How to Make Your Own Bitcoin Miner: Three Simple Steps
Bitcoin mining is the key process of the Bitcoin network maintenance. The whole system is backed and supported by thousands of miners who a make it in order to prove and solve millions of problems created by the network. We know for sure that all transactions we use, need to be proved.
So, there are three short and simple steps on how to make your own Bitcoin miner. Follow them and start as soon as possible.
Step One: Costs
First, you need to think about your profitability. This step is about costs because expenses is one of the key points for successful Bitcoin mining. Your electricity bills should be low. Power, which is used here, takes a reasonable part of your income so it’s best to take it into account. Then, get all costs and expenses together, rent for your location, maybe staff you hire, additional costs like insurance or whatever. Add it all together and get the final amount per month. So, you can not afford to earn less than this sum of money. That’s the cost price of your Bitcoins.
Step One: Software
Now, when you have decided that all costs have been calculated correctly, you can start downloading particular software for mining. It’s quite simple, you may choose from among dozens of Bitcoin mining pools which offer you a particular service for mining. On their websites, you can also can use these links or simply download an official client to your computer right from. The official Bitcoin network website is where you can find software from Bitcoin online wallets to the Bitcoin Core client itself so you can choose your version and r operating system as well as instructions on how to use them. Now you can think more about equipment which is a harder decision.
Step Two: Hardware
Hardware is as important as expenses and costs. On the one hand, it needs to be as new as possible. We all know that the difficulty is increasing so fast, therefore you can not waste your time and money on outdated equipment. You need to purchase good ASICs for Bitcoin mining from reliable and responsible producers and get them in the best condition and as soon as possible. Mining technologies are developing very fast just like the difficulty of it and the hashrate so you have to own good equipment or do not waste your money on them at all.
On the other hand, your period of delivery or time of shipping shouldn’t be too long. In fact, it is vital for your business so you will need good ties and relations with the equipment’s producers. They shouldn’t delay shipping of your goods and it must be written in an agreement or a contract. Yes, use contracts if you’re dealing with big sums of money and check your partners.
Now, you when you have good Bitcoin mining hardware, you can start. Ready, steady, go.
Move to Asia
Well, the question is whether you really need your own Bitcoin miner? That’s an interesting question because the era of Bitcoin Rush Miners has passed and now it’s very hard to earn enough money by mining. If you still want to mine Bitcoins, you should know that there are quite a lot competitors around. How can we say it? Look at Asia.
First, there are enough Asian and Chinese Bitcoin mining companies which are located in Asia and have direct access to the three main aspects of successful mining. We have already disclosed them, there are cheap electricity and other costs, like rent or staff making them a lower cost of price for their work. Moreover, one of the most important things in being a China based company is access to ASICs producers and factories. If you shipped your equipment to the United States or to European Union countries, best case it would be delivered in a few weeks. Usually, shipping takes about a month, which is too long for your business. At the same time, Asia based mining-centers are able to get the latest equipment and ASICs in just a few days from their production date. We have discussed many times that the hashrate is growing significantly fast and if you do not use your Bitcoin mining rigs as soon as possible, you are not just losing your money, but your equipment is becoming outdated too fast.
What’s the best choice if you still want to make money in Bitcoin mining and have enough money to compete with Chinese and Asian miners? Well, in our opinion, the best solution in this case is to move your business to China or nearby.
Try to find an opportunity to build up a business, relocate your developers or hire locals, rent a spacious location for your equipment, coolers, computers and staff rooms. Find good producers of Bitcoin mining ASICs who can deliver their products very quickly; in days. Then, in China or in other Asian countries nearby, you will be able to order the latest ASICs for a good price and negotiate a fast delivery. There, you will be able to save money on electricity bills; in most Asian countries these bills are lower except for Hong Kong, Taiwan, Macao and Singapore. Also, you’ll be able to save money on staff. Employees in Asia usually demand less than Europeans or Americans.
Well, it is quite expensive and hard to relocate or simply set up a new business in a foreign country with a different culture, language and law system, though it seems to be the only way to build a profitable Bitcoin mining business. If you do not have enough funds for such a large scale business move, then Bitcoin mining is not for you.
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