Is crypto mining dead in 2019?
Many people ask- is crypto mining worth it- considering the discouraging performance in 2018.
Mining crypto overall took a fall in 2018, with top mining firms like Bitmain letting go 50% of the workforce.
But things are looking different in as 2019 is coming to an end, and there’s a spike in mining activities. In this post, we will find out-
● Is crypto mining profitable
● Ways to mine crypto
● Most profitable crypto to mine
● Profitable crypto mining tips and tricks
Mining Cryptocurrency 2019: Available Options
You can utilize three options to mine crypto-
We will briefly discuss each one below.
ASIC Crypto Mining
ASIC uses application-specific chips to mine crypto. Each ASIC can handle only a specific algorithm and it’s difficult to switch between multiple cryptocurrencies. For example, you can use the SHA256 algorithm to mine Bitcoins and a few other coins like BitcoinCashABC.
ASIC Mining Problem
ASIC miners took the mining scene by storm with more powerful and specialized hardware for mining compared to GPUs or PC. Though ASIC miners got the early advantage, they now suffer from some drawbacks.
Many young blockchains, like Ethereum, employ hashing algorithms that don’t let you use ASIC equipment to a great extent. The developers of Monero, an anonymous cryptocurrency, change its algorithm every six months, making ASIC mining difficult.
That’s why GPU mining is still in vogue!
ASIC – Is Mining Still Profitable?
ASIC mining profitability depends on multiple factors-
● Cost of ASIC miner
● Cryptocurrency and its price
● Mining rewards
● Electricity expenses
You can earn profit through ASIC mining but may have to wait months to get one depending on the reseller.
Cloud Crypto Mining
Cloud mining is similar to other cloud technologies- you rent the computing power and space from a cloud-based mining vendor. You only need to pay monthly subscriptions without the need to invest in costly hardware.
Is Cloud Mining Worth It?
You can increase your profit from cloud mining by-
● Availing cheap electricity
● Aiming for more mining rewards
● Mining a cryptocurrency with higher prices
● Looking for cryptocurrencies with low mining difficulty
● Comparing rates and choosing a provider with cheap rates
Cloud mining providers are still very less and you might have a hard time finding a reliable host. To this date, GPU mining remains the most popular choice, and for the right reasons. So here’s a close look at GPU mining.
GPU mining relies on your computer for providing the computational power. You have to create a high standard CPU with a good GPU to be able to mine using your resources. GPU mining is by far the easiest and most common method still today.
Building the Most Profitable GPU Mining Rig
Miners always look to build the most profitable mining rig. So what does the most profitable crypto mining rig include?
For the most profitable GPU mining rig, you have to select the hardware with high computational power that also consumes the least electricity. You will find custom-made rigs from various brands designed especially for GPU mining 2019 and beyond.
The rigs have superior GPUs like Nvidia GTX1060, GTX1070 and GTX1080Ti. Some rigs also use Radeon GPUs, which are generally cheaper than Nvidia counterparts but offer a lower performance. They also consume more electricity.
If you are making your own rig, here’s a list of minimums you should aim for-
|Motherboard||Should have more active PCI slots to|
accommodate the number of GPUs you desire
|Processor||Intel or AMD processors with at least 2.80 – 3.0|
GHz clocking speed
|Memory||AT least 4 GB RAM|
|Storage||At least 16 GB (for Linux), preferably SSD|
|PSU||Should be able to handle the power|
requirements of the rig and able to conserve
|Risers||PCIe Riser for adding multiple GPUs|
|GPU||Compatible Nvidia or Radeon GPUs|
|Watt Meter||Measures power consumption|
GPU Mining Profitability
Now comes the important question – is GPU mining profitable?
Basically, the answer depends on multiple factors like-
● Cost of your rig
● Level of mining difficulty
● Price of cryptocurrency
● Electricity charges
So if you manage to get your rig at a lower price and avail cheap electricity, you don’t have to ask- is mining worth it! You will earn your profits by contributing to the blockchain.
Best Cryptocurrency To Mine With GPU
We hear many questions when it comes to choosing the most profitable cryptocurrency-
- Which cryptocurrency should I mine?
- Is it profitable to mine Ethereum?
- Should I go for Bitcoin mining?
- What is the cheapest cryptocurrency to mine?
We have taken an effort to answer all your questions, one by one.
1. The profit from any cryptocurrency can change at any time based on a number of factors. The most important factor is the price of the cryptocurrency. So choose a crypto with a lower price when you begin mining.
2. Ethereum is currently considered by many as the most profitable altcoin to mine. The price of Ethereum climbed to US $1,300 in January 2018. You can earn a good profit by holding your rewards and selling them when the market is favorable.
3. The unpredictable cost of Bitcoin and rising mining difficulty each year make Bitcoin one of the less preferred coins to mine. You also have to count in other factors like power consumption, cost of hardware, hash rate and so on. Currently, you can get a reward of 12.5 Bitcoins for completing per
4. The price of cryptocurrencies changes from time to time, some almost daily. So a crypto that is cheap today may cost more the very next week! That being said, here are some cryptocurrencies under $1-
● QuantStamp (QSP)
● IOTA (MIOTA)
● Ardor (ARDR)
● Nem (XEM)
Cryptos with Higher Rewards
Some of the cryptocurrencies you can consider mining with GPU are-
● Bitcoin Gold
Crypto Mining Tips and Tricks
Here are some ways to get the most out of your cryptocurrency mining-
Join Mining Pools
You may find it difficult to be the first one to solve the mining equation, especially if you are a beginner. For those who are new to cryptocurrency, joining a mining pool may make sense.
You will work as a part of a team to create a block and the reward will be split according to computational power. It’s a great way to earn a steady income from mining.
Avail Mining Hosting
You can go for providers that charge you a fee to host and maintain mining hardware. They also provide cheap electricity so that you can earn more margin on your rewards.
How to Save Taxes
It depends on your location and tax rules, whether you need to pay taxes on crypto mining. Most countries may charge you a tax on your income. You can save taxes by holding your rewards and not converting them to fiat currency, which generally attracts taxation.
So is mining cryptocurrency worth it? We say absolutely yes, if you know how to go about! People are not asking- is cryptocurrency mining profitable – they are going for it! Build yourself a proper rig following our instructions or go for a cloud provider to start mining with fewer hassles.
We suggest you think long-term and then choose the cryptocurrencies with the best rates and favorable mining difficulty.