Since the foundation of the cryptocurrency industry, several cryptocurrencies have been created and launched that they can acquire through mining. Out of all the cryptocurrencies being mined around the world, the cryptocurrency with the highest mining rate and demand is Bitcoin (BTC).
When it comes to mining Bitcoin, there is no competition or doubt about everyone wanting to mine it. This is because Bitcoin is the oldest, largest, and most valued cryptocurrency in the entire crypto-verse. This is the reason why everyone wants to have their hands on it.
Unfortunately, Bitcoin mining has become almost impossible for a person wanting to mine it individually. If you want to mine Bitcoin, you’d need many resources to set up a mining rig or a farm before you can start mining a Bitcoin.
At present, it is almost impossible for a person to mine Bitcoin if they have a limited amount of funds. The process can require several hundred thousand dollars in order to carry out.
Ethereum (ETH) is Much Popular among Individual Miners
Just because it is too difficult and impossible to mine Bitcoin, people do not want to mine it anymore. On the other hand, people have started moving towards Ethereum mining because of its usability and profitability.
Over time, Ethereum mining has gained a lot of popularity throughout the globe. People now want to mine it more than they wanted to do it with Bitcoin. The first reason is the feasibility of mining Ethereum, the second reason is the profit from mining, and the third reason is mining options.
While Bitcoin requires one to spend a lot of money and resources in mining Bitcoin, it is much easier and convenient to mine Ethereum. As of now, there are four major ways how you can mine Ethereum, so all of them get an introduction:
It is currently one of the oldest and most affordable, but time taking mining processes for Ethereum. In CPU mining, you need the power from the central processing unit of your operating system to mine Ethereum. Over time, this process has lost its value and popularity, because it takes a tremendous amount of time to mine ETH through CPU power. This process was in fashion when ETH was launched but it has become the last choice among miners.
It is currently one of the most popular ways of mining ETH. In GPU mining, the central processing unit of the GPU is utilized in order to mine ETH. If you wish to set up a high-end mining rig for ETH, then you’ll be good to go spending less than $5,000. At present, NVIDIA is responsible for creating/launching some of the most mining-friend GPUs for ETH.
When you have GPU mining in place, you can continue using your rig for gaming and other activities, while the GPU is giving an output. However, the ASIC units are “Application-Specific Integrated Circuits”. These units are just like GPUs but they do not have a video output. Instead, their sole purpose is cryptocurrency mining. At present, ASIC mining is the top mining method adopted by the ETH community, because of its efficiency, feasibility, and profitability.
In mining, it is the hashrate that tends to solve complex equations in a block within the blockchain. The more the hashrate, the higher the efficiency and ability to solve equations, and the reward is ETH. This is where Pool mining has found itself one of the most feasible and viable options among many individual miners. In Pool mining, the miners combine and make a pool of their mining power, generating high hashrates to make the mining rate quicker.
Even several cryptocurrency brokers have made this ability available to the cryptocurrency mining community. This option is extremely convenient for those who do not want to go through the hassle of setting up rigs or mining equipment. You can go through the cryptocurrency broker reviews to identify which platform offers the best Pool mining facility to users.