If you’ve spent any time on the internet over the past couple of years, you’ve heard a lot about cryptocurrency, especially Bitcoin. You may have even heard that you can mine bitcoins at home, although the process can seem a bit overwhelming at first. However, home Bitcoin mining is a great opportunity that comes with a lot of benefits, you just need to know where to start.
The good news is that there are plenty of resources that can help you get started with Bitcoin home mining. Once you understand the benefits of home Bitcoin mining, the equipment you use, and how it actually works, it’s a lot easier than you might think. If you’re thinking of getting into domestic bitcoin mining, here’s what you need to know before you get started.
What Is Home Bitcoin Mining?
You might have heard of Bitcoin, but you might be a little confused as to how mining actually works. Essentially, a network of machines functions to solve an advanced mathematical problem of computation. The machine that solves the problem first receives a certain amount of bitcoin, and then the machines that were working on that block move on to another calculation problem. Solving these issues requires the processing power of an internet-connected computer and a proper power source, which makes mining so demanding.
The fact that Bitcoin mining requires so much processing power is one of the reasons why graphics processing units (GPUs) have become so rare and expensive lately. As more and more people build dedicated bitcoin farms using high-end computing components, these components become harder to find and more expensive. The good news is that you don’t have to use a standard PC to mine Bitcoin at home.
The best way to mine Bitcoin at home is to use a dedicated miner. While many people use a regular PC and rely on the GPU for cryptocurrency mining, ASIC miners are actually a much more efficient way to mine Bitcoin. While these devices require special configuration, they also offer much higher profitability and a range of other benefits over traditional GPU mining. Plus, D-Central can set you up with the best ASIC miner for your needs, so it’s easy to start mining without spending a fortune.
Benefits of Home Bitcoin Mining
There are many reasons why you might want to consider home bitcoin mining, especially if you are using an ASIC device that is properly connected to the internet and has an adequate power source. Here are some of the main benefits of mining bitcoin at home.
One thing you need to understand about bitcoin mining is that it generates a lot of heat. When you push devices to their absolute limits, those devices create a lot of heat, which tends to fill the space where the mining device is located. The good news is that the heat generated from home bitcoin mining is only an inconvenience when it’s hot outside. In the fall and winter (and even spring in some areas), home bitcoin mining can generate enough heat to lighten the load on your home heating system and save you money. While you are still paying for the energy used to generate that heat, you can recycle the heat generated by your bitcoin miner to help heat your home while mining for bitcoin.
You may have heard people talk about bitcoin having the potential to have a huge impact on the future of currencies. The main reason for this is that bitcoin is a decentralized currency, especially bitcoin that you mine at home. Whether you are talking about the US dollar or the British pound, there are central agencies that are responsible for making all decisions regarding these currencies. With bitcoin, there is no central ‘owner’ or ‘leader’, which means that no one can decide whether or not it is worth it to take your money from you. No one can prevent you from using your money however you want as long as you follow the rules applied by the thousands of distributed Bitcoin nodes.
Because Bitcoin is decentralized, it is also censorship-resistant. While there are responsible entities that can make certain decisions about your credit or debit card transactions, no person or entity has the capacity to do anything about your Bitcoin transactions. None of your transactions can be waived, and your Bitcoin wallet cannot be blacklisted or have money withdrawn by an entity. This type of freedom is simply not available with other types of currencies, and this is one of the main reasons Bitcoin is growing in popularity and value.
Know Your Customer (KYC) guidelines are used in banking services to ensure that people who use those services have their identities and other information verified. With Bitcoin, the notion of identity linked to your money is outdated. You don’t have to worry about being tracked or having to provide sensitive private information with non-KYC mining. With home mining, individuals don’t have to adhere to the verification guidelines that typically apply to banks and other financial services, meaning you enjoy more privacy as a participant.
What Is an ASIC Miner?
When home bitcoin mining started to gain popularity, most people used their home PCs to mine bitcoin. It works by using a computer’s GPU, which is the part responsible for processing and rendering graphics (and hence gaming performance). The problem is, GPUs just aren’t very efficient when it comes to home bitcoin mining, so people realized that the only way to profit was to build an entire farm of dedicated computers to bitcoin mining.
ASIC miners are an alternative to GPU mining. Instead of using traditional computer hardware, ASIC miners are designed and built specifically to mine a particular type of cryptocurrency while using a minimal amount of energy. This means that ASIC miners do a much better job of mining bitcoin while using less power, making it the most popular option when it comes to home bitcoin mining.
Choosing a Bitcoin Miner
If you are ready to start mining bitcoin, the first step is to choose an ASIC bitcoin miner that is right for you. D-Central has a wide selection of bitcoin mining devices, but you need to know what you’re looking for so you don’t have an underpowered device. It’s also important to keep in mind that ASIC miners increase in price and rarity, just like GPUs. There are many websites that offer ASIC miners for sale, but you should make sure that you are purchasing your miner from a reputable website. The last thing you want is to spend money on a product that isn’t working properly, or a used ASIC miner that’s going to die in a few months.
Lucky for you, D-Central makes it easy to find the right ASIC miner for your needs. If you are unsure which of our mining devices is best for you, you can contact us to learn more about our products. We also offer bitcoin miner deployment and repair services, so it’s easy to get started and keep your bitcoin miner up and running for years to come. This is the best way to make sure you get a quality ASIC miner at a reasonable price, as well as a service that keeps you mining.
Things to Consider
Before you dive into the world of home bitcoin mining and spend money on a mining setup, there are a few things you need to consider about bitcoin mining. Not only do bitcoin miners have special electrical and internet needs, but they also generate noise and heat that you should be prepared for. Here is what you need to know.
In Canada, wall outlets typically operate on 120 volts. However, your ASIC miner probably requires 240 volts, which means you will need to find a suitable outlet or wire a new dedicated outlet to your mining device. If you plan to install multiple miners in a room or house, you will need a dedicated 240-volt outlet for each device.
In some countries, 240 volts may be the standard for wall outlets. However, it’s important to know your electrical system before plugging in an expensive bitcoin miner.
You want your bitcoin miner to stay connected to the internet at all times, which means having a wired internet connection. You should also make sure that your Internet service provider provides you with reliable Internet service, as well as a high-quality modem and router. If your bitcoin mining device is far from your modem and router, consider running an Ethernet cable through the wall or moving your modem and router closer to the device.
Noise and Heat
We have already talked about the heat generated by your bitcoin miner, which can be of great help when it comes to heating your home during cold seasons. In addition to dealing with this heat, you will also have to deal with the loud noise generated by your ASIC miner. You may want to consider soundproofing the room your miner is in, as well as choosing a room away from rooms in your home where you spend a lot of time.
Setting Up Your ASIC Miner
Once you’ve determined your internet and power situation, and your mining room is set up, it’s time to start mining. The first thing to do is to determine the IP address of your mining device, which you can usually do by typing the default IP address of your router (often 192.168.0.1 or 192.168.1.1), then entering your router’s username and password. Look at the devices on your network to determine which one is your miner, then type that address into the URL field of your web browser and press Enter.
Here you will see a basic web page, where you will be asked for another username and password (normally root and root or admin and admin), which depends on the model. Go to the “Miner Configuration” option, then enter the URL, name and password of your pool.
Mining pools allow you to find a group that shares the rewards when a block is solved, rather than hoping that your machine is the one solving a particular block. You can find out more about mining pools, as well as many different lists of popular mining pools, with a quick search in D-Central’s Blog.
Get Started with Bitcoin Home Mining with D-Central
If you’re not particularly tech-savvy, getting into home bitcoin mining might seem like a lot of work. The good news is, it doesn’t have to be thanks to D-Central. Not only do we sell the ASIC miners you need to mine bitcoin at home, but we can help you set them up as well. Plus, we can take care of your ASIC miner repairs if you have a problem on the road. And we always have a large selection of ASIC miners available, so there is something for every user. To learn more about mining bitcoin with D-Central ASIC miners, or to get started in home bitcoin mining, contact D-Central today.