Your Cryptocurrency Mining Options in 2020

With the current cryptocurrency wave traversing the world, cryptocurrency mining is one of the best options for surfing this wave and making a profit.

However, cryptocurrency mining has evolved over the past several years in that it is much more challenging to make a high level of profit now.

This is mainly attributed to the fierce competition that exists within the mining world.

The Best Mining Options of 2020

Being profitable at cryptocurrency mining highly depends on the method in which you mine and your cryptocurrency choice.

There are three cryptocurrency mining options: Cloud mining involves renting computational power from the cloud. Graphics processing units or GPUs are utilized to process gaming graphics and three-dimensional renderings. ASIC mining rig is undoubtedly profitable and easier to set up than a GPU rig.

That does not mean cloud mining is not profitable, so you must do the calculations.

Power Supply Calculation

When performing the calculation, see which option presents the best value since the less you spend on your mining hardware, the quicker you can reach the breakeven point and then start making a profit.

Best Operating System

While there are pros and cons to all systems, Windows is the easiest to get a basic understanding of the process and give mining a try.

In addition to your mining operating system, you must select mining software, with some being better than others.

GPU Mining Pros and Cons

GPU mining is an excellent option because the hardware is more accessible to sell than ASICs since it can also be used for PC gaming.

On the flip side, GPUs consume a tremendous amount of electricity when mining.

ASIC Mining Pros and Cons

Utilizing an ASIC mining rig is undoubtedly profitable and easier to set up than a GPU rig.

Like the GPU option, ASIC consumes a considerable amount of electricity, but you can make more money with ASIC mining, which compensates for the power cost.

ASIC Mining Profitability

While ASIC mining can be profitable, it is essential to consider the following variables when determining profitability: The cost of electricity The difference between revenue earned and electricity cost The hash rate of your ASIC rig The number of coins earned per day and month The type of cryptocurrency to mine

The Mining Pool

It is challenging to mine cryptocurrency on your own, so you need to join a group that works together to mine the coins. Known as a mining pool, this collective group typically can generate profits quicker due to the combined resources.

Your profitability depends on which option you choose, the type of cryptocurrency you want to mine, and the mining pool you join.

If you live in a country with high electricity costs, then maybe the cloud is your best option. On the other hand, if electricity costs are low, then you could choose GPU or ASIC.
Cryptocurrency Mining
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