Mining for Bitcoins
Cryptocurrency has emerged as a popular alternative to traditional financial institutions and methods, such as Bitcoin. These digital pieces of currency are obtained not through the Federal Reserve and its departments, but instead these coins are “mined” online in a network of millions of computers working in tandem. It’s almost an entirely separate realm for finances, and a person diving into this world of Bitcoins and computers should know what he or she is getting into, and how to get the most out of it. Bitcoin mining equipment, for example, involves not pickaxes and drills, but computers working diligently to search for Bitcoins and record the transaction. On the physical side, Bitcoin mining equipment usually entails cooling hardware, such as immersion cooling, liquid cooling, and more for any data center that is involved in Bitcoin mining. How can Bitcoin mining be done?
Bitcoins have risen considerably in value; as of the first quarter of 2018, a single Bitcoin is worth $6,925.30 USD, and one in four Millenials (those born 1982-1995) prefer Bitcoins to traditional stock, such as stock found in Wall Street. According to Investopedia, Bitcoins are not regulated by a central authority, such as the Federal Reserve, but are instead supported by millions of “miner” computers around the world, and that network works as an analogue to the Federal Reserve, Visa, and and Mastercard, but has some extra features. Bitcoin miners will also record transactions and check their accuracy to make sure that Bitcoin values are stable, and transaction data is public rather than private, and anyone with a computer may view all the data.
Although some people may attempt to duplicate Bitcoins, like how paper money is sometimes counterfeited, unique numbers on the Bitcoins allow vendors to know if a coin is a duplicate of another, ensuring security with Bitcoin value and legitimacy to prevent theft.
Hardware for Bitcoin Mining
When computers are assigned to become Bitcoin mining equipment, it may be necessary to set up a proper data server in the traditional method so that the computers work together and their physical well-being is tended to. This method may work best for individuals or groups with a budget large enough to support such a setup. A room, or even a whole small building can be dedicated to computer server work, and the utilities are geared not for human habitation, but the computers. The room does not even need any windows, and putting in windows may in fact give computer thieves ingress to the valuable hardware inside. Shelves and cabinets can be set up to hold the computers themselves, and holes and space will be needed for all the cables in that room. The shelves will also have to be strong enough to support the computers, and heavier hardware should be on the bottom shelves.
Cooling these computers will be a central issue for any set of Bitcoin mining equipment. Fans and air conditioning can regularly cycle cooler air into the room and draw away hot air, preventing the computers from overheating. What is more, liquid cooling setups can be installed to keep the computers even cooler and running for longer periods of time, and for convenience, the cooling liquid can be colored, and its tubes illuminated so that any human user can easily see it.
There is a sizeable market for data server hardware, whether for Bitcoin mining equipment, office servers, or anything else. In fact, it is believed that 65% of IT equipment failures are due to poor quality air conditioning and cycling in a server room, or if the equipment is not powerful enough to cool down all the computers working in there. Also, computer servers may fail to meet current “green” initiative standards of power consumption if they are too old. Often, if a data server is seven years old or more, the owner should invest in new equipment that is both more powerful and makes better use of energy. Liquid immersion cooling can be an attractive option, and many buyers choose this route. Servers in immersion liquid have been shown to enjoy better rack density of equipment, cooling capacity, and location options, making it highly practical for those who invest in it, as opposed to traditional air conditioning cooling systems.