F2Pool Tutorial | Introduction to Mining (Part 2)

F2Pool Tutorial | Introduction to Mining (Part 2)

As blockchain becomes more popular, Bitcoin, Litecoin, Ethereum, and other digital assets, as the pioneers of blockchain experiments, are gradually becoming known to the public. These digital assets can be obtained at a low cost through mining. Miners make profits by participating in mining.

So, as a novice who is completely unfamiliar with the field of mining, how can I participate in mining?

This article, as the second installment of the introductory guide to mining, will briefly introduce how to carry out mining activities from a practical perspective.


Professional mining machine
Professional mining machines mainly refer to ASIC mining machines, which are customized and developed by mining machine manufacturers based on the characteristics of digital assets such as Bitcoin and Litecoin, and are specifically used for mining these currencies.

Features

  • Highly specialized, single algorithm, and super high computing power.

A professional mining machine is a mining machine that is customized and developed by a mining machine manufacturer based on a specific algorithm for a specific currency. Most professional mining machines only support a single algorithm and can mine related currencies using that algorithm. The number of currencies that can be mined is relatively limited.

At the same time, due to its high degree of specialization, the computing power of a single professional mining machine may be hundreds or even tens of thousands of times that of a CPU mining machine or graphics card mining machine.

High computing power means high returns. Whenever a currency has a corresponding professional mining machine, the first batch of professional mining machine holders will always have a high-return bonus period. Of course, the emergence of professional mining machines also means that the currency is no longer suitable for graphics card mining.

  • Small size, durable, and easy to manage on a large scale.

Professional mining machines are generally smaller in size. Compared with graphics card mining machines, professional mining machines are more durable, easier to transport and transfer, and can adapt to more demanding operating environments. They are matched with the management software provided by the mining machine manufacturer, which is easy to operate on a large scale.
At present, most mines are designed and constructed based on the characteristics of professional mining machines.

  • It is noisy, easily affected by the environment, and has poor value retention.

Professional mining machines are noisy, with the noise of a single mining machine reaching about 80db, which is quite noisy, so professional mining machines are not suitable for deployment in residential areas. (However, with the popularization of liquid cooling technology, low-noise professional mining machines will appear in the future)
In addition, since the algorithm of professional mining machines is fixed and the currencies that can be mined are limited, when chip technology is improved, higher-performance professional mining machines appear, or the mining algorithm of the original mining currency is changed, the output income of the original professional mining machine may be lower than the electricity cost. In this case, the original professional mining machine will completely become scrap metal and have no market.
Obtain channels

Professional mining machines are all manufactured by mining machine manufacturers. You can buy them through the official channels of mining machine manufacturers, or you can buy first-hand or second-hand mining machines through mining machine sales companies.
Here are some links to major mining machine manufacturers for reference:
Bitmain (Antminer):
https://www.bitmain.com/
MicroBit (Shenma Miner):
https://www.microbt.com/
Canaan Creative (Avalon Miner):
https://www.avalonminer.shop/
Ebang International (Ebit Miner):
http://mall.ebang.com.cn/
StrongU Miner:
https://strongu.com.cn/
Hummingbird Miner:
https://www.hummerminer.com/
Panda Miner:
https://www.pandaminer.com/

Other categories
In addition to graphics card miners and professional miners, which are the two most common types of mining equipment, miners can also use other mining equipment or methods to obtain mining power and conduct mining.
FPGA Mining Machine
It is a relatively niche type of mining machine, with performance between graphics card mining machines and ASIC mining machines, and supports multiple algorithms.
FPGA mining machines have more computing power than graphics card mining machines, and ASIC mining machines have more computing power than FPGA mining machines. When FPGA mining machines first appeared in the currency, the benefits of FPGA mining machines were the best.
FPGA mining machine manufacturer link:
https://www.hashaltcoin.com/

Cloud computing power

Cloud computing power is a computing power product. Miners can directly purchase computing power on the cloud computing power platform, connect to the mining pool, and conduct mining.
The main cloud computing platforms currently include:
BitDeer: https://www.bitdeer.com/
VeryHash: https://veryhash.com/
Nicehash: https://www.nicehash.com/
You can also directly rent the computing power of existing F2Pool customers for mining.

Mining
A mining farm is a place where mining machines are placed, operated and managed.
Because mining is the process of obtaining mining income through mining equipment and consuming electricity. However, most mining machines are not suitable for deployment in residential environments due to their high noise and high power consumption.
At the same time, as competition in the mining industry becomes increasingly fierce, power resources with advantageous electricity prices can obtain higher mining profits, while miners who use high-priced electricity for mining will face the dilemma of too low profits or even negative profits.
As a mining farm that provides large-scale mining machine management services to miners and has advantageous electricity resources, it has also become an object that must be touched upon in mining.
Usually, we are accustomed to dividing mines into thermal power mines and hydropower mines according to different power resources.

Thermal power mine

  • Convenient transportation: most thermal power mines are located in Inner Mongolia, Xinjiang and other places, with convenient transportation;
  • Electricity is stable and most of the electricity is available at full capacity all year round.

Hydropower mine

  • Hydropower mines are mostly located in water-rich areas such as Yunnan, Guizhou and Sichuan. The mines are remote and transportation is not very convenient.
  • Electricity is affected by natural conditions. In the flood season, there is a lot of rain and abundant water, so the electricity supply is better. In the dry season, water is scarce and the power generation is insufficient. Sometimes the power supply of hydropower mines in the dry season is less than one-tenth of that in the flood season.
  • During the flood season, the cost of electricity is extremely low and the electricity price is relatively cheap, which is very advantageous.


This is the end of this tutorial. There will be more introductions to more types of mining machines, as well as more practical tutorials on how to start mining. Please pay attention to the third issue of mining introduction~

<<:  F2Pool Tutorial | Getting Started with Mining (Part 1)

>>:  Two girls traveled across half of the country without cash, relying on cryptocurrency

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