Proof-of-Work (PoW) mining is long tagged as a venture that is only profitable for institutional miners. The belief is that unless a miner has hundreds of mining machines in a specified location with access to cheap energy sources, the venture will be next to impossible.
Drawing on these myths, Compass Mining, an American Bitcoin mining company has published a Guideline that will help retail individual miners to set up their mining rigs at home. The new mining guideline from Compass can be accessed for free, and the firm said it is its own way of contributing to the democratization plans for the Bitcoin mining industry.
Compass Mining hopes that with the guide, anyone will be able to set up their machines and take notes of the details about heat control, electricity, and power management as well as the software requirements.
“There are so many stories of people getting miners and failing because they underestimate electrical requirements, heat or noise – or really all three. Our goal with this guide was to create a single resource accessible to everyone, rather than leave information scattered throughout the internet in places that some people don’t visit,” said Whit Gibbs, CEO of Compass Mining, adding that;
“At Compass, we want to help everyone get set up and hashing. We think this guide will help many people by enabling them to overcome common obstacles and providing them with realistic expectations for their mining effort. This guide is for both newcomers, and for anyone who wants to improve their home mining setup. We aim to be a trusted resource for the community, helping everyone succeed.”
The guide publication comes days after the company revealed that it is trying to sell off its mining equipment that is stranded in Russia in order not to incur sanctions from the United States Department of the Treasury. As reported by Blockchain.News, the mining gears listed for sale are worth $30 million, and the firm plans to send the accrued funds to all of its customers.
Image source: Shutterstock