Despite occasional setbacks, the cryptocurrency sector continues to expand, especially with new entrants looking to get their own crypto cake through crypto mining, which is made possible in several different ways today. increasing.
With this in mind, crypto YouTuber Drew Vosk analyzes existing crypto mining methods and uses his own experience as a guide to measure and predict their viability to generate passive income in cryptocurrencies. proposed various options for obtaining January 2nd.
Is GPU Mining Dead?
For a long time, mining with a graphics card or graphics processing unit (GPU) has been the go-to method for most cryptocurrency enthusiasts to generate digital assets, but Vosk has taken this cryptocurrency mining I no longer consider the method to be viable.
According to him, there are currently only four graphics cards that make more money than they consume power, and none of them make more than 24 cents a day. Plus, from $600 he costs $2,000, so the YouTuber concludes that “GPU mining is dead.”
That said, there are multiple alternatives to GPU mining, and Vosk has analyzed several.
1) Hard drive mining
One of the most viable long-term cryptocurrency mining options, for example, is hard drive mining with Evergreen Miner v2, a plug-and-play mining option that averages about $60 per month.
Prices range from $299 for the very basic Starter Kit to $2,799 for the Starter Kit Pro, offering a mining rig that is quiet, heat-producing, and has low operating costs. My Chia (XCH).
2) 5G mining
Vosk also mentions Bobcat miners like the Bobber 500 as a way to mine helium (HNT) using 5G cellular and LoRaWAN wireless coverage, while his 18 Helium Hotspot miners are mining 1 a day. Not a very interesting or profitable option as it only makes dollars.
He is also reluctant to have negative experiences with Helium and NovaLabs, so he doesn’t have much faith in cryptocurrencies. However, he concedes, “5G mining can be lucrative whether people like it or not.”
3) ASIC mining
As another viable alternative to GPU and CPU mining, Vosk recommends Bitmain Antminer K7, the second most profitable miner after the KA3 model, but a very new product on the market. Given that, we stress that profit figures can vary significantly.
He also mentioned Bitmain’s Antminer L7. Bitmain’s Antminer L7 is available at mining reseller Coinmining Central for a price of $10,725 each. K7, on the other hand, is priced at his $5,728, slightly higher than his website on Bitmain, but relatively more affordable.
4) Equihash Mining
Additionally, Vosk touched on Equihash mining, an algorithm that enables mining of ASIC-resistant cryptocurrencies like Zcash (ZEC). Many people criticize it and call the token “Z-trash”, but it’s worth considering.
Bitmain Antminer Z15, launched in 2020, is currently the only miner profitable from mining the Equihash cryptocurrency. Vosk thinks it’s not very viable considering he’s already three years old. soon.
Crypto mining is still profitable
Finally, Vosk encourages viewers who already have equipment that makes a few bucks a day to stick with them, but at the end of the day decide which option works best for them. Analyze and run numbers to compare power. rate.
Another option is to build a cryptocurrency mining rig from scratch. This may sound daunting for newbies, but with some help, depending on the state of the crypto space, it’s a fun and possibly very rewarding one that could pay off in the future. It can be an activity with (from).
That said, if independence from the local power grid and offsetting the power waste caused by Bitcoin (BTC) mining sounds more appealing, then using solar power to mine cryptocurrencies could be a viable option. A weak choice, but potentially correct, with mixed results.
