Crypto Mining

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main qimg 6ceee6c908adc73c75ed8fda9c92dafe   How mining works
Mining serves two purposes: To create new coins and to maintain a log of all transactions of existing digital tokens.
As is the case with bitcoin and other cryptocurrencies, “miners” around the globe contribute their computing power to verifying and adding all exchanges of ether to a public ledger.
This public ledger is known as a blockchain. Ether’s blockchain is called ethereum. Once a transaction is added to the ethereum blockchain, it can’t be altered or erased, giving observers a permanent and verifiable record.
 
In order to log exchanges of ether, miners run a computer program, which computes millions of math equations. But miners aren’t doing all these math problems in a vacuum. They are competing against miners all over the planet to be the first person to verify a block of transactions.
 
Building a rig
To mine ether, you’ll need to build a custom mining rig. To learn how to do this, CNBC teamed up with Jordan Leigh, a full-stack software engineer and longtime miner.
The main components of any mining rig include a power supply, a motherboard, an operating system to run on your motherboard, computer memory, and a GPU, or graphics processing unit.
“An ethereum mining rig is just like any other computer you would build on your own; only instead of having an actual case that all the components live in, it’s in an open area,” explained Leigh. “You need to do this because when the GPUs are running, they get really hot, and it’s important to have a lot of air circulation.”
 

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Profitability of mining
With one graphics card, the rig we built costs roughly $1,400. Tack on five more GPUs, and the price rises to $4,400.
If the rig runs at full capacity with all six GPUs, it can earn about 0.348 ETH/month, which is roughly $1,425, at today’s prices.
Mining rigs require quite a bit of power, so electricity cost is a big factor when computing whether mining can be a profitable venture. Location matters, since there are stark differences in electricity prices from country to state. Basically, the profitability of mining depends on the curency value that you are mining, the cost of the equipment used to mine it and the cost of the electrcity used to mine it.
 

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