The Best Way to Mine Bitcoin to be Profitable

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Bitcoin is very well known in Indonesia. The media glanced at Bitcoin when the price soared to USD 13421,11. You can buy Bitcoin or also mine Bitcoin known as Bitcoin mining. Maybe many of you are familiar with the word Mining, an activity to mine Bitcoins.

In this article, I will discuss more deeply how to mine Bitcoin with a computer, such as GPU, CPU, Motherboard, software, etc. Mining Bitcoin in 2009 is very easy, you only have to provide a laptop or computer, you don't need to use the best processor, video card, GPU (Graphics Processing Unit).

However, the more you come here, the more Bitcoin miners or commonly called Minners, so that it has an impact on the difficulty of getting Bitcoin. 

Why? because to get Bitcoin from mining, the computer and software you use must be able to solve math problems and if you succeed in solving these problems, then you will be rewarded with Bitcoin.

What is Bitcoin mining?

Mining bitcoin/bitcoin mining is a process where all transactions are entered into the public ledger/Bitcoin ledger which is open, meaning that everyone can record these transactions.

Anyone with access to the internet can mine Bitcoins. However, you must have a qualified laptop / computer or smartphone.

How to mine Bitcoins?

Mining Method :

• Mining Alone
• Cloud mining / mine alone

Method 1: Personal mining / own mining

How to Mine or Bitcoin Mining For Beginners

• Rig Frames

The experts at Decenter recommend that you choose an aluminum Rig Frame. The metal is stiffer than wood, non-flammable and a good conductor of electricity which would be a serious advantage as all components of a mining system must be integrated and of course safety must be prioritized.

• Motherboards

It must be able to support between 4 and 8 video cards which means it must have at least 4 PCI-E ports.

Some of the most popular motherboards are based on the P45, P43, and P35 chipsets – Gigabyte GA-EP35-DS3L and Asus P5Q Deluxe.

An inexpensive option is the Z270-based Gigabyte GA-Z270P-D3 which powers up to 6 GPUs and costs less than $100. The Gigabyte GA-970A-DS3P is a good alternative for AMD enthusiasts, but only supports 5 cards.

• Processor

The basic Z270-based Intel configuration can be assembled with a Celeron G3900 (G3930) processor (around Rp. 600 thousand) and a Core 2 Duo E7300 CPU for P45, P43, P35-based rigs (around Rp. 200 thousand).

The Athlon X3 445 is suitable for the AMD platform with the 970A chipset. Multicore processor, like Intel Core i3, i5, i7 CPU for Z270 chipset platform which is good for mining coins based on Cryptonight algorithm like Monero.

• RAM

In this case, quantity will trump quality because productivity is not so dependent on generation or price. At least 4GB of RAM is required.

The most common type today is DDR3 which is also cheap, around USD 5.5 per gigabyte. It's important to make sure, however, that your motherboard supports it as some newer models won't. DDR4 is more expensive in the range of Rp. 700 thousand for 4GB size.

• Storage

The hashing power of a mining rig is not really affected by the size and speed of the storage device. The system only uses it for the occasional log recording.

Any hard drive with 50GB capacity will suffice. Buying an SSD is not really justified as a good old HDD will do the job and can be had for as little as USD11,41 on the second hand market. Make sure to check for bad sectors before you buy it.

• Power Supply

The unit must be 80 Plus certified which means higher efficiency. Power Supplies are usually rated as Plus, Plus Bronze, Plus Silver, Plus Gold, and Plus Platinum and the price depends on the grade.

Bronze and Gold are considered optimal for mining purposes. Aerocool KCAS power supplies are in high demand in the market and cost an average of around USD40,26 for 600 watts.

• Video Cards

The GPU, or Graphics Processing Unit, is by far the most important component of a cryptocurrency mining rig. Both Nvidia and AMD have their advantages and disadvantages. The main differences relate to mining efficiency in terms of hash rate and power consumption which also depends on the algorithm of the coin being mined.

Nvidia cards are generally easier to setup, less prone to cooling issues but require more energy. On the other hand, AMD GPUs are harder to resell after a while because they are less popular with gamers.

Suggestion:

1. Motherboards. Every PC needs a motherboard, and so does a mining machine. You need something cheap that can support as many GPUs as possible (so you can upgrade in the future).
2. CPUs. This one should also be cheap, as we won't be mining Bitcoins with a CPU, but this unit only needs to service the GPU and the machine.
3. RAM. Just go for 4GB DDR4, or add more if you're going to use a lot of heavy GPUs.
4. Power Supply. This one shouldn't be cheap. You want a stable, high-quality unit that will allow your mining machine to run 24/7. You also want it to be powerful-1000W+, so you can install multiple GPUs in the future.
5. Graphics card (GPU). The more powerful the better, but the less power consumed the better. The more you mine Bitcoins, the more power you have to pay for. And GPUs with low power consumption will pay off in the long run.
6. Hard drives. You can go for cheap and small units, my advice is to choose a small SSD which will bring additional stability to your mining PC.
7. Peripherals. Mining rigs don't need any peripherals to work. If you already have a keyboard, mouse, and monitor in your home, you can use them while setting up your mining application and then let them go, because your PC can mine without them.

Best Bitcoin Hardware

Here, we will provide some suggestions on the best Bitcoin mining hardware that you can use for your mining computer.

Best Motherboards

When it comes to Motherboards, you need to look for one that is durable and has as many GPU (PCIE) slots as possible. The more GPU slots, the less often you need to buy a new Motherboard, and everything else needed to run a PC (less CPU, hard drives, RAM sticks and Power Supply).

The following are what you might want to specifically consider based on the specifications outlined above:

1. Gigabyte GA-H110-D3A: A solid motherboard equipped with 6 GPU slots and more than enough for beginners to mine Bitcoin
2. ASRock H110 Pro BTC +: Another cheap unit with 13 GPU slots and a used price of at least USD 40.
3. Asus B250 Mining Expert: Equipped with 19 GPU slots and really cheap – can be found on Amazon.
4. Biostar TB250-BTC Pro: This unit comes with a large build and support for 12 GPUs.
5. MSI Z170A Gaming Pro: Great quality motherboard with 7 GPU slots and a solid price of around $200, and since it's suitable for gamers, chances are you can sell it again in the future more easily.

Best CPUs

As we have discussed, most CPUs are not efficient at mining crypto nowadays. However, some CPUs of the newer generation can profitably mine directly, and here are some:

1. AMD Ryzen Threadripper 1950X: The 'fierce' CPU comes with 16 cores and 32 threads, a base clock of 3.4GHz and an astonishing 32MB of L3 cache. Many benchmarks show that this CPU is twice as good as the GTX 1080 Ti GPU when mining multiple CPU friendly algorithms. Even so, the price is still quite high at Rp. 10 million, but it is quite promising to be used directly without buying other additional units.
2. AMD Ryzen Threadripper 1920X: This uni comes with 80-90% performance over 1950x, but has a price tag of Rp. 6 Million, so if you like high-performance processors, this is probably the best buy that you don't have to regret.
3. AMD Ryzen 7 1800X: This unit comes with 8 cores, 16 threads, 3.6GHz base clock and 16MB L3 cache. And for the price, this is a solid and promising buy.
4. AMD Ryzen 5 1600X: This one CPU comes with 6 cores and 12 threads, but also a base clock of 3.6GHz and 16MB of L3 cache. Since it costs around $2.2 Million, this might be the optimal solution.
5. INTEL Pentium G4400: This is the weakest unit among the above CPUs, however, even though it only has 2 cores and 2 threads, it is enough for a Bitcoin mining machine if you are not going to use it as a miner, but only to service the machine and GPU.

The Best Video Card (GPU).

When choosing the best Video Card or GPU for your mining operation, things to consider are price, power and power consumption. Here are our top 5 GPUs for Bitcoin mining:

1. Nvidia GeForce GTX 1070: Probably buying the best GPU, at a current cost of around Rp. 4.5 Million. This card comes with 8GB DDR5 and around 150W power consumption, which is very promising for your mining performance.
2. AMD Radeon RX580 (Budget): This unit is likely to be the best for your GPU of choice. Equipped with 8GB of DDR5 memory, this unit consumes slightly more watts than the GTX 1070 but is cheaper.
3. Nvidia GeForce GTX 1060: This GPU has 6GB DDR5, low power consumption (120W) and priced at 2 – 3 million with easy availability (not a rare item).
4. AMD Radeon RX Vega: This unit has 8GB HBM2 priced at USD 335,53 and higher power consumption (200-300W). However, its ability is quite capable as the main support for your mining so that price and quality can be said to be balanced.
5. Nvidia GTX 1080 Ti: This is the king of GPU mining, with a fantastic price of USD 671,06 with 250W power consumption, 11GB GDDR5X and 11GHz memory clock. This unit comes with great performance, but can't be called a best buy due to its price and power consumption which can still be said to be high (not very beginner friendly).

Some of the most popular graphics chips currently used in rigs are the Nvidia GTX 1050 Ti, GTX 1060 6GB, GTX 1070, GTX 1080 Ti, and AMD products.

Software (Software) For Bitcoin Mining

1. Kryptex

Kryptex mining software is a tool that even beginners can easily manage. This software is very easy to install and configure, this tool definitely deserves to be listed among the best Bitcoin mining software to look for this year.

Here are the features of Kryptex that you need to know about:

• Easy setup (takes a minute for the average user),
• Simple and clean GUI interface,
• Automatically determines the most profitable coin mining at the moment,
• CPU and GPU Mining,
• recommendation System,
• Autostart with Windows,
• Work always or when PC is idle,
• Payments can be in: Bitcoin Wallet, Ethereum Wallet, Visa/Master Card, UnionPay, Advcash, Amazon eGift Cards, Steam, Qiwi, Yandex Money, Russia Card, Bank of Russia, WebMoney, Ukrainian Hryvnia and Tengst Kazakhstani Tenge.

Unfortunately, at the moment they only have a Windows version, no word on Linux or a Mac version at this time.

2. Cudo Miner

Another Bitcoin mining software is Cudo Miner. While it's still in beta, it's very easy to set up and configure, and all you need is a PC and an email address. What's most exciting about this app is that it can run on Windows, Linux and Mac, and we all know how hard it is to find a GUI miner for Mac and Linux.

And here are the main features of Cudo Miner:

• Works on Windows 7, 8.1 and 10, Ubuntu 18.04 and MacOS 10.9+
• CPU and/or GPU Mining,
• CPU and/or GPU mining intensity,
• silent mode,
• Schedule Mode,
• battery mode,
• Multiple coins and algorithms available,
• Payment in Bitcoin or Ethereum,
• Auto start with system,
• recommendation System,
• Easy to install and use,
• 5000 Satoshi as welcome bonus,
• 10,000 Satoshi as referral bonus.

3. BetterHash

BetterHash is dedicated Bitcoin and crypto mining software designed for Windows x64. Unlike most new companies in the crypto space, this one seems to have a strong background in the hardware unit industry, and they claim that it allows them to collect computing power data from almost any piece of hardware out there.

And here are the options and features provided by BetterHash:

• A large number of coins- Bitcoin, Ethereum, ZCash, Monero, Dash, Ethereum Classic and Bitcoin Gold can all be mined through this mining software,
• quick installation,
• automatic update,
• The most profitable coin auto mining,
• benchmarks utility,
• Payments in Bitcoin but also other crypto,
• recommendation System,
• GPU and/or CPU mining,
• Auto start with system.

AMD or NVIDIA?

A common question that comes up when researching mining GPUs is whether you should go for an AMD or Nvidia GPU (AMD and Nvidia are the two main GPU makers). The consensus is that Nvidia is better for new miners because their GPUs are easier to setup, consume less energy (worry less about setting up ventilation and energy efficiency), and work with more mining algorithms.

However, AMD cards typically have a lower hashrate unit cost, making them more cost effective. Another thing to note is that AMD is usually better for Ethash coins like Ethereum (ETH) and Ethereum Classic (ETC).

Tips: How to Choose the Best GPU for Mining

Now that you know the best GPU for Bitcoin mining at 3 different price tiers (mid-tier, high-tier, and budget tier), here are some helpful tips for choosing a mining GPU.

1. Calculate the Hashrate Unit Cost

When choosing a graphics card, divide the price by the hashrate to get the hashrate unit cost. In general, the lower this number, the better because it measures how efficient the graphics card is.

Though don't forget that the cost of your mining rig can also factor into this if you buy things like Motherboards, Power Supply, processors, memory and Hard Drives.

2. Consider Buying a Used GPU

Buying a GPU is like buying a car or smartphone. When you buy new ones, their value immediately drops once you start using them, as they will be replaced by newer models in a year or two and will likely have some problems after a few years.

To return your investment in a GPU more quickly, it may be a good idea to buy a used GPU because the higher price for the new GPU will increase the amount of crypto you will have to mine to break even (BEP) on your initial investment.

Also, you may end up changing your GPU after a few years as newer cards will inevitably hit the market and make your older cards obsolete.

While some used GPUs do have issues, they're not as common as most people think, especially when buying something that's been refurbished by the actual manufacturer. Welcome to the world of crypto mining!

Software

Software for Bitcoins

• Bitcoin Miner
• BTC miner
• Easy miner
• CG miner
• BFG miner

Software for Ethereum

• Ethminer
• Geth

Wallet / wallet

You must also have a digital wallet such as keepkey or MyEtherWallet to store the coins that have been mined. Actually there are many other ways to get BTC/ETH, such as following investments, buying Bitcoin/Eth directly and investing in ICOs. But by mining yourself, your losses can be limited rather than following an investment.

Method 2: Cloud mining

Cloud mining is a Cryptocurrency mining system such as Bitcoin and Ethereum without any mining rigs or related equipment. In other words, you don't need to buy sophisticated computer equipment that costs millions of rupiah.

There are several outside companies that carry out Cloud Mining business, for example Genesis, Hashnet, Hasflare, Hashing24, etc. The company is located outside Indonesia and they choose a location where electricity prices are very cheap. However, the company asks you to register for an account with their company, just like how you register on social media.

With the existence of these companies, it is very helpful for ordinary people who don't really understand in the world of computers, so they can continue to do Bitcoin mining. However, there is a cost that must be incurred which is called "Hash Power".

"Hash Power" can be interpreted as the speed of a computer that you rent at the company, you can choose how fast you need. All companies serving in this field, have various plans and various prices.

Genesis mining is one of the best and has many options, you can choose to mine Bitcoin, Etherium, Dash, Litecoin, Monero and Zcash. Many people have already made Bitcoin profits from Genesis Mining and almost all the plans have run out, but you can choose the plan that you design yourself.

Prices for cloud mining are quite expensive, ranging from hundreds of thousands to hundreds of millions of rupiah. But with cloud mining, you don't need to buy a very expensive Video Graphic Card (VGA).

Tips for choosing Cloud mining that doesn't cheat

1. Check your chosen cloud mining website

You can go to the 'about'/'about' page of the site. Most fake cloud mining will leave the page blank, you can also check their phone number and try to call.

Honest/genuine Cloud Miners will write about their missions, company background, colleagues and also the leaders in their company.

2. Go to Google, forums and Facebook

Most people would be happy if they got the ridiculous cloud mining prices. For example 1thz/s costs USD 6,71. This is a scam and you should exit the site immediately and never fill out your email to the site.

A good cloud mining company is definitely a company that has been around for a long time. Because cloud mining system mining is more difficult and many newly opened cloud mining can be said to be fake companies.

Go to Google, if they are on the first page, you can be sure the site is safe and also pay attention to how many people are liking their Facebook page. See also how active they are on social media.

3. Strict security

If you want to create an account with the company, pay attention to their security. The SSL/certificate in your browser must be secure/ there is a key image in the upper right corner. When you enter your email and password, they require 'I'm not a robot' approval. The more difficult it is for you to create an account, the more trusted the company is.