Best Graphics Card for Mining Cryptocurrencies and Why You Should Buy It
best graphics card for mining
Mining crypto currencies is a lucrative endeavor. However, there are many considerations to make before investing time and money into mining. Factors like power consumption, cooling, and noise all come into play. Here's the low-down on the best graphics card for mining so that you can make an informed decision about going down this digital path.
Why you should mine crypto currencies
Crypto currencies are very popular right now. For example, Bit coin reached a high price of almost $20,000 per coin in 2017. Since then, Bitcoin has been on the decline, but Ethereum and other crypto currencies have enjoyed some moderate gains.
There are even some companies that offer to store your cryptocurrencies for you so that you don't have to worry about the hard drive space and other possible storage woes. It's all very exciting stuff, especially if you're part of the elite few that have some of these coins. It's all thanks to proof-of-work (PoW) mining, which involves mining a block every 10 minutes. Whoever finds a block first earns the majority of the reward.
The winning miner is also granted a portion of the crypto currency in question.
Which graphics card to buy
For those unfamiliar, mining cryptocurrencies requires a GPU (graphics processing unit) mining computer to solve computationally intensive puzzles and confirm transactions. Cryptocurrencies like Bitcoin, Ethereum, and other decentralized ones are based on blockchains and databases. Blockchain technology is transparent and centralized. The result is increased security and efficiency.
Crypto are generated by solving complex mathematical problems. Cryptocurrencies are the world's most valuable currency. For example, Bitcoin was valued at $11,000 per coin in December 2017, but is now trading at about $32,626. Why is this happening? It's all due to demand. The number of cryptocurrency users is only increasing.
What are the best graphics cards for mining in 2021
We're just over a year from the year 2021, which is the year that game manufacturers are predicting that mining cryptocurrencies will be obsolete. Gina Gluck, a PC hardware engineer at Giga Watt and member of the PC Power and Cooling Reddit group, said, "It's completely gone." Gluck believes that there will be no need to mine cryptocurrencies in 2021.
Instead, the money will be created through a new digital currency called "denarium," which was recently released by the company Qtum. For your reference, a "cryptocurrency" is an electronic currency that uses cryptography to secure the transactions, making it more difficult to hack. While some people may see cryptocurrencies as the future of money, others believe they're all a bubble. The data that miners collect is the "proof of work.
The advent of cryptocurrency has revolutionized the way we exchange value online. But this also means that those that make the complex calculations needed to generate new coins in return for transactions are having to spend as much as five hours a day on hardware that requires the latest hardware and cooling to achieve stable results.
This isn't cheap, either, and the real world rewards far outweigh the financial return that mining provides. Investing in the best graphics cards to mine can be an expensive endeavor, and so the results are always mixed. You need multiple graphics cards that are evenly matched to mine the same coins, and you need to be able to get things running to get the same hash rate in the same amount of time.