Bitcoin mining used to be a highly specialized task, only available to those who actually knew how the system works and were willing to invest in some hardware, as well as dedicate some of their time to learning the tools and setting everything up. However, recently the landscape has been changing significantly, as more and more companies have started offering consumer-grade solutions for Bitcoin mining, allowing anyone to set up their own “farm” if they have enough funds.
A standard mining rig, complete and ready to go, can be bought for around $1000, while cheaper models cost between $500 – $700, depending on the specifications. With a properly made mining machine, the electricity costs can be significantly offset by the earnings from the mining operations, but a single person would still need many machines in order to realize any serious profit.
Currently, the most popular device among users seems to be the Bitman AntMiner S5, which is claimed by its developers to be the most efficient machine in its class, and it’s also known for its very simple setup procedure, allowing anyone to join the mining game very easily.
It’s usually a good idea to have a dedicated space for the mining operation, as running several mining rigs from home can quickly prove uncomfortable, unless the person has a larger home where they can dedicate an entire room to the mining computers. Bitcoin mining rigs tend to get hot and noisy as they work, and even though there are solutions that alleviate those problems, it’s still not something one would want to put in their bedroom.
On the other hand, experts claim that there is no need for a major data center setup for the purpose of mining Bitcoins, and the power provided by a data center is actually not suitable for mining operations. A good Bitcoin mining setup needs a lot of raw computational power, as well as quick and easy access to all the hardware, leading to more specialized solutions to dominate the market.
Meanwhile, Bitcoin has been going up and down with its price, and it’s not clear when the currency is going to stabilize. The current period seems of deciding nature for its future, as a lot of developments have occurred on the Bitcoin market, generating a lot of talk about the currency and subsequently affecting its price in both ways quite a lot. Is it possible that we could see Bitcoin climbing up to its original high value of over $1000? Not very likely at this point – but we could still see at least some improvement sooner or later, as Bitcoin has been enjoying lots of positive mentions in the media lately.