The Bitcoin Mining Loaner Program helps educate users
This is an opinion editor of Barnminer, a Bitcoiner focused on improving self-sovereignty, on-board home miners and a contributor to Bitcoin Magazine.
Having access to a borrowed ASIC for a day, week or month will provide enough learning for the ins and outs of home mining, including some basic challenges. This allows a low-risk entry to participate in the backbone of the Bitcoin network. You will learn about setup, sound attenuation, heating, electricity and home networking. An Antminer S9 can operate underclocked on a 120 volt circuit. After the experience, one can make a long-term decision to pursue the mining of bitcoin in their home.
- Is it too much work or do I want to continue with mining?
- Do I need to reduce noise and / or heat?
- Does it make sense to extract bitcoin at home in the long run, given my electricity price?
Even if one decides to mine bitcoin is not their thing, they have learned a lot about the Bitcoin network.
I started an Antminer S9 loan program with my local Bitcoin hit group. The idea came from one good friend who gets the credit for the concept. Someone donated Antminer S9 for this program, which was inspired by one Twitter conversation. I wanted to share this program with others in the hope that we can reproduce this program worldwide.
(Photo / Child mines)
I would not be where I am at this time without the help of other Bitcoiners who take the time to teach me that. For this I am grateful. Creating a local S9 loan program is a great way to give back. It has improved my own education by teaching others. The program provides an opportunity to take a quick dive into work certificates. You will learn how to deal with the three main obstacles associated with mining at home: electricity, heat and sound. In addition, you get a better understanding of how mining pools work and how miners are rewarded for their hash speed.
The program is simple. The goal is to teach people about the consensus mechanism for evidence-at-work and learn the basics of mining at home. This provides an opportunity for local Bitcoiners to try their hand at mining without ASIC capital outlays. A used S9 can cost $ 500. Furthermore, people risk being scammed if they do not know how to navigate the difficulties of obtaining a used equipment. I’ve heard stories of scams or buyers receiving faulty hardware. Renting one from a trusted pleb is a safe way to obtain hardware with local support.
If the intended user has an available 240-volt circuit in the garage, installation costs may be minimal. In addition, the Antminer S9 can run at 120 volts if it is properly underclocked. If you have a 240-volt dryer, you are halfway there. If not, the cost of having an electrician connected circuit in a garage is between $ 125 and $ 175. The person who borrows the miner must understand that this is an educational experience. It is not an opportunity to make money. In my local service area, the electricity price for homes that run an Antminer S9 is break-even – at best. There is an option to connect to an ASIC, connect it to a pool and let it go “brrrrThere’s a lot to say about learning by getting your hands dirty.
The first recipient in the loan program had an available dryer. Their cost of replacing the outlet was minimal because they happened to have a relative who was an electrician. Needless to say, this was the perfect first man. The time frame for the program can be one to three months or more. This is enough time to get an idea of how the process comes together and to overcome any obstacles you may encounter. With my borrower, I set no time frame. I wanted it to be an opportunity for them to dip their toes in the pool (puns).
The next borrower will set up a two-by-three multisig wallet to pay a deposit on the miner. This process will show how easy it is to set up a multisig wallet and get them to start thinking about wallets, private keys and what can be built for their cold storage setup. This is not to make money for the person renting out the equipment, but to educate the participants and provide some protection against damage or theft.
It is advisable to do a two-by-three multisig with the borrower, the lender and a trusted third party who has a private key each. The third person can be the meeting host or a mutual friend in the room. The borrower will deposit some rate with the lender as collateral in case of problems, ie they disappear with ASIC or they misuse the hardware. The third key holder of the multisig wallet should be an active member of the group or an independent third party who may need to remedy any disagreement that may arise.
If you are running a Bitcoin hit, you should consider creating a loan program. Find a sponsor to donate or get the group to sign up for the hardware together.
In summary, an S9 loan program will help spread knowledge about Bitcoin mining and multisig setup. Participants can learn more by doing than reading or watching. Give a gift with education and consider making your own loan program locally. The benefit of giving back to the community can be rewarding.
The last Bitcoin meeting to introduce this program is NWA Bitcoin. If you are in the Bentonville, Arkansas area, consider attending an event. You may have the opportunity to stand in line to borrow an S9. Let’s get hashing.
This is a guest post by Barnminer. Expressed opinions are entirely their own and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.
