It’s 2017. The year bitcoin hits $6,000+ a coin and just about everyone is going crypto crazy. Like thousands of other people I have arrived at the crypto currency scene late, but am I too late?
I have been reading bitcoin stories for the past 5 years, but it didn’t really come onto my radar in June 2017 after hitting $3,000 a coin. At the time this was a 300% increase since the start of the year.
There were stories in the news of pizza’s bought for currency now worth $40m and 20-something year old millionaires, who discovered their lost bitcoin wallets from their university mining days.
I knew absolutely nothing about bitcoin, crypto currencies, or mining, but I was determined to do two things:-
- Find out how to invest in bitcoin.
- Start mining bitcoin.
It turns out 1. is pretty easy now. You can set up an account with one of the many exchanges, transfer some money and buy your bitcoin. In June 2017 I bought my first bitcoin (well actually 0.5 bitcoin).
Mining on the other hand is not so easy.
I seemed to recall some of my old friends from uni mining bitcoin on their desktop pc’s. That’s great I thought to myself. I’ve got a 3 year old gaming pc which I hardly use anymore, so I’ll start mining some bitcoin on that!
I soon found out you can’t really mine bitcoin anymore on a desktop PC. You need a dedicated bitcoin miner known as an ASIC miner. These are expensive, hard to get hold of and have a limited life span before they become obsolete.
I looked into it a little more and stumbled across Ethereum (a bitcoin alternative) and various other “alt coins” that can still be mined by a PC. More specifically by your graphics card or GPU.
GPU Mining Rigs
After reading a lot of sites, I realised my gaming PC was pretty much useless and decided to take the plunge and build my first mining rig, a 6 GPU dedicated open air mining rig.
Being fairly non technical, I found most sites out there assume a lot of knowledge about pc building and crypto currency in general. Further to this many guides are now completely out of date, they list hardware that is now obsolete, or out of stock at most vendors.
I have therefore setup this blog which will hopefully serve as an idiots guide to building and running a GPU mining rig in 2017. More importantly how to make a profit doing so.
A lot of sites talk of GPU mining as if it’s dead, with reference to the days where you could recover your entire investment in a few months.
I can tell you that despite what you may read on Reddit and other forums, GPU mining is still very much alive and kicking and profitable. You just need to be smart about it.
Idiots Guide to Mining
My next series of posts will cover an idiot’s step by step guide on how to build a 6 GPU Mining rig including:-
- What hardware to buy and how to put it all together.
- How to optimize it for mining/install software.
- How to actually start mining.
- What electric tariff to choose.
- How to safely hold your coins.
- Calculate your profit and return on investment.
- How to sell your coins.
And I’m doing all this from the UK, where electric costs are typically $0.15 to $0.20 a kwh.
So stay posted and hopefully you can learn from some the mistakes I have made along the way.