Building our first Ethereum Mining Rig
Ethereum Mining Rig Overview:
Ethereum has been blowing up along side most other crypto currencies in the last year. While I initially invested in Ethereum back in the first months of 2017, it has taken me until now to officially setup a solid mining rig. Also, I am currently mining Burstcoin using my spare HDD space and Monero using the GPU on my main PC when i’m not using. However, this is the first major build I have done specifically for mining crypto currencies.
Our main goal for this build is to build a profitable rig for as cheap as possible. The recent Cyber Monday sale helped a lot with getting our cost down. However, I also think it will be a couple months before we officially find out how much per month we are spending on electricity.
For this build we are using the following components:
- Red Devil RX570‘s (x4)
- Rosewill PSU (1000w)
- AsRock H81-Pro BTC MOBO (6x PCI Slots)
- Intel Celeron CPU
- The cheapest ram we could find.
- We are running Linux Mint on a bootable USB drive
The total of this rig came out to just over $1600(CAD), and we expect to be pulling in roughly $160/month(CAD). However, after we factor in electricity costs we are most likely looking at closer to $100/month(CAD). Keep in mind these numbers are based on the current price and difficultly of ethereum. While the mining difficulty is bound to increase by a lot we also foresee the price of ethereum rising substantially. While most people sell their coins at the end of each month in order to recoup their initial investment and payoff the power usage, we are in it for the long haul and plan to keep our ethereum for at least a few more years.
Ethereum mining can be a great way to earn some passive income, however keep in mind there are many variables to such a project. I cannot say if this mining rig will actually be a solid investment in the long term. However, I can definitely say Ethereum mining provides a satisfying daily payouts, regardless of whether you are generating profits or not.
In the grand scheme of things if you are able to invest the ~$5/day you get from this into other profitable income streams, after factoring in compounding growth over several years it will most likely be well worth your time.