Setting up and using Bitcoin ASIC miners is currently one of the best ways to start mining for Bitcoin. Most of the veteran miner’s already known by now, mining on a laptop these days isn’t very profitable. Even some of the earlier versions of application-specific integrated circuits(ASIC) miners are no longer efficient in today’s Bitcoin Mining.
That’s not the only important part you should know before jumping into mining Bitcoin with ASIC. You see there are a few other basic requirements you’ll need in place to be successful at running even just one Bitcoin Miner let alone multiple machines.
How To Start Mining Bitcoin With Asic Miners
- Mining Requirement Checklist
- Purchase Bitcoin Miner Hardware
- Bitcoin Miner Setup and Configuration
Sounds easy right?
Don’t worry, in this guide; I answer all the commonly asked questions I get from over the years of my experience in ASIC mining. Questions like “where to buy bitcoin miners,” “how to set up a bitcoin miner,” “what is the best bitcoin miner” and more, will all get answered in this article.
ASIC Mining Requirements Checklist
One of the most popular mistakes new miners make is poor planning of where the ASIC miners will operate. That’s why it’s always a smart idea to have the location checked out first before making any financial decisions as to whether you should pursue mining Bitcoin.
ASIC Bitcoin miners consume decent amounts of electricity which is why it’s important to know what the cost of the location per kWh ($) is before purchasing any miner hardware. Once you have the utility companies’ prices, you can use a mining profitability calculator to estimate any Bitcoin ASIC miner’s current profitability and operational cost.
This estimation alone should give you enough insight to decide whether all this is even worth pursuing given the locations kWh rate so make sure you learn how to use a mining profit calculator properly.
Each Bitcoin ASIC miner also requires its own dedicated 220v outlet. Having an inspection on your location’s electrical system is another must-have to ensure you don’t overload any circuits.
Another issue is with miners is heat. ASIC miners are notorious for heating small spaces in the wintertime which is excellent, but when summertime rolls around, you’ll need a plan to circulate fresh air.
Other than a high-speed internet connection this all the core requirements your location needs to be deemed permissible for Bitcoin Mining. However, I want to add in the fact that you will need an ethernet cable running from either your router or network switch for each Bitcoin Miner you plan on operating.
Best ASIC Bitcoin Miners To Buy
The best place to buy Bitcoin ASIC miners is direct from the manufacturers most commonly headquartered in China which has been a leader in the industry of manufacturing Bitcoin Miners ever since ASIC minings existence.
Top 3 Bitcoin ASIC Miner Manufacturers 2019
Buying direct ensure you don’t overpay from other reseller sites like eBay. Most ASIC miner comes with a 6-month warranty which is another reason why it best to go direct.
Out of all the companies I just mentioned most of my experience has been with Bitmain as they have been the most popular for quite some time.
However, with this recent new batch of miners released they currently don’t make the fastest Bitcoin miner.
Best ASIC Bitcoin Miner Of 2019
The best ASIC Bitcoin Miner you can currently buy on the market today is the EBANG EBIT E11++ as it can mine Bitcoin at speeds of 44 Th/s while only drawing 1980 watts. It comes with a standard 6-month warranty and is currently priced at $2024 including the power supply.
In case you do decide to buy from one of the other manufacturers check to see if the power supply gets included. Companies like Bitmain require you to purchase their power supply and power supply cord separately.
ASIC Bitcoin Miner And Power Cords
How To Set Up an ASIC Bitcoin Miner?
Now that you have all the required hardware and location prepped its time to set up your Bitcoin Miner to start earning Bitcoins. The setup requirements from miner to miner are very similar in some ways but it’s still best to refer to the manufacturer’s installation guide for specific instructions.
Step 1: Connect Power Supply
The first thing you will want to do is make sure the power supply and all connections coming to and from the power supply and miner are tight and secure. Once the connections are secure, then proceed to plug the miner into the 220v outlet.
From here the miner should power on, but some miners may have a power switch which is why you will need the manufacturer’s instructions.
Step 2: Connect Internet
Now that you have your miner up and running its time to plug it into the internet directly with a CAT5 or CAT6 cable.
SIDENOTE: I’ve seen people use wifi adapters for these types of miners but for stability in connectivity reasons its not ideal.
Once the internet is connected, you can now begin to configure your miner’s software, but first, we must locate the miner’s IP address.
Step 3: Access Router
To obtain a miner’s IP address, you must first access your router configuration menu. If you are unsure of how to access your router’s settings be sure to Google the make and model of the router. Each manufacturer should have instructions with routers IP address and default user name and password.
Step 4: Locate Miner IP Address
Inside the routers settings menu will be an option to see all the devices connected to the network along with each device’s IP address. You will want to copy and paste each IP address into your Google Search bar until you see a screen asking for your miner’s user name and password.
Step 5: Login into Miner
Each miner has a default user name and password located in the miner’s installation instructions. Take Bitmain miner’s, for instance, their default user name and password is “root.”
Once you login to your miners operating system, you can now begin configuring your mining pool and wallet address. Be sure to leave the miner browser open while you get a wallet and mining pool address.
Step 6: Create a Wallet
If you haven’t set up a wallet by now, you will need to create one. One of the best software wallets for Bitcoin comes from a company called BRD which has been around for quite some time. However, if you’re looking to hold some Bitcoin long term its recommend to invest in a hardware wallet.
Once your wallet is backed up and secure be sure to get a copy of your Bitcoin wallet address.
The next thing you will need to do is select a Bitcoin Mining pool and sign up for an account.
Step 7: Sign Up at Mining Pool
One of the first Bitcoin mining pools goes by the name of Slushpool and is a personal favorite of mine mostly due to its phone app monitoring features. Be sure to sign up with the link below and follow the help guide to setup worker names.
Slushpool Setup Guide Link
Now you can select your pool server address but be sure to use one that is closest to your mining operations location.
Step 8: Configure Miner
Copy-paste the pool address URL box along with the “your-username.your-worker-name” you setup with Slushpool into the user ID box.
The password box can be left empty when mining on Slushpool but other Bitcoin Mining pools may require it so always refer to the mining pools getting started section for exact details.
Once you’ve copied everything into the miner configuration panel be sure to hit save and so the miner can now start pointing towards your pool and wallet address.
Congratulations, you have now crossed through the doorway of officially becoming a Bitcoin Miner.
Is Bitcoin Mining Profitable?
Undoubtedly Bitcoin Mining has made people a fortune over the years. However, that doesn’t mean anyone who attempts mining Bitcoin will have guaranteed success with it. Most of the reports of profits made from Bitcoin Mining are from wise investors who carefully planned out their mining operations with cheap electricity while using the most efficient mining hardware.
Speaking from my own experience, I too have witnessed Bitcoin Mining being quite profitable partially due to Bitcoin,s bull run late 2017. Now after two years of running S9 Antminers I’m looking into upgrading my hardware as the S9’s are no longer profitable on my .11 cent kW rate.
That’s why I recommended calling the utility company first to get the kW rate so you can use it for better accuracy when entering a Bitcoin Miners wattage and hash rate into the mining profit calculator.
Keep in mind mining calculators can only estimate what a current ASIC miner’s profits are as many unpredictable factors like mining difficulty and Bitcoins price make it change regularly. With that said they can still be a great tool to decide whether Bitcoin mining is right for your situation or not.
There are, however, periods when Bitcoin’s mining difficulty increases so much that mining isn’t at all profitable unless your electricity is extremely cheap or free. When this happens, inexperienced miners can get very impatient and sell off hardware at a loss which is where most of the negativity about mining being dead come from.
In times like the instance mentioned above its crucial to keep a long term investment mindset with realizations that mining profits will have ups and downs like all investments do.
Especially crypto markets as they are unregulated which makes then extra vulnerable to market manipulation and is commonly used tactic to convince inexperienced investors to sell when they should buy and vice versa. It’s essential you understand that this is the game your playing and understanding how its played will prevent you from making impulse and irrational decisions.
Bitcoin Mining FAQ
How long does it take to mine 1 Bitcoin? The time it takes to mine one Bitcoin can vary depending on Bitcoin’s mining difficulty and the mining hardware hashrate used to mine them. However, you can calculate how long it currently takes a Bitcoin ASIC Miner to mine one Bitcoin by entering its total hashrate into a Bitcoin mining profit calculator.
The calculation should provide you with a daily estimated amount of Bitcoin a given ASIC miner can mine daily. From here you can take the expected daily amount and divide it by one to reveal how many days it takes your miner or to mine one Bitcoin.
How much does it cost to mine 1 Bitcoin? The cost to mine one Bitcoin can vary upon many factors such as mining difficulty, electric rates, and mining hardware efficiency. However, you can estimate this with a mining profit calculator using your Bitcoin miners hashrate, electric rate, and power consumption which reveal the daily amount of Bitcoin Mined and day-to-day operational costs which is your electricity costs.
The daily amount of Bitcoin mined can then be divided by 1 to reveal how many days it takes to mine one Bitcoin. From here take the number of days it takes to mine one Bitcoin and multiplies it by the current estimated daily operational costs to know how long it currently takes to mine one Bitcoin.
Can Bitcoin miners be used for anything else? Yes, there are other cryptocurrencies like Bitcoin Cash who use the same sha256 algorithm as Bitcoin in which you can use the same ASIC miner in mining them. However, you will need to use a different wallet and mining pool address in doing so.
Can I mine Bitcoins on my PC? Technically yes you can still mine for Bitcoin on a PC, but you would be far better off trying to mine altcoins like Ravencoin and Ethereum with them.
So by now, you should have a better understanding of what becoming a Bitcoin Miner is all about and how to know whether it’s profitable for your situation or not. Just remember to plan out your operation first and get an idea of what your expenses are before buying any hardware. If you feel as though this guide helps you in some way or we left something important out, then please drop a comment below.