I have always been interested in cryptocurrency mining and has been researching on the internet since last year December on how to do that. Ready made mining rigs sold online are expensive (estimate 5K and above) which deter me from buying one. The other challenge was that I have never build a computer before and thus I did not know where to start from.
Recently, with the help of a friend who guided me, I built my own mining rig. The first step was to write down the shopping list on the things I need to build my own mining rig. The below cost a total of around 3K.
- Mining Motherboard
- Graphic Cards (Graphics Processing Unit)
- Mining Rack
- Random Access Memory (RAM)
- Central Processing Unit (CPU)
- Power Supply Unit (PSU)
- Computer Monitor
- Solid State Drive (SSD)
- Operating System (Windows 10)
I bought most of items at Sim Lim Square. Do ask for prices around a few shops and do your bargaining else you will end up being a carrot.
After purchasing the above items, I started assembling them. The most important items above necessary for mining are actually the mining motherboard, risers and graphic cards.
The Asus B250 mining expert is currently the most popular motherboard for mining cryptocurrency as it has a maximum of 19 PCI Express Slots for the graphic cards. The more slots you have, the more graphic cards you can attach them to and the faster (hash rate) you can mine cryptocurrency. I settled for the Asrock H110 Pro BTC+ as most shops have jacked up the price of the Asus B250 mining expert. Asrock H110 Pro BTC+ has 13 PCI Express Slots.
Here is the definition of a riser. As graphic cards are bulky, it is almost impossible to fit 13 or 19 of them into a motherboard. Thus, some brilliant guy came up with the idea of attaching the graphic card to risers and then plug the risers to the mother board PCI Express slots. You need the same number of these with your graphic cards.
A riser card is a board that plugs into the system board and provides additional slots for adapter cards. Because it rises above the system board, it enables you to connect additional adapters to the system in an orientation that is parallel to the system board and save space within the system case. – https://en.wikipedia.org/wiki/Riser_card
#3 Graphic Cards (GPUs)
Cryptocurrency mining uses the Graphics Processing Units in these graphic cards to process the transactions. The more GPUs you have, the higher your hash rate. In layman terms, it means you can process more shares when mining.
#4 Mining Racks
These are special crafted racks that you mount your graphic cards and those parts that you buy. It looks like a shoe rack. A mining rack is selling at more than a hundred dollars at Sim Lim Square and if you want to save money, you can use an IKEA shoe rack!
Depending on what you want to mine, there are many pools for mining cryptocurrency out there. I settled for mining Ethereum as it seems to be the trend right now and perhaps it is something I am familiar with as I bought some Ethereum via Coinbase previously. Some example of Ethereum pools are nanopool or etherpool etc. You can google and many of those will come up in your search results. Most pools implement a minimum payout threshold. I chose Ethermine as the minimum payout is 0.05 ETH.
You need a wallet to deposit the rewards (ETH) from the pool that you mine. I chose MyEtherWallet and the benefit is that you own a private key to your wallet. Unfortunately, Coinbase does not support ETH payments mined from mining pools (as stated in their terms and conditions).
Ethereum mining is fun and addictive. If you mine round the clock, each week can reap you a profit of USD 70 to USD 80. Based on my spending of 3K, I expect to break even in 6 months time. If you prefer not to mine and just to buy and sell Cryptocurrency, you can open a Coinbase Account which allows you to buy and sell Bitcoin, Bitcoin Cash, Ethereum and Lite Coin. (Read more here: How to Open a Coinbase Account)