Frequently Asked Questions
Many people hear about Bitcoin mining and wonder what it is exactly and what is involved to get started. Cryptocurrency mining can be a complex process that takes time to master. However, it can also be incredibly rewarding and lucrative. By using BT-Miners, we can help walk you through getting started with various forms of crypto mining.
You may understand that you can purchase cryptocurrency such as Bitcoin, Ethereum, Litecoin, Kadena, Ripple, etc. on a marketplace. The main benefit of “mining” is being able to earn this cryptocurrency without having to spend money directly to get it. A Crypto Miner, often called a Mining Rig in the industry, is a piece of sophisticated computer hardware that performs certain tasks. For each completed task, you are compensated in crypto which can be saved, spent, or converted to other assets. The components of a typical miner are similar to that of high-speed computer. However, unlike your basic home computer, Miners are specialized equipment designed to perform certain mining-specific tasks.
The ways you can earn this currency differ; one way, for example, is by validating crypto transactions on a Blockchain network. But put simply—a miner gets rewarded in crypto by completing certain types of work. Besides when maintenance is needed, there is little actual work that you have to do for your Miner to successfully mine. No hard hats or pick axe required!
Blockchain is a banking ledger for cryptocurrency. Unlike a physical bank that keeps transaction records, cryptocurrency transactions are conducted worldwide. Transactions are updated by the users of the cryptocurrency and that resulting record of blocks of data is called the Blockchain. Each cryptocurrency has it’s own blockchain record.
One of the tasks a Miner does is to validate the transactions listed in the blockchain. Simply, the miner must compute and solve a complex equation so that new transactions can be verified and added. Once the miner successfully completes a task, it earns a certain amount of crypto. Since transactions are continuously occurring in the marketplace, there are always new equations for the miner to solve. The key is that the first miner to solve the equation is the one compensated, so the more rigs you have, the faster they will solve equations and the more money you will earn.
At BT-Miners we often get this question! There are many factors that go into determining what the “best” miner for you might be. Questions that you will need to answer include:
• What is your budget?
• What cryptocurrency would you like to mine?
• Where will your miner be located?
• What is the electricity requirements/ capabilities for this location?
• Noise and heat considerations?
Mining equipment is rated by the Hashrate or speed in which they can typically operate. This equipment can also consume large amounts of energy to run. Many miners won’t run off your normal residential 110V outlets. New miners are much more energy efficient than ever before, but all miners create heat as a byproduct. Miners have fans to help keep them cool, but these fans create noise. A small single machine running in your basement may work fine, while numerous machines running together may require additional cooling equipment. As there are multiple cryptocurrencies available, there are different Miners suited for different tasks. BT-Miners carries rigs to mine Bitcoin (BTC), Ethereum (ETH), Kadena (KDA), Dogecoin (DOGE) and Litecoin (LTC), Nervos (CKB), DashCoin (DASH), StarCoins (STC), Handshake (HNS), and other varieties of cryptocurrencies.
BT-Miners has compiled the ratings and specifications of the most popular Miners so you can determine the cost and return on investment (ROI). We carry the leading mining brands including Canaan, Avalon Miners, Goldshell, Koi Miners, Bitmain Antminer, Innosilicon, Whatsminer, iPollo, and Jasminer. We also offer crypto miner consulting to make sure you select the right machine for you, help you with setup, and have a technical support team available.
Typically, the more miners running simultaneously, the faster and easier it is to mine cryptocurrency. Some customers have 1 or 2 miners and others opt for an entire “farm” of miners. Users can also pool their resources or look for others to host mining equipment where energy costs may be cheaper. BT-Miners partners with multiple Mining Farms to provide crypto mining hosting services.
To keep your mining equipment operating smoothly, BT-Miners also provides technical support and repair services.
Besides the physical mining hardware available at BT-Miners, there is mining software and a “wallet” to store your cryptocurrency. BT-Miners pre-tests our mining hardware to ensure that it is ready to go. You will need the appropriate electrical supply, a computer, and an internet connection to start mining.
There are many different mining software available depending on the type of cryptocurrency you want to mine and type of operating system installed on the Miner. Many of the software platforms are free to use to connect you to a Mining Pool. One computer can run multiple miners.
Finally, you need a place to collect your cryptocurrency generated through your mining efforts. Wallets are essentially encrypted online bank accounts that store cryptocurrency. There are many different platforms available, each with its own benefits and features. Some include software that help track your performance and tools to convert your cryptocurrency.
At BT-Miners we can help guide you through the setup process to start crypto mining.
There are 3 basic types of Crypto Miners categorized by the hardware used for the mining. There are many acronyms used in the business so when starting out, things can be a bit confusing.
GPU Mining – Video Card or Graphic-Based Mining System
CPU Mining – Computer or Processor-Based Mining System
ASIC Mining – Application-Specific Integrated Circuit – Specialized hardware equipment built with the intended purpose to mine cryptocurrencies
At BT-Miners, we only supply ASIC Mining equipment. Whether you want to mine Bitcoin (BTC), Ethereum (ETH), Kadena (KDA), Dogecoin (DOGE), Litecoin (LTC), Nervos (CKB), DashCoin (DASH), StarCoins (STC), or one of the other varieties of digital currencies, an ASIC Miner is the most effective method to mine crypto.
In general, each ASIC miner is constructed to mine a particular cryptocurrency. For example, a Bitcoin Miner can only mine Bitcoin. You can see a comparison of Mining Rigs and the cryptocurrency it is designed for on BT-Miners Miner Profitability page. Because equipment is specialized, we have organized our Miners into the following categories.
• BTC Miners – Bitcoin Miners
• ETH & ETC Miners – Ethereum Miners
• LTC & DOGE Miners – Litecoin and Dogecoin Miners
• Other Altcoin Miners – Kadena, Dashcoin, StarCoin, Nervos Miners
Further, there are different manufacturers for ASIC Miners. BT-Miners carries the leading brands including:
• Bitmain Antminer
• MicroBT Whatsminer
BT-Miners has direct relationships with manufacturers. If you don’t see the mining rig or parts you are looking for, please contact us to see if we can get it for you. At BT-Miners, we don’t have any buying minimums. Our volume contracts allows us to offer the best price possible. We also have an international network of Miners to obtain used equipment that is tested and repaired by our technicians prior to sale.
At BT-Miners, we partner with multiple Mining Farms to provide crypto mining hosting service for our customers. The benefits of using a mining farm is that customers can monitor and mine remotely and safely, at a cheaper electricity rate. A Mining Farm is a great option if you don’t have the room in your house or apartment or are looking to expand the number of miners you operate. The crypto payments go directly into your account.
Cryptocurrency mining has quickly become one of the most lucrative and innovative sectors of the global economy. Bitcoin had a price of zero when it was introduced in 2009. Since that time, the popularity and acceptance of cryptocurrencies has grown exponentially. In 2016-17 when Bitcoin saw its first major price increase, the average daily revenue of the crypto mining industry circulated at around $1 million. According to current reports, crypto mining has now generated over $3 billion in revenue, an increase by almost 10,000%. The worldwide crypto mining hardware industry is also anticipated to expand to more than $2.8 billion in the next couple years.
Fueled by the potential for profitability, demand and price have increased for mining equipment. Choosing a reputable supplier, like BT-Miners, is now more important than ever. Unfortunately cheap mining equipment has become a too common scam. Beware of deals that seem “too good to be true”.
To help calculate your Miner Profitability, we have compiled the the current pricing for the leading crypto mining equipment with hash rate and power usage of each device to help you make your miner decision. Because the exchange rate between crypto currencies such as Bitcoin and fiat currencies tends to fluctuate greatly, profit potential can vary depending on if you hold your crypto and cash in when prices rise or cash out quickly as mining occurs. Profit will also depend on other factors such as your electricity costs (you are able to change the cost per kilowatt hour (kWh) depending on your costs with your utility provider) or mining pool fees. If you need help in selecting a mining rig that is right for you, please contact BT-Miners for assistance and additional information.
Generally, BT-Miners can ship crypto mining equipment anywhere in the World. Our experienced logistics team can help ensure reliable and timely delivery. Certain countries impose taxes including import tax, tariffs or VAT tax. In addition, a few countries have restricted or prohibit crypto mining equipment. For more information check out our Sales Guidelines by Country.
Payment can be made by credit or debit card, e-check, bank transfer, or Crypto payments (through 3rd party provider Coinbase and Coingate). Please note that transactions may appear under the BT-Miners parent company, Lizheng Stainless Steel Tube & Coil Corp.
BT-Miners has offices in the United States (New York) . Visit the Contact Us page for more information.