When you are interested in owning your own crypto-mining rig or when you already have a complete crypto-mining rig and are trying to mine Bitcoin or other cryptocurrencies, there are a lot of questions you might still have. This article will try to answer some common and uncommon diy cryptocurrency mining questions.
Which Cryptocurrency Mining Software Should I Use?
A common question that you might have after setting up your crypto-mining rig is: what cryptocurrency mining software should I use? The answer to this question depends on what mining setup you have and what coin you are looking to mine. You’ll want to start by checking what pool you want to use for mining or which crypto you want to mine. Some pools might offer a recommendation of software to mine on their pool. Another option could be a platform like nicehash, where you can loan out your mining power and get paid in BTC. A platform like nicehash has their own mining software. If you are mining Bitcoin with ASICs, this website gives a good overview of current software options. If you are mining with a GPU, there are several mining algorithms you could be using to mine, some algorithms might work better on your specific hardware, and different algorithms can mine different coins. Make sure to research which coins you want to be mining and which algorithm you need to do so. Whattomine might help give you an overview of what is the most profitable to mine at any given time.
Does Internet Speed Affect Crypto Mining?
No, in most cases, the speed of the internet connection does not affect crypto mining performance. However, there needs to be a stable internet connection while mining cryptocurrencies and there needs to be some internet speed, e.g. a few MBps, even though it has been been reported that speeds of 500 KBps might also work for smaller setups
How Does Crypto Mining Affect Internet Consumption?
This depends on your crypto-mining rig/setup and how many machines/cards you have running. When talking about GPU mining rigs, it will likely not take more than a few MBs per hour worth of internet if you only have 1 crypto-mining rig. Related to this is the question, “how much internet speed do you need for crypto mining?” You require a stable internet connection for mining, but the speed does not need to be blazing fast. Multiple MBps might be needed for bigger, high-end setups, but a home setup will not require fast internet speeds.
Does Crypto Mining Kill My GPU?
The answer to this question depends partly on how you are mining crypto. Mining cryptocurrencies can significantly increase the temperature of the GPU. This means good cooling is necessary, and if the GPU is in a well-cooled mining rig, the potential downsides are much lower. But, if the GPU is in a closed off computer, the temperatures might get dangerously high, which is not good for the GPU. Crypto mining will most likely not kill your GPU; however, the lifespan of the GPU, in terms of years, might be lower compared to when you’re not crypto mining. This makes sense because, when mining, the GPU is at max capacity 24/7, and when not mining, the GPU will be switched off or be on lower settings for a longer period of time. However, if mining with a GPU with a well cooled mining rig, the average lifespan of the GPU can still be 3 years of active use, while some sources say even 5 years.
Does Crypto Mining Damage My CPU?
The short answer is no. The long answer depends. Although its very uncommon, CPU mining still exists, which, in theory, could lower the lifespan of your CPU. However, when we are talking about regular crypto mining, the strain of the mining calculations are on the GPU not the CPU; therefore, there is an extremely low chance of crypto mining damaging the CPU. When building a mining rig, a very cheap CPU will work fine and can handle the load for mining.