With all the talk in the news about Bitcoin’s value skyrocketing, a lot of people are thinking about cryptocurrency. Buying and/or mining. Bitcoin is one type of cryptocurrency but there are many (see list). Which coin is best to mine? Here is what the mining gurus suggest. There are a few types of mining, GPU mining (your video card does the work), CPU mining (your processor does the work) and ASIC (Application-specific integrated circuit chips). Each type has a different level of risk and work best with certain types of coins. Bitcoin for example, is high risk. Bitcoin has become so difficult to mine that ASIC mining is required, meaning you’ll need to purchase special hardware and that hardware might be obsolete in 1-2 years.
Video Card (GPU) Mining Example
Let’s say for example you want to mine Ethereum (a popular choice right now). If you have a video card that would enable you to mine at 30 MH/s. You could run your computer 24/7 mining away and assuming your rig was consuming ~140W of power at $0.12 per kwh your profits might look like this:
- $1.66 per day
- $11.65 per week
- $49.95 per month
- $607.67 per year
That’s not bad, but now add a second video card, a third… an 8th! Not to mention the most exciting part of mining, the volatile cryptocurrency market. You can cash out or hold onto your digital currency and watch the market spike and dip. Obviously in the case of Bitcoin, the people who held are smiling right now.
Start Mining Cryptocurrency
Let us know if you want to start mining, we can help you build or purchase your first mining rig or convert your current PC into a mining rig. Mining for cryptocurrency has come a long way, it doesn’t require any programming knowledge, once you have the right configured hardware, just double-click an icon and you’re mining.