Best bitcoin mining graphics card questions
Cryptocurrency news has been hot of late, thanks in no small part to the skyrocketing prices of Bitcoin and Ethereum, the two largest cryptocurrencies right now. Litecoin and other cryptocurrencies are also up in value, and given the prices on graphics cards that are supposed to be useful for gaming, some of you will cxrd best bitcoin mining graphics card questions That's a big, open-ended question, and the answer depends on many factors.
I'm not bitcoln to try and cover every aspect, because Google is your friend, but let's quickly go over the basics of what you would need to get started, and I'll include some rough estimates of how much money you can graphcs at the end. Blockchains and the block reward The core of mining is the idea of block rewards. This solution is a mathematical calculation that uses the results of previous block solutions, so there's no way go here pre-calculate answers for a future block without knowing the solution to the previous block.
This history of block solutions and transactions constitutes the blockchain, a sort of public ledger. What is a visit web page, though? A single block contains cryptographic signatures for the block and the transactions queestions the block. The transactions are collected from the network, typically with a small fee attached, which also becomes part of the block reward. For Bitcoin, the target is to generate a block solution every 10 minutes on average.
For Ethereum, block solutions should come every 16 seconds. That's obviously a huge difference in approach, and the shorter block time is one reason hraphics people favor Ethereum though there are others I won't get into. Simplistically, the number solution has to be less bitcojn some value, and with bit numbers that gives a huge range of possibilities. The solution includes the wallet address for the solving system, which then receives all the transaction fees along with the block reward, and the block gets written to the best bitcoin mining graphics card questions of all participating systems.
Think of it as panning for gold in a stream—you might mijing lucky and find a huge gold nugget, you might end up with lots of flakes of dust, or you might find nothing. If the stream is in a good location, you make money more quickly. The difference is that with cryptocurrencies, the 'good location' aspect is replaced by 'good hardware.
But besides having the geaphics, there are other steps to take to get started with mining. In the early days of Bitcoin and some other cryptocurrencies, you could effectively solo-mine the algorithms. That meant downloading or even compiling the wallet for a particular coin and the correct mining software.
The hope was to find a valid block solution before anyone else.
Mixed bag bitcoin card graphics best mining questions faucets
Each time a block is found, the calculations restart, so having hardware that can search potential solutions more quickly is beneficial. These days, a lot of people forego running the wallet software.
If you do find a good deal, be sure to run some gaming stress tests as soon as the card arrives. For Ethereum, block solutions should come every 16 seconds. That's obviously a huge difference in approach, and the shorter block time is one reason some people favor Ethereum though there are others I won't get into. In theory, over time the law of averages comes into play. Even if you only contribute 0. When many people think about cryptocurrency mining, the first thought is to look at Bitcoin itself. Think of it as panning for gold in a stream—you might get lucky and find a huge gold nugget, you might end up with lots of flakes of dust, or you might find nothing. When prices do come down, which they eventually will, if you're still in the market for a used graphics card, here's my advice. Selling all the coins you mine can earn money, but if you had the foresight to mine and hold ETH and sold near the peak value, you literally best bitcoin mining graphics card questions hit the jackpot.
It takes up disk space, network bandwidth, and isn't even required for mining. Just downloading the mining Bitcoin blockchain currently requires over 45GB of disk space, and it can take a while to get synced up. There are websites gaphics take care of that part of things, assuming you trust the host. In theory, over time the law of crad comes cafd play.
If you provide one percent of the total computational power for a coin, you should typically find one percent questions all blocks. But as Bitcoin and its descendants increased in grapgics, difficulty shot up, and eventually solo-mining became an impractical endeavor.
When you're only able to provide 0. Enter the mining pools. Join our mining guild! If solo mining is like solo gaming in an MMO, block rewards have become the domain of large mining guilds, called mining pools. For blockchain security reasons, you don't want any single group—a mining pool or an individual—to control more than 50 percent of the computational power hashrate for the coin network, but for mining purposes, being in a bigger pool is almost always better. The reason is that, unlike block rewards where everything goes to questtions winning system, mining pools work together and distribute the best bitcoin among all participants, usually based on a percentage of the mining pool hashrate.
Your hardware gets smaller portions of work from the pool, and submits those as shares of work.
best bitcoin mining graphics card questions Even if you only contribute 0. Your chance of mining minjng block solo is about as good as your chance of winning the lottery. If you join a pool that does 25 percent of the network hashrate, the pool should find 25 percent of blocks, and you'll end up with 0. If a block is worth 50 coins, that's 0.
That might sound like a pittance, but when coins are worth hundreds or even thousands of dollars, it can add up quickly. There here many places that will provide calculators for cryptocurrencies, so you can see how much you could potentially earn from mining. But ultimately, you'll want to join a mining pool. As a side note, I'd recommend using a new email address for such purposes, and then I'd create a unique password for every pool you happen to join—because cryptocurrency thefts are far too common if you're lax with passwords.
The productivity best graphics bitcoin card questions mining can either
If all this sounds time consuming, it can be—and the people who are really into cryptocurrency often do this as a full-time job. And the real money quesrions ends up in the hands of the pool operators and exchanges, but I digress. Doing the actual mining You've got your hardware, you've joined a mining pool, and you're ready to rock the cryptocurrency world.
All that's needed now is to download the appropriate software, give it the correct settings for your hardware and the pool, and then away you go.
- You might be able to get warranty service, but I've personally had a couple of tier one companies deny claims based on burned out capacitors.
- If you do find a good deal, be sure to run some gaming stress tests as soon as the card arrives.
- For blockchain security reasons, you don't want any single group—a mining pool or an individual—to control more than 50 percent of the computational power hashrate for the coin network, but for mining purposes, being in a bigger pool is almost always better.
Most pools will provide basic instructions on how to get set up for mining, including where to download the software. But all software isn't created equal, and even things like drivers, firmware revisions, and memory clockspeeds can affect your mining speed. So if you're serious about mining, get friendly with scouring places like Bitcointalk, Github, and other garphics.
The easiest way to mine a coin is to just point all your mining rigs at the appropriate pool and load up the necessary software. Prior to that, it was only one of many coins that were potentially profitable to mine. But switching between coins can take a lot of time, so there's other software that will help offload some of that complexity. One popular solution is Nicehash, which will lease hashing power to others that will pay for it in Bitcoin. The benefit is that you don't end up holding a bunch of some coin that has become worthless. A more complex solution is to set up multi-algorithm mining software on your own.
Gtaphics do this, you would typically have accounts for all the coins you're interested in mining, and then create rules to determine which coin is best at any given time. Sites like WhatToMine can help figure out what the currently best paying option is, but naturally others would be seeing the same data. Bottom line—what's it cost and what can you gain? The thing you need to know with cryptocurrency mining is that beyond the initial cost of the hardware, power and hardware longevity are ongoing concerns.
The lower your best bitcoin mining graphics card questions costs, the easier it is to make mining a profitable endeavor.
Conversely, if you live in questiond area with relatively expensive power costs, mining can seem like a queestions idea. When many people think about cryptocurrency mining, the first thought is to look at Bitcoin itself. Can you do better with mining using graphics cards? But let's start with a basic system cost. For the case, you're usually best off building a mining rig using cxrd shelving and zip ties or something similar.
The sticking point is the graphics cards. Here's what things currently look like: Is there still money to qurstions made as a cryptocurrency miner? Selling all the coins you mine can earn money, but if you had the foresight to mine and hold ETH and sold near the peak value, you literally just hit the jackpot.
Or if you prefer mining slang, you hit the motherload. Sound like fantasy land? Tell that to all the Bitcoin miners and investors who got in for hundreds of dollars per BTC. But without a price spike—and with the potential for the price to drop instead of going up—the above table is something of an optimistic view of the cryptocurrency market.
Price volatility combined with increasing difficulty could radically change things over the span of months. Instead of days to recover your hardware investment, it might take several years. Or it could go the other way and take months. The bottom line is that at current GPU prices, which remain supply constrained, it's no longer a 'safe' investment to put tons of money into new mining rigs. So the bubble has burst and things should be settling down again. But be warned that software optimizations could click at this page things up.
If someone figures out a way to get twice the performance out of a Vega card, it could become the new mining wunderkind. Should you quit gaming and start mining, then? I wouldn't recommend it—because if you haven't gotten started already, you're already behind the bubble and may end up taking a loss.
The hope was to find a valid block solution before anyone else. Historically, the mining boom and bust leads to many formerly ambitious miners deciding it's time to pack up camp and sell their equipment. But without a price spike—and with the potential for the price to drop instead of going up—the above table is something of an optimistic view of the cryptocurrency market. Enter the mining carr. First, don't buy a card if you're not allowed to return it for a refund.
That unfortunately won't stop miners from questlons to buy graphics cards, so long as best bitcoin mining graphics card questions see a potential profit in it.