MINING CRYPTOCURRENCY ETHEREUM BY- NITESH MAHESHWARI
Things you need to mine cryptocurrency • A free private database called a 'coin wallet'. This is a password-protected container that stores your earnings and keeps a network-wide ledger of transactions. • A membership in an online mining pool, which is a community of miners who combine their computers to increase profitability and income stability. • Membership at an online currency exchange, where you can exchange your virtual coins for conventional cash, and vice versa. • A reliable full time internet connection, ideally 2 megabits per second or faster speed. • A hardware setup location in your basement or other cool and air-conditioned space.
• A desktop or custom-built computer designed for mining. Yes, you may use your current computer to start, but you won't be able to use the computer while the miner is running. A separate dedicated computer is ideal. Do NOT use a laptop or gaming console or, as those devices are not effective enough to generate income. • handheld device to mine • The expensive part: an ATI graphics processing card (GPU) or a specialized processing device called a mining ASIC chip. The cost will be anywhere from $80 used to $600 new for each GPU or ASIC chip. The GPU or ASIC will be the workhorse of providing the accounting services and mining work. • Recommended: a house fan to blow cool air across your mining computer. Mining generates substantial heat, and cooling the hardware is critical for your success. • Personal curiosity. You absolutely need a strong appetite for reading and constant learning, as there are ongoing technology changes and new techniques for optimizing coin mining results. The most successful coin miners spend hours every week studying the best ways to adjust and improve their coin mining performance.
Components to build a right RIG for Mining • Mother Board- The main feature you are looking for in a motherboard is the number of GPU slots it has as this will determine how many graphics cards or GPU's it can fit - and in the end your total hashing power. BEST MOTHER BORAD Intel Motherboard 1150 Socket 6 GPU SLOT- 149 $ Intel Socket 1151 ASRock Motherboards 5 GPU SLOT- 149$
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Hard Drive -You need a hard drive to store your operating system and your software for mining.
SSD- SanDisk SSD PLUS 120GB Solid State Drive- 44.99$
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RAM - or Random Access Memory - this is a basic component in any computer is basically a scratchpad for jotting down calculations and recalling information quickly in a computer. 4GB should do the job. RAM- Kingston HyperX Fury 4GB 1333MHz DDR3 CL9 DIMM – Blue – 1150 Socket – 32$
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CPU- Intel Celeron G1840 Processor 1150 Socket- 49$
Most efficient GPUs for Ethereum mining. •
XFX R9 390x
The XFX will mine at 27.5 MH/s and costs around $550. At current prices and network difficulty, you can earn about $140 per month with this hardware. That does not include any costs you might have for electricity and the upfront cost of the hardware. •
Radeon R9 295X2
The Radeon R9 295X2 has by far the highest hash rate (46.0 MH/s) of the Ethereum GPUs on the market and will cost you $600. It has a power cost per day of about $1.44, a return per day of about $1.61 and a cost per MH/s of $13.04. This gives a return per year of $586.43. •
Radeon R9 HD 7990
A Radeon R9 HD 7990 will cost you $680. Its power cost per day is lower than the R9 295X2 at $1.08 but its hash rate is significantly lower at 36 MH/s. Its return per day is $1.29 while its cost per MH/s is $18.89, giving it a return per year of $469.40. •
Radeon RX 480
The Radeon RX 480 is most arguably the most economical in terms of cost and saving electricity. Its power cost per day is significantly lower than the two that I have mentioned at $0.4320. Its hash rate is 25.0 MH/s, meaning its cost per MH/s is $7.96. This gives a return per day of $1.21 and therefore a return per year of $440.91. Radeon RX 480 will cost you $199. •
Radeon RX 470
A Radeon RX 470 has a modest hash rate of 24.0MH/s. Its power cost per day is exactly the same as the Radeon RX 480 at $0.4320. Its cost per MH/s is $9.13, giving it a return per day of $1.15 and a return per year of $418.16. Radeon RX 470 will cost you $219.
• A PSU or Power Supply Unit - Power supply units come in many sizes. you need to sum up the power consumption of your GPU and all the other components and make sure your power supply has the capability to supply more! Best PSU -EVGA SuperNOVA G2 1300w 80 Plus Gold Power Supply FOR 6GPU – 189$
• A Case - you need to put all the components together. Support the blog by purchasing this mining rig open air frame case v3.0 – 90$
The best price that you can get for a full one rig is around $1,670
How much electricity one rig consume for mining? Most of the power consumption is used by GPU’s. SO, for calculating the power consumption is be totally depend on what kind of GPU you are using. For example -If you use R9 390 GPU which uses 275W and there's six of them in the rig connected to dual PSUs, so, 275 x 6 = 1650w 1KWh is amount of energy used by 1000W device in an hour. In this case – 1650W = 165 KW and multiply it by the number of hours in a month (24h*31d=744h/m). So, 165x744= 1227.6KWh in a month
In Italy EUR 0.203 per kWh 1227 X 0.203 = 249 EURO PER MONTH
Production calculator with one rig If we use Radeon Rx 480 GPU which is 200$ each So, 6 x RX 480 GPU=200 $X 6= 1200$ Each will produce Hash rate of - 25 MH/S. so 6 GPU x 25 MH/S = 150 MH/S Power = 110 w x 6= 660 Cost of electricity = EUR 0.2033 PER Kilo watt in Italy( depends where you live). So, with this calculation we will mine 3.50 Ethereum per month
How we can mine cryptocurrency? Once you have installed the operating system there are two ways you can mine: • Solo Mining - Solo mining means its you against the rest. If your hash is correct you win the block reward. But with a rig of 60 MH/s and a network hashing power of 1.2 GH you aren't going to get ether very often. The other issue is you have to download the blockchain for yourself. • Pool Mining - This is where you team up with other This is where you team up with other miners to reduce the volatility of your returns. This means whether you get 5 ether every 5 days or 1 ether every day. The advantage of this is you get a continuous stream of ether and you don't have to download the entire blockchain
How to connect to an Ethereum mining pool? Ethereum mining is best done by joining a mining pool so that there is a steady stream of Ether's into your wallet
Making sure you have an Address All you need is an address which you can get from the EthDev wallet - which is basically a nice interface to doing exactly the same process. The reason you need a wallet or address is to tell the pool where to pay your money!
Connecting to a Pool Now you need to download Ethminer which makes your GPU or CPU run the hashing algorithm that is integral to securing the Ethereum network through proof of work. Now that you have an ethereum address and you have installed and got Ethminer up and running you need to tell ethminer what to do - and this basically means telling ethminer to connect to your mining pool and telling the mining pool where to send your mined altcoins - your address Choosing an Ethereum mining pool can be a bit tricky and you can look at our guide here on how and why to pick them Now you are connected and mining you should start receiving ethereum to your address.
Thank you Nitesh Maheshwari