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In this article, I will show you how to calculate mining profits and answer some frequently asked questions.
Start writing yourselves!
To quickly calculate the profit of mining, you can visit the website Cryptocompare >> Mining >> Mining Calculator.
The example below I calculate the profit when digging BTC:
So in a year, with the above parameters brothers profit about $ 102. This number will multiply many times when you own a larger hasrate (many excavators than).
You explore the shelves of the types of excavators here <<
Here are the most basic costs for brothers who buy the machine and dig their own coin:
In particular, electricity is the largest part of operating costs. Brothers in Vietnam, if you want to save this cost, you should find specialized power for production.
Below is the price list of electricity for production provided by Vietnam Electricity Group - EVN.
Electricity costs are probably the most significant part of the cost of mining. As mentioned above, you should find the production power supply to get the best electricity price.
A 6 VGA RX 570 8G, 180 Hash capacity consumes 22 numbers a day on average, about 1 million VND per month.
The cost of electricity is more or less dependent on the amount of miner & the machine you use.
CPU (Central Processing Unit) or central processor, it was born to handle many tasks on the computer.
For example: You just played a game, opened Microsoft Office, listened to music in the browser, rendered video ... But in the mining machine, it only needed to handle one task. It is focusing the power to handle mining algorithms.
So, you do not need a CPU too strong, just a CPU enough to run Windows is enough, even RAM.
In a nutshell, the CPU is a "rather leisurely" component in an entire plow of buffalo plowing, it only needs to coordinate the "work" of centralized VGA graphics processing.
Also, anyone who knows the hardware will know that a mainboard will only allow 1-2 CPUs to be plugged in. That is, if you want to install multiple CPUs to dig, you have to use many mainboards, this will cost you to buy mainboards.
A plugged-in mainboard, on the other hand, can be extended to 6-8 VGA or more. So it will save money on hardware compared to using CPU.
As I mentioned above, VGA graphics card is the most important component of a mining rig. It largely determines the mining speed or mining performance.
This will surely be a question many people are interested in when they want to buy a machine to dig.
Firstly, I want to talk about the difficulty of mining, you can watch about the Hashrate of BTC in the past three years. Obviously, the difficulty increases very quickly, this directly affects the amount of coins you mine.
At the same time, more and more people are participating in mining, making it more and more competitive.
However, why do so many brothers continue to believe in mining? Here are some reasons:
In addition, I also want to talk about the trend of using new consensus mechanisms such as PoS, PoSV ...
These blockchains operate by proof of stake mechanism. Participants confirm transactions, create blocks just stake their coins, or use a computer not too big to participate.
Obviously, dig pools don't have too many roles here. This will be the opponent of the Miner in the future. However, this is far from affecting you.
In the future, I think PoW and PoS will still exist in tandem.
Maybe you are interested in: What is Proof of Work (PoW)? The importance of PoW
This is very common for brothers who build their own machine to dig coins.
All the coins you earn from mining are stored on the blockchain addressing the wallet that you originally installed. So don't be afraid to lose that coin.
The only thing you took is the time to reopen the device and reinstall. In addition, the sudden loss of power during the operation of the entire machine will make the machine's service life is not long.
Mining pools are organizations / companies that own large amounts of miners / hashrate for mining. They have the advantage of large excavators and cheap electricity.
Digging pools often have a big say when voting in a blockchain network.
Here are the largest mining pools in the world, according to Etherscan statistics such as Spark Pool, Ethermine, F2Pool Nanopool, Zhizhu, MiningPoolHub, Hiveon Pool, Mining Express, BTC.com ...
BTC mining is still profitable, why not digging.
However, I want to note to you a few notes before deciding to buy the machine to dig:
Maybe you are interested in: What is mining? Guide to dig coins for newbies
I have just introduced to you how to calculate the profit of mining and answering the frequently asked questions.
Hope you have more clarity about mining. In the next article, I will introduce about Cloud Mining - a service that allows you to participate in remote mining.
Hello and see you again in the next article!