If you asked “How do you become a bitcoin miner?” 10 years ago we would advise you to install a special soft on your home or office PC, find the blocks and receive the reward. But was this issue interesting for the most people in 2009? Well, probably, not. No one took bitcoin seriously, and the situation changed fundamentally these days as well as BTC became an extremely popular cryptocurrency.
Table of content:
- Powerful equipment is above all
- Pools and their role in active mining
- Cloud mining as the way of passive income
- The friendliest countries for miners
The best equipment for mining
Processors and graphic chips are still used to generate cryptocurrency, but bitcoin has left behind all those coins that can be mined with the help of weak equipment. There are many people who want to earn without making efforts but the difficulty is increasing constantly, and farms, assembled from several rigs or even a pair of powerful ASICs, don’t meet the performance requirements.
The only thing, which can be recommended today for a newcomer, is to build a large mine based on hundreds of the newest models. If you have several million USD, you take a chance. But it's unlikely that people who have such finances are interested in the question "How do you become a bitcoin miner?" Our article will be useful for beginners, so let us tell you about the most powerful and relevant ASICs, since, as already noted, graphics chips are out of the question.
Here are the TOP-3 models of ASICs that are still relevant for BTC mining nowadays:
- Antminer S9. Its hashrate is 13.5 TH / s. The device operates at the temperature from +25 ° C to -40 ° C. The energy efficiency of the device is 0.1 Dg / Gh.
- Antminer S7. Hashrate equals 4.73 TH / s (+ - 5%). Power consumption is 1293 W, the minimum mains resistance is 11.6 V.
- Avalon 6. Hashrate of the device is 3.65 TH / s. The maximum power: 1200 W; Input voltage: not less than 11.6 V;
There are special online services that find ASICs by the certain features. You enter data as for the desired hash and the cost of 1 kWh in your region. The program will calculate your income per day, week and month and will do it in various fiat currencies and bitcoin. All this will help make the right choice.
It is not hard to imagine how much electricity these devices will consume if installed in dozens of copies. Of course, you need a separate building for such a mine with ventilation, optimal temperature and moisture level. The source of electricity - cheap, affordable and uninterrupted - is also the main condition for the normal operation of the mining farm.
Pools as the only opportunity for active mining
Even if you buy a pair of ASICs for solo mining, the pool is the only way to earn a stable profit in order to pay back the equipment as quickly as possible and save money when paying for electricity. There are hundreds of BTC pools. Moreover, you can independently make such a service yourself, but only in theory, because for its well-coordinated work you need not less resources than the organization of a mine or a data center.
The most reliable pools can be quickly found with the help of reviews, the time of their existence and the participants’ number. Not so long ago, miners preferred Slushpool, which had to close because of its mega popularity: the resource reached an unacceptable level of 50% of the world hash, which, according to the laws of the cryptocurrency world, upset the balance of the whole system. Nevertheless, a lot of pools continue to work, and that you only need to create a wallet, set up your equipment and mine together with other miners.
The more power you connect to the pool, the more part of the reward the service will pay to you. Most self-respecting pools generally do not accept participants with weak equipment, so reject the idea of “getting something”. For such purposes, there are faucets or other ways to earn bitcoin, for example, to receive payment for goods and services in the cryptocurrency or buy BTC on the exchangers.
Even if there are funds for the purchase of ASICs, not every user will agree to keep all this equipment at home or in the office. It is quite noisy and consumes much electricity. High tariffs, disability to monitor the work of the farm constantly and other reasons are not an excuse to abandon your goal. Cloud mining is the best way out. Instead of buying expensive equipment, you rent some power at a special service.
- The company that provides cloud mining buys equipment itself and makes all settings, pays for electricity etc.
- All information about technical characteristics, price lists, terms of contracts, etc. is provided on the official website.
- Clients of the company register on the website, then choose the required power level and conclude a lease agreement.
- It is logical that the greater contribution is the greater profit the miner gets: the same principle is laid down in the work of pools.
Cloud mining has a number of advantages:
- Start-up capital may be small
- Home power grid is not loaded
- The cost of electricity does not increase
- Possibility to receive not only BTC, but other coins
Mining in different countries: where is it advantageous to be a miner?
Mining is a relatively new type of earnings, so in many countries this activity hasn’t been determined by the law yet. Nevertheless, the authorities are wary of the emergence of mines and in some states mining farms work almost underground. The rate of income tax is also still under discussion almost everywhere. Someone argues for his high degree, others believe that this business needs to be developed and a discount should be given for miners.
China is the most attractive country for miners thanks to the cheap labor and electricity, the possibility to rent a building and other benefits. 60% of all capacities are here, but the Chinese government has already banned ICO and crypto exchanges.
Iceland is one of the most popular locations for farms. Cold climate and inexpensive electricity are advantages. In Europe the Czech Republic and Sweden are also leading, and in the US there are many farms in the states of Washington, North Carolina and Oregon.
In Russia, the cryptocurrency market is also developing. Farms appear on Sakhalin, Vladivostok, Novosibirsk, Kazan and other cities, and Irkutsk was called the capital of the Mining. The cost of 1 kW here is the lowest.
How do you become a bitcoin miner? As you can see, there are several answers to this question, and everyone has the right to choose the way that corresponds to the financial situation best and the expected results.