For this project, I used 6 foot cedar fence posts and 8 foot cedar 2x4s. I used a pencil to space the boards and allow extra air flow. More space between boards is acceptable - even to the extent of dropping off one full board and putting an inch between each side rail.
Another option is to make your sides interlocking layers, one or two boards high - http://cedarstackingcompostbin.blogspot.com/
Since I am composting large amounts of leaves and grass clippings, mine is made in one piece. I don't turn my pile often - when I do, I can either lift the whole thing up or move the pile from side to side. I cut the 2x8x8 posts - cut a 3 foot length off of each end. Save the 2 foot center piece to brace the long sides. Affix your 1/2 (3 foot side) and full fence (6 foot side) boards to the 2x4, leaving the desired gap between each board. Affix each board with 2 weather proof screws - I used coated deck screws.
Attach the vertical posts to the inside of the cedar fence boards, including the short 2 foot boards that are just long enough to brace the long sides. I alternated the dog eared sides, so that each corner had one flat and one notched board.
I used 24 cedar fence posts and 16 feet of cedar 2x4. Note, I was able to do this all along. The trash cans acted as supports - no clamps or saw horses needed.
This is a little heavy when finished. I can easily flip it over to turn the compost, but after building it and tiring my arms out with the cutting and drilling, it was a long haul to the back yard to position it. You might be happy with a 3x3 bin, in which case, I suggest making it 1 board shorter and leaving wider spaces - if you think through the math, you can probably get it down to 10-12 cedar fence posts and 1 longer 2x4. Cost would be about $35 that way - cheaper than most compost bins.
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