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“A bitcoin mining rig”

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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.

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“A bitcoin mining rig”

  1. 1. A Bitcoin Mining Rig Glitter Technology Ventures Pvt. Ltd. Presented by : Nishchal Bhole
  2. 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. 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. 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. 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)
  6. 6. Introduction(Contd...) Blockchain Block Diagram
  7. 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.
  8. 8. Introduction(Contd...) Bitcoin Mining
  9. 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.
  10. 10. Bitcoin Transaction Workflow
  11. 11. Architecture and Design A Mining Rig Architecture
  12. 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. 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. 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. 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. 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. 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!
  18. 18. Reference Material 1. https://bitcoin.org/en/ 2. https://bitcointalk.org/en/ 3. https://en.bitcoin.it/wiki/Comparison_of_mining_pools 4. https://www.coindesk.com/information/how-to-set-up-a-miner/ 5. Mining hardware requirements
  19. 19. Thank You ! Glitter Technology Ventures Pvt.Ltd., Nagpur, 440009. Product Development and Solution Provider www.glitterlabs.com 9730255246 INFO@GLITTERLABS.COM

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