Is mining rig profitable? Is cryptocurrency mining worth it?
Is cryptocurrency mining rig still profitable? The excavation of cryptocurrencies is a bit like gambling. Even more obscure blockchains, thousands of miners are competing with each other to find the hash value of winning. The more fierce competition, the more difficult the challenge will be. If you do not win the game, you will waste a lot of time and energy. It also shows that your mining rig choice may not be appropriate, or you do not choose the currency to be tapped. Let's discuss whether the mining equipment is favorable.
What is cryptocurrency mining?
Cryptocurrency mining is the process of verifying new transactions and creating new coins in the workload certificate (POW) blockchain. Bitcoin is the most popular cryptocurrency using this blockchain model, but there are other cryptocurrencies. Other popular cryptocurrencies created through mining include Monero, Ravencoin, Litecoin, GRIN, Zcash, Ethereum, and Ethereum Classic.
Ethereum will update its consensus mechanism at the end of 2022. Ethereum 2.0 will be the blockchain of the equity (POS) and no mining.
So what is encrypted mining and who is miner? To "excavate" cryptocurrencies, a dedicated computer must be set up, which has a special CPU or GPU that can process the calculation type required for cryptocurrency mining. Each blockchain may have different algorithms, and miners need to design special software.
Simply put, blockchain is a large -scale distributed computer network all over the world, which is used to verify and protect blockchain transactions. As long as cryptocurrency rewards can make up for logistics costs (hardware costs, electricity and maintenance) and can still bring profits, miners are happy to pay for this complex hardware and establish the network.
As you can see, the principle of cryptocurrency mining is very simple. It relies on the computing power of the miner to verify the blockchain and reward new coins through block rewards.
Miners earn through block rewards
Block rewards are newly cast cryptocurrencies. Each block of each blockchain has a predetermined time period.
For example, Bitcoin blockchain creates and reward a new block every ten minutes. Miners who verify new blocks have received rewards. In 2009, when the blockchain was created, Bitcoin's anonymous founder, Nakamoto, set the mining reward to 50 BTC per block, and coded the future reduction.
The Bitcoin code reduces this expenditure for about halving every four years. This process is called Bitcoin halved. In 2012, block rewards were reduced to 25 BTC. Four years later, Bitcoin was halved again, and the award was set to 12.5 BTC per block. In 2020, the Bitcoin block award was reduced by half to 6.25 BTC.
What does Ethereum merge to Ethereum mining and GPU miners?
Ethereum is upgraded from a workload to a proof of equity, which means that the miners will be unemployed and their equipment will be useless.
GPU miners are individuals who use special graphics cards to solve challenging mathematics challenges. Miners use graphics cards because they can quickly, repeat and handle tasks that require a lot of energy and resources.
However, Ethereum has been completed on September 15 through the gradual elimination of cryptocurrency mining by 99%, which has aroused concerns about existing mining equipment. For example, it may lead to an increase in useless mining equipment, which leads to the accumulation of electronic waste, which may trigger another climate emergency and eventually offset the advantages of the consensus mechanism of the transfer of the transfer of proof of stake (POS).
Unlike multiple computers as nodes and verifying a single block proof of work (POW), randomly selected verifications create new blocks in POS. In the long run, this will make thousands of graphics processing units (GPU) rigs useless, so that Ethereum mining economy is not as good as before.
What is computing power?
The hash rate is the key indicator of the intensity and security of the blockchain network. The higher hash rate means that the possibility of malicious actors to destroy the blockchain is lower.
In fact, the hash rate measures the total computing power for verifying and verifying the blockchain transaction -it measures the speed of solving the problem of block. As more and more miners join cryptocurrency mining processes, the difficulty of mathematical problems has increased, which adds more computing capabilities to the network.
In 2009, the hash rate was measured at hash (H/S) per minute. However, due to the rapid growth of cryptocurrency mining, H/S has become more commonly used as the prefix as the prefix:
Kilohash - KH/S (Qianhach/second)
Megahash -MH/S (Million Hash/S)
Gigahash - GH/S (1 billion hash/second)
Terahash -Th/S (trillion -faje/second)
Petahash - pH/s (trillions of hash/second)
Although I don't know the exact hash rate of Bitcoin, it can be estimated based on the difficulty of the block and the number of blocks that has been mined.
As of April to 2022, Bitcoin's computing power was about 200 EH/S (1 EH = 1 million TH), and the daily mining revenue of Bitcoin around the world was about $ 35 million.
Is cryptocurrency mining still worth it?
There is no simple way to determine whether the encryption mining is still favorable. Miners should study each currency, and consider the power cost, equipment price and mining difficulty required to run the mining machine. Considering the volatility of cryptocurrencies, miners should also understand the current cryptocurrencies. If the price of the specific cryptocurrency falls below a certain level, mining it may no longer be beneficial. This is why many miners stop supporting the network when the price falls.
In addition, the mining equipment used by serious miners makes it difficult for small miners. To improve efficiency, you can join the mining pool, but this will bring costs and reduce your profits.
Many cryptocurrency miners choose less mining currency instead of Bitcoin. Although other cryptocurrencies may not have high value, you can convert these coins into any other cryptocurrencies, including Bitcoin.
Before starting mining, try to use a cryptocurrency mining profitability calculator you can find online to calculate potential profits.
You must realize that your mining equipment or ASIC devices are running widely. This means expensive electricity bills. If your local electricity price is high, you will spend a lot of money to minimize Bitcoin. Mining a bitcoin may consume a lot of electricity, even in the most affordable country.
The weak -functional rig can help you save money by mining other currencies instead of Bitcoin. Please note that it may take weeks or even months to take back your initial investment and make a profit.
Difficulty of encryption and mining
The hash rate is the way to measure the difficulty of encrypted mining. As more computing power is used to earn the same number of cryptocurrencies, the hash rate will increase.
Equipment and installation costs must be paid in advance. This is an investment that may take some time to start profitable.
This includes graphics cards, no matter which cryptocurrency you choose, the price of each graphics card may exceed $ 700. However, it is possible to build a basic mining device suitable for mining for unpopular cryptocurrencies at a price of about 3,000 US dollars.
Hardware price varies from manufacturers. This depends entirely on how much energy the machine is used and how much computing its computing power is generated. If you have more computing power, you will minimize more bitcoin. If your energy consumption is low, your monthly cost will be reduced.
When choosing a suitable machine for investment, the miners must consider the life and profitability of the machine. The profitability depends mainly on the cost of the machine (Tai Hash or Till Billion Hash), the Watshura used per TH, and your hosting cost.
If the cost of hosting is low enough, it is best to give priority to "price/th" instead of "Wat/Th". Your lower operating expenses will offset the decline in machine efficiency.
What is the mining machine mining of 6 6800xt graphics card combinations?
We used some of the past profitability data of Nicehash, and calculated the profitability of a mining machine with 6 6800 XT graphics cards or 360 MH/S computing power in the past few years.
If mining in 2019 ...
This mining machine can earn about 0.0005 Bitcoin every day. Considering the price of Bitcoin at the end of 2019, about $ 8,000, then in 2019, the income is only $ 4 per day.
Considering the current price of Bitcoin (about $ 40,000), this will be $ 20 a day.
We did not have complete data in 2019, and only used the data of 127 days later.
If mining in 2020 ...
This miners can earn about 0.0008 Bitcoin every day. In the first half of 2020, the price of Bitcoin at that time was about $ 9,500, so it was only $ 7.5 per day.
By the end of 2020, the price of BTC rose to $ 20,000, and 0.0008 BTC per day was equal to $ 16 per day.
According to the current Bitcoin price (about 40,000 US dollars), this will be $ 33 a day.
That is, a mining machine with a 360MH/S computing power can earn 0.292BTC in 2020.
If mining in 2021 ...
This miners can earn about 0.0006 Bitcoin every day. Back to 2021, considering that the price of Bitcoin at that time was about $ 50,000, it was $ 30 a day.
According to the current Bitcoin price (about 40,000 US dollars), this will be $ 25 a day.
That is, a mining machine with a 360MH/S computing power can earn 0.222BTC in 2021.
If mining in 2022 ...
In the first 47 days of 2022, this mining machine can earn 0.0004 Bitcoin every day, according to the current Bitcoin price (about 40,000 US dollars), which will be $ 16 a day.
From the above case, it can be seen that 2021 is the year when the miners can earn the most equivalent of the legal currency. The average daily income of the miner was about 30 US dollars per day. $ 16.
But simply looking at Bitcoin's income, we can see that 2020 is the year when the miners earn the most Bitcoin every day, reaching an amazing 0.0008 BTC per day. However, due to the low price of Bitcoin at that time, the legal currency income of the equal value was low.
The following five are the most favorable list of cryptocurrency mining rig:
Ant S19 PRO
Ant mining machine T9+
Avaron Mining Machine A1166 Pro
Avaron Mining Machine 1246
Shenma M30s ++
What are the three best cryptocurrencies of mining in 2023?
If you are interested in starting your own mining business, there is a short list of cryptocurrencies worth studying. The following are all anti -ASICs for novice miners.
1. Ethereum Classic (ETC)
This kind of anti -ASIC cryptocurrency is known for its "code is the law" principle. This principle believes that enterprises should be able to operate with the least human intervention on the blockchain. This makes it a popular choice for DAPP (decentralized applications) and smart contracts, which means that the currency itself has a built -in many businesses.
Mining software: EthMiner, Claymore Miner, Finminer, GMINER, NBMiner, CruxMiner, GMINER, Lolminer, NBMiner, NBMiner, NBMiner
Mining pool: Nanopool.org, 2Miners, EtherMine, F2Pool, P2Pool
Algorithm: ETCHASH (workload certificate)
2. Monro (XMR)
Monero is not just another anti -ASIC cryptocurrency. It is one of the few coins that can still be used to use CPU, which also makes it one of the most energy -saving choices in the market. Monero also has more personal attractiveness than many other cryptocurrencies because it maintains the transfer amount and the privacy of sending and receiving address.
Mining software: XMR Stak, Minergate, Monero Spelunker, CC Miner
Mining pool: Minexmr.com, SUPPORTXMR.COM, xmr.nanopool.org, Monero.Crypto-pool.fr
Algorithm: RandomX (workload certificate)
Hardware: GPU, CPU
3. Bitcoin Gold (BTG)
The branch of this bitcoin is designed to resist ASIC to focus on decentralization. Although unlike previous currencies, BTG cannot use CPU mining. This concern has the exception to help expand the blockchain, which will only increase the credibility and stability of currency.
Mining software: GMINER, CUDA MINER, EWBF CUDA Equihash Miner
Mining pool: ccgmining.com, Hashflare.io, Minergate.com, Nicehash.com
Algorithm: Equihash-BTG (workload certificate)
1. Which hardware is most suitable for bitcoin mining?
Answer: The leading Bitcoin mining hardware is Antminer S19 Pro, Whatsminer M30s+, Whatsminer M30s ++, AvalonMiner 1246 and Whatsminer M32-62T. These have different levels, power consumption and price. You can track the profitability of each of them online with a profitability calculator with a mining pool.
2. Can I mine Bitcoin on my computer?
Answer: Yes, you can use PC hardware to minimize Bitcoin, but it is not the best Bitcoin miner because it generates low profits and slow speeds. For this reason, you can download software from Nicehash and connect to a mining pool.
Here, you can effectively sell the hash to Nicehash to minimize the BTC and get a reward after a period of time. Dedicated Bitcoin miners are the best way to minimize BTC.
3. How do you build an encrypted mining rig?
Construction of encrypted mining equipment is similar to assembly computers. For example, you need to install basic hardware such as the motherboard to ensure that the equipment obtains an appropriate power supply and prevent overheating through the cooling system. Perhaps the most important aspect of encrypted mining equipment is the GPU card, which is a video card, which fundamentally determines the strong level of your mining equipment.
In the above content, several mining machines and some cryptocurrencies worth mining are introduced. You can choose the mining equipment that suits you according to your own timing. Bitcoin and other cryptocurrencies are still a high -risk, high -return investment, and people have almost no consensus on their economic role in the next few years.
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