This is where the future of your business starts. Cutting edge income earning will give you the advantage over your competitors.
The first thing you are going to want to do is give us a call and schedule a meeting at the site that you want to build the mine. We’ll evaluate the locations power availability and determine what additional engineering or supplementation works with that site.
If you don’t have a location we can help with that too.We have taken the time to scout out a few potential mines in the Sacramento area. We also have a few commercial real estate agents that work with us looking for new locations. Contact us now or give us a call. We are more than commercial electricians, we are powering the future!
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When you buy a mining rig it is designed to do one thing and one thing only. Its made to run hard, and run fast, an algorithm. Each coin has its own mining software that is easy to install, but you might need someone familiar with computers to troubleshoot any networking issues. The software is free and easy to install. Most contractors will build the mining rigs based on your power supply, cooling ability and the type of coin you want to mine.
Applications would be installed on a mining rig. Powers supply and economy determine hash rate. Most are open source and free, though you might need a professional to install them. Mining software is different than your basic wallet. Here are some links to help you find the right programs to use to mine cryptocurrency.
The amount of calculations needed to earn a single Bitcoin are immense. The best way to hedge your bets is to get to a mining pool. These are organizations that allow you to share the workload for small fee and increase the likelihood of return. There are several out there each one with its own advantages. If you are going to make profit you will need to be in a mining pool. Each crytpocurrency has its own variations on how their mining is set up.
Mining pools have been around since the dawn of crytpomining, even before there were application specific rigs and business ventures based around the idea. Challenges in mining pools arise around cheating the miners out of coin. Several different methods to pooled mining have been created.
Pooled mining is a mining approach where multiple generating clients contribute to the generation of a block, and then split the block reward according the contributed processing power. Pooled mining effectively reduces the granularity of the block generation reward, spreading it out more smoothly over time.
The slush approach
Bitcoin Pooled Mining (BPM), sometimes referred to as “slush’s pool”, follows a score-based method. Older shares (from beginning of the round) have lower weight than more recent shares, which reduces the motivation to cheat by switching between pools within a round.
The Pay-per-Share approach
The Pay-per-Share (PPS) approach, first described by BitPenny, is to offer an instant flat payout for each share that is solved. The payout is offered from the pool’s existing balance and can therefore be withdrawn immediately, without waiting for a block to be solved or confirmed. The possibility of cheating the miners by the pool operator and by timing attacks is thus completely eliminated.
This method results in the least possible variance for miners while transferring all risk to the pool operator. The resulting possibility of loss for the server is offset by setting a payout lower than the full expected value.
The Full Pay-per-Share approach
The Full Pay-per-Share (FPPS) approach, created by BTC.com team, aims to benefit miners from the high transaction fee. It will calculate a standard transaction fee within a certain period，add it into the block rewards (12.5 BTC every block for now) and then distribute the whole to miners according to PPS mode.
This method keeps advantages of PPS and pay more to miners by sharing some of the transaction fees.
Luke-Jr’s approach (“Eligius”)
Luke came up with a third approach borrowing strengths from the earlier two. Like slush’s approach, miners submit proofs-of-work to earn shares. Like puddinpop’s approach, the pool pays out immediately via block generation. When distributing block rewards, it is divided equally among all shares since the last valid block. Unlike any preexisting pool approach, this means that the shares contributed toward stale blocks are recycled into the next block’s shares. In order to spare participating miners from transaction fees, rewards are only paid out if a miner has earned at least 0.67108864 BTC (400 TBC). If the amount owed is less, it will be added to the earnings of a later block (which may then total over the threshold amount). If a miner does not submit a share for over a week, the pool sends any balance remaining, regardless of its size.
P2Pool mining nodes work on a chain of shares similar to Bitcoin’s blockchain. When a block is found, the reward is divided among the most recent shares in this share-blockchain. Like the puddinpop and Luke-Jr approaches, p2pool pays via generation.
The cooperative mining approach (slush and Luke-Jr) uses a lot less resources on the pool server, since rather than continuously checking metahashes, all that has to be checked is the validity of submitted shares. The number of shares sent can be adjusted by adjusting the artificial difficulty level.
Further, the cooperative mining approach allows the clients to use existing miners without any modification, while the puddinpop approach requires the custom pool miner, which are as of now not as efficient on GPU mining as the existing GPU miners.
Puddinpop miners receive coins directly.
Additionally, the puddinpop and Luke-Jr approaches of distributing the earnings by way of including precise sub-cent amounts in the generation transaction for the participants, results in the presence of sub-cent bitcoin amounts in your wallet, which are liable to disappear (as unnecessary fees) later due to a bug in old (before 0.3.21) bitcoin nodes. (E.g., if you have a transaction with 0.052 in your wallet, and you later send .05 to someone, your .002 will disappear.).
Puddinpop and Luke-Jr miners receive coins directly, which eliminates the delay in receiving earnings that is required on slush-based mining servers. However, using some eWallet services for generated coin will cause those coins to be lost.
To make any reliable money or to make a mine profitable, you have a few elements in place. Processors run hot and they use a lot of electricity. They need space to operate in and that area must be cooled to keep them working well. The first thing you need to build a cryptocurrency mine is space. You will need to keep that space cool and it will need to have the ability to channel in a good amount of electricity. The software is free and building the racks aren’t your biggest cost, its always power.
How do you find a space?
Its hard to know if a space can do everything you will need it to do. If you already have a property you’re going to need to find an Electrical Engineer or contractor to look and see if it has sufficient power. Not every space is going to work. If it doesn’t have the right power requirements, you’ll have install or supplement it.
Power rate and power consumption are the next hurdles to cross. Bitcoin mining or cryptocurrency mining in the Sacramento area is defined by SMUD’s current power rate. California’s power rate is high compared to other states (average of $ 0.15 ) , but our alternative energy initiatives, tax credits, and local rebates can more than compensate. Depending on the location of the mine, solar supplementation, or wind power, will dramatically change the prospecting costs.
Local power rate is the center of the build. Knowing the general rate will allow your contractor to choose the most efficient mining rig and supplemental power sources. You can see what the local Sacramento electrical rate is at https://www.smud.org/en/Rate-Information/Business-Rates
Local incentives will vary with your energy provider but you can check online to see if there are rebate or programs:
The first thing that you must accept is that profits come from wise investments. Building a bitcoin or crypto currency mine takes investment and is not a backyard gold mine.
The simplest answer to what it is:
It is a series of specialized processors that are trying to guess a very specific number called a Hash Rate. There is heavy competition, but when you get it right, you earn coins to your account. The more processors you have working at guessing the greater your chance to win.
This is the very bare bones explanation, but the more often you can guess the greater your chance to win. A mine is when you have several processors guessing. A successful or profitable mine is when they can make more than their overhead.
There is an excitement when anyone talks about the mystery of Bitcoin and cryptomining. Its not easy to understand and harder to explain. Here you’ll find an easy to understand description for business owners to evaluate its value. Each page will have simple explanations with a “Deeper Dive” for those who need more information.
Profitable cryptocurrency mining, BitCoin mining, farming, it has several names, isn’t something that can be done in the garage. The space you would need to make it work would quickly exceed a home or small workshop. Business and property owners can maximize their current situations to develop this new revenue.
Yuriy Fox is a local Sacramento Commercial Electrician who wants to share his passions about Blockchain, cryptocurrency with everyone. Enjoy this no nonesense eplanation. Whether your a business or just curious about the whole thing this will be an informative read. Start by clicking one the the links below:
To learn more on what bitcoin mining is
Get a better idea of what the cost for owning your own mine is
Make sure you have the right software to get your setup going.