Is It Expensive to Build a Mining Rig?
Building a mining rig comes with risks and one of them is the cost factor. You have to take into account three main costs which are; hardware, software, and electricity costs. While building a mining rig is not cheap, buying a preassembled mining rig if much more expensive.
To understand how expensive it is to build a mining rig, let us understand that there are different mining rigs, just like the crypto wallets. These types are based on the machines that we employ to solve the cryptographic equations involved.
The machines or hardware systems are pre-determined with the tasks that they will perform. Miners choose hardware systems based on specialty, machine components, and return on initial investment. Below are the types of mining rigs.
Central Processing Units (CPUs)
CPUs are very much simple in assembling and also inexpensive rigs. They make use of processors to generate hashes from the blockchain. It simply means you can mine cryptos at the convenience of your PC at the home, office, or any place of your choice.
However, the problem with CPU mining is that as technology advances and the demand for cryptocurrencies rises, they become unpopular. With basic CPUs, users cannot compete with miners who use more efficient machines in the blockchain network to solve complex math equations.
Besides, miners who use CPUs may incur huge electricity costs, and the PC also may damage from overheating if they don’t have a proper cooling system in place.
However, CPUs are readily available, and by just downloading few programs to your desktop, you are all set to go. If you don’t want to spend a lot of money on cryptocurrency mining rigs, this is your favorite choice as it requires minimal to zero effort.
Graphics Processing Units (GPUs)
GPU mining rigs are common and absolute miners’ favorite. Though a bit complicated, GPU is a choice for whoever is serious about building a mining rig. Individuals and corporations have adopted this model of crypto mining for its efficiency and versatility. This kind of mining rig makes use of the graphics card to mine coins from the blockchain network.
But its effectiveness doesn’t come on a silver plate. It requires a minimum of six GPUs connected to a motherboard from where a task can be assigned.
Motherboards are available in the market at different prices based on the size and brands. Some motherboards can accommodate up to nineteen GPUs, giving your mining rig a block-busting hash power. It all depends on the dollars you are willing to spend.
Application-Specific Integrated Circuits, ASICs
ASICs are small, but special devices meant only for mining a cryptocurrency. When it comes to crypto mining, ASICs are the best in class with their mighty power efficiency. They can outsmart any homemade mining rig. They are in the market, selling very expensive in different models that keep on being updated.
ASICs are very popular, yet hard to find, but for the big fish ready to throw huge sums of cash. If cryptocurrency is your only option to making money, the ASIC is your partner. However, regarding the ecosystem effects connected to it, you may want to think twice.
The maintenance cost is always high compared to GPU. This is because ASICs are designed for a specific purpose. Therefore, if you are to mine Ether, you will also need to incur costs on building a separate Ethereum mining rig hosting. You can’t stand the noise and heat this powerful machine will produce.