A crypto mining rig–also called a miner–is a computer specifically set up to mine–solve a cryptographic puzzle–to earn crypto. Mining rigs vary in price, size, performance and efficiency. These rigs are used on blockchains that are secured by the Proof-of-Work consensus mechanism to validate transactions. In terms of performance, hash rate (unit of measure for the computing power of a PoW consensus mechanism) and energy consumption are two key factors to consider, as these affect the profitability of the mining operations. If energy consumption is not efficient enough, the electricity costs may eat into the mining rewards, resulting in a loss-making venture instead.
The most essential piece of the puzzle. Without hardware that can solve billions of cryptographic equations, you can’t mine crypto. The local secondary market in any country is a better place to source equipment than new miners and/or importing valuable miners due to import taxes. A wallet is essential for depositing mining rewards. If you’re mining Bitcoin, you can register an account on Phemex and get a Bitcoin deposit address. Once the rewards arrive, you can sell the Bitcoin or keep it in your wallet. New miners also need education since machines can be difficult to operate. There are various tutorials on YouTube about how to build a mining rig, and resources such as blockdag.network can help miners choose the best crypto mining rig for their budget.
