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Cryptocurrency Mining – Setting up your own Rig

ROI far outweighs the risk yet still the most volatile and unstable form of investing money

With the world’s “cryptocurrency” now worth over USD 1 Trillion and first-time investors reaping the dividends of their investment in an almost too-good-to-be-true schematic that looked more like a “Ponzi scheme” where no individual would want an investment or endeavors to get saddled with unpredictable outcomes or marred by indeterminable financial instability.

A cryptocurrency rig (Gigabyte F2A88X) mining rig series.

No investor would not want to be in full control or at least, possess some form of “ROI” (Return on Investment) Interest accrued with accountable growth index capitalization.

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If this form of investment is automated and regularized but turns out to be an inevitable yet quintessential cream-of-the-crop evil and still is the most valuable, amidst currency control policies, governmental regularization with bonds and dividends, unreasonable yet irrevocable sanctions.

That sure makes it a venture worth getting into weighing the pros and cons as the advantages far outweigh the disadvantages and of course, pessimists and financial analyst, as well as investment critics, would elaborate on the instability yet over the years, bitcoin price has surged from $6 to over $50,000 since its creation on the 3rd of July in 2009.

At every point in time, every product gets its generic name from the most popular brand or a particular item that has over the years gained notoriety among all and sundry, brand consumers would subconsciously refer to it with their generic name “bitcoin” and Cryptocurrency investors, skeptics, analysts, miners, arbitragers and cryptocurrency hedge-fund investment capitalists.

For a brief delve into the origin of Bitcoin creator Satoshi Nakamoto, He is believed to own 1 million bitcoins. Most of these were mined in the first two years. Cryptocurrency analysts believe if he still has copies of the private keys that control these funds, he would be worth around USD 40 billion today. Satoshi created 25 mining blocks- which is where hash rates and hexadecimal are manifested in binaries.

The volatility which Bitcoin or (BTC) has suffered and mostly the original creator maintaining anonymity up until date, coupled with the risk of getting hacked and the influx of currency control over the years with mining block halved from 25 to 12.5 in May 2020, That still did not change the fact that BTC remains the most invaluable and most reliable token.

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Bitcoin mining can be done from the comfort of your home with a Graphical Processing Unit (GPU) hardware and a CPU with great processing speed which is measured in Gigahertz (GHz), A Random Access Memory (RAM) size ranging from 16 GB or a super-computer that contains 24 RAM slot with a size of 3 terabytes of memory as a lot of processing speed and space is required in mining for cryptocurrency.

Mining cryptocurrency does not require any professional experience or expertise. Mining hardware has emerged over the years. The GeForce RTX 30 series goes for around USD 94,000 and one of the most popular is the Antminer S70 series and goes for around $20,000 with installation cost and electricity consumption which happens to be the most important part.

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To date, NVIDIA has been the major manufacturer of gaming hardware and also the GeForce as well as a partnership with other hardware manufacturing firms with hardware like the Radeon RX and CMP HX series.

A mining rig utilizes hardware that requires the expertise of a computer engineer or an artificial intelligence engineer and a large budget with a lot of time required, the uncertainty that it would finally pass the test of time and be established as a legal tender with analysts predicting bitcoin hitting an all-time high of $100,000 in 2030 amidst numerous speculations that the mining block would still be halved from 12.5 to 6.25 causing a spike in price as bitcoin still stands at $53,630 today.

Ikiliagwu Uso

I write on trending topics in Artificial Intelligence, Cryptocurrency and general Tech news. I am a Data Scientist and Machine Learning Professional.

One Comment

  1. This is a very interesting read especially as I plan to start investing in cryptocurrency soon. Thank you

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