How to start mining Cryptocurrency and Bitcoin:
What'S going on you guys, my name is zach hartley and in this video i'm going to walk you through how to get started.
In Crypto mining, i'm also going to show you my setups and how much they cost to build.
So you can get a better understanding of what it might cost to get started.
Here is everything you need to know: let's go okay, so when it comes to crypto mining, there are, basically two different types of mining that you can do.
The first one is called GPU mining and the second one is called ASIC mining. Now, what we're going to start with is GPU mining.
This is usually the easier and the lower barrier to entry, and most people can kind of get started with their regular computer and I'm going to walk you through how to do that in one minute.
But what I want to do first is just explain: GPU mine, so GPU stands for graphics, processing unit and it's basically a component of your computer.
This is what it looks like right here on the bottom right side and it's kind of like a VHS-sized item and it goes into your computer.
And this specific component is what creates the image on your screen. And if you can get a better component or a better piece of this, it can render videos faster. It can give you better graphics for your video games.
It can help you display different animations. It can help you design buildings. It can help. You do a variety of different things, and one of those things is to mine, cryptocurrency, and so the better gpu that you can get the better you're gonna be able to mine cryptocurrency here is what my personal gpu mining rig looks like.
I currently have two graphics cards or gpus in this computer and you'll notice. It doesn't look like a regular computer in kind of a plastic or metal box. This one actually has kind of what we call an open frame to it and that allows for better airflow and it allows us to cool the graphics processing units faster and get better performance out of them.
And so this is the exact same components and pieces that would be on a regular computer. The only thing i've done is just bought the most powerful gpus that i can get and then fix them into an open frame like this, so that we can generate better airflow.
Now me personally, i currently have two 30 80 ti graphics cards. That'S what the gpu is called. It'S called a graphics card and i currently have two of them running and then underneath this is a motherboard and a power supply and a couple of fans to keep everything cold.
And then i have it connected to my tv so that i can see and program the miner to mine for different coins. Now, if you want to get started in gpu mining, there's a couple things you're gonna have to do number.
One is buy a graphics card. Now, if you have a high-powered gaming computer or a really good computer, just in general, you might be able to mine on that computer alone and you might not even need to go out and buy more graphics cards.
However, if you don't have a high-powered computer, the first thing you're going to need to do is try and find a way to buy these graphics cards now they are in pretty high demand.
So if you have a connection at a technology store – or you got an employee that works at one of these retailers – you it might be time to call them up or you can scour the online web and wait for new inventories to drop or you can buy Them use, but usually at a slight premium, and so you need to find a way to get these graphics cards and then what i did was i personally built a computer to operate those graphics cards.
So i built that computer that you saw there myself and then the last step is to download a mining software, and this is actually the easiest step and one of the easiest things to do, and there's two main softwares that i use number one is nicehash.
This is where i started, because it's the most user friendly and easy to set up, and then i transitioned over to t-rex minor this one kind of depends on what graphics cards you get. T-Rex miner could be a better option if they're low hash rate or if they are limited in any way.
But the first thing you need to do is just try and find some graphics cards. That'S usually the number one step and for me that was the most difficult now once you get that set up and let's say you had all of those pieces and you wanted to start mining or if you already have a gaming computer or a high powered desktop.
Well, then, what you can do is you can go to nicehash.com and you can actually calculate how much money you're gonna make. So this is what the website looks like and if you just go to check your profits and then you go manual selection, and so this is where you have to insert the type of graphics card that you are using.
So, for me, we are in canadian dollars because i live in calgary. Here is my current electrical rate and we're going to talk about this in one second. But this is what i am currently paying and i currently am using 3080 ti graphics cards and i have two of them on that setup.
And so, when we go to calculate here, it will show me that i am making 13.16 per day canadian after electricity costs on that unit, using the nice hash software. And so, if you have a gaming computer, all you have to do is go into your settings.
Figure out what kind of graphics card is already in that computer plug it in here, and this software will tell you exactly how much money you can make by mining on that computer alone or go out and see how much it will cost you to buy graphics Cards in your area, plug them into this calculator, and you can try and determine exactly how profitable it will be.
Then, once you've got this figured out and you've got your computer built. All you have to do is create an account and start mining. It will take over your computer and start mining as much cryptocurrency as possible in whatever is most profitable at the time and then nicehash will actually convert it into bitcoin automatically for you.
So it's a really really nice way to just slowly accumulate bitcoin. Now that was all gpu mining. The second type of mining that we're going to talk about in this video is called asic. Mining and asic stands for application, specific integrated circuit and basically, what it means is that this is a purpose-built machine for mining specific coins.
So remember in the last example in gpu mining we're basically building a high-powered computer that i could use for youtube or microsoft word or do anything else i want on that computer, but basically it's a super high powered computer.
When you buy an asic miner, it is all of the components that are needed to mine, that cryptocurrency and absolutely nothing else. This is a purpose-built machine specifically for mining cryptocurrencies.
It's not going to give you a display. It'S not going to give you something you can plug a mouse into. It'S not going to give you any of that, because it's all operated remotely and it's a little bit more of a complex system.
So this is kind of one step up on the complexity level and there's a couple more things that you're going to need to think about to get into asic mining, but we're going to touch on that in one second.
What i want to point out to you here is that this is what the big boys use is what all the big miners are doing right now, and this is what it looks like. So if you've seen my video, where i actually toured the hut 8 mining facility or if you've seen videos of any other mining facilities, you will notice that the majority of their operations are usually happening in these basically square silver boxes.
That kind of look like this, and that is asic mining. Those are all application, specific integrated circuit machines that are designed to only mine, pretty much one cryptocurrency. Now, if you want to get started in asic mining, it's nice because it's usually a little bit more profitable, but it is also usually a little bit more expensive and there's usually a couple more things you have to think about, but how to get started number one.
All you have to do is buy an asic miner again, you can buy them secondhand on facebook or kijiji or craigslist, or you can buy them direct from the manufacturer, or you can also buy them from a wholesaler me personally.
I'Ve been buying from a wholesaler that is located in the us, because that way, i don't have to deal with anybody in china. Everybody speaks my language, they offer a warranty and i'm only sending my money to the us.
So there's a little bit more legitimacy there and they have a background and a reputation that i can rely on the company that i use for that is blockwear solutions and, if you're interested in checking them out, here's the link to it.
But if you are interested in this, you have to buy the asic miner find some way to get it. Then you can set it up at your home or maybe at your work or your office or somewhere else, and then you can start mining.
There'S a small setup process depending on which unit you buy, but so far it looks extremely extremely simple. Now here are the things that you're going to need to consider, because i am going through all of this right now.
I'Ve just purchased an asic miner. It'S actually supposed to arrive in the next couple of days here, and here are the factors that i have to consider number one is power. A lot of these asic miners now require 240 volt power, which means you can't just plug it into a regular wall outlet.
You may need to bring an electrician in and get a specific outlet for this miner. Second thing here is noise. Now, i'm personally going to be mining bitcoin using a bitmain miner, and the noise coming out of this machine is going to be significant.
So i've actually put it in my garage that is separate from my house and a little bit insulated so that hopefully none of the neighbors hear it and i won't hear it from the house. But that is something to consider you're not going to operate an asic miner in your office.
It also produces a lot of heat, so you need consistent airflow. You need to be able to ventilate that room and that machine you're also going to need to plug ethernet into it. So you do need to have an internet cable that can go directly to that machine, and so there is a whole lot more.
That comes with running an asic miner compared to a gpu miner, now other solutions, if you want to get around some of those problems that i just brought up, the best solution that i have found is hosting, and this is basically where you buy the machine and You have somebody else run it operate, it power it for a small fee, and then you get to collect anything that is mined.
This is really really nice because you don't have to worry about the power. The heat, the ethernet anything like that it kind of eliminates all of the headache, and this can be a great option if you pay a high electrical fee.
So, for instance, if you pay a lot in electrical bill per kilowatt hour, you might be able to reduce your electrical bill by paying somebody else to host your machine and that difference could offset the cost for them to actually host it.
And so you might be better off having somebody else host your asic machine if your electricity rates are high. For me, my electricity rate in calgary alberta is extremely low, so i can actually usually get my electricity rate at a lower rate than the hosting rate, and so usually it's better for me to just buy the machine myself, which is exactly what i've done, and so Here is my cost.
The gpu miner that i have set up in my house cost me fifty five hundred dollars. It has two gpus on it. There are 30 80 ti graphics cards and i built it myself, and so the cost on this was 5500 it'll pay itself back in just over one year now, my asic miner was roughly 13 000 canadian.
I bought the s19 pro 100 terra hash. I had to install a 240 volt outlet also had to buy a power distribution unit and it has its own room to mine in and so there's a lot more things that i have to think about with regards to the asic miner, but in total this is What i've spent on mining so far? Okay, now electricity.
I think this should have its kind of own section here because it's super important. I changed my electricity rate to a three-year plan at 0.067, Canadian dollars per kilowatt hour, which means for every kilowatt hour.
I use it cost me about 6.7 cents to power that kilowatt hour, and so my GPU miner currently costs about a dollar 12 per day, and my ASIC miner currently costs about five dollars and 30 cents per day as soon as it arrives.
Now, if you want to see any more about my gpu miner, i did a full diy video on it about how i built it, and then i did a full breakdown of the roi on that machine. Crypto prices were a little bit higher at that point.
So i think it's a little bit lower since this video, but this will give you a great idea of what the roi looks like and how much money you can actually make from crypto mining. So i highly suggest you check these out i'll, put a link up here right now and i will also link them at the end of this video.
But if you are also interested in learning how to trade and invest in cryptocurrency and bitcoin and you're just getting started, definitely check out my crypto course. It is completely free and it's hosted on skillshare there's over a thousand students that have already gone through the course, and it's only three hours long.
So if you have three hours to spare at any point in two weeks, sign up with the link down below cancel the subscription in under two weeks, and you won't pay a single cent for it. I promise you it'll be the best free resource that you can find online now, if you get any value out of this video, remember to click that like and subscribe button.
I sincerely appreciate it and we'll see you on the next one. Good, luck! Trading! Good luck! Investing good luck, mining and we'll see you in the next one talk to you soon.
Source Link: https://www.youtube.com/watch?v=OYJhVY79yZc