The year is 2018, cryptocurrency is not just a buzzword or a fancy concept; it is a real medium of exchange that is used by over 20 million people. Even though 2017 was the year of the rise of Bitcoin and 2018 is the year that saw the value plunge, the popularity of cryptocurrencies has nonetheless, been on the rise.
To this end, getting into the business of cryptocurrency has been perceived to be a fruitful venture. While it is impossible for everyone to get huge sums of money to invest in the business, others can join by becoming cryptocurrency miners. But then, the business of mining is such that only the strong survive. It is a capital-intensive project and only the best technology thrives in the business.
What Do You Need to Become a Cryptocurrency Miner?
The rigs we’re talking about runs on power; lots of it. In fact, for a miner, electricity costs can take up to 40% of your budget. That’s why you need to consider getting energy efficient mining gadgets.
Mining is a process whereby the miner solves computational problems in order to add a block to an existing chain while racing against time to beat a handful of other miners all over the world. You can expect that the systems are always working at their optimal capacity; giving off heat in the process. Some GPUs come with inbuilt cooling systems, others don’t. All in all, you might be required to get an extra cooling system for the unit.
This is what determines how you fare as a miner. There are some GPUs that are being used by some of the top crypto gurus in the field and a comprehensive list of these tools is presented below. This is to help you make an informed decision when you’re making your purchase in case you decide to become a cryptocurrency miner.
Nvidia GeForce GTX 1070
This graphics card is extremely energy efficient and has a high hash rate. The core clocks 1,506 MHz and it has an 8GB memory. The memory clocks 8Gbps while it draws just 150W. This graphics card is a shift from the norm. Knowing fully well that Nvidia is the king of gaming, this graphics card for mining was met with skepticism, but the features are extremely impressive.
One of the significant drawbacks is that it is extremely pricey to purchase. It might set you back a bit when you begin but you can be sure that eventually, the return on investment will be totally worth it.
AMD Radeon RX580
The core clock is about 1,257MHz and the memory is just like that of Nvidia 1070; 8GB. The reason why this GPU comes second is the power it draws; 185 W. Although compared to other systems in the market, this product is considered energy efficient too. The hash rate is also very impressive; 29 MH/s. Another interesting point is that it is cheaper than the Nvidia 1070; almost half the price.
Nvidia GeForce GTX 1060
With the core clocking a speed of 1506 MHz and a memory of 6 GB (clocking 8 Gbps), this graphics card draws just 120 watts of power, making it one of the most energy efficient GPUs we have. For cryptocurrency mining, this card suffices. It is built to give you impressive mining results, especially when we consider how much you get on your investment. It is also considerably cheaper than other cards in the performance group.
AMD Radeon RX Vega
We wrap up this list with the RX Vega; described as providing punchy graphics performance that is way above its weight. Although the memory clocks just 800 MHz and the core, 1,156 MHz, it draws 210 watts, the most any graphics card on this list does. But then, it is very cheap to get. Although pundits assert that the low cost of purchase might not justify the amount you’ll spend in terms of energy consumption.
Now, let’s not forget that it is possible to mine cryptocurrency without necessarily having the hardware. That is what we refer to as cloud cryptocurrency mining. Here, a group of people come together and buy top-notch hardware cryptocurrency mining facilities and then offer their mining services to other people via a pay-as-you-go model.
This method has not taken off due to the plethora of scams, irregularities, and perceived unprofitability.
But if you’re looking to begin a career as a cryptocurrency miner, it is important that you commit to buying the recommended hardware and setting up space. Also, carry out more research on the topic to ensure that you do not have any difficulty along the way.