Hi Everyone!
I am thinking about jumping on the Bitcoin train as its leaving the station...
From my research it seems I need;
Antminer S9 (or multiple)
AP3++ PSU
UK Kettle Lead
Ethernet Cable
Join a pool (Slush Pool?)
Mining Software (BFGMiner?)
A wallet (
?)
I assume I plug the Ethernet into my Router and then connect to the unit via IP address to install software or is the software install on my laptop?
Is that is? From what I've read its fairly automatic, plug it in and away it goes.
From what I understand I need to factor in high energy usage, big upfront layout for hardware and the risk of the market for BTC crashing? Anything else I have missed apart from difficulty increasing?
Thank you for reading and any replies.
On first read you have more or less all you need, but you have to consider a bit more things bevor investing in several S9 in my opinion.
- As allready mention the power consumption is high. About 1350 Watt per hour. While this is not such a big problem if its only 1x S9 it is when you want to setup several at home. Let's say you want to have 5, makes ~ 6.750 Watt per hour and not all home circuits are fit for such usage, having in mind you use other electrical items too. Have as well in mind that you electricity bill will come in most cases bevor you cashed out whatever. 6.750 Watt per our, 24 hours a day, 7 days a week, due the math how much you bill will be monthly.
- Allready mentioned, heat, S9's are the hottest of all i have so far. Coolest i get them without much afford is 60C, if you are not ventilated they will go easy over 75C in no time. No idea where you live and what temps are there in summer, but have in mind that temperatures over 80C in the S9 are critical. While in the first 15 minutes you might think the hot air is ok to heat your home, this will change in latest 1 hour later, lol, when you feel like in a sauna.
- Beside that, the noise. Do not underestimate the noise they make. Listen maybe to some good youtube voice records of antminers to get an idea. They are loud, like all Asics are. I personally can not imagine someone having them at home and living there, seriously. I bet there are such "fanatics" but for me personally that would be never an option.
- Your internet must be stable and reliable all the time.
- Where to buy? Buying from Bitmain seems the best opinon, but i know a lot of cases where even from Bitmain arrive Antminers without or missing hashboards, vaulty ones and so on. Additionally you have to wait for a given batch to be available. Means you buy today but get them maybe in 2 weeks, maybe in 1 month, maybe in 2 months, up to the Batch and model.
I personally bought a lot of Ants and Baikals from ebay. If you want to be on the sure side, only buy with pick up option or use paypal and creditcard or sepa which gives you the ebay buyer garantee at least. Other than that make sure bevor you buy that you get proof everything works on the given Asic mashine you buy. Can be done via video clip of the miner menu, the miner itself with a newspaper from today or whatever. Always be sure the lines with the hashboards are ok. If some seller does not want to provide a video clip, other proof or whatever, just do not buy, easy as that.
- Wallet. Its not only the wallet you need. I guess you want to cash out at some time, means you need an exchange, a buyer, or whatever. You have to make accounts on exchange and verify your identity in case you plan to operate with a bit higher sums or cash them out at some time. Do some research on that. Also give extra attention to the wallet. A wrong wallet and or lost password phases, security keys and and and can make you lose everything!!!!
- Make sure you have at least some basic knowledge on how to setup a network, ssh won't hurt either. If you do not have the basic skills you are lost at some time in my opinion.
- Make sure you pay taxes, up to where you live, but give it some attention upfront so you will not run into fatal problems later!
- There are for sure some more thing that deserve some attention but thats what first came into my mind.