I have three years of experience with cryptocurrency and investments (but I am not a financial advisor).
Cryptocurrency Mining Is Hot
I was given the opportunity to work in a cryptocurrency mining company. Prior to joining this company, I had no knowledge of anything crypto. Based on my experience, if I had to describe the occupation using one word, it would be hot.
Let’s explore why I describe it as hot.
What Is Cryptocurrency Mining?
Cryptocurrency mining is the process of solving complex calculations which contain vital information about the transactions happening in the blockchain. As a reward for solving one of the complex puzzles, miners receive a reward in the form of cryptocurrency.
There are thousands of cryptocurrencies out there. Some of the more popular ones are Bitcoin, Ethereum, Litecoin, and Ripple.
The thing about cryptocurrency is that, when the cryptocurrency is new, it is much easier to mine a coin. As more and more rewards are being paid out, it gets progressively more challenging to mine a coin. Back in 2009, it was possible to mine Bitcoins using a laptop. Now, it is nearly impossible to mine using laptops.
What Are Shares?
If you are familiar with mining, you should know a term known as shares. What exactly are shares? As mentioned earlier on, it gets progressively more challenging to mine coins as more rewards have been paid out. To counter this, mining pools were created. Mining pools consist of multiple miners who are mining with that pool.
Just imagine a group of miners mining for the same company instead of mining for themselves. It is far easier and faster to generate these rewards when pools mine.
Whenever a miner in that pool discovers a potential solution to the calculations, it will generate a share. This share is then sent to the pool, and it will then verify whether the calculations are correct or not. If correct, yes, miners will get rewarded.
With the increasing difficulty of mining, it is highly recommended for individuals to mine with a pool rather than mining alone.
What Are Mining Farms?
Similar to the conventional meaning of farms. Mining farms are basically groups of mining rigs. So, instead of having animals in the farm, we have mining rigs.
Setting up Mining Rigs
The process of setting up mining rigs is actually not as complex as one would imagine. For us, we were mining Ethereum. The mining rigs we received from our supplier already contained software which can be used to mine Ethereum. We had about 6 graphics cards per machine.
We made some of our own customisations to the software, and replaced the wallet addresses and pools with our own, and the machines were ready for mining.
Troubleshooting and Maintenance
Not everything that we received worked as intended. Due to shipping, you can expect certain machines to face challenges during the setup phase.
Read More From Toughnickel
Here are some of the common problems encountered.
- Loose GPU
- Corrupted GPU Drivers
- Corrupted Windows Installation (rare)
- Damaged CPU (rare)
- Damaged SSD
- Damaged RAM
As you can see from the list above, these are similar to the issues faced when building computers. Well, that’s because a mining rig is essentially a computer. A troubleshooting effort requires anywhere from 15 minutes to as long as 4 hours. It depends on the severity of the issue.
Maintenance works are done as and when a system needs help. Whenever a system is down for maintenance, depending on the number of available spare systems that we have, we could potentially continue mining for the client using one of the available spare systems.
A Typical Day on the Farm
Officially start work. Briefing about all the issues and the target for the day.
Move out to client company for troubleshooting or setting up.
We have a client who gets their mining rigs from us. They have their own office and farm.
Occasionally we are required to purchase spare parts from our local computer store.
Back in our own farm and troubleshooting / building.
This is by right the official knock off timing. However, it is quite frequent for time to be extended due to longer needed for troubleshooting.
Ambient Temperature Inside Farms
I’m a Singaporean and the farm is located in Singapore too. We all know how high the temperatures can get in Singapore. Take that temperature and add in a few more degrees into it.
On average ambient temperature inside the farm is approximately 36 – 38 degrees on a daily basis. Well, unless it rains. Mining is a taxing task for the systems, so they generate quite a fair amount of heat.
To combat the heat, fans are installed in strategic locations in the farm to ensure that there is proper airflow for the cool and hot air to escape. Air conditioning was not used as it does not make economic sense to switch it on.
Should You Join A Cryptocurrency Mining Company?
Sure, why not? The experience you can get is amazing. It doesn’t matter if you have any prior knowledge of hardware or software. Everything can be taught.
Just come in with an open mind, and you are set.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2021 Muhammad Shairazi
Muhammad Shairazi (author) from Singapore on February 16, 2021:
Thank you good sir.
Umesh Chandra Bhatt from Kharghar, Navi Mumbai, India on February 16, 2021: