The truth about the mining of cryptocurrencies and its real benefits

The truth about the mining of cryptocurrencies and its real benefits

So whether profitable mining of cryptocurrency for investors, as it is painted in different media, on websites dedicated to blockchain-related topics? Many will say that people holding bitcoin until 2017, managed on each coin earn from 10 to 20 stamens. dollars. Similarly with some Althingithat too, not all believed. Earned and those who have invested in shares of the cryptocurrency companies and funds, like BitcoinInvestmentTrust.

But the miners – a completely different category. They have little interest in investment proposals, preferring the time-tested method – the extraction of blocks with a reward. The scheme is simple, but to name such variant of earnings is stable and reliable is difficult.

How the system works?

In fact, it is the decision of difficult mathematical tasks, which use the computing power of CPU and GPU or a specialized card with the asic chips developed for a specific hash algorithm. Crypto-mining is a competitive environment in which power depends on the reward. Market players are combined into pools in order to provide some "power".майнинговые пулы обзор

The blockchain in this case, it's a chain in which each block is checked for errors and confirmed by specific calculations that affect the network encryption.

If we imagine the participants in the form of a queue, first it was awarded for closure of the unit. He (often a group) give a certain number of tokens decreases with time, depending on the complexity of the network.

What mine?

The crypt is different, and the ways to issue it different. For example, mine mit may not all coins. This option is available for BTC, LTC, BCH, XMR. But EOS, XRP, ADA and XLM (STELLAR) it is not provided. There's a principle of confirmation, which does not appear to be new tokens in the system.

It would seem that everything is simple – choose a resource and get it while the computer is able to do it. But there are several problems. This expenditure, which enthusiasts often don't mention in their descriptions of benefits.

The cost of electricity

Execution algorithms – energy-intensive process, and production is available. In different regions of the world the cost of a kilowatt/hours can vary significantly. Large companies are even moving to alternative sources, like wind and solar power plants. But ordinary users this is not an option, and they are connected to a conventional 220V networks. I.e., household outlets. In the world there are fewer countries in which the electrician remains relatively cheap. The experts considered that at a price of 7 cents higher profitability becomes questionable. After all, the course can dramatically sink, forcing you to work in zero or minus.

Coolingохлаждение майнинг

The technique is very hot, so it needs a cooling system able to maintain optimal operating temperatures. The cost can vary from tens to thousands of dollars.

The price of the equipment

As a top-end graphics card, and asik – tech is not cheap. Seeing the demand, AMDи NVidia raised their prices. Also they are reducing warranty periods, considering that crypto-mining greatly accelerates wear. So if you have something broke, we have to change at their own expense. With asic hardware is even harder. It comes mainly from China, and a warranty exchange is complicated by this factor.

You are constantly tied to the quotes, change, complexity and other factors. Equipment depreciates, becomes obsolete, and it is important to have time to recoup it before it will cease to be profitable.

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