There was a time when most of the world was unaware of cryptocurrencies. However, those times are long gone. Today, there’s a huge rush in terms of crypto investments and there’s even talk of cryptocurrencies eventually replacing money as we know it.
The best thing about cryptocurrencies is that you can create them as well through mining operations. If you thought crypto mining was something that only an elaborate facility with super computers could do, think again.
In this post, we’ll take you through the handiest tips for creating a crypto mining rig by keeping costs as low as possible without compromising on profitability. So, without further ado, let’s get this post well and truly started!
1. Storage
Before we start talking about the rig, it’s important that you know all about crypto storage, which are also referred to as crypto wallets. There are various ways to store your mined cryptocurrencies – you can either use physical storage devices aka cold storage or go all digital with hot storage. However, before you invest in a particular form of storage, you should consider the following things:
- Their compatibility with the crypto you want to mine: The cryptocurrency wallet you choose should be compatible with the crypto that you plan to mine. This goes for both cold and hot storage options.
- The pros and cons of the wallets: Cold storage options provide more security than hot storage. However, they are susceptible to being stolen or getting corrupted. On the other hand, hot storage options provide more convenience in terms of on-the-go transactions and remote accessibility. If you decide
2. Software
There’s a wide variety of mining software you can use for mining your preferred crypto. Most of them offer similar features. However, not all of them may offer compatibility with the same cryptocurrencies. Again, pick the software based on the crypto you want to mine.
3. CPU
Once you’ve got the software and storage all sorted out, it’s time to get down to the real deal, which involves the CPU, GPU, motherboard, case, power supply unit (PSU), and application-specific integration circuit (ASIC). Let’s talk about the CPU first.
If you’re reliant exclusively on the CPU for mining, you would need a top-notch CPU such as the AMD Ryzen Threadripper 3990X. A great currency for CPU mining is Monero, which has an ASIC-resistant design.
4. GPU
Many crypto miners also use GPU mining instead of CPU mining. However, GPU mining comes with its own set of challenges. If you want to mine multiple cryptocurrency coins every day, you’d probably need multiple high-end GPUs. AMD and NVIDIA both offer a wide variety of graphics cards.
We recommend going for the XFC Radeon VII if you’re just starting out. However, if you want more dramatic results, you should opt for something more powerful like the MSI GeForce RTX 3090.
5. Motherboard
Irrespective of whether you opt for CPU or GPU mining, you would need a compatible motherboard. A high-end motherboard is important for GPU miners, as such motherboards have multiple GPU slots, which will allow you to mine your chosen cryptocurrency more efficiently. Ideally, you should opt for a motherboard that has a minimum of 6 GPU slots. The MSI PRO Z390-A is an affordable yet feature-rich motherboard that’s perfect for new miners.
6. Case
The case is necessary for sheltering your motherboard, CPU, and GPU. If you’re on the lookout for an affordable option, we recommend checking out the ASTARIN 6 GPU mining case. But if money is no object for you, feel free to splurge on the Magnalium Alloy Mining Rig Case. If you’re pairing more than 6 GPUs, we recommend going for the latter.
7. PSU
A powerful PSU will help your rig run well for a long time. If you’re looking for a pocket-friendly option, check out the Thermaltake Toughpower 1500W. If you have more money to burn, the EVGA Supernova 1600 T2 would be a great PSU to buy. Simply put, you need a PSU that’s at least 80 Plus Gold rated.
8. ASIC
An ASIC is a small but incredibly powerful computer that is ideal for mining cryptocurrencies. However, you should only consider an ASIC if you’re rolling in money. Typically ASICs are expensive and would require you to spend thousands of dollars.