Key Takeaways:
- What kind of Hardware do you need?
- How much Money needs to be Invested?
Intro:
Solo mining requires more than just pointing hardware at a blockchain you need the right equipment, to compete with pool miners worldwide. This checklist will brake down the must-have components you’ll need to start your solo mining journey, from choosing appropriate hardware to counting up the money you would have to invest.
What kind of hardware do you need?
To do solo-mining and have at least some chances of getting a block you would need a lot of expensive equipment which equals out your chances in competing with miners all over the world for a block. So let’s list them, Antminer S21 series(produces around 200 TH/s), Whatsminer M60 series ( produces around 170+ TH/s), and last but not least Antminer S19 XP ( produces around 140 TH/s), and this is only for bitcoin for other currencies you don’t need a miner but, you need a good GPU like RTX 4090, RTX 3090, AMD RX 7900 XTX but the thing with GPUs is that for even better results you would preferably want a so called “rig” which consists of 6-12 GPUs.
Secure Your Winnings
Finding a solo block means receiving 3.125 BTC directly to your wallet — currently worth over $250,000. That amount should never sit on an exchange.
Two hardware wallets we recommend for solo miners:
Ledger Nano X (~$149) — Industry standard, supports BTC natively
Buy Ledger Nano X
Trezor Model T (~$179) — Open-source firmware, strong community trust
Buy Trezor Model T
How much Money needs to be Invested?
In this section we will be talking about how much money needs to be invested, so first let’s find out how much does a average costing miner cost, we will take the Antminer S19 XP as an example, the Antminer S19 XP costs around 700-750 euros which in dollars would be around 830 to 890 dollars and that’s a bit of a costly buy. Now we will talk about the electricity cost and we will take Germany as an example, so the Antminer S19 XP uses around 3.01 kWh per hour and per day that would be around 72.24 kWh per day but only if it works at full power, and that times 30 (days in a month) will add up to 2,170 kWh per month and if we take Berlin for example the cost for a kWh is 0.24 cents that would be 520 euros per month. So after these calculations we can add all of that up and get 1220 euros just to start and that’s the cost only for electricity and the miner without counting the pay for the apartment, food, water, etc. In conclusion starting a solo mining has high risks and the money you invested might not comeback immediately, but if you never try you never know.
Words to Know
- kWh- kilowatt per hour 1 kilowatt (kW) = 1,000 watts (power)
- 1 kWh = using 1,000 watts for 1 hour
- TH/s — terahashes per second
- 1TH/s=1 trillion (1,000,000,000,000) hashes per second