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The $80 billion question: Why are Bitcoin and Ethereum growing so fast?
A little over two months ago, Bitcoin achieved a symbolic milestone: After an intensive period of growth, the price of one Bitcoin surpassed the price of an ounce of gold.
That seems like ancient history. The price of Bitcoin has nearly doubled since then and the cryptocurrency is currently trading at about $4,000. Bitcoin’s cousin Ethereum is trading at about $355, its price increasing by a cool 1400% in the last three months.
The question is: how far will the price go? Are you ready to invest and own a slice of the pie before it’s too late?
For those who are just getting started, watch these 2 short videos to explain what is Bitcoin and Cryptocurrencies. Understanding the fundamentals helps you to invest much more wisely.
The purpose of Cryptocurrency mining is to create a decentralized time-stamping system, using what is essentially a majority vote mechanism to determine in which order certain transactions came as a way of solving the double-spending problem.
The whole focus of mining is to accomplish three things:
As a hobby venture and second source of income, yes, cryptocoin mining can generate a small income of USD10-20/day depending on your mining rig set-up and the market price of the cryptocurrency. In particular, Ethereum and ZCash are very accessible for regular people to mine, and a person can recoup the hardware costs in about 5-7 months.
Ethereum is already surging 10,000% in the last 16 months. Then, possibly, you could find yourself sitting on thousands of dollars in cryptocoins.
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If you had started mining Bitcoins back in 2009, you could have earned thousands of dollars by now.
Now, Bitcoin mining is reserved for large-scale operations only. Over the past five years, the mathematical difficulty of discovering Bitcoins has grown far beyond what a regular individual can achieve at home. The current up-front investment and maintenance cost to mine Bitcoins is no longer worth it for small-scale consumers.
Unless you are willing to spend tens of thousands of dollars on industrial hardware and rent an air-conditioned office to house your hardware, there is no profit in mining Bitcoins. You are better off purchasing cryptocurrency with your regular money, and tucking it away in the hopes it will further climb in value.
Ethereum, Litecoins and Dogecoins are the popular digital currencies that are still within the grasp of consumer-level users with hobby budgets, with ZCash being a good option that is gaining traction.
Mining is the term used to describe the process of extracting cryptocurrency tokens from a blockchain network. In the case of Ethereum, this involves having computers continuously run a hashing algorithm, which takes an arbitrarily large amount of information and condenses it to a string of letters and numbers of a fixed length.
The hashing algorithm used by Ethereum— called ethash—hashes metadata from the most recent block using something called a nonce: a binary number that produces a unique hash value. For each new block in the blockchain, the network sets a target hash value and all the miners on the network try to guess the nonce that will result in that value.
Due to the way cryptographic hashing works, trying to guess the nonce that will result in the target value is practically impossible. This means that the only way of finding the correct nonce is by cycling through every possible solution until a correct one is eventually found.
This is “proof-of-work,” which means the computer which discovered the correct nonce must’ve actually done the work (i.e., used computing power to run the hashing algorithm) to arrive at that value. The miner that finds the correct nonce is then awarded the block, receives 5 ether, and the process then begins anew in a cycle that recurs about every 12 seconds.
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Okay so that’s the big picture, but what does this look like on the mining side of things?
For starters, a rig is going to need some serious processing power. This is best accomplished with Graphics Processing Units (GPUs), which are generally used for 3D graphics for video games. Although it’s possible to mine with Central Processing Units, which are generally responsible for linking up all the right hardware and software in a computer, GPUs are optimized to run similar operations over and over again—which makes them perfect for hashing on the Ethereum blockchain.
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Due to the popularity of Cryptocurrency mining over the past few years, getting hold of powerful GPU’s in the market is extremely difficult!
There is a worldwide shortage of GPU’s as demand outstrips supplies.
Luckily we have reliable GPU suppliers, which means we can produce up to 20 Cryptocurrency mining rigs every week. (Hurry! contact us quick if you want to purchase now, cos we sell out quickly on a first come first serve basis)
What is the advantage of buying from us over building your own Mining Rig?
Apart from spending time and effort hunting around for parts which are in limited supply (good luck shopping in Sim Lim), our expert technical team will help you:
Purchasing from us saves you:
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We spend hours every week studying the best ways to adjust and improve the coin mining performance, and share these tips with our customers. We can also remotely adjust the Mining software for you to maximise the coins mined.
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Each Mining Rig comes with 6 GPU, with total power consumption around 700+ watt (underclock 30-40% power usage). Power supply units function optimally at around three-quarters of their total load capacity, so a 1200 watt PSU is suitable.
Each Cryptocurrency mining rig:
We also have the 3 GPU rigs. Hashrate is half that of the 6 GPU units.
Mining Ethereum doesn’t require your computer to do much multitasking so cheaper CPUs and RAM will do the trick.
Below is the snapshot of our average current earnings from 1 Mining Rig for Ethereum (updated 17 June, 2017). Figures are in US Dollar.
As the price of Ethereum, Zcash, Siacoin etc. rise, so will your profits over time.
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Thomas Lim – Singapore
“I’ve been interested in cryptocurrency mining for a few months and decided to invest in the mining rig with the spare cash I had. It’s been a great investment. I’ve earned around USD1,140 in over 4 months and this should make me a good side income without doing any work at all”
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Michael Lee – Singapore
“Just wanna say a big “thank you'” to the guys here for helping set up the cryptocurrency mining rig. The service was fantastic! Here’s the pic of it sitting quietly in my room. It’s the 6 GPU mining rig, I know the investment will pay off in a few months. After that, it’s pure profits and I’m closely monitoring the price of Ethereum and hope it will continue to rise.
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Karen N. – Singapore
“Took a pic of the Crypto Mining Rigs when I dropped by the office. This set up is legit, the team are very knowledgeable about cryptocurrency mining & investing. I made the purchase and the rigs were delivered to my house within 3 days. Great service! They even help me set up the mining software so I can view the progress on my laptop & mobile phone app”
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Answer: The warranty is 3 years from the date of delivery and installation at your house. Each buyer will be given a receipt as proof of purchase.
Answer: Just give us a call and we’ll provide RMA, full repair or exchange during the warranty period. Waiting time is between 5 days – 2 weeks, depending on the stock that we have on hand.
Answer: As the cryptocurrency price fluctuates, you can use the Currency Calculator on CryptoCompare to see the daily earnings. On average, its 0.0369 ETH mined per day based on the current Mining Rig settings with 3 GPU for the GTX 1060.
Answer: We connect to Nanopool.
Answer: Claymore’s Dual Ethereum AMD+NVIDIA GPU Miner v9.6 (Windows/Linux)
Q: The chance of a virus is extremely rare, as the mining rig is brand new and you will not be using it to surf the web or download files like a normal PC.
Answer: No need, any laptop or mobile phone will suffice as there are Apps to monitor your mining performance.
Answer: An Ethernet cable is fine. If you want to connect via WiFi, then a USB WiFi adapter is needed (not included in purchase price).
Answer: Yes you are absolutely right! Provided you can afford the initial costs for all the rigs and have a room to spare to be converted to a mini mining farm. There are people out there who are currently doing this in both small and large scaled versions.
Take a look at this 10 rig mini Mining farm by a guy who converted his storeroomAnswer: Contact us via WhatsApp 9452 8141, or e-mail us at support@bitcoinminingsingapore.com for large scale mining projects. Minimum rig sizes start at 30 rigs.
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Everyone thought Bitcoin was just a fad, until the price shot up to over US$1,000. Now Ethereum is shooting up, and with the increasing global demand and acceptance of Cryptocurrencies, the prices are most likely to increase over time.
THE TIME TO INVEST IS NOW! Purchase your own Cryptocurrency Mining Rig today and start earning passive income as prices rise.
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Earnings will fluctuate based on daily Ethereum price. Displayed earnings of Ethereum are caa 31 Aug 2017
Visits to our Mining Farm office at Yu Li Industrial Building (near Aljunied MRT) by appointment.
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The information contained within this site is not intended as a substitute for professional investment advice. Cryptocurrency Mining Rigs Singapore does not guarantee the short term or long term profits or any return on investments from mining cryptocurrencies. Please read all packaging and labels carefully. The contents of this website are for informational purposes only.
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