Getting Started: Cryptocurrency Mining

Getting Started: Cryptocurrency Mining

You’ve probably heard many people gossiping about crypto-currency lately. In fact, it may already be a buzz word programmed into your mind. Thanks to the media; Bitcoin, Ethereum, Bitcoin Gold, and Bitcoin Cash are amongst the most mentioned of all digital currencies. So, what exactly is it and what purpose does it serve?

To simply put it, each type of crypto-currencies has their own set algorithm (complex mathematical formulas) and they are uniquely created to solve existing issues in our fiat currencies. Each of these currencies operates on a decentralized system and contains their own public ledger that must be verified by all connected computers for every transaction. This is a good feature because it prevents money laundering and anyone who tries to cheat the system. Of course, the banks dislike the decentralization because it elevates their financial power and re-entrusts it to the people. By now, you’d most likely read or heard news on various countries and banks attempting to banned trading of various crypto-currencies. This is in fact a desperate attempt to halt crypto-currencies progression, but it’s already too late to stop its growth.

However, that is not why we’re here today. We shall leave the political aspect of crypto-currencies and concentrate on how you could get started on mining them. It’s not rocket science, and anyone could do it. When you mine for any crypto-currency, you are actually processing transactions within the public ledger. I believe a congratulation is in order, as you’re one step closer to being your own bank.

Here’s how you get started. Below, I’ve posted computer parts and its quantity to help you jump-start on your mining venture. Pleases note that, for every 6 GPU that you purchased, then you need to add an addition power supply (the first item from the left). Also, you should start with NVIDIA cards as the mother require you to install those first.

Without further adieu, here is the list of PC parts:

3X
1X
1X
2X
1X
8X
11X
2X

As you can see from the diagram on the left, we are aiming for this setup. We do recommend NVIDIA GPU over AMD where possible, since they are much more efficient when it comes to power consumption.

Now then, proceed to unpack your components and install them according to the provided manuals. Once you’ve completed the assembly, then you’ll need to install an operating system (Windows 10) onto your mining machine. That’ll probably take about 20 minutes to complete.

Alright, on to the next step, you’ll need mining software. We recommend using NiceHash for beginners and veteran alike. Download and install version 2 (not the Legacy), the one that says NVIDIA on their website (the more beautiful looking one).

*Note: After you’ve installed NiceHash, make sure you’ve enabled Autostart mining in Configuration menu.

Should you successfully acquire all the components mentioned above and the quantity specified, then you should get similar mining rates as the below chart (based upon the network difficulties at this point in time and with an exchange rate of 1 BTC = ):

1 DAY
1 WEEK
1 MONTH
GPU
INCOME
0.00148981 BTC
0.01050872 BTC
0.05741812 BTC
0.00165905 BTC
0.01182810 BTC
0.05908486 BTC
ELECTRICITY COSTS
0.00052283 BTC
0.00370396 BTC
0.01590199 BTC
0.00076195 BTC
0.00543089 BTC
0.02333930 BTC
PROFIT
0.00096698 BTC
0.00680476 BTC
0.04151613 BTC
0.00089711 BTC
0.00639721 BTC
0.03574557 BTC
TOTAL
0.00186409 BTC
0.01320197 BTC
0.07726170 BTC
COMBINE

 
 

We’ve finally reached the fun part of the setup. This will make or break your mining. If you’re unsure, then just skip this part of the setup.

What we’re going to do now, is to download MSI AFTERBURNER. This software will allow you to tweak your GPU for more efficient mining. Please note that each time you apply new clock setting, you’ll need to allow your mining software to run for at least 5 minutes to determine its stability.

You reference the diagrams below to start calibrating your GPU:

It’s been quite a journey but we’re nearly done, just two more things to configure and then we’re all set.

The first thing we’re going to do is to download Chrome Browser and Chrome Remote Desktop app. This will allow you to remote control your mining rig from virtually anywhere. Follow the simple onscreen instructions to set both of these up. Restart your computer and test out the remote app from your mobile phone or another PC with the same app installed.

Last but not least, we’re going to setup automatic logon to windows and have NiceHash launch on startup.

Press Windows+R keys combination on your keyboard and type in shell:startup and copy your NiceHash shortcut to this folder.

Press Windows+R keys combination again on your keyboard then type in netplwiz and unchecked the “Users must enter a user name and password to use this computer” and follow the on screen instructions, then click OK and you’ll be prompted to restart computer.

That’s all folks!