Mining Crypto Brisbane
You may have heard of the mining craze in the cryptocurrency world – especially Bitcoin mining with your PC, but it is still profitable today?
Well-built mining rigs and early adopters have been rewarded greatly. Just like the gold rush days, you could easily become very wealthy without much effort. But Bitcoin might not be the best opportunity for it currently…
We will explain what we mean. At the same time, we’ll also point you in the right direction if you’re interested in mining cryptocurrency.
How Crypto Coin Mining Works
Now before we go grab our shovels to start mining digital gold, let’s understand how people are able to make a profit on crypto mining. You may also be wondering what crypto mining even is exactly.
To explain simply, let’s take Alice and Bob who we’ll refer to as A and B for short. Now when A sends B a transaction, A’s transaction gets placed in a ‘block’ on the blockchain.
To get to block ‘confirmed’ by the blockchain, miners are needed to solve complex cryptographic puzzles to confirm and validate these blocks.
Miners get rewarded when they are able to solve the puzzles– miners get rewarded in 2 ways:
- The Cryptocurrency itself
- Transaction Fees
Every block has a set amount of crypto for the miner to take in addition to the transaction costs of all the tx’s in the block.
When Alice sends money to Bob, she also needs to specify an amount as a fee for the miner to take. The miner has the discretion to accept or reject the fee. In cases where there is gas involved, a miner’s rejection of a fee can cause the price of gas to go higher, such as the case with Ethereum Gas.
Each block can fit multiple transactions.
Per every block mined, the miner is able to generate revenue of the set block reward plus the sum of all the tx’s in the block.
Pretty nice, right?
All of this is for the contribution of helping the blockchain network become more secure. It also enhances the payment transaction process across the world.
BTC mining is a whole other beast.
The Bitcoin miners right now are not the everyday person who has a few graphics cards to spare. They are entire data houses of specially designed cards to power and mine Bitcoin using ASIC cards.
These cards are not available for sale to the general public… only to a specific company that can buy them. With insane electricity costs equivalent to the usage rate of an entire country, Bitcoin mining is not as good of an opportunity as it once was.
However, BTC is not the only thing you can mine. There are many other digital currencies which can be mined for profit and on a smaller scale. Crypto such as Ethereum, Monero, and Litecoin are all great examples of a digital currency that is still profitable to mine with your PC. You can look at the mining data on coins you’re interested in to see data like hash rates and mining difficulty. That data could help inform you to make a good decision.
Is a Crypto Mining PC Rig Build Worth The Effort?
As discussed, BTC uses ASIC cards to mine. The average Joe is not able to afford these mining cards. A lot of coins nowadays are ASIC-resistant, meaning you can only mine with standard GPUs. That’s the solution to prevent the category of companies with most huge data houses. ASIC cards will monopolize cryptocurrency.
But is it still worth it…?
Yes, it is absolutely profitable!
Taking into account the block rewards, transaction costs, and appreciation in value of the crypto, you can still turn a profit despite the cost. It will require careful planning and heavy investments in GPU, as well as the electrical costs to mine the crypto.
Smart miners plan out the potential upside and return market value of the crypto to make the big bucks later.
We’ve had many clients with Brisbane mining rigs who have come in and what we’ve found is that it’s still working quite well for them. They have calculated the electricity costs as well in Brisbane and decided it’s still worth it to mine there.
Additionally, if you’re looking to purchase other cryptocurrencies, there are numerous options available in Australia. In fact, we found from our users the best Australian cryptocurrency exchange is Swyftx.
Another way to mine is via pool or cloud mining. This is where a group of PCs join resources together as one PC. They get the reward based on the resources they contribute.
GPU-Based Crypto Mining Rig
To get started with a GPU crypto mining rig, you will need to invest in a few high-tier GPU’s. Preferably the most powerful ones from Nvidia or AMD on the consumer-grade PC market.
Depending on your budget and how much you want to invest into hardware, you may want to buy multiple GPU’s, high-quality frames to hold the GPUs, fans, and motherboards to power these cards. You’ll need to calculate your electricity costs to have your rig on 24/7 as well.
There are great Brisbane suppliers such as umart.com.au which supply the latest PC parts in Brisbane and other parts of Australia.
There are still ample opportunities to mine. Especially when you mine a coin which is not too popular, the difficulty of mining would not be sky high.
Before a coin reaches peak popularity is typically the best time to mine that particular cryptocurrency. Also you can switch to mine any other crypto whenever you like. You’re never ‘stuck’ mining just one coin as well.
So when a crypto isn’t profitable for you anymore, feel free to switch.
If you’re looking for any technical support, check out Brisbane’s top-rated and trusted computer repair shop- Nerd2Go.
We’d love to answer any questions and problems you may have. Just send us a quick email with your name and anyone can book a call with us through our Contact Us page. We also have a phone number you can call too! Local to Brisbane, we’ll make sure your problems disappear!