This presentation is about world's hot trending topic known as "Cryptocurrency". This presentation covers a general knowledge about cryptocurrency, crypto coins, bitcoin, coin mining. It specifically shows people about how to start mining and what are the basic requirements.
Comprehensive energy systems.pdf Comprehensive energy systems.pdf
“A bitcoin mining rig”
1. A Bitcoin Mining Rig
Glitter Technology Ventures Pvt. Ltd.
Presented by : Nishchal Bhole
2. CONTENTS
o Introduction
o Objective/Motivation
o Bitcoin Transaction Workflow
o Architecture and Design
o System Requirements
o Coin Mining Proposal
o Constraints, Assumptions and Dependencies
o Conclusion and Future Scope
o Reference Material
3. Introduction
Cryptocurrency:
- A digital or virtual currency that uses cryptography for security.
- No physical appearance and generally called as “cryptocoins”.
- There exists many cryptocurrencies such as Bitcoin, Litecoin, Ethereum,
Monero etc.
- Has limit of creation.
4. Introduction(Contd...)
Bitcoin:
- A digital, decentralized cryptocurrency created in 2009 by Satoshi
Nakamoto.
- Abbreviated as “BTC”, or less frequently “XBT”.
- Total 21 Millions BTC will be created.
- Based on Blockchain technology.
5. Introduction(Contd...)
Blockchain technology:
- A continuously growing list of records which are linked and secured by
cryptography.
- Enables to carry out transactions of digital currency from one individual to
another.
- Consists of: 1. Private key cryptography
2. Peer-to-peer network
3. Platform(blockchain protocol)
7. Introduction(Contd...)
Bitcoin Mining:
- Transaction information distributed within the bitcoin network is validated
and stored on the blockchain.
- Used to describe the processing and confirmation of payment on the
bitcoin network.
- Anyone can do mining by solving transactions with strong computational
power.
- Miners(users/clients of bitcoin) compete with each other.
- It is possible to online buy and sell bitcoins.
9. Objective/ Motivation
Objective:
- To build a powerful mining rig and mine bitcoins.
Motivation:
- Observing the continuous growth in value of bitcoins and considering
its future scope.
- Desire to earn great profit.
12. System Requirements
Operating System:
To start mining, you can use any of the following operating system that is
suitable for you:
● Windows OS(Win7/Win8/Win10)
● Linux OS
● MAC OS
Environment Required:
● An enough cool space for a set up(a room or a godown)
● Power supply at cheaper cost or solar panel electricity generator.
● High speed internet broadband connection.
13. System Requirements(Contd...)
Software Requirements:
● Standard Bitcoin Client: Enables your system to connect to internet and
interact with the bitcoin clients. (Ex.- Bitcoin Core).
● Bitcoin Mining Program: To start bitcoin mining. (Ex.- GUI Miner).
● Mining Pool: Join a suitable mining pool(Ex.- Slush’s
pool:mining.bitcoin.cz).
● Bitcoin Software Wallet: To store your earned. (Ex.- Multibit).
● Mining Calculator: To calculate your expected profit in mining process.
(Ex.- bitlockers.com/miningcalculator).
● Buy or Sell Bitcoins: www.coinbase.com
14. System Requirements(Contd...)
Hardware Requirements:
● Mining Motherboard: With sufficient number of PCI-Express slots.
● CPU: Intel’s Dual core, Quad core, Core i3/i5/i7 or pentium or celeron, etc.
● RAM: 8 GB and above.
● HDD: Minimum of 320GB and above.
● Keyboard, mouse, monitor: One piece each.
● Ethernet cable, nylon tags: As per your requirement.
● Graphics Processing Unit(GPU): Recommended to use GPUs of high hash rate.
● Power Supply Unit(PSU): 1000Watt for Motherboard and 1500Watt and above for
GPUs.
● PCI-E Riser cables:Equal to number of GPUs you are using.
● Cooling fans: Depending on your system size(number of GPUs).
15. Coin mining proposal
● Check out top 5,6 cryptocoins and start mining those to make mining
profitable. You can check the coin market at: www.coinmarketcap.com
● According to current scenario, you can start mining some of these coins:
○ Bitcoin
○ Ethereum
○ Bitcoin Cash
○ Litecoin
○ Dash, etc..
● First do detailed research for mining process and requirements of the
particular coin that you want to start mining.
16. Constraints, Assumptions and Dependencies
Constraints:
● Challenge of managing required environment.
● Getting hardware devices at affordable cost.
Assumptions:
● Availability of expert technical resources.
● Uninterrupted internet connection.
Dependencies:
● Continuous power supply.
● Efficient performance of hardware devices without failure.
17. Conclusion and Future Scope
As per the complete discussion in this presentation:
● Cryptocurrency- growing very fast throughout the world and will be
having a tremendous value in the upcoming future.
● Coin mining- it will turn into a better idea to start mining bitcoins or any
other coins from today.
● Mining rig- a person having more powerful mining rig will be having
owned large number of coins for himself.
● Converting a mining rig into a large mining farm in future will lead to a
great profit for a miner.
So, have a good luck and start mining soon!
