More and more people are stepping into crypto mining every year. Mining has become mainstream all over the world. This is mainly because of the overgrowing popularity of cryptocurrency, crypto trading, and mining.
According to the trading view, the total crypto market cap stands at $1.89 Trillion. The volume of transactions on the blockchain is skyrocketing, with the highest volume going up to 367,536 daily transactions. This also makes Ethereum the second largest cryptocurrency after Bitcoin.
However, not everyone has enough knowledge and resources to buy and trade cryptocurrency, and for all of these, mining is the best option to generate some high passive income with no risk. Becoming the best Ethereum miner is also not easy. It was at its hardest last year in March 2021 because the network difficulty had reached an all-time high of roughly 6,000 terahash, according to Statista.
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However, Hashuni or Hashuni Technology(Shenzhen) Co, Ltd, a China-based company, has contributed a lot in the field of cryptocurrency mining. Hash has many senior professional and crypto hardware experts on board who are collaboratively producing resources to build competitiveness in crypto mining.
With the help of their geographical advantage, R&D, cloud computing power, hosting services and mining pools, and high-powered mining machines, they are providing great value to the entire industry chain of cryptocurrency mining.
Earn passive money through crypto mining
Crypto mining simply verifies transactions performed on that blockchain to add new blocks. A problem-solving mechanism does this verification. The miner will solve a complex cryptographic puzzle. After the puzzle is solved, a sequence of figures will be generated called a hash. Mining cryptocurrencies has significant rewards.
Statistics on Bitinfocharts reveal that rewards for mining in an Ethereum block can be around 4ETH. This is around $12000 in fiat money. This means it is now possible for people who own gaming PCs or powerful setups to earn passive income through crypto.
GPU and its role in mining
It is difficult to mine a single block of Ethereum. Massive equipment or setup such as a mining farm would be required. However, this does not mean that only mining farms can farm Ethereum. Anyone with a gaming PC or computer setup which has a decent GPU can participate in Ethereum mining.
The possibility of becoming an Ethereum miner is now greater than ever before. With so many options available, one can easily find the best GPU for mining online. The problem solving of cryptographic puzzles is done mainly by a GPU miner. The high computing power of a GPU allows for extensive tasks. In the case of mining, it means solving complex equations.
GPUs can execute instructions at fast clock rates, which makes them suitable for the task. Thus with the right GPU, anyone can become an ETH miner.
GPU Usage in Cryptocurrency Mining
GPUs contain numerous ALUs (Arithmetic logic units). ALUs are the driver of force behind solving equations. Whereas a CPU is a central unit and focuses more on the management of the system, GPU is dedicated to graphic-intensive tasks. This has made GPUs extremely popular for mining in recent times. In fact, the demand for GPUs has surged in the last few years.
GPU manufacturers like NVidia and AMD have been highly successful in their operations. An announcement was made on the official Nvidia website the company fiscal year revenue was up by 61%.
How much can you earn by mining on your gaming PC?
There are different websites like minerstat where you can get a rough idea of how much you can earn. For example, with a card like the Nvidia GTX 3090, you can make a net profit of 4.44 USD on a daily basis.
The mining rewards are, however, given in the form of cryptocurrency. Cryptocurrency has shown incredible growth in the last decade. Thus your crypto holdings can significantly increase over time.
What GPU is best for crypto mining?
Many factors should be considered while shopping for GPUs. Only specific GPUs available on the market shall yield good results In mining. When it comes to gaming, there are several cheap options available. One can easily get by running AAA titles on any decent gaming card. However, this is not possible in the mining scenario.
This is mainly due to the fact that mining crypto requires cards that yield good hash rates. Both Nvidia and AMD produce graphic cards that are great for mining crypto.
There are budget-friendly cards like AMD Radeon RX 580 and Nvidia GTX 1660. These are entry-level GPUs costing around $300. You can also buy expensive ones like the RTX 3090. This is much more expensive and sells for a whopping $1500.
How to Mine Ethereum?
If you have a gaming PC or computer setup with a GPU for mining. Follow these additional steps to set up Ethereum operation.
Ethereum mining software:
This software will utilize the power of your system in order to mine Ethereum. They are the bridge to your operation mining cryptocurrency. They also help you to keep track of your operation and monitor it. You can run this software on Mac, Windows, and Linux. You can find really good free eth mining software like Hasing24 and CUDO miner.
Join an Ethereum mining pool:
You can make mining convenient by Joining an Ethereum mining pool. These mining pools consist of a lot of people working towards mining the same block.
The rewards are then split up amongst the members of the pool. Mining pools make it possible for people with gaming PCs to mine Ethereum. They basically use collaborations of individual rigs to form a collaborative mining farm.
Connect your wallet to collect your rewards:
Your rewards shall be sent to your crypto wallets. You can hold or exchange your crypto from here. Having a wallet is essential to your crypto mining operations.
Create an account on a crypto exchange:
Finally, you can sell your crypto on crypto exchanges to earn money. Crypto exchanges like Binance have trading operations going on 24/7. These are convenient marketplaces to hold your crypto.
Precautionary steps while mining Ethereum
Mining cryptocurrency is a wonderful passive income idea. But there are some precautions that need to be taken. The foremost one is electricity utilization cost. Mining is a power-intensive task and requires a lot of power. Thus always do your research on power consumption before buying a graphic card. Do your homework on what graphic card is the best GPU for mining.
In this way, you can save yourself a lot of trouble. Also, be sure to dial in your overclock settings to increase efficiency. You should always have the latest drivers available for the GPU.
Mining also raises the GPU temperature a lot. Be sure to have an adequate cooling solution for your PC. This is the reason why most mining rigs have an open design and come without a case.
Mining cryptocurrency is an excellent passive income opportunity for everyone today. Cryptocurrency is an ever-evolving ecosystem, and crypto mining has become easier than ever. With little research and the right tool, you can become the best Ethereum miner and create a massive additional source of passive income.