If you found this website then you probably have some knowledge of bitcoin and crypto currencies, now you would like to know more about mining them? You have heard the buzz all over, about how it is possible to mine the currency and trade it for fiat currency and create additional income. Who does’t want to have extra income? Leaving the financial aspects to a minimum this information is for education of what the various types of mining that are available.
Cryptocurrency is basically an encryption algorithm that processes transactions on a blockchain system. The computing power of participating hardware (miners) are rewarded for the processing the transactions on the network.
This makes it possible to decentralize banking by putting the computing power in the hands of the average person instead of the large banking conglomerates and is possibly the future of our monetary system as apposed to the current one.
Below is a brief description of the current mining hardware types:
Gpu Graphics Processing Unit mining is done using computer graphic cards for calculating (hashing). Gpus are much better than cpus for this type of computing power because they are designed for rapid calculations. Gpu mining is still profitable for certain altcoins that I will not discuss and requires further research. There are gpu cards that are specifically designed for mining as well as the mainboard also. Gpu mining is under attack by the next type of miners because of the fact that gpus were originally made for mostly gaming power and producing realistic graphics. The business model is incremental upgrading just like all computer components and it keeps the consumer in an endless upgrade loop. The next miner type proves this because they produce much more powerful chips. If they produced that powerful of a chip for a gaming platform, there would be no need for upgrading.
A field-programmable gate array (FPGA) is an integrated circuit (IC) that can be programmed in the field after manufactured. FPGAs are similar in principle to, but have vastly wider potential application than, programmable read-only memory (PROM) chips. FPGA can be used for multiple algorithms since it is field programmable and could possibly be the future of this hardware since each unit will have multiple options of mining for the future. Options are small currently, but growing for this type equipment. An ASIC chip (discussed below) is only programmed at the factory and leaves no options for changing algorithms as needed.
Asic miners are manufactured for one thing, MINING. They use Application Specific Integrated Circuits and the chips are designed for the specific application of mining. One Asic chip can be equal to over 100 gpus, this is where the much higher hashrate comes in and return on investment is quicker. There are new Asic miners on the market all the time and in 2018 it has rapidly become popular and profitable given the right timing of deployment. There are many factors involved in the decision of what equipment to deploy and this info is to try to give you a brief overview of the very basic elements of mining. I hope it helps your understanding and I wish you the best in mining!
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