There are countless ways to make money in crypto. From investing in Defi, to flipping NFTs, to day-trading the latest meme coins, money is there to be made.
But most of these strategies involve high levels of risk. What works this week might be irrelevant next week. It takes a lot of time to invest in any of these strategies.
A safer approach to making extra money in crypto is mining bitcoin. It’s the tried and true method of earning and has been since 2009 when bitcoin launched.
All you need is a proper bitcoin mining setup (which requires a decent investment), and you can start earning bitcoin today. Wondering how to set up a crypto mining rig? It’s simpler than you might think.
Keep reading below to see what bitcoin mining equipment is needed to jumpstart your mining opportunity today.
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Bitcoin Mining Computer
The main thing you’re going to need is crypto mining hardware. In the early days of bitcoin mining, you could mine countless bitcoins using the desktop or laptop computer you had sitting around at your house. Or you could use a spare GPU that you picked up from Best Buy.
But as mining got more competitive (and lucrative), people started developing higher-powered mining computers. Today, the standard for mining is an ASIC (Application Specific Integrated Circuits). These are devices built for one task only; running bitcoin mining software.
There are ASICs available at a range of price points. You can spend as little as $500 on an ASIC like the Bitmain Antminer S9i 14Th.
Or you can spend upwards of $20K on the latest and greatest model that will generate the fastest ROI.
Bitcoin Mining Setup
If you’re going to mine bitcoin at home, you’ll need to create a dedicated mining area. ASICs are loud, so most household enthusiasts try to keep their miners in the basement, garage, or closet.
Depending on where you install it, you might want to invest in some soundproofing. Miners also generate a ton of heat, so you will likely need an external fan. You’ll want to store them on shelving that allows for 360-degree airflow around the unit.
Bitcoin Mining Software and Mining Pools
Once you have the hardware set up, it’s time for the software. Install the latest version of the free bitcoin mining software and connect your ASIC to the software to get it online.
While you can technically mine bitcoin on your own, it’s unlikely you’ll ever solve the equation before someone else does. This means you won’t win the block reward (Bitcoin) and won’t make any money.
To guarantee regular mining income, you’ll want to join a mining pool to contribute the hash power generated by your miner. Essentially, you’re helping the whole team win bitcoin rewards and are compensated for doing so.
This way, you earn daily rewards in bitcoin-based on how much hash power you contributed. You’ll essentially earn a consistent daily and monthly income like this, which mainly fluctuates based on the price of bitcoin.
Bitcoin mining pools typically cost between 1% and 3% of your monthly earnings.
Mining for the Long Haul
It’s not hard to build a dedicated bitcoin mining setup. However, bitcoin miners can be quite costly, especially if you want one that will generate a decent amount of monthly income.
In either case, bitcoin mining is a long-term play. If you stick to it, you’ll eventually generate your ROI and start earning cool profits passively.
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