If you are new to the world of mining and what it exactly does and how can your earn money from it, here is a starter kit to understand everything and an example rig to get started with your own mining setup.
PLEASE NOTE I AM NOT AN EXPERT. I have just started mining myself and based on what I have learnt so far, I am sharing this with people who wish to get into mining.
WORD OF WARNING
Be prepared to lose all your money if it comes to that. This is a volatile, decentralized and deregulated world. If you lose, you have nowhere to complain. Only risk the amount of money you may be prepared to lose in its entirety.
A. HARDWARE (This is my rig, as an example for starters)
6 x 1050Ti Zotac 4GB (Smaller one with Single Fan)
1 x ASUS B250 Mining Expert Motherboard
1 x Cooler Master 850 Power Supply 80+ Gold
1 x 4 GB DDR4 Corsair Value Plus RAM
1 x 120 GB Transcend SSD
6 x Power Riser PCIe Cards (You will attach your Graphic Cards on these riser cards. You cannot attach 6 GPUs on a motherboard)
Total Approximate Value ~ INR 1.2 Lacs
I would suggest you ask your local retailer to source these parts for you since buying online will be expensive. Most prices are pumped due to interest and demand. For Eg. I got 6 PCIe Riser Cards at Rs. 650/each. On Amazon the MintCell 6 pack cards are selling for Rs. 8000!
B. ELECTRICITY COSTS
Total Drawn Wattage: ~600 watts (You can get an estimate of this on in.pcpartpicker.com)
Calculate your unit rates from your electricity bill. Residential is always cheaper than commercial (which is usually double the cost)
Calculate the number of Units drawn by your setup like this (this is an example from city)
(600 watts x 24 hours x 31 days)/1000 = 446.400 Units x 4 Rs = ~ Rs. 1785 / month (Divided by 1000 because 1 unit = 1000 watts)
Note - Rs. 4 is the kWh rate or 1 unit, which means Rs. 4 for 1000 watts every hour.
On whattomine.com, you put your kWh rate in USD ($) to calculate cost, revenue & profitability (Eg. Rs. 4 = $0.06/kWh)
C. SOFTARE
Windows 10 Pro x64 (*If you are uncomfortable with other Operating Systems, just use Windows, it's completely fine. The aim is to mine and not end up fiddling with OS and codes)
Other popular OSes for mining -> Ubuntu, Simple Mining OS
Mining Software
NiceHash
If you are an absolute beginner, use NiceHash Miner. The software will benchmark your rig and tell you how much you can earn per day from your setup and mine for you. Very user friendly. Just keep the NiceHash miner on all time and you start receiving Bitcoins in your NH wallet. You need to sign up on their website.
Pro Miners
Once you begin exploring the world of crypto mining, you can start using dedicated miners to mine specific currencies. To mine using these software, you will need to join mining pools. Simply search on Google for the mining pool of the currency you want to mine. There will be multiple. Some require sign up.
You can download the respective miner depending on your GPU (NVIDIA or AMD)
THINGS TO NOTE
1. You need to be patient with mining. Don't expect to become a millionaire in a year.
2. You will need months to break even on your setup
3. Use the official currency wallet for mining. Do not use Exchanges or exchange addresses.
IMPORTANT
Let your crypto currencies accumulate until you absolutely need to withdraw. Withdrawal/deposit/transfer transactions incur a network fee, which although is in decimals, you will never realise you have lost a lot of money just by transferring your currencies here and there.
For Eg. the usual withdrawal fees for Bitcoin is 0.00100000 BTC, which seems a very small number but when converted to Indian Rupee at the time of writing this post, is Rs. 853.
Good luck and Happy Mining! If you have questions I will answer them to the best of my knowledge. Experts are welcome.
PLEASE NOTE I AM NOT AN EXPERT. I have just started mining myself and based on what I have learnt so far, I am sharing this with people who wish to get into mining.
WORD OF WARNING
Be prepared to lose all your money if it comes to that. This is a volatile, decentralized and deregulated world. If you lose, you have nowhere to complain. Only risk the amount of money you may be prepared to lose in its entirety.
A. HARDWARE (This is my rig, as an example for starters)
6 x 1050Ti Zotac 4GB (Smaller one with Single Fan)
1 x ASUS B250 Mining Expert Motherboard
1 x Cooler Master 850 Power Supply 80+ Gold
1 x 4 GB DDR4 Corsair Value Plus RAM
1 x 120 GB Transcend SSD
6 x Power Riser PCIe Cards (You will attach your Graphic Cards on these riser cards. You cannot attach 6 GPUs on a motherboard)
Total Approximate Value ~ INR 1.2 Lacs
I would suggest you ask your local retailer to source these parts for you since buying online will be expensive. Most prices are pumped due to interest and demand. For Eg. I got 6 PCIe Riser Cards at Rs. 650/each. On Amazon the MintCell 6 pack cards are selling for Rs. 8000!
B. ELECTRICITY COSTS
Total Drawn Wattage: ~600 watts (You can get an estimate of this on in.pcpartpicker.com)
Calculate your unit rates from your electricity bill. Residential is always cheaper than commercial (which is usually double the cost)
Calculate the number of Units drawn by your setup like this (this is an example from city)
(600 watts x 24 hours x 31 days)/1000 = 446.400 Units x 4 Rs = ~ Rs. 1785 / month (Divided by 1000 because 1 unit = 1000 watts)
Note - Rs. 4 is the kWh rate or 1 unit, which means Rs. 4 for 1000 watts every hour.
On whattomine.com, you put your kWh rate in USD ($) to calculate cost, revenue & profitability (Eg. Rs. 4 = $0.06/kWh)
C. SOFTARE
Windows 10 Pro x64 (*If you are uncomfortable with other Operating Systems, just use Windows, it's completely fine. The aim is to mine and not end up fiddling with OS and codes)
Other popular OSes for mining -> Ubuntu, Simple Mining OS
Mining Software
NiceHash
If you are an absolute beginner, use NiceHash Miner. The software will benchmark your rig and tell you how much you can earn per day from your setup and mine for you. Very user friendly. Just keep the NiceHash miner on all time and you start receiving Bitcoins in your NH wallet. You need to sign up on their website.
Pro Miners
Once you begin exploring the world of crypto mining, you can start using dedicated miners to mine specific currencies. To mine using these software, you will need to join mining pools. Simply search on Google for the mining pool of the currency you want to mine. There will be multiple. Some require sign up.
You can download the respective miner depending on your GPU (NVIDIA or AMD)
THINGS TO NOTE
1. You need to be patient with mining. Don't expect to become a millionaire in a year.
2. You will need months to break even on your setup
3. Use the official currency wallet for mining. Do not use Exchanges or exchange addresses.
IMPORTANT
Let your crypto currencies accumulate until you absolutely need to withdraw. Withdrawal/deposit/transfer transactions incur a network fee, which although is in decimals, you will never realise you have lost a lot of money just by transferring your currencies here and there.
For Eg. the usual withdrawal fees for Bitcoin is 0.00100000 BTC, which seems a very small number but when converted to Indian Rupee at the time of writing this post, is Rs. 853.
Good luck and Happy Mining! If you have questions I will answer them to the best of my knowledge. Experts are welcome.
Hi,
How much Mh/s u r getting from your 1050Ti Rig ?
Regards.