Wikicoin Vera Thornpike

Best Monero Mining Rigs: How to Build a Cheap XMR Rig?

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Find out which hardware a good Monero mining rig consists of
Best Monero Mining Rigs: How to Build a Cheap XMR Rig?

Let’s learn how to create a powerful and non-expensive Monero mining rig. We’ll observe hardware and software solutions for efficient mining in both solo mode and in a mining pool.

Although Bitcoin and Ethereum are still at the top of popularity, mining these cryptocurrencies is an unbearable challenge– even mining pools aren’t efficient due to the difficulty of mathematical problems. However, it doesn’t mean you can despair, there’s a wide range of altcoins that are still possible to earn, including Monero. Want to try? Then you will need an efficient Monero mining rig. This guide is here to teach you how to build a Monero mining rig without making enormous investments.

Why Monero?

With such a huge variety of cryptocurrencies around, why do you need to choose Monero? This currency was introduced in 2014, and raised in popularity in 2017– now it’s the ninth most capitalized coin. Although it’s prone to price fluctuations like other coins, Monero is still considered to be a great investment because it’s technologically more advanced than Bitcoin.

XMR vs. BTC– what is better?
Monero versus Bitcoin comparison

It has cryptonight algorithm and is perfect for mining on AMD GPUS, as well as Nvidia units. All you need is to create a wallet, build Monero mining rig, and start the process– there are no hidden pitfalls.

How to select the best Monero mining rig?

When searching Monero mining rig for sale, you need to figure out which rig will be more profitable. Take into consideration everything starting from its price and hash rate, and finishing by warranty service life and user reviews. Here are five factors that influence profitability:

  • Cost of hardware (how much do you need to invest in devices).

  • Electricity cost (power consumption and average sum in your monthly electricity bills).

  • Hash rate (how quickly does your hardware mine).

  • Mining pool fee (how much will you pay to the mining rig helping you).

All of that influences the final profit you get.

What a mining Monero rig consists of?

You don’t need to purchase a ready construction– they are expensive and not always tailored to mining some certain cryptocurrency. Why not building Monero mining rig on your own instead? You can tailor the composition to your budget and requirements, and it is a great experience for boosting your technical skills.

What exactly should your Monero mining hardware kit include? Even a cheap Monero mining rig consists of many different important parts, such as CPU, GPU, fans, frame, power supply unit, and power buttons. Let’s discuss them one by one.

Monero mining rig
That’s what a ready mining rig looks like

 

Choosing essentials: CPU

Theoretically, you can try mining using your personal computer, but it’s not efficient at all considering the difficulty of mathematical operations. However, some advanced CPUs designed for mining were used as Monero mining hardware 2017, and may still bring you some profit.

We would recommend trying The AMD Opteron 6272: it has a hash rate of 415 H/s and costs as low as $50 consuming about 200 W per chip. Alternatively, you may try The AMD FX380. Although it’s twice more expensive than the previous option and consumes around 300 Watt, the efficiency of mining justifies it.

Ready to invest heavier? Then it’s time to opt for really profitable solutions.

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GPU– optimal choice for solo and pools

Today, most miners assemble rigs with 6 GPUs for reaching maximum mining profit. If you want to create the best mining rig for Monero, buy a few units. Which ones are the best? Your choice should be based on your budget since the market offers a wide range of solutions with optimal price/quality ratio.

XFX R9 295X2 model will cost you $500-650 and reach the hash rate of 1800 H/s with power consumption of 500 Watt. Too expensive? Opt for The Radeon HD 7990: it costs around $400, and has the hash rate of 1120 H/s consuming 375 Watts of power. The AMD R90 280X is the budget pick – it costs as low as $150 and has the hash rate of 500 H/s consuming 300 Watt. You will definitely need a few of those.

Radeon RX Vega 56 and 64 are among the most efficient GPUs for mining. Costing $750–$800 and $850–$1,200 correspondingly, they provide the hash rate of 1,750 H/s – 2,000 H/s and 1,900 H/s – 2,200 H/s, which is very high. Power consumption is 165-220 Watt only, which makes it a very cost-efficient solution! Another super-pricey and the super-efficient option are GeForce GTX 1080 Ti. It costs $900-1,150 and reaches the hash rate of 750-1000 H/s consuming as low as 110-150 Watt.

This Monero mining hardware comparison table will help you to make an informed decision:

 

XFX R9 295X2

Radeon HD 7990

AMD R90 280X

Radeon RX Vega 64

GeForce GTX 1080 Ti

Price

$500-650

$400

$150

$850-1200

$900-1150

Hash Rate

1800 H/s

1120 H/s

500 H/s

1900-2200 H/s

750-1000 H/s

Power Consumption

500 Wt

375 Wt

300 Wt

165-220 Wt

110-150 Wt

Can you use an ASIC Miner?

That may seem to be the best hardware for mining Monero. Being made specifically for mining in modern conditions, ASIC Miners they are 100.000 times more efficient than CPU units! However, Monero creators make cryptonight algorithm ASIC resistant. So even though Antminers are considered to be the best Monero mining hardware, unfortunately, these will not bring you profit in XMR.

Monero algorithm is resistant to ASIC Antminers
ASIC Antiminer – the best solution for mining crypto, but not XMR

 

What else?

Is there anything else you need for building a Monero mining rig?

First and foremost, you need the rig itself: this is a metal frame where you will fix the equipment. Ready rigs are sold in specialized stores, but you can easily find one on forums. Handmade constructions often appear to be even better than what manufacturers offer. Secondly, you will need to sustain proper ventilation. If the inbuilt GPU fans aren’t strong enough, probably, additional fans will be required.

If you don’t use your computer, aside from GPUs, a motherboard must be installed. ASUS PRIME Z270-Plus Motherboard is an optimal choice: it costs $141 and has six slots for GPU. If you need to install additional units, buy m2.0 pcie extender.

Mining rigs consume a lot of power, so you need to calculate overall power consumption of all your GPUs and buy a device that will provide the same amount of energy. So far, the best variants are:

  • Corsair HX1000i provides 1000 Watt.

  • EVGA Supernova 1000 P2 goes for $200 and supplies 1200 Watt.

Riser cards will connect the Graphics card with the motherboard, and you will also need to buy power buttons to switch devices on.

If you want to find out how to assemble a cheap $500 Monero mining rig, check out this video:

https://www.youtube.com/watch?v=A-cxRVB-Dh0

Bottom line

As you see, there’s a lot of mining Monero hardware to be bought before you start earning coins. It will take at least a few months for the investments to pay off. In order to assemble a non-expensive Monero mining rig, build it from used devices, and choose models wisely. You can figure out the efficiency of mining hardware using special online calculators– that will help you to make the right choice.

Mining doesn’t have to be too expensive: as soon as you have optimal devices installed, they can start bringing profit immediately. You’ll only need to provide your XMR wallet and see your balance grow.

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WikiCoin: Buying Bitcoin

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Bitcoin remains the most valuable asset of the cryptocurrency market. Here’s a basic guide to investing safely.
WikiCoin: Buying Bitcoin
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How to Accept Bitcoin as Payment on Your Website

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As the Bitcoin community expands, shop owners seek how to accept Bitcoin as payment. Learn more here
How to Accept Bitcoin as Payment on Your Website

Financial analysts all over the world are talking about the revolutionary digital currency that is steadily changing our landscape. The question is no longer, “How to buy and sell Bitcoins.” It has become, “How to accept Bitcoin as payment for business.” Thankfully, developers have developed a myriad of options, providing you with alternatives to choose from.

This post will cover everything you need to accept payments in form of Bitcoin.

How to accept Bitcoin payments on your Shopify or eBay

As a seller, it is important to provide your buyers with a lot of options and variety, especially as regards payment options. But the most important part of this process is providing an easy method of paying. Usually, the conventional way of doing this is by creating an invoice.

But then, accepting Bitcoins means that you probably need to convert the value from a fiat currency to a digital one. The volatility of the currency means that it is impossible to keep up with the particular value. Hence, you should seek ways to be able to generate an invoice automatically without stress.

Thankfully, some systems available provide you with means of not only generating an invoice but recording and storing it for tax purposes. Also, a QR code can be generated so that the customer can easily scan and make payments.

Some platforms offering the service include:

  1. Invoiced

  2. CoinKite

  3. Coinify

  4. Blockonomics

  5. BitPay

Now, let’s go on to how to accept Bitcoin for payments on your e-commerce or Shopify store.

How to accept Bitcoin payments instead of cash

Remember, Bitcoin is global now. Developers are always on the lookout for ways to incorporate Bitcoin payment into their system. Now, there are manifold commerce-specific hardware POS services available to merchants. Some of them are Bitcoin-specific, while others are APIs that can be integrated into existing terminals.

Some of the services are mentioned below.

  1. Bitcoin Internet Payment System (BIPS)

The name is self-explanatory; it is a payment processor that allows merchants from all around to trade Bitcoin and also accept payments in Bitcoin. They also provide a POS app for Android users. To integrate BIPS into your website, you can use plugins available on some of the popular e-commerce websites. The system also gives you an avenue to store and archive invoices.

  1. Coinbase

Coinbase also provides a POS app for android users. But there’s a restriction to their service. Only bank accounts from the US are allowed. Nonetheless, they offer extensive support to e-commerce store owners. In addition to the HTML code segment they provide, they also have plugins available for WordPress, WooCommerce, Magento and ZenCart.

  1. Coin of Sale

The name sounds intuitive, right? Well, the company’s aim is to make Bitcoin payments easier for clients and sellers alike. It is the brainchild of a Singapore-based veteran, Thomas Forgac, and the service works with both Android and iOS devices. It works with Electrum so once a new user signs up to Coin of Sale, they set up an Electrum wallet.

For the merchant to receive money, he/she needs to put in the required amount of money expected and then the app generates a QR code. The customer then scans the QR code to complete the payment.

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  1. CoinKite

The conventional chip-and-pin terminals in use in stores today is being developed to allow Bitcoin. CoinKite just further clarified your doubts on how to accept Bitcoin as payment for your business. They also provide a Bitcoin-based debit card. Their system serves both Bitcoin and Litecoin and it also allows you to print QR codes which customers can use to make payments.

  1. BitPay

BitPay is recognized far and wide as a payment processor and they have a POS system that processes cryptocurrency payments. In addition to their existing system, they have an API that can be implemented into another POS system. For a token, users can also export their transactions to QuickBooks, or use it on a custom domain.

  1. Blockchain Merchant

This is good news to merchants all over the world, Android users more importantly. Blockchain Merchant aims to provide users with instant transactions and zero percent transaction fees. In addition to this, they have several versions which support users from different parts of the world.

E-Commerce platform accepting Bitcoin

In case you’re looking for other websites already allowing Bitcoin transactions, you don’t need to look any further. Here are some:

  1. Overstock.com

Overstock, as the name implies, is one of the largest online merchant allowing Bitcoin at the moment. They sell almost any product you can think of: clothing items, accessories, even groceries. More so, they list Bitcoin as a payment option on the checkout page. The platform then provides an option for the customer to a particular amount to the company.

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  1. eGifter

This website sells premium branded gift cards and accepts payment in BTC. Their BTC platform is powered by Bitpay and customers are able to either scan a QR code or send the funds directly to an address provided.

Think about taxed when you consider how to accept Bitcoin as payments

Remember that your BTC earnings are taxed. Even though the cryptocurrency market is not regulated, the Bitcoin has an equivalent in fiat currency. And you’re expected to keep a record of your transactions and then report it to the government.  

Some Bitcoin payment processing companies have tools that make this easier. For instance, Coinbase provides a “Cost Basis for Taxes Report” which provides a summary of income, cost basis, capital gains, loss and expenditure using the digital currency.

Conclusion

You’re probably excited about introducing the world of Bitcoin and cryptocurrency to your teeming clients! We are too. But don’t forget to get a reliable wallet to store your earnings. Adhere to the usual tips regarding safeguarding your cryptocurrency and you’ll be fine.

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Bitstamp vs. Kraken vs. Coinbase- Choose the Best Crypto Exchange

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A focused on an in-depth comparison of three major exchanges: Bitstamp, Kraken and Coinbase
Bitstamp vs. Kraken vs. Coinbase- Choose the Best Crypto Exchange

When it comes to American exchanges, Kraken and Coinbase are the two obvious leaders on the market. They are currently situated neck-to-neck on the CoinMarketCap list (the 12th and the 13th places respectively).    

Another highly reputable European exchange is called Bitstamp. As of now, Bitstamp trails behind the aforementioned two exchanges sitting at the 19th position with an average trading volume that is about to cross a $99 mln mark.  

All three aforementioned exchanges were founded around the same time in 2011. They are highly reputable and well-known, and have managed to survive in a highly competitive market. Bitstamp vs. Kraken, Coinbase vs. Bitstamp, Bitstamp vs. Kraken vs. Coinbase- let’s find out which one of them is the best option for investors.

Bitstamp vs. Kraken vs. Coinbase: Availability

Bitstamp is one of the longest standing exchanges out there along with Kraken and Coinbase. Bitstamp was originally founded in Slovenia, then they moved servers to Luxembourg where Bitstamp was licensed by local authorities. Consequently, Bitstamp became the first fully regulated exchange in the entire cryptocurrency industry. As of now, it operates in 28 EU countries along with 50 other countries around the globe.

Kraken hardly has any competitors in this area, since the exchange is available all around the world. However, judging by the fact that their official website is available only in two languages (English and Japanese), one can make a conclusion that this exchange mainly focuses on American and Asian markets.  

Coinbase is supported in 32 countries (mainly Europe and the Anglosphere). As of July 2018, Singapore is the only Asian country where this exchange is available.  

Bitstamp vs. Kraken vs. Coinbase: Availability

The winner: Kraken  

Bitstamp vs. Kraken vs. Coinbase: Supported assets

The Gemini vs Coinbase vs Kraken debate is impossible without reviewing the variety of supported assets. The same is true if one replaces Gemini by the aforementioned Luxembourg-based exchange Bitstamp.      

Bitstamp allows its users to purchase five cryptocurrencies:

  • Bitcoin

  • Ethereum

  • Ripple

  • Litecoin

  • Bitcoin Cash

NB! The US dollar and the euro are both supported here (just like on the other two fiat-to-crypto exchanges).    

Kraken offers a fairly big amount of altcoins for a fiat-to-crypto exchange. As of June 2018, the company features 16 currencies, but promises to add as many as 1,600 coins. However, investors should consider this tongue-in-cheek tweet with caution, since that tween was supposedly an attempt to poke fun at Coinbase.

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Speaking of Coinbase vs. Gemini vs. Kraken, Coinbase clearly pales in comparison to its competitors– it offers only four major coins:

  • Bitcoin

  • Bitcoin Cash

  • Ethereum

  • Litecoin

However, the exchange has recently appeared in the headlines after an announcement about adding five more currencies (which reportedly have already been vetted by regulators).  

The winner: Kraken

Bitstamp vs. Kraken vs. Coinbase: Trading platform

Bitstamp is popular with experienced users with traders who are looking for advanced trading tools. Bitstamp‘s Tradeview-powered candlestick chart reflects most recent price fluctuations and provide users with plenty of instruments for in-depth analysis. It features both market and stop orders, but, unfortunately, a Luxembourg-based exchange doesn’t support margin trading which may come as a big drawback for those who would like to trade with leverage.    

Coinbase’s trading platform is a perfect choice for beginners who are only making their first steps into the crypto world. The San Francisco-based has also recently launched its new project Coinbase Pro rebranding their GDAX that was founded in 2015 for professional investors.   

As for Kraken, it’s trading platform is not really suitable for inexperienced traders. It operates similarly to Forex exchange which many confusing for new users. However, is you are not afraid of sophisticated trading tools, all you have to do as a newbie is to create a new account, deposit a particular amount of money and place an order.

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The winner: Kraken

The winner: Kraken

Bitstamp vs. Kraken vs. Coinbase: Security issues

Undoubtedly, security is an issue of paramount importance for crypto traders who want to make sure that their assets won’t be compromised. There have been huge exchanges (for example MT.Gox) which couldn’t survive a major hacking attacks. In a major hacking attack. In 2018, all major exchanges make sure that they won’t suffer the same fate. Let’s find what exchange is the most secure.

Security was clearly one of Bitstamp weak points in the past. The exchange tarnished its reputation after an infamous hack that happened back in 2015. This major security breach resulted in more than 19,000 Bitcoins being stolen from the exchange. The company made a significant effort to repay the losses, but the damage had already been made. Right now, Bitstamp keeps as many as 98 percent of its funds in a cold storage and works hard in order to restore its strong reputation.  

Kraken has a perfect reputation because of a high emphasis on security since the very inception of this exchange. In fact, Kraken’s founder and current CEO Jesse Powell was inspired to create this exchange after visiting MT.Gox’s office and seeing many security flaws which would inevitably lead to a tragic outcome. After the fall of the Japanese-based MT.Gox, Kraken experienced a sudden surge in subscriptions, since many investors started turning to this highly secure platform.

Coinbase also enjoys a high standing when it comes to security. The exchange is fully compatible with AML laws and other types of regulations. Moreover, Coinbase is expected to become the first to become the first exchange registered as a broker-dealer and regulated by the US SEC. Apart from offering the the the TFA and keeping more than 90 percent of all funds in a separate cold storage, Coinbase also covers its users’ hot wallets with by FDIC insurance which provides a maximum level of protection. Even if a hacking attack does happen, there will be an immediate refund. On top of that, you can also use Coinbase Vault for your storing needs.    

The winner: Coinbase.

The winner: Coinbase.

Bitstamp vs. Kraken vs. Coinbase: Payment methods

Bitstamp supports SEPA transfers, international transfers along with credit card payments (Visa or MasterCard). Wire transfers take up to two to five days, but they also have a significant advantage such as lower fees. In the US, however, only US residents from Puerto Rico are able to make a credit card deposit on Bitstamp.

The winner: Coinbase

Kraken, similarly to all fiat-to-crypto exchanges, accepts traditional currencies. However, the San Francisco-based exchange only allows its users to deposit money via wire transfers which is not quite convenient for those who would like to use instantaneous methods of payment like PayPal or any credit card service.

Coinbase has a significant advantage over Kraken here because it allows its user to deposit money both via wire transfers and credit/debit cards. On top of that, you can also send money to your Coinbase wallet with the help of PayPal. Such a variety of payment methods stems from the fact that Coinbase tightly cooperates with major US banks and adheres to all regulatory norms.

The winner: Coinbase  

Bitstamp vs. Kraken vs. Coinbase: Fees

Take a look at the following table in order to find out what exchange has the most reasonable deposit fees . Let’s compare Bitstamp fees. Let’s compare Bitstamp fees Coinbase fees vs Kraken.   
 

Payment method

Bitstamp

Kraken   

Coinbase

SEPA

free

free

free

Credit card

5%

not available

3.99%

Wire transfer   

0.05%

$5

1.49%

PayPal

   

3.99%


As you can see, the amount of fee greatly depends on the payment method of your choice. A SEPA transfer would obviously be the best solution for European residents, regardless of the exchange.   

The bottom line

When it's all said and done, it becomes clear that Kraken takes the cake as the best exchange among these three. Kraken offers a high level of security, a large number of currencies, has relatively low fees and is available everywhere around the globe. Go to Bitstamp vs Coinbase Reddit page in order to find out which of the two frontrunners is better.

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The bottom line

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WikiCoin: Cryptocurrency Wallets

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When it comes to cryptocurrency wallets, research your options and pick a strategy.
WikiCoin: Cryptocurrency Wallets

Signing up for a wallet to hold the Bitcoin you buy sounds simple enough, but there is a variety to choose from as well as some nuance to available features. To make sure that your cryptocurrency is safe and avoid unpleasant surprises, use our wallet guide as a starting point for your research.

Although you need a wallet to store your coin, what it’s actually holding is your private and public keys that give access to your Bitcoin address. Many investors have multiple keys and multiple wallets serving different purposes. Some choose to store most Bitcoin in a secure offline wallet, leaving a small amount online for transactions. Whatever approach you choose, always keep your keys safe, back up everything and review your strategy often.

Online (cloud-based) wallet

Online wallets are very convenient, easy to set up and usually free to use. The tradeoff is lower security; your keys are stored in the cloud, so you are reliant on the host’s security and integrity. Popular online wallets like Coinbase and Blockchain are integrated with exchanges.

Software wallet

If the wallet software is downloaded and installed on your own computer, it gives you the increased control of holding your own keys. On the other hand, you are responsible for your own security: if your computer is hacked, lost, broken or stolen you can lose your Bitcoin.

Mobile wallet

A mobile wallet is an app on your phone, very useful for paying in stores or managing your Bitcoin from anywhere. All online wallets and most software wallets have mobile versions, while some others were created specifically for mobile use.

Hardware wallet

Hardware wallets are actual devices that connect to the web to complete transactions. They are very secure but can be stolen or lost together with the Bitcoin belonging to the private keys. Because of this, some serious investors keep their hardware wallets in bank vaults.

Paper wallet

Just what it sounds like, a paper wallet is a piece of paper where the private and public keys of a Bitcoin address are printed. These wallets are best for things like gifting Bitcoin or storing it for long periods of time. They are entirely offline, which makes them very secure, but again easy to lose.

See our CryptoTips for more advice and specific wallet recommendations.

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WikiCoin: How to Get Started With Bitcoin Mining

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Bitcoin mining requires quite a bit of computing power and energy, but there are a couple of options to choose from when starting out
WikiCoin: How to Get Started With Bitcoin Mining

After learning about how Bitcoin is mined and the way Blockchains are maintained by networks of users, you may decide to join the community and give mining a try. But where to begin? All Bitcoin mining requires considerable computing power, which in turn consumes significant amounts of energy. Keeping that in mind, there is a number of hardware options to choose from, depending on how much you are willing to invest.

Hash rate and energy consumption

The main consideration for mining hardware is its hash rate- the number of calculations it is capable of performing every second. Measured in megahashes (MH/sec), gigahashes (GH/sec) and terahashes (TH/sec) per second, a higher hash rate means a greater likelihood of solving a new block and receiving the reward. It’s also important to calculate the ratio of hashes to the amount of electricity used, by dividing the hash count by the number of watts consumed.

Hardware options

It is possible to just use your own computer’s CPU for Bitcoin mining, though it is also the least powerful option. In fact, in the context of today’s mining industry, it is nearly pointless, unless you improve the hash rate by installing an advanced graphics card with a graphical processing unit (GPU). For comparison, a CPU by itself will achieve less than 10 MH/sec, while the addition of a graphics card delivers over 800 MH/sec.

A step above CPU/GPU mining is the Field Programmable Gate Array, which is an integrated circuit that can be configured for Bitcoin mining with one or more chips. This setup can generate up to 750 MH/sec with a single chip.

The most powerful Bitcoin mining machines are Application Specific Integrated Circuits (ASICs), designed especially for this purpose. This option is the most sophisticated and, therefore, expensive, but it produces incredible speeds, up to 600 GH/sec. Even so, mining complexity is constantly increasing, leading manufacturers to develop ever more powerful ASICs, promising up to two TH/sec in the near future.

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