Getting Started with Cryptocurrency Mining – Building Your First Rig

This is a post I’ve started three or four times, with different aims and detail, but since I haven’t gotten it posted and people keep asking, I thought I’d start with a simple build plan and some caveats and considerations.

Where I refer to a ‘rig’ here, it’s simply a system dedicated to, or purposed for, mining cryptocurrency of some sort. It might be a single board computer, or a dedicated device, or a PC with one video card (or just a good cpu), or an open frame build with lots of GPUs and a beefy power supply.

Big Hairy Audacious Caveats

The numbers in this article, from prices to currency rates, are based on the time of writing (which may have been a while before the time of posting). They are not guaranteed to last even as long as it takes for this article to post. I am not advising on the value or prospects of any mining or cryptocurrency. You may gain money, lose money, or break even, or your entire city may sink into the ground like a big ole glowing gopher, if you engage in cryptocurrency mining on any level. Do so at your own risk. 

Other Reading

See the sidebar: A note about mining pools

See the other sidebar: Setting up your cryptocurrency wallet

Givens and Druthers

Two ODROID HC1 single board computers, next to a Transporter NAS device.

There are a lot of options out there, from multi-thousand-dollar ASIC miners for Bitcoin to sub-$50 single board computers that can mine Verium or the like. Your budget will determine a lot of the details of your rig, and your power cost may influence it as well. It’s also worth keeping family approval requirements in mind, since an Antminer may be noisy and generate a lot of heat, whereas a Raspberry Pi or ODROID might fit better behind something in your living room.

You can build a starter rig with one GPU, and depending on the GPU, you might be able to bring in $10-20 a week or more from that. Considering that you can do this with an existing PC and operating system, it may be an economical way to get your feet wet, and it won’t require messing with special power supplies, excessive cooling, or riser cards.

If you’re looking to impress people or make a lot of money, well, good luck. But you’ll be looking at open frame systems with riser cables or even multiplexers for PCIe. That’s beyond the scope of this post. Continue reading