How To Mine Bitcoin At Home
In order to mine bitcoin yourself at home you would need the latest mining chip. Because as more bitcoins get mined the equations that need to resolved get more and more complex so the only way you can mine your own bitcoins yourself at home is if you have the latest technology. Of course the other solution is to become part of a bitcoin mining pool.
Mine Btcoin At Home Using The Antminer R4
The latest mining machine currently is the Bitman Antminer R4. The Antminer R4 is the world’s most efficient bitcoin mining chip in the consumer market and employs 126 chips to deliver more hashrate and efficiency than any bitcoin miner except the Antminer S9.
Bitman Technologies Founded in 2013, develop and sell the world’s leading bitcoin miners using ASIC chip technology. In May of 2016 Bitman released the Antminer S9, the world’s first consumer-grade bitcoin miner based on a 16nm process ASIC chip. This is also the world’s most power-efficient bitcoin miner, taking that title away from its predecessor, the Antminer S7. Bitman headquarters are in Beijing and also now has offices in the USA, China and other countries and are among the most recognizable companies in the cryptocurrency space and the proud parent of several brands, among them Antminer, Antpool, and Hashnest, all of which are ranked number one in their respective fields.
The Antminer R4 costs around $1700 and also a power supply required. Now bare in mind you will be able to make approx 0.17 BTC using this to mine bitcoins every month, so you have to consider other expenses such as electricity, so don’t expect to make turn a profit in under 6 months, 12 months is likely to be the timescale before you start to see profit using this method of mining.
Due to the power required which in turn generates heat, miners have previously had to put up with the loud noise of the cooling fans in their machines however the R4 uses a less noisy fan similar to those used in silent split air con units and is also automatically speed regulated so that it on operates at just enough speed according to the work load to provide optimum cooling requirements. The other factor of noise is always the power supply unit. PSU noise is less of an issue with the R4 as Bitman created a custom PSU for The R4. Note you will need the correct power supply, Ideally a 1600W power supply is suitable for bothe the R4 and the Bitman ANtminer S9. The R4 Miner also incorporates programmable logic (PL) and supports Gigabit Ethernet which basically ensures mined blocks can be submitted instantly to optimize mining.
Mining Bitcoin from Home – the Cons
You have to consider the expenses of buying the latest mining machine and running costs and then you have to understand that at some point in the not too distant future your machine will become less profitable and yo will need to upgrade to a higher power faster machine as they become available and as more bitcoins are being mined by others and so the mathematical equations get more complex.
Something else to take into account is that if you no longer have the manufacturers warranty and your machine burns out or breaks, then that is basically a big loss and you have to buy a new one.
If the price of Bitcoin goes down, you may not be able to mine fast enough to make the profit you want. As you get paid in small amounts of bitcoin for your mining efforts when the price goes down you are making less money.
You need to take some time to download the software and get to know the interface and get everything set up, it’s not a simple plug and play piece of equipment.
Alternative Way To Make Money Mining Bitcoin
So another way you can mine bitcoin which does not require such a large investment in machines and running costs and also has other benefits is to become part of a Bitcoin Mining Pool. There is less risk and more consistent income with mining pools as you can earn income steadily and daily.
So How Does a Bitcoin Mining Pool Work
Bitcoin mining pools work like this… While solo mining bitcoin it has become much harder to find a block, with Mining Pools more blocks are found using the huge power and resources the mining pools have available and then the bitcoin earned from that block ( mining fee and transaction fee) is share out among those who have a share in the pool. This is a lot more efficient. Instead having to wait while you mine solo, and hope you find a block and earn some bitcoin, as a mining pool share holder you potentially get paid every day. BitClub is the ONLY Mining Pool Paying Daily Bitcoin, Ethereum, Zcash and More… with over $50 Million bitcoin mined and paid out since 2014. Click Here to learn more about Bitclub Mining Pools.