Serious about mining Bitcoin? Here are a few ways to ensure that your money and mining equipment generate the best possible rewards.
Clearly, a major portion of the investment is going into expensive ASICs specially designed for Bitcoin mining. If you have already purchased one, you would probably be well-aware of the procedure of mining bitcoin. Those of you who have a lower budget would presumably opt for a smaller ASIC machine for SHA-256 driven Bitcoin.
How to Start
Mining of digital currencies consists of solving complex algorithmic equations. By doing so, miners give 'proof of work' and are compensated with a share of the currency being mined.
The SHA-256 calculation favours crude processing power. During the initial days of bitcoin, one would successfully mine with CPUs and GPUs which you find in an ordinary PC being used at home. However, gone are such days and the mining difficulty level for Bitcoin is so high in today’s date that dedicated processors known as ASICs or Application Specific Integrated Chips are expected to mine it. The utilization of such intense processors, alongside bitcoin's exponential rise in mining difficulty level, implies that the ASIC chips may soon become obsolete.
ASICs are independent units which come with an Ethernet/USB port. These are generally costlier than DIY rigs and are manufactured mostly in the US, which implies those of us in different parts of the world should spend some additional amount to get them imported.
When compared to GPU rigs which consume a lot of energy, ASICs perform faster calculations with less power since these are specialised devices.
The mining proficiency of various systems may be thought about by taking into account the ratio of the number of hashes it can perform in 1 second, divided by the electrical units it consumes, i.e. hashing speed/ power utilization = mining productivity.
Consider Your Electricity Bills
After considering the underlying costs of the mining rig, the basic thing you have to know is to calculate the ongoing productivity by checking the cost of your power. Touch base with the supplier, or check the last bill. On the off chance that the power charges exceed your earnings, then it will not be a decent plan of action.
Pool Your Computing Power
Instead of doing it all alone, it is advisable to join a mining pool (essentially opt for a cloud mining contract), where you consolidate assets with different other miners. By participating in a pool, you get a chance to win a share of the cryptocurrency mined by all the individuals from the pool and stand a more prominent chance to solve a block. The miners acquire a share of the mining reward if the difficulty level is higher than the level set by the pool administrator. That level is dependably somewhere close to 1 and the difficulty level of the cryptocurrency.
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