My Crypto Buddy provides a wide range of tools that enable miners to maximize their revenue and make better business decisions. GPU Profitability Comparison Determine the most profitable coin to mine with your GPU. Ethereum Mining Profitability Calculator Calculate the profitability of any ETH mining setup with advanced break-even analysis. Bitcoin Mining Profitability Calculator Calculate the profitability of any BTC mining best Mining Gpu For Litecoin Cryptocurrency Gpu Mining Comparison with advanced break-even analysis.
Currency Converter Easily convert between any two currencies, fiat and crypto! Uses realtime stats from various crypto and forex markets. So, you want to be a Cryptominer! In that case, you would want to read this article thoroughly to sought out which is best for you ASIC Mining Vs GPU Mining ? As you all know, Crypto-mining or Mining is one of the ways to actually earn Cryptocurrencies, be it Bitcoin or any Altcoin, besides other methods like trading or buying Crypto coins for fiat currency.
Your graphic card or ASIC Rig will be on their way to finding new blockchain blocks while you will be making money by practically doing nothing. By mining you can add more amount to your existing coin assets and thus more profit. This also makes you unafraid of the market fluctuations as in a way you will always get more coins if you incur losses. Best GPU For Mining in 2018? What is Crypto Mining in Layman Terms?
ASIC Mining : Everything you should know5. Should you invest in ASIC Mining? GPU Mining : Everything you should know6. Should you invest in GPU Mining? Conclusion : Best Way to Go?
If you don’t have time to read this post in detail then here’s a brief summary of this post. This table explains in short what is the main difference between ASIC Mining Vs GPU Mining. So before we start with our main article let’s first understand What is Cryptocurrency Mining? Unlike trading or simply buying, Mining is a different process where specialized computers are used to find blocks by solving extremely complex math problems. By solving the problem, the miners receive the right to add a new Block to the existing Block-chain which in turn legitimizes the transactions. This confirmation of a transaction is needed to prevent problems like double spending etc. For this work done, you as a miner get the particular coin as a reward or incentive for your effort and hardware used.
The mining difficulty becomes harder and harder as the number of miners increase. For some coins like Bitcoin, the block reward is halved after fixed intervals. The next halving of Bitcoin block reward will happen in the mid-2020. In short, Mining becomes more difficult and less rewarding with time due to more miners joining and finite amount of coins left for mining, much like mining resources in the real world. So basically, Miners are nodes in a large peer to peer network whose sole aim is to solve a PoW Problem so that the transaction is processed effectively. This in turn earns the miner a reward in the form of coins.
Now that you know about mining Let’s hop on to the very motive of this article and talk about the different types of mining based on Hardware used. In the initial years of Bitcoin’s launch, mining could be easily done via any computer component that had processing power and memory. As of today, you can still mine using older methods but the fact is there will be non-significant profitability and hence useless effort. There was a time when home desktops were more than enough for Bitcoin Mining. With time people switched to GPU’s for more hashrate and desktop PC’s became obsolete for mining.
As of now we have specially designed hardware available for Mining known as ASIC’s. Some coins are ASIC resistant and can be mined using GPU’s only. So, let’s classify the ways you can still mine at present. So, these were the various ways we can do crypto mining at present and for each type the Algorithm of a coin decides which type of mining is apt for it. As of this date the two most common and competitive ways of mining are the GPU Mining and ASIC Mining. These both are also the most profitable in terms of prominent coins that support them.
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So, in this post we will go in detail about ASIC Mining Vs GPU Mining and help you understand Which is the best for you? Always Check the Developer Team behind the coins before mining or Trading. Not every coin is there to stay and some are just scams. Also check their volume so that you know it’s popular enough. If you think coin is profitable to mine but doesn’t have a promising future then dump it immediately after mining. Coin Mining Algorithms determine what ASIC can mine and what GPU’s can mine.
You will have to join one or other Mining Pool so that you can collectively act as a very powerful machine. The rewards can be then divided depending on the input you gave in terms of hash power. This will enable you to start your own pool. ASIC stands for Application-Specific Integrated Circuit which is basically a machine specially built for the sole purpose of mining a certain Cryptocoin only.
A Bitcoin ASIC machine solves complex algorithms and receives an incentive in the form of a small fraction of bitcoin. Though there are ASIC’s that can mine more than one algorithms but mostly they are specific to one or other coins. ASIC miners are designed specifically for mining particular targeted coins and hence they have a smaller and compact form factor as compared to GPU Mining Rigs which takes up space. Instead of a full computer setup, they are compact devices ready to be used out of the box. Gigantic Hash Power : Being an Application Specific Device the ASIC Mining machines have evolved very abruptly in Hash Power and are way faster than GPU’s. ASIC’s are already pre-built complete setups with no setup hassles. Instead ASIC is the nearest to what we can call Plug and Play.
As of today if the relative basic cost of ASIC is compared to GPU mining rigs then ASIC tends to be cheaper as GPU Mining rigs usually need a whole setup with a bunch of GPU’s to perform optimally which in turn makes them costlier. ASIC on the other hand is a single device which is not really cheap but relatively cheaper if you mange to pre-order one. If you buy the latest ASIC available then you will get a High Return of Investment just way better than GPU’s. This is basically due to the fact that ASIC machine are mostly made for major coins that are in the market and the fact they have a significantly high hash power. If a coin can be mined using both GPU and ASIC then the ASIC will easily overpower the GPU. In-fact, ASIC destroys the GPU’s profitability completely because of the above mentioned advantages.
GPU miners have to resort to ASIC resistant coins as winning in competition with an ASIC on the same ground is impractical. ASIC’s are coin specific machines and hence once they become obsolete they cannot be used for any other computational purposes. Due to this, they cannot be re-sold or re-used and end up becoming Electronic Junk. As the name suggests ASIC miners are specifically built for specific coins or algorithms only.
In addition to this whenever an ASIC miner gets an upgrade that is a new version is released the older one becomes obsolete. This in turn kills the profitability of the old miner. ASIC machines are very difficult to get hands on due to their limited availability. The ones that are commercially available are mass produced only in China and due to the high demand and low supply, they are usually on pre-orders.
ASIC takes around anywhere from 2-3 months to actually ship back to you! If you want it delivered instantly then you may have to easily pay three times the original amount. ASIC works at a very high hashrate and hence the power consumption and thermals also shoot the sky. Better but noisier fans are used to keep the temperature at bay. 7 hence the noise problem is something to be considered. In Fact, it is advisable to not set up an ASIC mining Rig at home instead try warehouses or garages etc. In short it’s not Home friendly.
ASIC miners come with an Official Warranty of either 3 or 6 months depending on the model you choose. This in comparison to the 3 or 5 Year warranty of a GPU seems minuscule. China or ship it to and fro from China. Yes, if you get the miner at the actual price.
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2000 but if you want it instantly you can get it from Amazon. If you can have separate dedicated room for mining. You can’t live on the same room due to ASIC heat and noise. Bitcoin is the next Bubble or still under valued. If the Bubble pops out then you are left with zero value as it happened in 2013 due to Mt. Many Bitcoin Mining farms were shutdown that time as Bitcoin Prices plundered by 80 percent. ASIC Mining is for a person who wants to run mining like a business as professionally as possible.
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ASIC that you purchased will have zero value. So manage it methodically as there will be a sure shot rapid influx of mining whenever a new ASIC is released. You will have to get your ROI back as soon as possible before this point. Hope this detailed info about ASIC Mining helps but before you decide let’s have a look at GPU mining too!
GPU stands for Graphics Processing Unit and yes it’s the same thing that gaming enthusiasts crave for. Similar to the above thing, In GPU Mining also, a complex Proof of Work Problem is solved to legitimize a transaction and add a new block to the original Block chain, only this time it’s done using GPU’s. Again similar to ASIC Mining you will get a reward in the form of the current crypto currency that your GPU Rig is mining. There are many different types of GPU mining currencies. Some of the popular ones are listed in the below table along with their algorithms. GPU mining rigs unlike ASIC ones can mine multiple coins and are not dedicated solo miners.
It’s flexible to the extent that GPU rigs can even mine several coins at once. So if in case due to market fluctuation if one coin incurs loss then you will always have several options to choose from. GPU’s are manufactured by mainstream companies like Nvidia and AMD and hence easily available, that too at good reasonable prices. Because you are basically making a super powerful computer hence all the parts needed to make a GPU Mining Rig is easily and widely available. Once you are done with Mining, the GPU Rig can be easily sold at good prices as it will still be usable for gaming, video editing and other GPU intensive tasks. Each and every component will still have a good resale value and are easy to sell as they are still useful for many other purposes. It’s similar to selling a perfectly fine second hand computer system.
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As GPU’s can mine several coins hence the hash rate required to mine different coins is different depending on Miner numbers and amount of coins mined. Hence the mining rig won’t consume full power each time as power required depends on the coin. So, in a way video cards can always be tuned to consume less electricity. GPU’s were never specifically made for Mining instead they were always an integral part of the computer design and were used for Gaming, Video editing and other heavy processing purposes. This makes them multipurpose machines which along with mining can also be used for several other computational purposes. This makes them useful even if mining industry becomes obsolete.
If you buy a new GPU, you know that you are in good hands as the warranty you get is around 3 to 5 Years and that too from a trusted source. You don’t have to ship it into mainland China and can get the repairing done at your very city. GPU companies are generation old companies and cater to the needs of their customers as readily as possible. One of the goals of the GPU companies is to make a more compact, silent and thermally efficient GPU because it’s a home use device. For a Layman, assembling and setting up a GPU Mining Rig is fairly difficult task. You need to be a techie to be able to handle all the assembling and setting up of the rig. Hence you will need support in the start until you get trained enough for handling the rig yourself.
GPU’s cannot function on their own hence you will need to build a fully functional computer with a bunch of GPU’s attached to it. Components like CPU Case, Motherboard, RAM, SSD and PSU along with wiring has to be purchased separately. Only then can you start mining. The cost of the above mentioned components along with the GPU’s cost adds up to more than what an ASIC comes for. So GPU Mining Rig may be a long term option but one thing is for sure, It’s not cheap at all, even Pricier than ASIC Mining Rig. GPU’s have comparatively low hash power and mine coins that are not exactly what we can call prominently mainstream.
Due to this reason, the Return of Investment period is way longer than that of ASIC. Of course, as mentioned before this depends majorly on the market fluctuations but it’s practical to not expect the ROI for at-least six months or more. It has Low per day earning as compared to ASIC. Compared to ASIC, GPU’s are far inferior in the field of mining hence it’s advisable to mine only the ASIC Resistant Coins using a GPU Mining Rig. It would be sheer foolishness to mine a coin that has an ASIC machine available for it using GPU. Profitability will be less hence never compete against ASIC instead choose those coins that cannot be mined using ASIC. A GPU itself alone is as compact as an Antminer but unlike Antminer it cannot function itself.
You will need a bunch of GPU’s and other computer components to setup the rig. This takes up way more space than what a Antminer would. So it’s not portable or easy going regarding usage of space. Yes, if you don’t want to get stuck with one single coin. If you don’t have a dedicated room for mining as they are less noisy and produce less heat compared to ASIC’s.
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If you don’t want warranty hassles. There are a lot of companies that manufacture the GPU and each of them is reputable and trusted. The multi million dollar business had been thriving since even the advent of Bitcoin itself. GPU Mining is for a person who does not want a high risk factor. Of Course, he has to invest more than ASIC Mining but as explained above it is a much safer method. You can always be patient on the ROI as eventually it will come for sure. GPU Mining is for the common man who wants to make some extra bucks without taking a greater risk.
Want to know Which is Best GPU For Mining Equihash Algo ? So these were the main differences between ASIC Mining and GPU Mining. Choice will always be yours which one to go for. You can choose keeping in mind which one is favorable for you according to circumstance like Electricity Cost. If you are looking for suggestions then here’s a piece of advice.
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Don’t Keep all your eggs in one Basket. Start with GPU Mining and eventually when the ROI is done go for ASIC Mining. Also if you still have any questions regarding ASIC Mining Vs. GPU Mining then do hit us a comment in the comment box down below and we will come up with a reply. For more Posts on Crypto Coin Mining and other Crypto Currency Updates, Don’t forget to Subscribe for Notifications from JKCrypto. What is the Best GPU For Mining?
Join over 94,000 students, learn all you need to know about Bitcoin. One Email a Day, 7 Days in a Row. What Is Bitcoin Mining and Is It Profitable in 2018? The following post will give you an in-depth understanding of what Bitcoin mining is, how it works, and—most importantly—whether it’s still profitable today. I’ll do my best to keep it simple, as always. What is Bitcoin mining and how does it work? Why do we even need Bitcoin mining?
Bitcoin is a decentralized alternative to the banking system. This means that the system can operate and transfer funds from one account to the other without any central authority. With a trusted central authority, transferring money is easy. 50 from your account and add it to someone else’s account. In this example, the bank has all the power because the bank is the only one that is allowed to update the ledger that holds the balances of everyone in the system. But how do you create a system that has a decentralized ledger?
How do you give someone the ability to update the ledger without giving them too much power—in case they become corrupt or negligent in their work? Who Wants to Be a Banker? How Bitcoin mining works In short, anyone who wants to participate in updating the ledger of Bitcoin transactions, known as the blockchain, can do so. All you need is to guess a random number that solves an equation generated by the system. Of course, this guessing is all done by your computer.
The more powerful your computer is, the more guesses you can make in a second, increasing your chances of winning this game. Here’s a more detailed breakdown of the mining process: 1. Once your mining computer comes up with the right guess, your mining program determines which of the current pending transactions will be grouped together into the next block of transactions. The block you’ve created, along with your solution, is sent to the whole network so other computers can validate it. It’s a bit similar to a Rubik’s cube: The solution is very hard to achieve but very easy to validate.
Each computer that validates your solution updates its copy of the Bitcoin transaction ledger with the transactions that you chose to include in the block. Additionally, you get paid any transaction fees that were attached to the transactions you inserted into the next block. All the transactions in the block you’ve just entered are now confirmed by the Bitcoin network and are virtually irreversible. Here’s a two-minute video showing the process of blocks and confirmations.
So that’s Bitcoin mining in a nutshell. But if you think about it, the mining part is just a by-product of the transaction confirmation process. So the name is a bit misleading, since the main goal of mining is to maintain the ledger in a decentralized manner. As you can imagine, since mining is based on a form of guessing, for each block, a different miner will guess the number and be granted the right to update the blockchain.