There are two ways in which you can get your hands on popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) or Ripple (XRP) – you can buy them on cryptocurrency platforms or mine them yourself.
The latter option requires you to invest in mining hardware equipment before you can actually mine cryptocurrencies and receive coins as a reward for keeping the network running. The mining process involves solving a complex mathematical puzzle, and depending on the particular cryptocurrency’s mining difficulty, different mining hardware could be suitable for the task.
For those interested in mining Bitcoin, Bitmain is the first and by now the best manufacturer of mining hardware and their most popular ASIC Bitcoin miner is the one known as Antminer S7. In the rest of this article, we’ll explain the basics behind this mining machine and how to use it.
What Is Cryptocurrency Mining?
Cryptocurrency mining refers to the process of creating new coins by solving a complex mathematical problem using high-power computer devices. The mining process consists of confirming data blocks and attaching them to the decentralized public ledger, known as the blockchain. The crypto mining process is secured by complex encryptions.
Digital currencies use a decentralized method of distribution and complex cryptographic algorithms like Bitcoin’s SHA-256 hashing algorithm to confirm cryptocurrency transactions. The verification of the transactions is done by so-called miners, and for every mined block and confirmed transaction the miner is rewarded with a block reward.
In the past, miners used computer devices to solve the complex math puzzle, once that had a good Central Processing Unit (CPU) or a Graphics Processing Unit (GPU). Nowadays, however, Bitcoin mining requires more specialized mining hardware known as an Application Specific Integrated Circuit (ASIC).
If you don’t have the time or skills to build your own ASIC miner, there are several companies that specialized in this type of mining hardware. As mentioned before, the first and the best of this kind is Bitmain. Bitmain’s ASIC miners are well recognized as the best Bitcoin ASIC miners. There are several models that you can choose from like Antminer S5, Antminer S9, Antminer l3, Antminer D3, Antminer S17, and Antminer S7.
How To Mine BTC Using Bitmain Antminer S7?
Bitmain Antminer S7 is one of the best Bitmain Antminers, and it’s significantly more efficient than its predecessor, the Antminer S5. Antminer’s S7 efficiency owes much to its BM1385 chips and the fact that the hash rate is four times higher. One of the best things about the Antminer S7 is that it’s standalone, meaning it doesn’t need an external controller, but keep in mind that it doesn’t come with its own power supply outlet. Antminer’s processing node is 28 nm, the hash rate is 4,860 GH, and the power consumption is 1,300 W.
In order to start mining using Antminer S7, you’ll need a power supply. As we said previously, Antminer S7 doesn’t come with a power supply outlet, so you need to obtain one yourself such as the Bitmain Power Supply APW3. Basically, you’ll need a high-end PSU computer device with 10xPCI-E power connectors with 6 pins. All ten PCI-E connectors are required, the three hashing boards are connected with three connectors each and the last one is connected to the controller. You also have to know that the PSU has to be always on because there isn’t a motherboard for this.
After you obtain a power supply the next thing you need to do is wire and configure the hardware.
Follow these three steps:
- Get the paper clip for the 24-pin connector of the PSU ready;
- Connect the ten PCI-E cables to the Antminer;
- Connect the ethernet cable from the router to the Antminer S7.
Same as above, perform the following steps:
- First, use the switch at the back of the power supply in order to turn it on;
- Next, check if the DHCP table of your router is turned on;
- Use a web browser to navigate the router and find the IP address that the router has assigned to your Antminer S7 and go to that IP address;
- Now you’ll have to sign in using “root” for both password and username;
- Go to the page Status, then choose Miner Configuration. Insert the data of your mining pool (you can use the Bitmain’s mining pool Antpool), in the following format:
- Go to the page Miner Status in order to check if the mining process has started and you’re good to go.
A Few Words Before You Go…
At this moment, ASIC miners like the Bitmain Antminer S7 are the top technology for Bitcoin mining, and of course altcoin mining as well. The mining process itself is quite expensive due to the high power consumption of the mining machines and the initial cost for buying them, meaning you have to buy them from Amazon or eBay, and then start mining. But as long as you calculate your costs and feel satisfied with the potential profits, we encourage you to buy Antminer S7 and dive into the cryptocurrency ocean to dig up some new coins.