A mining rig is a computer system used for mining crypto currency such as Bitcoin or Ethereum. The rig might be a dedicated miner, built and operated exclusively for mining or it could be a computer that is utilized for other purposes, too.
My personal computer is used all day long for work, and at night it works for me earning Ethereum – it’s a part-time mining rig. We also have mining rigs at Computer Corner that are dedicated to mining 24×7.
Essentially when you own a mining rig, you are participating in a process in which you allow internet transactions to be conducted through your computer. There is no middleman, such as a bank or a credit card company. Your computer is essentially that middleman and you earn the associated transaction fee in crypto currency.
Mining rigs are all the rage right now because in January of 2017 Bitcoin was $970. As of Friday January 12th 2018 Bitcoin was at $13,461.54. I could kick myself for not acquiring bitcoin in January of 2017, since that $900 investment would now be worth $13k. Ethereum in January of 2017 was $9 per unit and now it’s at $1,332.50.
Earning Bitcoin or Ethereum today is like investing in a good stock. Like the stock market though, there is always risk. You also need to be sure to build one with the right components and tweaks, to insure the least amount of power usage (yes they use a LOT of power and create a lot of heat as well).
What makes a good mining rig?
- The Graphics Processing Unit – or GPU – the graphics card with 11Gb or so dedicated memory per card. (Yes, 11Gb – that’s not a typo). A serious mining rig might have 6 or 8 of these at about $1,000 each. (Not to be confused with the CPU, which is the Central Processing Unit or Processor Chip).
- The Power Supply – 1500 Watts or more. These could run around $500 or more.
- Extra Cooling Fans
- And a full-time rig is typically housed in a horizontal chassis or frame that would contain 6 or 8 GPU’s.
The steep investment in the hardware is not for everyone and it takes a skilled, technically inclined individual to build one. That’s my husband Joe, and building mining rigs for people is now a passion of his! It also takes a while to recoup your investment and there are no guarantees about the future (are there ever)?
There are Crypto currency user groups and mining user groups right here in Albuquerque, too. There are even mining “farms” springing up in various locations – buildings that house numerous mining rigs.