So just how much money are we looking at? Especially for the coming year 2021? Well that all depends on the coin you choose. But just like the other two methods, this will also take some money up front as well as cost money each month to upkeep. This method is the easiest to start up, and the month to month cost depends on the company you choose. There is a third method of mining known as cloud mining, where you would pay another company to mine for you. This method is also very expensive upkeep wise in terms of electricity and cooling. On the other hand, CPU mining using a simple computer is also a possibility, but this method is extremely slow and you probably won’t generate large returns. It might just be more convenient to purchase a ready to go rig. Nevertheless, it can be difficult to know what you are doing and, in the end, your up-front cost could possibly end up being the same if you need to purchase any sort of parts. If you have some of these things lying around your house, it is possible to build your own rig. GPU mining is done using a processor, motherboard, cooling fan, and a number of graphics cards. GPU mining will cost you a few thousand to get started, as well as a bundle to upkeep. There are a few different types of mining, and depending on the type you choose to engage in will determine your up-front cost. What Do You Need to Start?įirst of all, if you plan to mine cryptocurrency of any sort, you need to be prepared to fork out some cash. However, starting out as a cryptocurrency miner is certainly not cheap, and you need to make sure you have all the proper information before you dive in. As the price of Bitcoin starts to soar once again, society has a renewed interest in getting involved in the mining of cryptocurrencies.