Cryptocurrency mining is an important part of the entire crypto industry. It started becoming popular with the rise of bitcoin. It is an integral part of cryptocurrency. Without crypto miners, there will not be cryptocurrency. In this post, we will find out all about crypto mining. Let’s get started.
Crypto Mining: All You Need To Know
What is CPU mining?
The purpose of mining BTC with the CPU (processor) is to ensure that repeated transactions can be done quickly (you can do such transactions on bitcoin profit pro). It is most ideal to perform mining activities with processors (CPU), as the structure of processors is generally suitable for performing multiple and different processors. The reason is; The mining industry is a process where processors are constantly repeated and have similar calculations, which makes it difficult or even impossible for a video card to perform these operations.
What is ASIC mining?
ASIC devices are very costly and difficult to find. But video cards (GPU) are very easy to find compared to ASIC devices. However, there is an important detail that those who want to mine with GPU should know. Since the structure of the video card is quite different, it is not used for every mining operation. Only the graphics card may not be enough to produce some altcoins, you can start researching devices after you know which devices support the altcoin you plan to dig.
What is Cloud mining?
Mining started to be talked about after cryptocurrencies entered our lives. Although nowadays some cryptocurrencies are produced on staking instead of mining, the technical mining used for the production of cryptocurrencies is mining. GPU mining, CPU mining, ASIC mining, and later developed cloud mining are the types of mining used in the production of cryptocurrencies.
Cloud mining is an alternative type of mining offered for those who want to mine cryptocurrencies but do not have enough hardware.
Users rent processing power from cloud mining services. So you can compare it to renting hosting on a server. Cloud mining services set up large facilities and have a large number of mining devices. They make this facility money from the contract value received by renting processor power through cloud mining. Of course, although cloud mining is an alternative mining method, do not buy contracts for services that you do not know or are not sure about.
Is Bitcoin mining possible with a GPU (graphics card)?
In mining using video cards, the operation that a standard video card can perform requires approximately 800 times more operations than other operations. Mining activities were initially carried out using only video cards. The halving in Bitcoin (BTC), which happens every four years, has made mining difficult with graphics cards, and to be honest, even with GPUs (video cards) that are well above the standard, only a very small amount of bitcoin can be mined. In short, it would be more accurate to say that it is not possible to mine Bitcoin with a graphics card in today’s conditions.
What are the disadvantages of Crypto mining with a graphics card?
Although cryptocurrency mining is a profitable operation, if it is done carelessly, sometimes even a result that will not cover the costs can be encountered. ASIC devices used for mining require very high electrical energy and if you cannot calculate the money you will earn in mining and the expenses correctly, you may not even be able to meet the electricity bill at the end of the month.
These video cards used in the computer do not have the potential to handle the use of cryptocurrency mining. You may need special graphics cards to perform this activity. However, even if you have this card, the cryptocurrency mining activity you can perform may take a lot of time compared to other methods and may not even cover the additional cost you will spend.
Cryptocurrency mining cannot be done with a video card. It is possible to mine cryptocurrencies supported by Ethereum (ETH) supported by ERC-20 (Ethereum open source, public, chain model-based computing platform and operating system that provides the smart contract protocol feature). Of course, before you do this, you need to do a good calculation of profitability. As we mentioned above, in some crypto money mining, the crypto money produced may not even be able to meet the electricity bill, because the energy source is too much need. For this reason, before choosing a cryptocurrency, you should take advantage of the tools that calculate the profitability of cryptocurrency mining offered on some websites.
Which cryptocurrencies can be mined with graphics cards?
- Ethereum
- Ethereum Classic
- Monero
- Vertcoin
- Dogecoin
The ones we mentioned above are generally the most preferred coins in the field of mining with the graphics card. However, there are many other cryptocurrencies as well. As we have just mentioned, whichever cryptocurrency you choose, you must first calculate the margin of profit and decide accordingly.
How much does Cryptocurrency mining earn?
Whether the money earned by mining cryptocurrencies is high or low depends on many factors. Depending on factors such as the coin being mined, the mining device used, the earnings will decrease or increase.
The most important way to earn money from cryptocurrency mining at high rates depends on the hardware features and the number of hardware you have. If you have many ASIC devices, your earnings will be high, but you need to calculate the electricity cost well. As we mentioned above, ASIC devices or other mining devices consume high electrical energy. If the correct calculation is not made, you may encounter the situation of not being able to meet the electricity bill at the end of the month.
Mining is an operation with devices with high hardware specifications. Therefore, before deciding to mine, you need to calculate the cost of the devices well. In addition, since the mining devices are working continuously if there is more than one device in the same environment, you can suffer from overheating issues. Accordingly, you need to maintain the coldness of the room with coolers.
Quotes for all Bitcoin enthusiasts
“I want to help create the world’s first global currency built on the Internet and built on open platforms and standards such as Bitcoin, and I want to build a financial services institution on top of that. That’s what I’m doing with Circle.” – Jeremy Allaire
“Bitcoin, in the short or even long term, may turn out to be a good investment in the same way that anything that is rare can be considered valuable. Like baseball cards. Or a Picasso.” – Andrew Ross Sorkin
“There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around Bitcoin.” – Richard Branson
“Bitcoin is not a currency for a government, it is a global currency for the people.” – Wences Casares
“Bitcoin is going to change the world from a money transactional standpoint, not just for Africa, but for everywhere.” – Akon
“Bitcoin will do to banks what email did to the postal industry.” – Rick Falkvinge
“Bitcoin, and the ideas behind it, will be a disruptor to the traditional notions of currency. In the end, currency will be better for it.” – Edmund C. Moy
“At its core, Bitcoin is a smart currency designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions, all good things.” – Peter Diamandis
“If we remember, fifteen years ago if you were doing anything on the internet you were going to make millions. I think it could be the same with Bitcoin.” – Jared Kenna
“You can’t stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust.” – John McAfee
“Bitcoin was created to serve a highly political intent. A free and uncensored network where all can participate with equal access.” – Amir Takki
“We see Bitcoin as potentially the greatest social network of all.” – Tyler Winklevoss
“Bitcoin never sleeps. We need to move quickly and grow quickly and do everything sooner rather than later.” – Roger Ver
“People have made fortunes off Bitcoin, some have lost money. It is volatile, but people make money off of volatility too.” – Richard Branson
“With great ideas come great changes. Bitcoin’s that.” – Cameron Winklevoss
“Nothing will create more millionaires than bitcoin and cryptocurrencies.” Anonymous
“I have invested in Bitcoin because I believe in its potential, the capacity it has to transform global payments is very exciting.” – Richard Branson
“I think that the future of currency is digital, and Bitcoin has a good shot at being the currency of the future.” – Adam Draper
“Bitcoin is here to stay.” – Roger Ver
“Virgin Galactic is a bold entrepreneurial technology. It’s driving a revolution and Bitcoin is doing just the same when it comes to inventing a new currency.” – Richard Branson
“I think the fact that within the Bitcoin universe an algorithm replaces the function of the government, is actually pretty cool.” – Al Gore
“Bitcoin will hit thousands of dollars per coin, because it’s worth at least that much, or it’s worth zero.” – Erik Voorhees
“The divine line ‘Bitcoin/Cryptocurrency is for criminals’ is a cunning defensive strategy created by the so-called traditional financial services sector.” – Mohith Agadi