Want to join the army of bitcoin mining? You should consider these things

Want to join the army of bitcoin mining? You should consider these things

In recent years, bitcoin soared to about $1190 from penniless, so many people have to be “free” bitcoin channels — “mining” quite interest, as individual miners, there are factors which need consideration and attention?

One

Difficulty

If you are from a well-known manufacturer to buy pre built mining equipment, he will put this machine or hash rate implementation of the calculation speed of mining details for you. This statistical data can measure the current bitcoin difficulty (find a hash is more difficult).

If the machine works well, the statistics can let you have a rough understanding of every 2016 blocks of mining difficulty will be changed once before the deadline, the current network difficulty is 460769358091.


 

Figure: bitcoin hash rate (February and March) vs difficulty

Two

electricity cost

Apart from those stealing electricity or electricity free people do not mention it, the use of electricity is mining rig must be in the cost of. A machine in order to calculate the rate of return on investment, the miners must perform performance in accordance with the power consumption of the number of hash partition tile.

Large mining equipment can use more resources of different types, such as hydropower and geothermal power, to offset the cost of electricity. Different place, electricity costs are not the same. For example, the average American electricity for 12 cents per kWh (equivalent to 0.83 yuan). In other countries, especially in India in the western region of our country, the power will be cheaper. 

 

Three

The cost of equipment

You can take anywhere from $500 to $2000 between the different price to buy a prefabricated mining machine, the price depends on its performance and its equipment is new or second-hand. In order to be able to return to this, you dig bitcoin must fill in you enough money in the machine, only after the back of this, you can start making profits.

The frame also consider what is to buy multiple machines, you will all mine are connected together, and ensure sufficient funds at any time convenient replacement parts.

Four

Time and maintenance costs

Like any computer always operation that factory accessories may fail, so bitcoin miners often require frequent replacement of the fan, because the equipment running situation is more serious fever.

In addition, the formation and maintenance of the machine can also help you understand the computer, know how to use the software, the command line (operating system, a command prompt work input), and to configure the wiring and replacement parts. Larger data facilities often hire staff to take care of those 24 hours a day, tens of thousands of running machine.

Bitcoin is not easy to join the game, for some machines, it may take a year or longer to let you can in the next time the difficulty. In addition, the machine must do maintenance work, you will be a great help to master technology.

In addition, some people just to support bitcoin mining network or with the participation of the mind, after all, bitcoin mining can also be a very interesting hobby.

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