Self assembling of hardware for bitcoin mining

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ANYONE can contract board work, if he can do the layout himself. There are several board layout programs that will let you do this. There are plenty of board manufacturers that produce your boards, if you do the layout and send it to them. Some will even check your work to make sure it will work, for an extra fee, if you tell them your intentions. Signed contracts will keep your stuff safe from duplication. And if you keep some information to yourself, such as the finished product, it will keep it even safer. All you need is the pin-outs of the chips you are going to use, know how to write the firmware for it, and there are some sellers/resellers that will sell you their mining chips (ASICs I mean). If they do sell them to you, they will surely give you the information on how to hook them up (pin-outs), or they would be useless to sell.

It IS true that actually having an ASIC made will be more than difficult, but if THEY can do it, so can you. Right now (11-2013), there are...

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The best Bitcoin mining hardware has evolved dramatically since 2009

At first, miners used their central processing unit (CPU) to mine, but soon this wasn't fast enough and it bogged down the system resources of the host computer. Miners quickly moved on to using the graphical processing unit (GPU) in computer graphics cards because they were able to hash data 50 to 100 times faster and consumed much less power per unit of work.

During the winter of 2011, a new industry sprang up with custom equipment that pushed the performance standards even higher. The first wave of these specialty bitcoin mining devices were easy to use Bitcoin miners were based on field-programmable gate array (FPGA) processors and attached to computers using a convenient USB connection.

FPGA miners used much less power than CPU's or GPU's and made concentrated mining farms possible for the first time.

Today's modern and best bitcoin mining hardware

Application-specific...

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Last updated: 26th November 2013

There are three main categories of bitcoin mining hardware, each more expensive and more powerful than the last. This guide to setting up a bitcoin miner explains each of them, and talks about how to make them work.

By this stage, you will understand how bitcoin works, and what mining means. But we need to get from theory to practice. How can you set up a bitcoin mining hardware and start generating some digital cash? The first thing you're going to need to do is decide on your hardware, and there are two main things to think about when choosing it:

Hash rate

This is the number of calculations that your hardware can perform every second as it tries to crack the mathematical problem we described in our mining section. Hash rates are measured in megahashes, gigahashes, and terahashes per second (MH/sec, GH/sec, and TH/sec. The higher your hash rate (compared to the current average hash rate), the more likely you...

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If “mining” sounds like a process which extracts value from Bitcoin, nothing could be further from the truth!

Miners are the backbone of the Bitcoin network:

Without miners, the network would collapse and lose all value.

The role of miners is to secure the network and to process every Bitcoin transaction.

Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin’s famous “blockchain”).

For this service, miners are rewarded with newly-created Bitcoins and transaction fees.

The Blockchain

To understand mining, it’s first necessary to understand the Bitcoin blockchain.

It works like this:

All Bitcoin transactions are recorded in the blockchain, in a linear, time-stamped series of bundled transactions known as blocks.

The blockchain is essentially a public ledger, which is freely shared, continually updated and under no central control.

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One of the biggest problems I ran into when I was looking to start mining Bitcoin for investment and profit was most of the sites were written for the advanced user. I am not a professional coder, I have no experience with Ubuntu, Linux and minimal experience with Mac. So, this is for the individual or group that wants to get started the easy way.

1. Get a Bitcoin mining rig

Bitcoin mining is a very competitive niche to get into. As more and more miners come on board with the latest mining hardware the difficulty to mine increases each day. Before even starting out with Bitcoin mining you need to do your due diligence. This means you need to find out if Bitcoin mining is even profitable for you.

The best way to do this is through the use of a Bitcoin mining calculator. Just enter the data of the Bitcoin miner you are planning on buying and see how long it will take you to break even or make a profit. However, I can tell you from the get go that if you don’t...

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If you are looking to mine Bitcoins or Litecoins with Minergate pool, here are some useful instructions from the member of our team Janika.

Hello! My name is Janika and I am very fresh in the world of cryptocurrency. I have never tried to mine one of the “major” cryptocurrencies and today I want to prove you that it is not that difficult even for a novice. Just put your mind to it, I will do my best to help you.

Ready

First of all, you need to know that your mining performance will depend on your hardware. Litecoin and especially Bitcoin require powerful resources to be mined profitably.

There are several possibilities to choose from. First of all, you can use the hashing power of your CPU (central processing unit) or GPU (graphic processing unit), by which I obviously mean graphics card. It is safe to say that you will get better results using the latter, but of course you are free to experiment.

The third option appeared in...

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Bitcoin mining is the process of confirming transactions on the Blockchain. Miners or a mining pool are rewarded a set amount on the completion of each block. Note: Bitcoin mining can get very technical, please be sure you understand the basics of Bitcoin mining and transactions work before proceeding.

Be sure to do your own research into Bitcoin mining and its profitability. It would be a good idea to first use a mining profitability calculator to determine whether it is worth your while to persue mining. If you have abnormally low electricity costs, see a chance to profit on the cloud mining market or have access to a mining rig, it might be worth checking out.

Here are some ways that you can get into Bitcoin mining right away.

PROFITABILITY CALCULATOR

Checks numerous variables to determine whether your Bitcoin mining operation is profitable or not and gives you an estimate of potential earnings and barriers to profit. (i.e High electricity costs)

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Hey there,

I am going to try and answer your question, from a different perspective than just bitcoin mining.

What you are asking is, what kind of capital can I purchase with 130K to achieve maximum return on investment? The line of logic here is I can make the maximum amount of revenue by investing in the right kind of capital.

The answer here is that asking a bunch of miners, whose profits benefit from less competition, will always be don't mine go buy my coins. Now, there is truth to their logic but if you are dead set on being a entrepreneur more power to you.

That being said, wait until you see these new chips ship and what their return on investment is. The worst thing you could do is sink 130K into something that does not pay for itself.

With those kind of assets however, you could make a small fortune if you consulted /r/personalfinance. I think bitcoins are an attractive volatile purchase for your portfolio, but bitcoins are not the only...

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You probably know that mining is the only way that Bitcoin comes into the world. You buy them, you exchange them for something else, and you earn them or even steal them. You send them per global network like mail. Thousands of coins trade hundreds of transactions per single second. However, someone created every single Bitcoin in the past. It may be a huge data center with hundreds of coolers and chips, it might be a self-miner, or it may be a mining pool with thousands of members around the world. Every solved block creates 25 Bitcoins at a time. How much time does it take to mine at least one of them? That is an important question.

Factors

To answer this question, we need to understand what factors affect the duration of mining Bitcoins and its success.

We won’t discuss solo mining because until you have a lot of the latest ASICs, it’s almost impossible to solve a block. Even if you have the newest ASICs, it’s still too difficult.

That’s why we’re...

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Bitcoin mining is becoming a serious business.

This chart, from Bitcoin wallet service and block explorer Blockchain.info, shows the amount of computational power worldwide dedicated to Bitcoin mining — the process of maintaining the public ledger of all Bitcoin transactions, and of being rewarded new Bitcoins for participating in this process. In just the last few months, this amount has exploded:

BlockChain

The chart shows the number of "gigahashes per second" being processed on the Bitcoin network. A hash is a cryptographic function that takes a large amount of data and generates from it a much smaller number. This is done in such a way that a very small change in the original piece of data will result in a very different hash number. Hashes are thus used in cryptography to show that a piece of data has not been tampered with — if the data has been altered, it is easy to see this, since the changed message will...

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If you've ever wondered where Bitcoin comes from and how it goes into circulation, the answer is that it gets "mined" into existence. Bitcoin mining serves to both add transactions to the block chain and to release new Bitcoin. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The first participant who solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards incentivize mining and include both the transaction fees (paid to the miner in the form of Bitcoin) as well as the newly released Bitcoin.

Security of the Bitcoin Network

Bitcoin mining is decentralized. Anyone with an internet connection and the proper hardware can participate. The security of the Bitcoin network depends on this decentralization since the Bitcoin network makes decisions based on consensus. If there is disagreement about whether a block should be included in the block chain, the...

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With the appearance of cryptocurrencies a new opportunity to do business and make money has arisen. Mining not only allows to support the life of a cryptocurrency by processing transactions but also to have an additional source of income. But with a special approach the additional source may become the main one.

Before the appearance of specialized devices for mining users were working on their GPUs by mining cryptocoins and selling them in the exchange. Using GPUs for that purpose was expensive because to earn significant amounts of money you had to use a lot of GPUs and as a consequence a lot of power.

Mining business

Along with the appearance of ASICs came the possibility of mining Bitcoin in much more substantial amounts than with GPUs. ASIC is an Application Specific Integrated Circuit specialized for solving a particular task, which in our case is Bitcoin mining. These circuits are several times more profitable than GPUs because they consume much less...

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