5 . Introduction to Cryptocurrency Mining - Part 2 | Steemit Crypto Academy | Lesson 5

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Dear Friends,
Last week I gave you a basic introduction to crypto currency mining. We discussed how cryptocurrency mining works , what is proof of work , what is proof of stake , what is a mining pool and some other basic things you need to know about mining. And in our homework task 4 , we discussed about mining difficulty and challenges faced by miners. After completing lesson no 4 , I think now you have a fundamental idea about what is crypto mining and why it's important for the blockchain industry. Following are the topics we discussed up to today. I welcome you all to go through them if you missed the previous weeks.

Trading Lessons for beginners

Lesson 1 - Introduction to cryptocurrency trading
Lesson 2 - How to setup a trading account in a Cryptocurrency Exchange
Lesson 3 - How to spot trade ? Everything a beginner need to know

Introduction to Crypto Currency Mining

Lesson 4 - Introduction to Cryptocurrency Mining

Today I'm going to further discuss under the topic of crypto currency mining. Today I will basically pay my attention to the hardware's we use for mining. There are lot of factors to discuss , but the objective of my lesson will be to give you a fundamental idea about them.

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Crypto-Currency Mining Hardware


In our previous lesson we discussed that mining is the process of validating transactions in a blockchain system by solving complex mathematical functions. To start mining a particular crypto currency you need to configure a set of hardware's. The major part of a crypto mining hardware is ASIC's. ASIC's stands for Application Specific Integrated Circuits. Or we can use GPU's, simply graphics cards ( Graphic Processing Units) to mine crypto currencies. There are lot of factors to consider when purchasing hardware's for crypto mining. If you want to start crypto currency mining, you need a mining rig (ASIC,CPU, FPGA , GPU) which is a system with hardware elements used for mining. There are two options. First one is you can directly buy a pre-built mining rig. And the second option is you can assemble a mining rig. First option is costly than the second option. There are lot of factors to consider before purchasing or assembling a mining rig such as Device Cost , Maintenance cost , Operation cost , Power consumption , Hash rate , Efficiency , Heat generation , Noise , Durability etc. Maintenance cost can't be ignored too. We need to clean dust and there will be lot of other technical faults occurring during the operation as a mining rig is a system which operate 24/7 throughout the year.

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So these are the factors you need to consider before purchasing a mining rig. After doing a qualitative and quantitative analysis , you need to do a calculation of your profit for a estimated price of the crypto currency you planning to mine. It will not be an accurate calculation as the crypto market is very unpredictable. But you can get an idea about the operational costs and maintenance costs .
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Components You Need to Prepare a Mining Rig


Building a mining rig is not a complex process. It's very similar to what we did when creating a gaming PC. Just collect the components we need and assemble them following the guidelines. I always recommend you to build your mining rig by yourself than buying prebuilt one as it will give you lot of technical knowledge regarding the subject. That knowledge will help you to maintain the system well finding solutions for the faults by yourself. Following are the main components you need to create your mining rig.

CPU (Central Processing Unit) : CPU is a key component in a mining rig. A mining rig with a good CPU will function without any issue. It's like the main controller of the mining rig. There are two main types , Intel CPU's (ex : Intel Celeron , Intel i3 ) and Ryzen CPU's ( ex : AMD Ryzen 7 3700X , AMD Ryzen 9 5900X ) . Ryzen AMD CPU's are considered better when comparing the hash rate with price.

Motherboard : We must be very careful when selecting the motherboard for you mining rig. Motherboard interconnect all the components in the mining rig. So before selecting the mother board you have to decide how much of GPU's will be used. The PCI (Peripheral Component Interconnect) slots on the motherboard decide the amount of GPU's that can be connected. And also you need to consider the socket type of the processor ( AMD and Intel sockets are different )

GPU(Graphics Card) : GPU is the most important components of a mining rig. The performance of the GPU unit decides the profit you obtain from your mining rig. When selecting a GPU , you need to considered all the factors we discussed above. The cost , electricity consumption and the profit. You must always select a GPU with a better Return on your investment ( With lower payback period) . Most popular brands are AMD (AMD RX 5700 ,AMD RX 570 8GB ) and Nvidia (NVIDIA RTX 3060 Ti , NVIDIA RTX 2060).

Cooling System : Cooling System : Mining rigs generates heat when it operates. So it's very important to avoid overheating of you mining rig using a good cooling system. Fans , Air conditioning are some of the cooling methods used by miners. There is considerable energy consumption by the cooling system too. You have to consider it when designing your mining rig.

Power Supply: The Watt Value (W) of the power supply unit depends on the power consumption of the items you selected previously. You just have to add the power consumption of each unit and decide the power supply capasity you need for the mining rig.

I found a perfect video which explain to assemble a mining rig and I thought of sharing it with you for this lesson.


source :https://www.youtube.com

This clearly explains how to assemble the different components for a mining rig. There are lot of sources in internet for any brand. So it's not difficult to assemble the mining rig by yourself.

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Conclusion

Creating a mining rig is not a complex process. There are lot of guides and tutorials available on internet. You can follow them and create the mining rig by yourself. The profit will depend on lot of factors as we discussed above. So it's very important to calculate the ROI before investing. As the crypto currency markets are very unpredictable , the income of the miner is unpredictable too.

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Homework Task 5

You need to do your own research and create an article discussing following topics,

(1) What is Cloud Mining ?
(2) What are the best cloud mining platforms ?
(3) Discuss the advantages and disadvantages of cloud mining ?


Guidelines


• Your homework post should be posted in crypto-academy community.
• Your article should be at least 300 words.
• You have to create a simple guide in a way a newbie can understand and follow the steps.
• No plagiarism please . You can use images taken from copyright-free sources mentioning the source.
• The final submission date will be 14/03/2021
• Add tag @besticofinder in your post, it will help me to find your submission. Use #cryptoacademy and #besticofinder-week5 , so that Steemit Team can find you.

Thank you.
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Cc:-
@steemitblog
@steemcurator01
@steemcurator02

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#cryptoacademy #trading #begginers #introduction #besticofinder-week5 #mining

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Greetings my friend @besticofinder

Glad to see you are having many participants to your tasks, hope you can check it out during active time.

Trying my best my friend . Currently I have check all up to 3 days old. Will cover the rest today

https://steemit.com/hive-108451/@prakhar9675/3fkb2n-steem-crypto-academy-week-5-home-work-post-for-besticofinder

Sir I also submitted my post 3 days ago..but it's still not reviewed ..
And many post that was posted later are reviewed. I think mine is left.. have a look prof..
Thank you...

Bendiciones para usted señor para que revise mi tarea lección 5 gracias de antemano. Saludos

Tarea leccion 5

Saludos señor le envío mi tarea para que por favor la revise gacias de antemano tarea5

Hola profesor mi tarea tiene 4 días.

Profe! No me olvide por favor! mi tarea tiene 3 días! espero su revisión! Saludos cordiales para ud!!

Good day Professor. My task was verified 5days but haven't been curated. It will payout in less than 24 hours. Please Sir, kindly do something about this. I'm about to lose my mark. Thank you Professor.

Ok my friend, thanks for your attention.

Greetings my friend @besticofinder.

My participation is about to expire, I hope you can give me your appreciation of my work.

https://steemit.com/hive-108451/@adeljose/crypto-academy-week-5-homework-post-for-besticofinder

Hola profe @besticofinder allí le voy a dejar el link de mi tarea nr.5 para que por favor me la revise. Gracias y que tenga una bendecida noche. https://steemit.com/hive-108451/@malyyule/crypto-academy-week-5-homework-pos-for-besticofinder

Respected Sir @besticofinder, Last week, one of my homework posts was not curated because it was reviewed late by Professor @yohan2on. Now you are also not reviewing my post for week 5 and I am afraid i will lose another post that will not be curated. Please review my post and give grade to it. It will highly be appreciated if you review asap. Regards,

https://steemit.com/hive-108451/@mawattoo8/crypto-academy-week-5-homework-post-for-besticofinder

Hi @besticofinder this is my Homework post Link

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hello sir can i write the homework in my own words like no standard deffinacation can i do that will that be acceptable

Very good lesson for beginners keep it up dear

Wonderful lesson dear professor. I was curiously waiting for this lesson and now i can move next to do my homework.

Interesting! Setting up a mining rig is actually easy when you have the knowledge of how-to. But care should be taken that no wrong connection is being made. I wouldn't even want to set up a mining rig because of its high cost and poor electricity supply in my locality.

What about Raspberry Pi4?

Thanks a lot for this opportunity !

Dear! @besticofinder
You have explained well all about mining.
It is good lecture for a newbai.
Here is my homework week 5.
https://steemit.com/hive-108451/@azamrai/crytpo-academy-week-5-homework-post-for-besticofinder

Wow very interesting information and current, thank you

  • Here is the translation of this post into Spanish.

LINK

Thanks professor!

Very Nicee..!!!

Greetings my friend.

This time I did not miss the opportunity to participate in such an interesting topic.

Here is my post:

https://steemit.com/hive-108451/@adeljose/crypto-academy-week-5-homework-post-for-besticofinder

You have made an incredible publication professor.

  • Here is my homework for this week.

https://steemit.com/hive-108451/@imagen/crypto-academy-week-5-homework-post-for-besticofinder

Sorry for the inconvenience professor, in the next assignment can I post in Spanish or only English is allowed?

Sir @besticofinder I implore you based on the complaint that was logged on my previous post that'll be expiring tommorow, and everything has been corrected, please go through Sir.

https://steemit.com/hive-108451/@samuelj/introduction-to-cryptocurrency-mining-or-steemit-crypto-academy-or-lesson-4-or-homework-done-by-samuelj

Umm maybe you forget to evaluate my work :) you have given upvote :)

Hola profesor, gracias por su excelente clase, aquí dejo mi primera participación en este mundo de SteemitCryptoAcademy.

Hello professor, thank you for your excellent class, here I leave my first participation in this world of SteemitCryptoAcademy.

https://steemit.com/hive-108451/@selva1/5-introduccion-a-la-mineria-de-criptomonedas-parte-2-or-steemit-crypto-academy-or-leccion-5

Thank You for Your insights...

Here is my homework for week 5, about cloud mining, a very interesting topic and a very good alternative for many.

https://steemit.com/hive-108451/@pablo1601/homework-task-5-steemit-crypto-academy-besticofinder-introduction-to-cryptocurrency-mining-part-2

Greetings!

Hello sir, thanks for another wonderful lecture. I have learned new things and here is my homework post for week 5.

https://steemit.com/hive-108451/@mawattoo8/crypto-academy-week-5-homework-post-for-besticofinder

Thank You for Your insights...

thank you for sharing useful posts for your followers @besticofinder, good luck always

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