Requirements – What Do You Need To Mine Bitcoin SV Today?
Mining is a significant financial investment, so it requires that you understand what you may need before you proceed with mining. As mentioned above, Bitcoin SV mining is done in a similar way to Bitcoin and Bitcoin Cash. This means significant computing resources in the form of first class mining hardware.
You will also need mining software. Electricity bills and other costs you might incur in setting up or maintaining the mining operation are also some things to consider.
Popular hardware and mining rigs for Bitcoin SV
Hardware makes up the bulk of mining equipment, and the right choice on top of each other depends on a few notable features. Before we go into this part, we should be aware that in order to mine Bitcoin SV today and be profitable in the process, you will need specially designed mining machines called ASICs.
This is because the mining of the SHA-256 algorithm was postponed by CPUs and GPUs, which worked before network troubles exploded as the hash rate increased. This is why hardware devices like the Antminer S19 and Antminer S17 + are so popular with miners.
But these ASICs can be a little expensive, and you may need some cash to purchase several if you want to set up a sizable operation. For example, a newly released ASIC miner can retail for $ 3,000 to $ 7,000, sometimes even more.
But is cost the only factor to consider when looking for an ASIC miner? Not at all! The profitability of the hardware device is a critical consideration. To help you decide, three things need to be considered:
- Hash rate (computing power of the device in hashes / second)
- Power consumption in watts
The hash rate indicates how powerful the machine is, while the power consumption indicates how much electricity is required from the wall of the device. This is stated in kilowatt hours and is directly related to how much you may have to pay for electricity per hour. The efficiency tells you how much of the energy consumed is enough to find a BSV unit.
You can buy ASICs from the manufacturer or from a trusted distributor / dealer.
Here are some of the most popular Bitcoin SV ASIC miners today.
1. AntMiner S19
Antminer S19. Source: Bitmain
Antminer S19 was released in May 2020 after the Bitcoin SV halved. The device is popular with BTC miners, but it also promotes BSV and other SHA-256 algorithm coins. It offers 95 TH / s mining power with a consumption of 3250 W on the wall with an efficiency of 0.034 j / Gh.
2. Antminer S17 +
The Antminer S17 +. Source: Bitmain
The Antminer S17 + is a product from the China-based ASIC manufacturer Bitmain. The SHA-256 miner was released in December 2019 and has a computing power of 76 TH / s, a power consumption of 2900 W and an efficiency of 0.04 J / Gh.
3. AvalonMiner 1166 Pro
AvalonMiner 1166 Pro. Source: Canaan
The AvalonMiner 1166 Pro is another top ASIC miner from Canaan, one of the earliest companies to make Bitcoin miners. The 1166 Pro was released in January 2020 and has a hashrate of 81TH / s that draws 3400W from the wall. The miner offers 0.042 j / Gh efficiency. If cooling is your concern, there are four (4) 12038 fans to allay your concerns.
Aside from the hardware, you will need mining software before you can configure your mining operation and mint new coins. There are several options for BSV mining software that you can choose from. What you want to use depends on your hardware tool or mining pool.
You will need the mining software to connect your hardware to the network and configure your crypto wallet to receive coins. The software interface can be used on desktops or mobile devices and you must be interested in it, especially if you want to coin BSV on the go.
What software is used to mine Bitcoin SV?
Since Bitcoin SV mining rigs are the same ones miners use to mint BTC or BCH among other SHA-256 coins, the application software is also the same.
Remember that you only need to download and install mining software if there is none pre-installed on the ASIC miner. You will also need to check with the mining pool to determine the compatibility of your hardware and the mining software it supports.
The most popular mining software in use today are CGminer and BFGminer. These provide a command line interface (CLI) that you can use to do the mining process in a practical way. EasyMiner, MultiMiner, and Awesome Miner are other great options to try.
Can I mine Bitcoin SV with my PC?
You could technically. However, this is practically impossible as ASIC miners are the most popular hardware for mining SHA-256 coins today. You need a lot more hashing power to break down BSV, which a personal computer just can’t do. When Satoshi Nakamoto launched Bitcoin in 2009, it was certainly possible to use a CPU. It stayed that way for a while, but as the network grew and more powerful computers were needed, miners switched to graphics cards (GPUs). But even that is not very competitive in view of extremely powerful devices in the form of application-specific integrated circuits.
As mentioned earlier, if you want to profitably mine BSV, invest in an ASIC today and join a mining pool.
Technical knowledge required to mine Bitcoin SV
Mining can be an enjoyable endeavor, especially if you have the right equipment and are looking for profits. Below is a list of common technical terms so you know what crypto mining is and how it works.
Consensus Algorithm: A protocol that participants on a blockchain platform can use to reach an agreement on the validity of transactions. Bitcoin SV’s SHA-256 is an example of a Proof of Work consensus algorithm that envisions mining as a form of network consensus.
- Block: This refers to a batch of transactions that, after review, are added to the public ledger to form a blockchain.
- Block size: The size of the transaction data when combined into a block. Different cryptocurrencies have different block size restrictions. Bitcoin SV (BSV), whose SV stands for “Satoshi Vision” and is supposed to follow the original whitepaper by Satoshi Nakamoto, has no block size limit after this feature was removed during the Genesis upgrade in February 2020. Bitcoin and Bitcoin Cash, on the other hand, have block size limits of 1MB and 32MB, respectively.
- Block rewards: The new coins a miner or pool of miners will receive after successfully solving the block and adding it to the blockchain. The block reward halves are halved every four years, with the last halving the mining bonuses in 2020 lowering the mining bonuses from 12.5 BSV to 6.25 BSV. It will continue to be reduced until all 21 million coins are mined.
- Mining Difficulties: A measure of how difficult it is to solve the math puzzle and get a new block. The mining difficulties rise or fall with ease or difficulty in minting new coins. As of February 23, 2021, BSV had a mining difficulty of 69,074 million.
- Transaction fees: A fee that BSV users pay to have the transaction handled by miners. This is an incentive that increases the block subsidy of 6.25 BSV. The transaction fees for Bitcoin SV are a fraction of the transaction amount.
Joining a Bitcoin SV mining pool
A Bitcoin SV mining pool is what you need when you don’t have the capital to set up a large mining operation with a hash rate that can rival large mining farms. A “pool” brings together several small miners whose resources lead to enormous computing power. As a result, miners in a pool can regularly mint blocks and earn a reward for using their resources to secure the network.
You can join any mining pool you want, but the recommended ones have high hash rates and are reputable. The latter means you can be sure that you will get your share of the reward and not be scammed.
Keep in mind that mining pools have a number of different ways to share mining rewards, and some have pool fees. So you need to understand this first before signing up with one. With everything set, use your pool’s dashboard to oversee the mining process, including monitoring your hashrate and potential payouts.
Cloud mining Bitcoin SV is another option to consider if you don’t want to set up expensive hardware. With a cloud mining service, you can rent hashing power for a fee and mine it on your behalf. You will then receive a portion of the reward as agreed in the mining contract, which usually runs in two common time frames: monthly and yearly.
What are the advantages and disadvantages of cloud mining?
- No need to buy or operate expensive mining equipment
- Don’t worry about electricity bills near you (if they are high)
- Trouble-free mining
- Not a must have skills or mining knowledge
- Friendly to inexperienced miners
- Cloud mining is still full of scams
- The acceptance takes place at a specified time (no opt-out)
Top Bitcoin SV Mining Pools On The Market Today: