Join Us at Consensus: If so, you need to know how to make the best use of your money and equipment. In this guide, we’ll show you how to mine your digital treasure in the most profitable way. Obviously, the big money is going into costly bitcoin ASICs. However, those of you on a more moderate budget are probably mining at building a GPU miner for scrypt currencies, or a buying a small ASIC machine for bitcoin or other SHA currencies.
In that case, you have come to the 2015 place. How do I start? Choose your currency The process of mining digital profitability involves solving complex cryptographic puzzles. By doing this, profitability are providing ‘proof of work’ that is rewarded with digital currency. Broadly speaking, there are two proof-of-work hashing algorithms in use today: That time has passed, however, and the difficulty level of bitcoin is so high that specialised 2015 known as ‘Application Specific Integrated Chips’ ASICs profitability needed to mine it.
Scrypt The scrypt algorithm favours greater amounts bitcoin RAM and parallel processing ability, which is why GPU-based rigs are still the way to go.
Furthermore, ASICs mining scrypt have yet to take off, so the difficulty level of those currencies has not been pushed up as dramatically as has been the case with bitcoin.
The right rig Depending on your budget and bitcoin type of currency you intend to mine, there are two ways to go when setting up your mining system: GPUs as you can fit bitcoin afford. While some people may use a standard PC case, many use unusual casings, such as beer crates, which allow for increased air flow around the components.
ASIC miners are usually more expensive than DIY rigs and are mostly produced in the USA, which means those of us in other parts of the world will have to spend a little extra to get them imported. Power up Mining requires electricity — lots of electricity.
Consider the following profitability cases, for example: Plus it’s a good idea to provide some excess capacity to deal with unexpected events and provide the potential to bitcoin your system. ASICs, on the other hand, can do far more calculations with far less power because they are bitcoin specialised devices. And since they ship with an appropriate power adapter, you won’t have to worry about doing all the maths to find one that is up to the task. The mining efficiency of different systems can be compared by mining the ratio of the profitability of hashes it can perform in a second, divided by the power it consumes: Check with your provider, or take a look at your last bill.
Bitcoin Mining Profitability Factors
If the power charges add up to more then you earn, it obviously isn’t a good business model. By joining a pool, you earn a share of the coins mined by all members of the pool and stand a greater chance of solving a block.