It’s not a secret that crypto mining is becoming more and more popular nowadays. If you’re one of those who are interested in earning money by mining crypto assets, you’ve probably already started to build your mining rig (or at least, you started looking for the parts to buy for your future rig). Many beginners may think that it’s necessary to invest lots of money in a mining rig so that it really allowed them to earn crypto assets. Actually, it’s wrong to think so. We believe that everyone can build a mining rig even if he/she doesn’t have that much money to spend on it. In this article, we’ll tell you how to do it.
Everything is a way easier than you may think. There are 3 questions you need to answer before you can get to building a rig.
- Is $1000 your max budget for the nearest future or will you be able to invest more in your rig a bit later?
In case 1000$ is the max sum of money you can invest in your mining rig (and you don’t think that you’ll be able to invest more in a couple of months or so), there are no many opportunities you can choose from. All you can do is find the cheapest parts (motherboard, GPU etc.). Keep in mind that your budget will only be enough to purchase 1 GPU (for example, you can consider buying 1070 ti GPU). Actually, the graphic card will be the thing you’ll spend all your money on. Consequently, you’ll have to an old desktop PC (maybe some of your friends have a PC like this?). It doesn’t actually matter that much what OS is installed on it. It may be Windows 7 or Windows 10 (more preferable). Install your GPU on it and start mining!
However, if you plan to invest more than $1000 in your rig (in a couple of months maybe), then it’s a different story. Actually, there are lots of miners out there who add parts to their rigs one by one (GPUs). If you’re one of them, you’ll have to buy a good mother board as well as power supply that can handle up to 7 GPUs. Spend as much as necessary on these parts. If there is some money left, you can also purchase a GPU (for example GTX 1060). Of course, since there will be only 1 GPU installed on your rig for some time, your mining process will go rather slowly. Don’t worry about that. Remember that as you add more GPUs, you’ll be able to earn more. We believe this is one of the best ways to build a mining rig if you’re serious about it. (Check that your motherboard has 6-7 slots)
- What are the costs for GPUs? How much are you ready to wait in order to get a good GPU?
Actually, it’s not that easy to get a GPU right now. It seems like almost everyone is willing to get GPUs. You’ll need to be patient and a bit creative if you’re really up to finding the best GPU for your rig. Here are some options that you may find to be advantageous:
- Go to the Craigslist website and search for the offers from gamers that are willing to give their GPUs away to somebody (for a rather low price of course). Alternatively, you can buy a newspaper and look through the advertisement column.
- Call local computer shops and ask what they have in stock. You’re very likely to find a graphic card there due to the fact that the majority of miners prefers to buy them online. (Besides, online shops are the platforms that people from all over the world have access to. Consequently, GPUs are sold out very fast.)
- Search for the offers from people who want to get rid of their desktop PCs. Some time ago, there was a discussion started on BitcoinTalk. It was devoted to old Dell desktops that could be bought for a very low price (max. $200). Actually, those PCs weren’t that bad. They had a decent power supply and a GPU that could be used for mining purposes. It may be a good idea to look for threads like this on different forums. If you’re lucky to find a not so expensive PC with a decent GPU, you’ll be able to start practicing while waiting for a better GPU (that you ordered in an online store).
- Search for the websites that provide GPUs’ comparison charts. These charts also provide data on where you can get this or that GPU that you got interested in (updated every hour).
- What do you think about the future of cryptocurrency markets?
This is the question that often becomes the reason for lots of discussions. The crux of the matter that we want you to remember is that when the market heats up, the price of absolutely all the crypto assets increases as well. Consequently, it may be not that advantageous for you to invest in a mining rig. At the same time, mining seems to be a better investment than a standard business (since you’ll have to wait for at least 5 years to just to get the money you invested in it back). Even if you invest a considerable sum of money in your mining rig, you’ll have no problems getting it back within 6 months. Some miners say that they managed to do it within 3 months only.
However, there are lots of quite experienced miners out there that say that they regret bothering to buy GPUs and other things necessary for building a mining rig. They say that they should have simply bought Ethereum instead. This way they could have earned a lot more money by now. Of course, this is also an opportunity to consider. You can simply buy crypto assets and sell them out several months later once you see that their price goes up. It’s up to you. However, if you have a mining rig you can continue earning crypto assets while waiting for their price to increase. Besides, you are free to sell your computer components anytime you want.
Al in all, here is what we can recommend: If you believe that the price of crypto assets is going to increase rapidly in the nearest future, it is a great idea to simply buy crypto assets. In other words, it’s not that necessary to spend a lot on a mining rig. However, if you’re the one who looks for an opportunity to make a long-term investment and you believe that the prices of crypto currencies are increasing, don’t hesitate to spend some time and money on your own rig. Let’s say you spend $1000 on it. Even if you’re going to earn $5 everyday (excluding the cost you’ll have to pay for electricity), you’ll manage to get your investment back in 200 days. If you continue mining, you’ll get $2000 in another 200 days. In other words, you’ll return your investment in the first 200 days. All the money you’ll earn after that will be your profit. In case the price of the assets you have decreases, it’ll still be profitable for you because you’ll be able to constantly mine crypto assets. Let’s say you decide to invest $1000 in Ethereum crypto assets. If the price stays the same, you’ll only get $1000 back 200 days later.
To sum up: this is the question the answer for which depends on your personal opinion and preferences only.