How do you mine crypto-currency?Digital currencies are always in the news and crypto-currency mining is attracting more and more enthusiasts. Ikoula offers a solution allowing the processing of blockchain algorithms and which helps to overcome some of the constraints in this activity.
What are the advantages of Ikoula's mining solutions?
Mining in a Data Centre
Few hosting providers permit crypto-currency mining in their Data Centres. This usually forces miners to invest in equipment and then to house these large machines themselves at home. These machines require a lot of electricity and generate a great deal of heat and noise, which can be annoying in a home setting. With your machine in the Ikoula Data Centre in France,you can circumvent these limitations on this activity.
By leaving your server in a Data Centre, you also take full advantage of all the security it provides. The Ikoula network is protected against DDOS attack, thanks to level 3 Anti-DDOS solutions. Moreover, this network is continually tested and Ikoula’s multiple agreements with different operators guarantee a continuous and quality service.
24/7 Technical Support
Although your machine is far away from you, Ikoula’s technical teams, directly present in the Data Centres, are ready to intervene in your place, if necessary, 24 hours a day, 7 days a week.
Choosing the right solution for crypto currency mining The crypto-currency mining solution offered by Ikoula is the: Xeon GPU dedicated server
Ikoula offers a solution for mining crypto-currency using leased equipment. The advantage of leasing is that it relieves you of the need to build your own machine for crypto-currency mining because the components evolve regularly and represent a consequent investment. With the dedicated server rental solution using a Data Centre, you can always be equipped with the latest generation components for optimised performance. In addition, it frees you from the electricity bills that are an important consideration in crypto-currency mining. By not paying for electricity, you do not need to pay fixed monthly charges, which simplifies your profitability calculations.
The Xeon GPU comes with an 8GB NVIDIA GeForce GTX1070 graphics card as standard. The graphics card has excellent performance (1920 Cuda cores) that will allow you to process blockchain algorithms. It is also possible to add a second identical graphics card to double your performance for mining..
- How does crypto-currency mining work?
- To function, a crypto-currency needs a network of permanently connected computers. Mining is a remunerated service in which the miner must perform and/or verify monetary transactions on a network and perform calculations to increase the number of " coins " (or " tokens ") of the currency.
- Which crypto-currency should you mine?
- The choice of the crypto-currency to be mined is made in relation to the equipment you own and the exchange rate of the currency at any given moment.
Generally, the more popular a crypto-currency is, the more difficult it is to make, but these are also often the most profitable and stable. A huge investment is therefore required to build large machines specifically designed to mine the most profitable crypto-currencies.
Less powerful machines can be used to mine alternative currencies or to join a pool in an attempt to mine the best crypto-currencies. These machines require less investment, but your income will also be lower. By adding graphics cards to your machine, you can increase its computing power and therefore your performance.
If you do not want to invest in equipment, you can sign up to a mining pool to mine alternative crypto-currencies, or you can mine alone by focusing on new currencies, which are simple to mine at the beginning of their existence.
The power of Ikoula's Xeon GPU can mine most existing crypto currencies. In this case, the choice of currency is made according to the profitability of the mind currency and, thus, according to the evolution of the currency exchange rates.
- How do you calculate the profitability of mined crypto-currency?
- Mining requires a large investment: the purchase of equipment, or its rental in the case of the Ikoula solution, electricity in the case of home mining, and the potential costs associated with pool mining. Care must, therefore, be taken to ensure that the operation is profitable.
There are websites such as coinwarz.com or whattomine.com which allow you to simulate in real time the profitability of mining based on the characteristics of your machine.
These sites first allow you to calculate the computing power ("hash rate") of your machine according to its characteristics. For example, the Ikoula Xeon GPU can mine a “hash rate” of 30.0 Mh/s for the Ethash, 430.0 h/s for the Equihash, or 950.0 Mh/s for the Pascal.
These "hash rates" then allow you to estimate the income per hour, day, week, month or year generated by mining each currency at a time T.
- Which “pools” should you join to mine?
- When a pool manages to validate a block, the reward is distributed among the miners in the pool in proportion to their participation. A miner with a setup superior to that of other miners in the pool will, therefore, gain a higher proportion if successful.
There are several pools for the mining of each crypto-currency. Your choice of the pool will depend upon the costs of the pool, its reliability, the number of people present in the pool and the volume of computing power in the pool etc.