TechnologyGPU Usage in cryptocurrency mining!
Before the economic abysmal 2008, there was no evidence of a single cryptocurrency. With the technology progressive to keep up, cryptocurrency mining also acquired traction. Cryptocurrency mining is becoming more efficient with improved hardware to mine cryptocurrencies. GPU or graphic processing units are the most convenient and easy to use mining hardware that can help you create different virtual coins like ether at your home. To know more about cryptocurrency trading, check bitcoin basics every consumer should know. Let's find out the detailed usage of GPUs in cryptocurrency mining.
How do graphic processing units assist cryptocurrency mining?
The concept of cryptocurrency mining was meant to perform with the central processing unit. But the speed and processing power of CPUs are limited, and they can only produce a definite and low amount of hash rate. Therefore, with bitcoin acquiring popularity, miners started to adopt GPUs as the new mining hardware, and cryptocurrency mining or bitcoin mining with CPU became significantly less profitable.
Theoretically, it is possible to mine cryptocurrencies with CPUs, but the profitability of only two to three currencies is high. Some popular CPU mineable cryptocurrencies include Chia and Dash. After 2012, the utility of GPUs in the cryptocurrency mining industry skyrocketed, and it disrupted the use of a CPU in mining.
Yes, there are multiple benefits of using GPUs in cryptocurrency mining; even a standard GPU can create coins like Raven coin and ether. However, you can set up several graphic cards to make more profit. Many manufacturers provide you with a pre build mining rig. But you can create a cryptocurrency mining rig yourself—cryptocurrency mining. The potential of a GPU is 100 folds more than a CPU.
CPU is created to perform general tasks, but you can only perform specific tasks like video editing and gaming with GPU. The properties of a graphic processing unit make it exceedingly appropriate for mining. Since mining requires high processing nowadays with energy efficiency, GPUs are the best option for miners. The work of a mining machine is to create hashes to find the solution of a block. GPUs can create more hashes, and the potential for creating hashes depends upon many factors.
In short, the more expensive a GPU is, the easier it is to mine cryptocurrencies. However, no matter how much GPUs can mine cryptocurrencies, one cannot mine BTCs with a certain number of GPUs. To mine BTC, now we need ASICs or application-specific integrated circuits. The market value of an ASIC is ten times higher than that of a GPU. But the potential of an ASIC to generate hashes is 1000 more than of a GPU. All the more, there are exclusive ASICs for every cryptocurrency.
Currently, the GPU mineable cryptocurrencies are ether and a raven coin. ASICs developer claims that after the arrival of specialized ASICs for every cryptocurrency, the mining venture without these ASICs is less profitable. However, GPU mining is still one of the profitable ventures and mining of ether and raven coins can help you formulate a handsome income stream. Based on the amount of investment in a graphic processing unit mining rig, one can generate a revenue of almost 10% every month. For example, you invest four lakhs INR to buy a cryptocurrency mining rig and start to mine ether; you can easily make 30,000 to 40,000 INR every month no matter what the market condition is.
The bottom line
GPU mining is not new, nor is ASIC, but the dynamics of both mining ventures have changed over the past few years. Now we need more potential GPUs as well as ASICs to mine cryptocurrencies. The need for GPUs and ASICs depends upon the difficulty of the mining industry. If mining a specific cryptocurrency is less complicated or has a lower net hash rate, one can mine it with a standard GPU or CPU. But in case the difficulty is too great, you may need a robust GPU mining rig or an ASIC. This popular mining hardware has its own set of advantages and disadvantages.
Here is everything you should know about GPU mining. But, of course, you also need a GPU to start cryptocurrency mining in today's world.
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