Compare crypto mining

Cryptomining — performing the zillions of cryptographic calculations you need to earn hot-topic cryptocurrencies such as Bitcoin , Monero or Ethereum — is a massive global industry these days. Or break into their web server and sneakily add in browser-based cryptomining code, written in JavaScript, that mines whenever anyone visits their website. Or take over their guest Wi-Fi access point and inject cryptomining content wherever their customers go. When cryptomining is done illegally, without authorisation, it turns into the aptly-named crime of cryptojacking. The criminal equation behind a worm-driven cryptojacking attack is very simple: the more CPUs you have mining for you, the more money you make.



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WATCH RELATED VIDEO: What is Bitcoin Mining? (In Plain English)

The 10 Best Bitcoin Mining Hardware Machines 2022


With more than 4, mineable coins and tokens in existence, which, if any, are the most sustainable cryptocurrencies? Are you a Dogecoin fan? This is because there are so many parameters at play. Many much smaller cryptocurrencies, for instance, naturally have a far lower energy footprint because they involve far fewer daily transactions compared to Bitcoin. Scale them up, however, and they may be just as bad, if not worse than the cryptocurrency we currently love to hate. That said, some cryptocurrencies are inherently more energy efficient than Bitcoin.

This is primarily because these currencies use ASIC-resistant algorithms that consume significantly more energy than should be expected relative to how much of the cryptocurrency market they represent.

A good example of this is RavenCoin which, by one calculation , accounts for 4. Interestingly, Bitcoin uses an algorithm that does allow for mining ASIC-based devices, and these devices are considerably more energy efficient than conventional graphic processing units GPUs.

Market dynamics also play a big role in the energy consumption of cryptocurrencies. As the price of Ethereum has once again risen in , so too has the energy consumption associated with the cryptocurrency. As of March 31 st , , Digiconomist estimates Ethereum as using more than 31 TWh annually, an all-time high. So, which cryptocurrencies have a shot at being more sustainable than Bitcoin?

Here are a few of the main contenders, in no particular order, presented with the caveat that this is absolutely not investment advice. At the time of writing, I have no investments in or ties to these or any other cryptocurrencies. SolarCoin is global, decentralized, and independent of any government. You can spend and trade SolarCoin just like other cryptocurrencies, but the key difference is that the platform aims to incentivize real-world environmental activity: verifiably produced solar energy.

SolarCoin has a novel approach to cryptocurrency, creating 1 Solarcoin for every Megawatt hour generated from solar technology.

Currently, this network mostly relies on users uploading documentation to prove energy generation, but the Internet of Things may one day streamline this process with automatic updates from solar arrays. Consider SolarCoin as a helpful way to more quickly offset the cost of installing a solar array! POWR is required to participate in the Powerledger network and helps secure its various products, including energy trading, clean energy tracking, and verification.

Doctor Jemma Green is the Executive Chairman and co-founder and leads a team that includes several other women. The Powerledger platform facilitates peer-to-peer energy trading and is effectively an operating system that tracks the trading of energy, flexibility services, and environmental commodities.

More simply, renewable energy sources like wind and solar are somewhat uncertain, with variable output minute to minute, day to day. A centralized power grid is increasingly problematic when energy inputs and outputs are inconsistent. Powerledger offers a distributed, decentralized network that helps producers track, trace, and trade energy in real-time, making for more stable, resilient energy grids.

It functions mainly as a digital currency but can also be used for digital contracts, DApps, and other purposes. This helps save a staggering amount of energy, with the founder of Cardano claiming that the cryptocurrency network consumes only 6 GWh of power. Cardano is similar in some ways to Ethereum, but without a lot of the bloat associated with the latter token.

This enables Cardano to scale up to meet increased demands for the cryptocurrency, without compromising on speed or efficiency.

The Stellar network was released in forking off from Ripple with the goal of bridging the gap between traditional financial institutions and digital currencies.

Stellar is operated by the Stellar Development Foundation, a non-profit organization. It got its start with funding from Stripe the payments startup , along with donations from BlackRock, Google, and FastForward.

The network also allows individuals and institutions to create tokens for use on the network, which has inspired some to use the network for sustainability initiatives such as investing in renewable energy. The key distinguishing feature of the Stellar network is its consensus protocol. This SCP is open-source and relies on authentication of transactions occurring through a set of trustworthy nodes rather than running through the whole network as a proof-of-work or even proof-of-stake algorithm.

The cycle for authentication is thus much shorter and faster, keeping costs low and energy use to a minimum. The algorithm behind this is known as a federated byzantine agreement and is an energy-efficient alternative to the Bitcoin style traditional mining network. Nano is free, fast, and uses considerably less energy than Bitcoin and many other cryptocurrencies. It has been around since the end of and has a relatively small carbon footprint even now. Nano uses block lattice technology, which is energy efficient.

It is still reliant on a Proof of Work mechanism, but the block lattice goes beyond blockchain to create an account-chain for each user on the network.

The Nano platform uses a system called Open Representative Voting ORV , where account holders vote for their chosen representative, who then work to securely confirm blocks of transactions. On the Nano platform, user accounts can be updated asynchronously, rather than needing to involve an entire linear blockchain as is the case with Bitcoin and others. Instead of competition and delays, then, Nano involves just the sender and receiver account-chains and can handle as many as transactions per second.

As a cryptocurrency, IOTA has not proven as volatile in terms of price as many other tokens. While good news for those looking for more stability in the market and greater financial sustaianability, this has proven disappointing for those investors looking for the same pay-off as with early investments in Bitcoin, Ethereum, or other altcoins.

In terms of energy sustainability, because IOTA uses Fast Probabilistic Consensus for consensus and only relies on Proof of Work in part, the overall energy consumption of the network is very small. With the new updates set to make Atomic Transactions the norm for IOTA, this could reduce the transaction size from 1. To calculate the ECPT under the current algorithm though, Abbaszadeh Sori used three smartphones with different processors and versions of Android but no iPhones and sent an iota token 25 times with each device.

The measure of energy used included approval of the transaction, complete proof of work, preparing inputs and outputs, validating the receive address, synching the account, and final validation. While the results were very clearly in favor of IOTA as a much more eco-friendly cryptocurrency, Abbaszadeh Sori himself acknowledges some limits to his study. And now we have an updated IOTA 1. That said, if we take the above figure for EPCT and multiply it by the transactions per second that the current IOTA system is said to be able to handle, this amounts to annual energy consumption for IOTA of:.

At the low end, this amounts to around the equivalent of 2, metric tons of greenhouse gas emissions annually. EOSIO is a public blockchain beloved by developers because it is simple to set up and write applications in several programming languages, is highly scalable, and costs nothing.

Based in Singapore, TRON is a non-profit organization and public blockchain supporting almost every programming language. The peer-to-peer platform allows creators to share applications directly on the blockchain, making the whole process more energy efficient. Tron lends itself to decentralized gaming and this latest project leverages interest in play-to-earn apps on the Tron network. The original Burstcoin is now essentially void due to a hard fork following a significant price decline after the crypto was delisted from Poloniex in May Burstcoin was possibly the first blockchain to use Turing-complete smart contracts which allow for the creation of non-fungible tokens NFTs and use in on-chain games.

Meaning that a computer with a 1 terabyte hard drive barely uses more energy to mine SIGNA than an idling computer. Miners can easily increase their effective storage capacity by committing a SIGNA balance stake in their account. In October , Signum introduced Smart Tokens. The idea here is a blockchain where tokens exist outside of smart contracts. The network is driven by volunteers and in founded Signum- Network Alliance SNA , a not-for-profit organization to help Signum fulfill its vision of sustainability and innovation in blockchain technology.

The crypto token price rose to nearly 53 times that of the ICO price in USD terms, as of December and the company gave its Elemental Chat platform a test run, with a public release expected shortly. Again, this makes Holo different to other cryptocurrencies in that it is backed by a tangible asset cloud-hosting services. Holo charges a fee on transactions using the P2P network, meaning that revenue is tied directly to the number of apps and hosts on the network.

Holochain is an open-source framework for peer-to-peer applications and its token HoloTokens HOT requires no mining. Anyone who hosts hApps on their computer or device can receive HOT in return. Holochain is immediate and efficient, does not rely on proof-of-work or proof-of-stake, but still enables scalable crypto-accounting. Each user provides a small amount of computing and storage, allowing P2P web applications to function, in theory, at a massive scale without need for centralized data centers or infrastructure.

This depends largely on how many users sign up, however. The cool thing about Holochain is that it can operate through a regular browser, without Holo Hosts needing to install any software. This makes it much more accessible to new, curious, and perhaps hesitant users. Holochain provides a bridge from the decentralized, P2P developer world to existing payment systems. This makes it rather unique among cryptocurrency projects which typically aim to be entirely decentralized and rely fully on blockchain technology.

In essence, Holo acts as a bridge between a fully decentralized network and traditional, familiar internet browsers, helping to expand the ecosystem and marketplace for DApps. The Devvio platform does appear to have gained some attention for its work in the ESG Environmental, Social, Governance space, however. The DEVVIO system can be used to authenticate green certifications, enable markets for carbon credits, and facilitate financing for sustainability projects.

And it does this without creating inefficiencies and massive energy requirements as projects scale ever upward. Instead, individual nodes talk to each other, creating an energy efficient system. DEVVIO is a distributed accounting protocol based on sharding, layer 2 protocols, and an efficient consensus mechanism. It can currently execute up to 8 million transactions per second TPS.

Each shard represents a blockchain ledger and thousands of these shards can be added to eventually enable tens of millions of TPS.

To create the necessary complexity for security, DEVVIO has transactions move between shards, but each wallet is only assigned one shard. Payment happens on one shard as part of Tier 1 and settlement on another the Tier 2 network. In theory, Hedera Hashgraph could process more than , TPS, which would allow it to easily rival Visa and other mainstream payment systems.

Thankfully, this cryptocurrency HBAR is a proof-of-stake token, meaning it uses far less energy than proof-of-work tokens like Bitcoin.

HBAR has a current supply of around 8 billion hbars and a fixed supply of 50 billion hbars. It is a decentralized public network used for in-app payments, micropayments, and transaction fees, as well as for network protection. Developers can use Hedera to build secure applications with near real-time consensus. Hedera Hashgraph consists of four main services, including HBAR, the cryptocurrency that allows for low-fee, highly customizable transactions. The other services include smart contracts, file service, and consensus service.

Hedera Hashgraph works through a system called asynchronous byzantine fault tolerance aBFT. This allows for high-level security even if there are malicious actors on the network. It is faster than Bitcoin or Ethereum because transactions are processed in parallel, rather than having to go through the whole blockchain in a serial manner. Hedera Hashgraph plans for more upgrades to the network in the second half of , including introducing sharding.



Security 101: The Impact of Cryptocurrency-Mining Malware

Adrian Kingsley-Hughes is an internationally published technology author who has devoted over two decades to helping users get the most from technology -- whether that be by learning to program, building a PC from a pile of parts, or helping them get the most from their new MP3 player or digital camera. I'm old enough to remember being given a couple of bitcoins when they were worth next to nothing. Needless to say, I don't have them anymore. Now, with bitcoin and other cryptocurrency prices skyrocketing again, there's renewed interest in cryptomining, which is a way to accumulate cryptocurrency without having to pay for it. The best crypto credit cards. Read More. Let's take a look at what makes a good cryptomining rig, and what hardware it takes if you want to be serious about mining.

China's recent bans on cryptocurrency mining have made the venture and rests on the marked difference between these types of mining.

Some locals say a bitcoin mining operation is ruining one of the Finger Lakes. Here's how.

Are you interested in testing our corporate solutions? Please do not hesitate to contact me. Industry-specific and extensively researched technical data partially from exclusive partnerships. A paid subscription is required for full access. Additional Information. The country names underneath the graphic can be clicked upon - so to remove certain countries, or get to a particular country of interest. The source explicitly mentions that the date provided may not necessarily be representative: the data provided is based on geo-location and assumes the IP addresses of miners matches the country they are currently residing in.


Bitcoin used more power in 2021 than all of 2020 as climate debate on crypto mining heats up

compare crypto mining

The first Bitcoin miner I ever met was a Black man in the Bronx with a small rig in his living room. He told me cryptocurrency mining runs up his electricity bill , to be sure, but he saw this as the best way to save money and support his family. Should mining corporations focus on pivoting to green energy, just like other industries? What about the massive electricity-sucking mining rigs currently fueling the NFT obsession?

Best Bitcoin mining hardware: Your top choices for choosing the best Bitcoin mining hardware for building the ultimate Bitcoin mining machine. Clear linking rules are abided to meet reference reputability standards.

Best Cryptocurrency Mining Software

Small toy figurines are seen on representations of the Bitcoin virtual currency displayed in front of an image of China's flag in this illustration picture, April 9, SHANGHAI, June 25 Reuters - China's sweeping ban on cryptocurrency mining has paralysed an industry that accounts for over half of global bitcoin production, as miners dump machines in despair or seek refuge in places such as Texas or Kazakhstan. The local government of Sichuan, China's No. China's State Council, or cabinet, vowed to crack down on bitcoin trading and mining in late May, seeking to fend off financial risks after the global bitcoin mania revived Chinese speculative trading in cryptocurrencies. The clampdown comes as China's central bank is testing its own digital currency.


What Are Mined Coins?

The truth is, there are a multitude of approaches, a whole host of cryptocurrencies to mine, and a lot of software solutions to approach this concept. Depending on your budget, bandwidth, and amount of patience, there is no one right solution for this that works for everyone. Slower ways are possible, and can be paralleled, with the right software, to still get the job done. The trick is to have the right cryptocurrency mining software that supports this. The purpose of the crypto mining apps is to run massively parallel calculations on blocks of data, which, once these algorithms are resolved, generate a unit of currency when a threshold is released. This resolved data is added to a series of blocks, hence blockchain currency, which is cross-dependent and impossible to forcibly edit or vandalize in any way. There are a lot of cryptocurrency mining apps out there, some of which can mine multiple types of currency, while others specialize in a single one. Your typical Bitcoin or altcoin mining app will support a multitude of mining approaches.

The graph above shows the market share of the most popular bitcoin mining pools. It should only be used as a rough estimate and for various reasons will not.

How To Calculate and Convert Power for Bitcoin Mining Rigs

By Cryptopedia Staff. Mining setups — known colloquially as rigs — can vary in price, size, scale, performance, and efficiency. Some of the most important factors when considering a crypto mining setup are price, energy consumption, adaptability, and hash rate — or how much computational power the setup can generate toward solving an algorithmic mining problem.


2Miners Crypto Mining Blog

RELATED VIDEO: The BEST Crypto Miners for Mining at Home

The most common method for producing crypto-assets requires enormous amounts of electricity and generates large CO2 emissions. Crypto-asset producers are keen to use more renewable energy, and they are increasing their presence in the Nordic region. Sweden needs the renewable energy targeted by crypto-asset producers for the climate transition of our essential services, and increased use by miners threatens our ability to meet the Paris Agreement. Energy-intensive mining of crypto-assets should therefore be prohibited.

Bitcoin has already used more power so far this year than it did in all of , a new study has suggested, as the debate on the impact of cryptocurrency mining on the environment heats up.

Adding a new chip to its lineup can benefit the company by introducing a new revenue stream, and the Bitcoin market because it will give more cost-efficient tools to Bitcoin miners. The new chip is described as an ultra-low-voltage energy-efficient mining ASIC. ASIC stands for application-specific integrated circuit , meaning a chip designed for one purpose only — Bitcoin mining. This, in turn, should lower the mining cost of Bitcoin and increase potential rewards value for miners. These chips are designed for gaming, but they can be adapted for Ethereum mining or for mining other cryptocurrencies.

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  1. Abderus

    Thank you, I think this is to many