Mining Hardware – Making money online made easy

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Mining Hardware – Making money online made easy

Mining in its most fundamental term refers to solving mathematical problems through your computer to earn money, this transaction is processed based on how many problems your computer was able to correctly solve if enough you earn bitcoins! The concept seems easy enough to grasp, the installation of the bitcoin application is free of cost and one Bitcoin can be exchanged for about 3000 US Dollars today. However, for an individual to partake in mining is a rather absurd concept and mining is done in terms of groups, preferably known as “mining pools”. Miners can select a pool of their choice and set their hardware up for the task. How many bitcoins one earns, depends greatly on the capacity of their hardware to process the information, the traditional practice of using one’s central processing unit as a mining hardware has gone extinct, as large number of miners prefer to use their graphic gaming cards, even this practice has grown old. The mining hardware required to earn bitcoins should by far at least exceed the electricity cost for the miner.

So, why is Mining hardware so important?

The better and the faster the mining hardware is, the more blocks to earn bitcoins! The main idea of having different mining hardware is to make it more cost effective, if the Hashes per second aren’t enough, the miner would be facing a loss as his cost will be greater than the revenue mining will generate. An effective way to generate significant blocks to earn bitcoins is by improving your hardware, miners used specific hardware custom-designed for mining. ASIC Mining is a specific integrated circuit manufactured in 2013 to fulfill the sheer purpose of mining. Cloud mining is a phenomenon where the miner is contracted with the program based on a performance specific contract, numerous kinds of mining hardware are seen in the market for the sheer purpose of getting enough “blocks”.

 How to select the best Mining hardware?

The next most important task at hand is selecting the best mining hardware that’ll prove to be fruitful. How does one possibly select one with so many possibilities out in the market? This criterion is largely based on what level of cost are you willing to bear and if they are profitable enough to be incurred. The speed at which your computer is solving the mathematical problems is stated in “Hashes per second”, measured in kH/s, MH/s, GH/s, TH/s and so on, the rule the higher the better holds great importance here, if your speed is of two million hashes per second you have a speed of 2 MH/s and will likely not be able to earn enough blocks to earn any bitcoins, hence an upgrade of your hardware is essential. Selecting a mining hardware based on its hashes per second rate is the first thing miners do, however, special care should be taken while selecting a hardware solely on the hashes rate, the electricity consumed can easily turn a seemingly profitable investment into a liability not worth incurring. The cost per kW/h and the cost of adding any additional hardware are debatable and hence should be calculated first by using a bitcoin mining calculator to ensure a safer investment.

By | 2021-02-04T12:46:49+00:00 June 20th, 2017|Bitcoin mining|Comments Off on Mining Hardware – Making money online made easy