Cryptocurrency mining is the application of computing power to verify and record transactions on the blockchain network. The time in which a user can complete this process is called the mining speed. The editorial team considered the factors affecting this parameter.
What the mining speed affects
The number of calculations per second determines the probability of finding a block. The higher the speed of the running technique, the faster it will be confirmed. The miner who is the first to solve the algorithm’s problem is rewarded.
Mining cryptocurrencies is a competitive process. Users compete with each other for supremacy in finding a block.
The faster the hardware directly affects the participant’s share in the pool as a percentage.The more power the user has, the higher his contribution to solving hashing tasks, and therefore – income.
Unit of measurement of mining speed
Mining efficiency is calculated using gigahashes per second (GH/s). The value refers to the number of calculations a miner can perform per unit of time.
The more hashes, the higher the probability of mining a block and earning a commission. For example, if the value is 10 GH/s, it means that 10 billion calculations are performed per second.
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Factors affecting the coin mining speed
Hash rate depends on several factors. These include:
- The type of digital asset. Coins have different consensus algorithms (rules of operation). The speed of mining depends on the specifics of the technology. For example, bitcoin uses the SHA-256 algorithm, which is less efficient than Scrypt or Ethash.
- Hardware. The type of hardware used to mine cryptocurrency can also affect timing. ASICs (Application-Specific Integrated Circuit) are specifically designed for hashing and are more efficient than video cards. GPUs (Graphics Processing Units) are also widely used for blockchain mining.
- Network Complexity. The higher the index, the longer it takes to find a block and the slower the process.
Comparison tables
Algorithms and hardware differ in terms of hash rate. For example, a video card has a lower blockchain mining speed than an ASIC. The editorial team has prepared an equipment comparison table for Ethash.
| Uitrusting | Hasnelheid | Cost | Power consumption |
|---|---|---|---|
ASICs are more efficient than video cards, judging by the computational power data. For example, Antminer S17 will pay for itself in 942 days (2.5 years) in the Irkutsk region with a tariff of 1 ruble per kilowatt. NVIDIA GeForce RTX 3090 with similar costs will take exactly 6 years.
Ways of mining a single cryptocurrency
To start mining on a video card or ASIC, you need to choose an algorithm for finding blocks. For example, BTC and BCH apply SHA-256, Ethereum – Etshash. First, you need to install an application for a specific cryptocurrency. 50MINER supports lightcoin and bitcoin, Minergate supports Ethereum.
Mining different cryptocurrencies on the same hardware
With software that supports multiple algorithms, you can mine 2 or more coins. Popular programs MultiMiner or easyMINE allow you to switch between different digital assets.
Through multi-application you can adjust to the market trend. It is worth studying in advance which algorithm is suitable for which GPU or ASIC.
Another option is to use a mining pool that supports different coins. This will allow you to work with several cryptocurrencies at the same time. Profitability will be different due to commissions. It is important to consider the compatibility of the equipment with the algorithm.
Veelgestelde vragen
🔥 How do I know my income from cryptocurrency mining?
To calculate the profit, you need to use a mining calculator or view statistics on the pool’s website. The algorithm takes into account the power of the equipment, energy consumption and the rate of the digital asset. On the website of the service you can see the statistics of mining and the amount of money paid out.
📌 Which hashing algorithm is more efficient?
Ethash, used in Ethereum Classic, and Equihash – for cryptocurrencies Zcash, Bitcoin Gold, etc. – are considered profitable. The profitability varies depending on the coin and hardware. In January 2023, SHA-256 is popular.
⚡ How to optimize the mining process?
There are several ways – buying equipment with a high hash rate, using firmware, selecting a pool for mining and a region with a low electricity tariff. For example, for January 2023 in the Irkutsk region the cost of kWh is 1.43 rubles.
✨ What risks are there when searching for blocks?
The value of the mined coins can change a lot. This will lead to financial losses. Equipment can break down, and the cost of repairing GPUs and ASICs reaches the cost of new equipment. Farms are vulnerable to viruses, resulting in loss of coins or hardware damage.
🛒 Where to buy hardware?
Hardware is sold at certified stores – for example, DNS. ASICs can be purchased from local suppliers or on a special resource dedicated to cryptocurrency. It is not recommended to take video cards from the secondary market, as the graphics processor is more vulnerable.
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Auteur: Saifedean Ammous, een expert in cryptocurrency-economie.
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