Setting up a Bitcoin miner can be quite a complex task. But with a bit of effort and time it should be easy to get the hang of.
If you have chosen a mining rig through using our guide and calculator then most of the hard work is done.
If your rig or FGPA or graphics card is not ready to run then you need to do a quick few steps – which can take a bit of time.
Step 1: Download the full Bitcoin client. This can take quite a few days depending on your download speed.
Step 2: Then you need to download some Bitcoin mining software – or the programme that tells your mining hardware how to run.
Step 3: Choose a mining pool otherwise you might end up with a long time before solving your first block.
If you have ordered a miner that comes with a predefined method of connecting to the network the process can sometimes be quite difficult. For example the Antminer U3 63 GH can be quite tricky to get up and running as it requires you to download drivers and run CGMiner yourself – later versions of CGMiner have reduced the complexity of this process.
With the BitMain Antminer S1, S2 & S3 there are also some difficult steps to be followed – mostly to do with defining IP addresses and switching IP address protocols which can mean logging into your own router to find out what address the miner has been signed (quite daunting for some) – with instructions assuming a high level of knowledge by the user with a lot of basic information lost in translation.
However in terms of simplicity Spondoolies tech is probably the most user friendly in terms of set up. Miners such as the SP20 and SP10 can be plugged into your router, and after following five sets of simple and clear instructions can be up and running in five minutes.
Another key point to remember is the power supply you are using. Some miners come with their own internal power supplies, whilst some have to be bought external PSU (power Supply Units). These units have to be bought with the requisite power to coincide with that of the mining chips. For example the Spondoolies tech SP20 needs 1200 Watts of power with a 10-20% margin – so two corsair 750W PSU’s will be more than ample.
It is also important to remember that you need to complete the circuit on standard PSU units - although this can sound and look dangerous or scary it is in fact a very low risk and simple operation.
All you need to do is complete the circuit for the PSU allow electricity to flow – and as they were designed to power motherboards this means tricking the PSU into thinking it is plugged in normally, or shorting the 24 pin motherboard attachment. Simply take the largest (24 pin connector) and put a paperclip from the green wire to any one of the black wires and you will have completed the circuit and the PSU will now switch on. The voltage is extremely low so there is no need of insulation or worry of electrocution if the wires are bare.
Also remember that if the unit you are buying doesn’t come with a PSU this can become quite a significant part of the initial capital outlay. For example the SP20 in Dec 2014 could be bought for $500 with two corsair power supplies costing $200 dollars or so. When calculating your returns and investment metrics be sure to include your full costs.
- How has Bitcoin mining changed?
- How to buy an ASIC on CoinMiner
- Bitcoin Mining in the Future: How Profitable Will It Be?
- What is Bitcoin Unlimited
- How to Mine Any Coin with NiceHash Legacy
- How to buy a Cloud Mining Contract from NuVoo
- What Is the Bitcoin Halving and What Will It Do to the Bitcoin Price?
- Four Projects Bridging Crypto to the Real World Sponsored
- What Is Merged Mining?
- Bitcoin's Volatility and Other Concerns
- What Do You Need to Do to Become a Skilled Trader?
- What is GAUGECASH?
- Feel the Euro 2020 Winning Euphoria on 1xBit and Win Amazing Crypto Prizes
- Beyond the Token Economy – How Convergence Brings Private Investment Into DeFi
- What is Satoshi Nakamoto's Net Worth?
- How to Bet With Bitcoin on Euro 2020
- SuperFarm Rolls Out NFT Farming Feature to Complement Ecosystem
This website is only provided for your general information and is not intended to be relied upon by you in making any investment decisions. You should always combine multiple sources of information and analysis before making an investment and seek independent expert financial advice.
Where we list or describe different products and services, we try to give you the information you need to help you compare them and choose the right product or service for you. We may also have tips and more information to help you compare providers.
Some providers pay us for advertisements or promotions on our website or in emails we may send you. Any commercial agreement we have in place with a provider does not affect how we describe them or their products and services. Sponsored companies are clearly labelled.