to mint coins as an amateur miner, probably the most honest way to earn some digital cash. Heres a guide on how to build a mining rig.
The reduced market capitalization of digital assets, in comparison to last years all-time highs, has inevitably affected the profitability of cryptocurrency mining. Thats a fact of life but still theres a number of other factors that can influence the outcome of mining electricity rates, regulations, hardware prices, and even climate, to name a few. Their weight in the equation may vary significantly in different locations, from one jurisdiction to another.
In times when major producers of highly specialized equipment like Bitmain and Bitfury are building ASIC chips and rigs for mining bitcoin with ever-increasing productivity and efficiency, some say crypto mining in homes, basements and garages is a dying hobby. Add to that reports about GPU manufacturers like Nvidia losing interest in the crypto segment of the market, miners in Iceland exploring better opportunities in other sectors and the future of amateur mining starts to look bleak.
But thats not necessarily the case. There are a number of altcoins whose developers continue the struggle to maintain ASIC-resistance. There are many countries where the costs of mining are relatively low in some parts of Russia, for example, electricity rates are below $0.04 USD per kilowatt. For many enthusiasts around the world at-home mining is not a lost cause, not yet. Many of them can still support the family budget without huge expectations for revenue and profit.
Catering to the crypto community, Decenter, a popular Russian platform supported by experts, developers, and investors, has answered many questions asked by crypto enthusiasts. Recently, the information portal published a guide to building mining rigs that encompasses the basic steps to becoming an amateur miner. The outlet has done its best to protect wannabe miners from unnecessary expenses and help them make the optimal choices, and ultimately make a buck or two.
Rig frame The experts at Decenter recommend that you choose an aluminum one. The metal is more rigid in comparison with wood, its not flammable and is good conductor of electricity which is a serious advantage as all components of the mining system must be grounded.
Motherboard It should be able to support between 4 and 8 video cards which means it must have at least 4 PCI-E ports. Some of the most popular motherboards are based on P45, P43, and P35 chipsets Gigabyte GA-EP35-DS3L and Asus P5Q Deluxe, for example. An inexpensive option is the Z270-based Gigabyte GA-Z270P-D3 which powers up to 6 GPUs and costs less than $100. Gigabyte GA-970A-DS3P is a good alternative for AMD fans, but it supports only 5 cards.
Processor A basic Z270-based Intel configuration can be assembled with a Celeron G3900 (G3930) processor (~$40) and Core 2 Duo E7300 CPU for P45, P43, P35-based rigs (~$15). Athlon X3 445 is suitable for AMD-platforms with 970A chipset (~$10). Multicore processors, like the Intel Core i3, i5, i7 CPUs for Z270 chipset platforms are good for mining coins based on the Cryptonight algorithm such as Monero.
RAM Quantity beats quality here as productivity is not so heavily dependent on the generation or the price. At least 4GB are needed. The most common type these days is DDR3 which is also cheap at around $5 per gigabyte. Its important to make sure, however, that the motherboard supports it as some of the newer models dont. DDR4 is more expensive at ~$40 $50 for a 4GB stick.
Storage The hashing power of mining rigs is not really influenced by the size and the speed of the storage device. The system uses it to occasionally record logs. Any hard drive with a 50GB capacity will be sufficient. Buying an SSD is not really justified as a good old HDD will do the job and it can be had for as little as $10$15 on the second hand market. Make sure to check for bad sectors before you buy it.
Power supply The unit has to be 80 Plus certified which means higher efficiency. Power supplies are usually rated as Plus, Plus Bronze, Plus Silver, Plus Gold, and Plus Platinum and their prices depend on the class. Bronze and Gold are considered optimal for mining purposes. Aerocool KCAS power supplies are in high demand on the market and their prices average at around $45 for 600 watts. Corsair devices are the most common Plus Gold power supplies and they start from $100 for 750 watts.
Video cards GPUs, or Graphics Processing Units, are by far the most important component of a cryptocurrency mining rig. Both Nvidia and AMD have their advantages and shortcomings. The main differences are related to mining efficiency in terms of hash rate and power consumption which also depend on the algorithm of the mined coin. Nvidia cards are generally easier to tune, less prone to cooling problems but need a bit more energy. On the other hand, AMD GPUs are harder to resell after a while as they are less popular with gamers.
Staying away from the newest and most expensive solutions, Nvidia GTX series offers good results when mining Equihash coins like Zcash and Bitcoin Private. Ethereum and other cryptos based on the Ethash algorithm do better with cards such as RX580 which can reach over 30 Mhash/s, while the 6GB GTX 1060 can only do around 22.
Some of the most popular graphics chips currently used in rigs are Nvidia GTX 1050 Ti (1516 Mhash/s, 190 Sol/s, $180$210), GTX 1060 6GB (2022 Mhash/s, 310 Sol/s, $350$400), GTX 1070 (32 Mhash/s, 470 Sol/s, $550$600), GTX 1080 Ti (50 Mhash/s, 750 Sol/s, $900$1,000), and among the AMD products RX560 (1415 Mhash/s, 120130 Sol/s, $150$180), RX580 (3031 Mhash/s, 290 Sol/s, $380$400), Vega 64 (43 Mhash/s, 400 Sol/s, $850$1000).
At Bitcoin.com theres a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.
Joe Biden wants to crackdown on ransomware according to statements he made on Friday, after hackers hijacked software from a Miami-based IT supplier called Kaseya. Hundreds of American businesses were affected by the breach as the attackers encrypted the files ... read more.
Around 4,000 institutional funds with almost 2 trillion euros in assets under management in Germany can now invest 20% of their portfolios in cryptocurrency, including bitcoin. The highly anticipated Fund Location Act (Fondsstandortgesetz) went into effect on July 1 in ... read more.
Setting up and using Bitcoin ASIC miners is currently one of the best ways to start mining for Bitcoin. Most of the veteran miners already known by now, mining on a laptop these days isnt very profitable. Even some of the earlier versions of application-specific integrated circuits(ASIC) miners are no longer efficient in todays Bitcoin Mining.
Thats not the only important part you should know before jumping into mining Bitcoin with ASIC. You see there are a few other basic requirements youll need in place to be successful at running even just one Bitcoin Miner let alone multiple machines.
Dont worry, in this guide; I answer all the commonly asked questions I get from over the years of my experience in ASIC mining. Questions like where to buy bitcoin miners, how to set up a bitcoin miner, what is the best bitcoin miner and more, will all get answered in this article.
One of the most popular mistakes new miners make is poor planning of where the ASIC miners will operate. Thats why its always a smart idea to have the location checked out first before making any financial decisions as to whether you should pursue mining Bitcoin.
ASIC Bitcoin miners consume decent amounts of electricity which is why its important to know what the cost of the location per kWh ($) is before purchasing any miner hardware. Once you have the utility companies prices, you can use a mining profitability calculator to estimate any Bitcoin ASIC miners current profitability and operational cost.
This estimation alone should give you enough insight to decide whether all this is even worth pursuing given the locations kWh rate so make sure you learn how to use a mining profit calculator properly.
Another issue is with miners is heat. ASIC miners are notorious for heating small spaces in the wintertime which is excellent, but when summertime rolls around, youll need a plan to circulate fresh air.
Other than a high-speed internet connection this all the core requirements your location needs to be deemed permissible for Bitcoin Mining. However, I want to add in the fact that you will need an ethernet cable running from either your router or network switch for each Bitcoin Miner you plan on operating.
The best place to buy Bitcoin ASIC miners is direct from the manufacturers most commonly headquartered in China which has been a leader in the industry of manufacturing Bitcoin Miners ever since ASIC minings existence.
The best ASIC Bitcoin Miner you can currently buy on the market today is the EBANG EBIT E11++ as it can mine Bitcoin at speeds of 44 Th/s while only drawing 1980 watts. It comes with a standard 6-month warranty and is currently priced at $2024 including the power supply.
In case you do decide to buy from one of the other manufacturers check to see if the power supply gets included. Companies like Bitmain require you to purchase their power supply and power supply cord separately.
Now that you have all the required hardware and location prepped its time to set up your Bitcoin Miner to start earning Bitcoins. The setup requirements from miner to miner are very similar in some ways but its still best to refer to the manufacturers installation guide for specific instructions.
The first thing you will want to do is make sure the power supply and all connections coming to and from the power supply and miner are tight and secure. Once the connections are secure, then proceed to plug the miner into the 220v outlet.
To obtain a miners IP address, you must first access your router configuration menu. If you are unsure of how to access your routers settings be sure to Google the make and model of the router. Each manufacturer should have instructions with routers IP address and default user name and password.
Inside the routers settings menu will be an option to see all the devices connected to the network along with each devices IP address. You will want to copy and paste each IP address into your Google Search bar until you see a screen asking for your miners user name and password.
Once you login to your miners operating system, you can now begin configuring your mining pool and wallet address. Be sure to leave the miner browser open while you get a wallet and mining pool address.
If you havent set up a wallet by now, you will need to create one. One of the best software wallets for Bitcoin comes from a company called BRD which has been around for quite some time. However, if youre looking to hold some Bitcoin long term its recommend to invest in a hardware wallet.
One of the first Bitcoin mining pools goes by the name of Slushpool and is a personal favorite of mine mostly due to its phone app monitoring features. Be sure to sign up with the link below and follow the help guide to setup worker names.
Undoubtedly Bitcoin Mining has made people a fortune over the years. However, that doesnt mean anyone who attempts mining Bitcoin will have guaranteed success with it. Most of the reports of profits made from Bitcoin Mining are from wise investors who carefully planned out their mining operations with cheap electricity while using the most efficient mining hardware.
Speaking from my own experience, I too have witnessed Bitcoin Mining being quite profitable partially due to Bitcoin,s bull run late 2017. Now after two years of running S9 Antminers Im looking into upgrading my hardware as the S9s are no longer profitable on my .11 cent kW rate.
Thats why I recommended calling the utility company first to get the kW rate so you can use it for better accuracy when entering a Bitcoin Miners wattage and hash rate into the mining profit calculator.
Keep in mind mining calculators can only estimate what a current ASIC miners profits are as many unpredictable factors like mining difficulty and Bitcoins price make it change regularly. With that said they can still be a great tool to decide whether Bitcoin mining is right for your situation or not.
There are, however, periods when Bitcoins mining difficulty increases so much that mining isnt at all profitable unless your electricity is extremely cheap or free. When this happens, inexperienced miners can get very impatient and sell off hardware at a loss which is where most of the negativity about mining being dead come from.
Especially crypto markets as they are unregulated which makes then extra vulnerable to market manipulation and is commonly used tactic to convince inexperienced investors to sell when they should buy and vice versa. Its essential you understand that this is the game your playing and understanding how its played will prevent you from making impulse and irrational decisions.
How long does it take to mine 1 Bitcoin? The time it takes to mine one Bitcoin can vary depending on Bitcoins mining difficulty and the mining hardware hashrate used to mine them. However, you can calculate how long it currently takes a Bitcoin ASIC Miner to mine one Bitcoin by entering its total hashrate into a Bitcoin mining profit calculator.
The calculation should provide you with a daily estimated amount of Bitcoin a given ASIC miner can mine daily. From here you can take the expected daily amount and divide it by one to reveal how many days it takes your miner or to mine one Bitcoin.
How much does it cost to mine 1 Bitcoin? The cost to mine one Bitcoin can vary upon many factors such as mining difficulty, electric rates, and mining hardware efficiency. However, you can estimate this with a mining profit calculator using your Bitcoin miners hashrate, electric rate, and power consumption which reveal the daily amount of Bitcoin Mined and day-to-day operational costs which is your electricity costs.
The daily amount of Bitcoin mined can then be divided by 1 to reveal how many days it takes to mine one Bitcoin. From here take the number of days it takes to mine one Bitcoin and multiplies it by the current estimated daily operational costs to know how long it currently takes to mine one Bitcoin.
Can Bitcoin miners be used for anything else? Yes, there are other cryptocurrencies like Bitcoin Cash who use the same sha256 algorithm as Bitcoin in which you can use the same ASIC miner in mining them. However, you will need to use a different wallet and mining pool address in doing so.
So by now, you should have a better understanding of what becoming a Bitcoin Miner is all about and how to know whether its profitable for your situation or not. Just remember to plan out your operation first and get an idea of what your expenses are before buying any hardware. If you feel as though this guide helps you in some way or we left something important out, then please drop a comment below.
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Getting your rig up and running may not be that difficult to start, but you may soon realize that there are a lot of things running in Windows 10 that do not need to be a part of your mining experience or may cause unexpected results. For instance, things like Cortana and OneDrive serve no purpose. Additionally, Windows Update may reboot your system in the middle of the night without warning. Getting Windows setup properly for mining is not difficult and here are some of the more common things you should consider.
Managing your mining machine is much easier when you can do this remotely. There are a number of ways to do this with 3rd party software (TeamViewer), but if you are going to manage your machine from your local network, Remote Desktop is hard to beat.
Out of the box, Windows 10 configures itself for a Balanced power plan. Balanced automatically balances performance with energy consumption on capable hardware. In other words, it will sleep, hibernate, etc.
For those of you that are trying to squeeze every ounce of performance you can from your video card to mine cryptocurrency more effectively, modifying your BIOS can prove to provide some very noticeable performance gains. Flashing your GPU can result in catastrophic failure if you do it incorrectly or the process is interrupted prematurely, so proceed with caution.
Lets see how to choose the right hardware and build a universal mining rig for the Dagger Hashimoto (Ethash) algorithm for such coins as Ethereum, Ethereum Classic, Callisto, Metaverse, Expanse, Equihash 144.5 (Zhash) algorithm for Bitcoin Gold, Cockoo algorithm for Aeternity, Grin, Cortex, KAWPOW algorithm for RavenCoin, BeamHash for Beam and MTP for Firo (Zcoin). Unfortunately for rig owners, ASIC miners have killed the GPU mining of Equihash algorithm in 2018. The same story has happened with Nervos CKB recently.
We are going to build a rig using eight graphics cards, either NVIDIA or AMD. Eight is the perfect number in this case, as Windows works well with 8 GPUs, and motherboard with slots for 8 GPUs dont cost that much. You can always buy a motherboard with slots for up to thirteen cards, but its price is higher than the eight slot version, and youd have to install Linux to use it. Thats why we recommend 8 GPUs.
We recommend NVIDIA GPUs as they are more flexible. They could perform well on many mining algorithms. AMD GPUs are suitable mostly for Ethash coins such as Ethereum. We also recommend buying GPUs with 8GB memory or more as Ethereum DAG file size is constantly growing.
Have a look at the quality-price ratio when choosing your video cards. Feel free to contact 2Miners support for a piece of advice. By default you could purchase NVIDIA RTX 3060 Ti this is a good option for beginners: there are many brands to choose from, and these cards are universal, so they work on Ethash, Equihash 144.5, BeamHash, Cockoo and MTP algorithms. However, CryptoNight mining usually operates better on AMD GPUs. Do not combine AMD and NVIDIA GPUs on the same rig if you choose AMD, then buy 8 AMD GPUs, if you select NVIDIA, then buy 8 NVIDIA GPUs. NVIDIA 1060 3GB is not very popular nowadays. To find out why read our post Ethereum mining with GTX 1060 3GB cards: Stopped Mining ETH & ETC.
Motherboard: GIGABYTE B365 HD3 starting from $85. Go to your nearest computer store or order one at Amazon/eBay. Caution, we dont recommend buying a used one. B365 has slots for up to six GPUs and two M2 slots, which can be used to add two more GPUs through M2 to PCI-e adapter a total of 8 GPUs.
CPU: $62. You could easily choose the cheapest processor with an LGA1151 socket it doesnt matter for mining. We recommend buying a box edition. First, the box edition includes the fan. Second, the box version warranty period is usually longer. Please note that MTP algorithm usually requires a better CPU and the cheapest version of Celeron is not enough. You could also consider buying a better CPU if you want to use it to mine CryptoNight for example together with GPU mining.
Hard Drive: $20. We strongly recommend SSD. Faster boot time, higher operation speed its excellent, so dont skimp on it! Wed recommend 80GB SSD, just to make sure, but even with 60GB SSD, you are good to go. If you run some Linux mining distro like RaveOS any sized of SSD would meet your requirements.
RAM: $17. DDR4 only. We usually use Kingston and hope for the best has never let us down yet. One 4GB RAM-card would be enough its not essential for mining. However, MTP algorithm usually requires more RAM. Please consider buying some more if you plan to mine Zcoin.
Power supply units: $360. We recommend good-quality Corsair TX750M three units will be more than enough for one rig ($120 each PSU). Thats true; many prefer some 1600-watt no-name Chinese magic PSU. But it works, they say. We didnt check though. Three TX750M units for 8 GPUs: you can easily connect any eight GPUs you want using cables included in Corsairs package, plus youll end up having some extra power left.
M2 to PCI Adapters: $9. You need two adapters for one rig, $4.5 each. They are made in China and are somewhat problematic. Some batches can be okay while others, every second or third adapter is not working correctly.
Dual Power Supply Adapter: $20. Two adapters for one rig, $10 each. The ones weve chosen are with cables. You may also put in a paper clip thats free, or, if you use a powerful Chinese PSU (one for all your GPUs), you dont need these adapters at all.
BIOS: Launch your rig, go to BIOS and update it to the latest version, which is F4A at the moment. You can download it on the Gigabyte website. To install BIOS, put the file with the newest version to a USB flash drive. If BIOS update seems hard for you just skip this step. The motherboard should work well even with the factory firmware.
Windows: Install Windows 10 64bit, go for the default installation, disable whatever you dont need. Set up an Internet connection and download motherboard drivers from the official website. Go ahead and install all the drivers offered by Gigabyte.
Installing GPUs: Depending on your graphics cards, download either Nvidia or the AMD driver. Install the driver, reboot the rig and check if everything is working correctly. Then reboot the rig once again, go to BIOS and adjust the following setting: change Above 4G Decoding state to Enabled.
Turn on the rig and wait, for a long while. Windows is going to detect your GPUs one by one. You might see a black screen, but dont worry, its okay Windows is just doing some hard thinking. In the meantime, if you installed TeamViewer, you may keep an eye on your rig. To do this, just go to Windows Device Manager.
With AMD GPUs there may be a more complicated issue: cards were installed correctly, but each of them has an exclamation point next to it. AMD atikmdag Patcher can help. Click on Yes, and after reboot, the problem is solved!
Watchdog: Connect Watchdog to the Reset and Power connections on your motherboard, so that the timer can reboot or turn on/off your rig. The two images below show the same thing, the only thing that changes is the coloring of wires.
Then install the Watchdog driver and program, which you can find on the official website click here for the driver and here for the program. Enable Autostart for the program, and adjust the monitoring settings enable network monitoring and type google.com, then enable process monitoring as well, typing in cmd.exe.
Prevent your system from going to sleep using power settings. Youd better do it after you have done all the rest, since it may return to default settings when you install GPU drivers. Accessing power settings is easy: Win -> Settings icon -> The first menu entry (System Settings).
If you are planning on overclocking your GPUs, we recommend installing Afterburner. We use MSI Afterburner. For AMD GPUs youll need the latest beta version. You are going to adjust all the graphics card settings at your own risk when in doubt, feel free to contact 2Miners on Telegram or Slack for advice.
Mining software: If you are going to have more than one rig, you could use some controlling software like Awesomeminer. If you dont need it, then just install PhoenixMiner or Claymore, following the instructions on the How to Start page of Ethereum mining pool.
The 2Miners pool co-founder, businessman, miner. In 2017 started mining cryptocurrencies and built many rigs on his own. As a result, he gained lots of practical knowledge and became interested in sharing it with others. In his articles on 2Miners, he shares useful tips that he tried and tested himself. For example, Darek gives advice on how to buy hardware components for the basic mining rig and how to connect them to each other correctly. He also explained lots of complicated terms in simple words, such as shares, mining luck, block types, and cryptocurrency wallets. After the pool was launched, he published a series of articles Crypto Mythbusters where he explained how to protect the network against 51% attack, talked about cryptocurrency mining difficulty and difficulties of launching your own node.
If you have ordered a miner that comes with a predefined method of connecting to the network the process can sometimes be quite difficult. For example the Antminer U3 63 GH can be quite tricky to get up and running as it requires you to download drivers and run CGMiner yourself later versions of CGMiner have reduced the complexity of this process.
With the BitMain Antminer S1, S2 & S3 there are also some difficult steps to be followed mostly to do with defining IP addresses and switching IP address protocols which can mean logging into your own router to find out what address the miner has been signed (quite daunting for some) with instructions assuming a high level of knowledge by the user with a lot of basic information lost in translation.
However in terms of simplicity Spondoolies tech is probably the most user friendly in terms of set up. Miners such as the SP20 and SP10 can be plugged into your router, and after following five sets of simple and clear instructions can be up and running in five minutes.
Another key point to remember is the power supply you are using. Some miners come with their own internal power supplies, whilst some have to be bought external PSU (power Supply Units). These units have to be bought with the requisite power to coincide with that of the mining chips. For example the Spondoolies tech SP20 needs 1200 Watts of power with a 10-20% margin so two corsair 750W PSUs will be more than ample.
All you need to do is complete the circuit for the PSU allow electricity to flow and as they were designed to power motherboards this means tricking the PSU into thinking it is plugged in normally, or shorting the 24 pin motherboard attachment. Simply take the largest (24 pin connector) and put a paperclip from the green wire to any one of the black wires and you will have completed the circuit and the PSU will now switch on. The voltage is extremely low so there is no need of insulation or worry of electrocution if the wires are bare.
Also remember that if the unit you are buying doesnt come with a PSU this can become quite a significant part of the initial capital outlay. For example the SP20 in Dec 2014 could be bought for $500 with two corsair power supplies costing $200 dollars or so. When calculating your returns and investment metrics be sure to include your full costs.
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So, in the most basic scenario, you dont really need to set up a mining PC. Just turn on the PC that you already have, install one of themining appsfeatured on our website, and you can start mining Bitcoin in minutes.
For most people, mining with CPU is not going to work, as most CPUs are very slow when it comes to mining, plus they are not scalable- motherboards are allowing you to attach as many as 20+ GPUs, while motherboards supporting more than one CPU are a rarity.
Still, there are some newer CPUs that are performing very well at mining. For example, theAMD Ryzen Threadripper 1950X comes with 16 cores, 32 threads, and an amazing 32MB L3 cache. Some tests are even showing this CPU performing twice betterthan GTX 1080 Ti at mining some cryptocurrencies like Monero.
We already mentioned one very good reason- and thats scalability. Being able to attach multiple GPUs is a strong factor for any semi-serious mining operation. But theres more- even an average GPU is 10x better at mining than an average CPU. And heres why:
The CPU and GPU have different purposes and architecture. The CPU consists of a small number of cores and is good at solving complex tasks as well as switching between them. On other hand, the GPU consists of much more cores that are dumber, yet there are so many of them that they can join and do a lot of parallel work.