For example, Nvidia cards are better for mining Equihash coins and AMD is better for Ethash.
Their mining efficiency and power consumption depend on the algorithm of a mined coin so one GPU producer is better for one coin and another for another. To mine crypto, you can use both Nvidia and AMD graphic cards, but they have their own strengths and shortcomings. However, GPUs are not as powerful as ASICs and need to be cooled properly to prevent overheating and damage. The great thing about GPUs is that they are almost universal and you can switch from mining one coin to another without changing your equipment. GPU mining rigs are stacks of GPUs connected to one motherboard with RAM, cooling systems, etc. As far as their other drawbacks, ASICs consume a lot of power and are very noisy. This is their main advantage and drawback, as ASICs each only work for an individual cryptocurrency. Usually, you have two options: using a mining rig with GPUs or buying an ASIC.ĪSICs are special equipment designed to mine a specific coin. Most modern cryptocurrencies tend to become more difficult to mine as time goes on, so to produce one block you end up needing more and more resources and your profit is reduced. If the miners produce a block ahead of time, the algorithm becomes more difficult and vice versa. The mining difficulty of a coin refers to the set time frame required to mine a new block.Mining difficult cryptocurrencies like Bitcoin and Ethereum individually, without substantial mining power will not result in any profit. The most profitable currency for mining is that which doesn’t have pools, because the more people that are processing transactions, the less an award for an individual miner is.The more users – the higher the price, but with price hikes it becomes harder to mine a coin. The scale of usage for a coin is the number of cryptocurrency holders and users on its network.The larger a coin’s infrastructure, the more promising the coin is. The infrastructure behind a coin refers to where the coin is traded, how it is used and what platforms accept it.Coins with low capitalization tend not to live long, which makes their mining not profitable. The capitalization of a currency shows how much weight the coin has on the market and how strong it is.Mining is a long process and if a coin is in the midst of a downward trend, it can wipe mining profits completely off the board. Miners should evaluate not just a coin’s USD rate but all of its price dynamics. The price performance of a coin can be a key indicator of whether a coin is worth its mining costs.
Zcash miner better how to#
How to choose a coin to mineĬhoosing a cryptocurrency to mine, you should consider a number of factors including the market situation and the technical features of the coin you are considering. Of course, this is not an easy way to get rich and the modern, successful miner definitely needs to be able to evaluate risks and possible losses, and accurately calculate the profit that can be obtained at the end. Their price and difficulty rate is enough to make some profit using modern GPUs or ASIC mining rigs. You can’t survive alone, but you can connect to the pool and receive a portion of its earnings, depending on the share of your mining power in the total pool capacity.Īdditionally, more promising coins from a mining perspective are set to hit the market. So, there’s no way for newcomers to engage in mining? Actually, they can compete with huge farms by joining into mining pools. But as soon as the price of the coin started growing, people made mining their business and created mining farms and special equipment, which is more effective than GPUs on PC. Originally, everyone was supposed to mine crypto on their home PC. Satoshi Nakamoto planned mining differently. Is mining still profitable?Ĭan your average miner compete with someone who has huge factory-like mining farms? Of course, not. We’ve gathered the most interesting coins you can mine with GPU and ASICs today and provided some hardware recommendations for each cryptocurrency. However, there’s plenty of new projects fighting for their place in the mining industry. Yes, times are tough, Bitcoin and Ethereum are no longer the most profitable coins to mine. What to mine in 2020, when all hashrates are occupied by large mining farms? Is there any point in mining today? It seems like electricity bills and network difficulties are so high that mining doesn’t make sense today.
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