1/ Bitcoin is a niche & mining is an even smaller niche. Because of this miners are limited on information & generally have to rely on twitter or telegram groups to find answers to their ASIC questions.
This is a problem as finding these trusted sources is difficult & scary!
2/ To help with this, @compass_mining took its experienced staff & compiled The Home Mining Guide.
This guide is full of information on how to set up, maintain & manage your mining hardware.
Lets explore some of these items.
3/ Electrical Requirements
THE MOST misunderstood part of mining is the electrical requirements. The guide clearly points out what is needed to run a Bitcoin miner & provides a detailed wiring schematic that can be handed off to an electrician!
4/ The guide details: 1. Network - explaining latency & bandwidth 2. Noise expectations & management 3. Heat management - w/ diagrams illustrating how to separate your intake from your exhaust 4. How to pick @slush_pool as your preferred mining pool 🥰. 5. & much more.
5/ We believe this guide will help consolidate information for newcomers & look forward to feedback from the community.
Feel free reach out to me or contact us at support@compassmining.io for any feedback as it will help us improve.
6/ Our goal at compass mining is to be the single stop shop of information for the mining community & this is one of the steps to getting there. We look forward to sharing quality information with the space so people can be successful in their mining endeavors.
2/ This design is open source and Steve has welcomed those to make their own. For our case we used materials around the garage and followed this helpful guide put together by @BikesandBitcoin.
Lots of people reaching out asking questions and for general advice. Quick thread for more info on peak demand PPA's using a real example from yesterday!
Hoping this information helps ya'll maximize your mining profitability.
👇
1/Your general construction of a Peak Demand PPA, is similar to the image below. You have 3 parts: 1. Peak kW load for the month (yellow) 2. Flat Monthly Charge (green) 3. kWhr charge (pink)
2/ Peak kW charge.
This takes your max load used for the month and multiplies that by a rate. Imagine you have a house using no power but you turn on a welder for an hour. You would be charged as if that welder was running 24/7 that month.
Mining PSA: You can generally get cheap power in your area if you understand the power purchase agreements (PPA) offered by your electricity provider.
This is available to any size mining operation, 1+ machines.
Read on to understand these different types of PPAs available. 👇
1/ I want to talk about 3 PPA types:
1. General - charged $/kwhr used 2. Peak/off-peak - charged different $/kwhr used based on time of day. Lower at night higher during day. 3. Charged flat rate at peak KW usage.
----THIS IS WHERE THE MONEY IS---
2/ Starting w/ general ($/kwhr)
You are charged a flat rate say 10 cents/kwhr for the accumulative kwhr used that month.
If you turn a welder on for an hour you will only be charged for that kw usage during that hour. This is what most houses use by default.