Basic bitcoin mining setup

To perform a cost calculation to understand how much power it would take you to create a bitcoin, you'd first need to know electricity costs where you live and the amount of power you would consume. More efficient mining equipment means less power consumption, and less power consumption means lower power bills. The lower the price of electricity, the less cost there is to miners—thus increasing the value of the Bitcoin to miners in lower-cost areas after accounting for all the costs associated with setup.

Bitcoin's exchange rate has fluctuated wildly throughout its history—but as long as it's price stays above the cost to produce a coin, doing the work in an area where energy costs are very low is important to make the practice worthwhile. The price placed on bitcoin in terms of energy consumption, and thus environmental impact, depends on how useful it's going to be to society.

What is an ASIC Bitcoin Miner?

This then begs the question—if bitcoin continues to rise in popularity and price, how much more power will be consumed, and will it ultimately be worth the environmental cost? Actively scan device characteristics for identification. Use precise geolocation data.

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Table of Contents. Powered by the People. Calculating the Cost. Costs Vary by Region. The Real Cost. By Full Bio Follow Linkedin. Follow Twitter. Danny Bradbury wrote about bitcoin and other cryptocurrencies for The Balance. He has won awards for his investigative reporting on cybercrime. Read The Balance's editorial policies. Reviewed by. Full Bio Follow Linkedin.

Khadija Khartit is a strategy, investment, and funding expert with over 25 years of experience.

She is an educator of fintech and strategic finance at top universities. Article Reviewed on April 22, Bitcoin uses SHA cryptographic hash function to secure the blocks and create the hash for each block. This encryption is what protects the transactions in the block from being altered. Several manufacturers produce their own ASIC chips and miners.

How Does Bitcoin Mining Work?

For this part of the Bitcoin mining guide we will use the current top miner on the market the Bitmain AntMiner S9. Bitcoin mining has gotten so high powered with the race to be the winner to solve a block that it has evolved into pooled mining where a group of miners want to have as much hash power as possible to get a share of the Bitcoin block reward. By combining your hash rate with that of many others you have a better chance of solving blocks creating a block and getting the block reward.

If you are able to use v power and have the correct outlets or PDU Power Distribution Unit you can use special PSUs that are either made specifically for Bitcoin mining or even those made for servers. Once connected you will connect an ethernet cable to the miner itself. The next step is to turn on your PSU and the miner will power up from there. Next get on a computer or mobile device that is connected to the same network as the miner. You will need to enter in the miner's IP address. Since most miners now come with DHCP enabled you do not have to manually set the IP address, you just need to look at the IP table on your router or use a scanning tool.

When you run the scan you will see AntMiner as one of the devices. From there in your browser window you type in the miners address. This will take you to the first screen to login to the miner.

In the case of the S9 the login box that comes up the username is root and the password is root. Once you have logged in you will see the system overview.