December 1, 2023
Is cryptocurrency mining profitable in 2023? Top 4 methods to try

Regardless of occasional setbacks, crypto industry continues to develop and entices an rising variety of newcomers, particularly to get their justifiable share of the crypto pie. crypto mining which is feasible in the present day in a number of alternative ways.

With this in thoughts, crypto YouTuber Drew Vosk analyzed present crypto mining strategies, utilizing his personal expertise as a information to measure and predict its viability, and likewise instructed a number of choices for incomes. passive income inside cryptocurrencies inside video Launched on January 2nd.

Is GPU mining lifeless?

For a very long time, mining utilizing graphics playing cards or graphics processing items (GPUs) has been the way in which most crypto fans go to create their digital belongings, however Vosk does not assume this methodology of cryptocurrency mining is that viable anymore.

In accordance with him, in the present day there are solely 4 graphics playing cards that make more cash than they burn electrical energy, and there’s not a single graphics card that at present earns greater than 24 cents a day. Additionally, they price between $600 and $2,000, main the YouTuber to conclude that “GPU mining is completely lifeless.”

That mentioned, there are a number of alternate options to GPU mining, and Vosk has analyzed a couple of.

1) Arduous disk mining

Some of the viable long-term crypto mining choices is difficult disk mining, for instance, with Evergreen Miner v2, a plug-and-play mining possibility that prices a median of $60 per thirty days.

Costs vary from $299 for a really fundamental Starter Package to $2,799 for a Starter Package Professional; this offers a mining rig that’s not noisy, doesn’t generate a lot warmth and doesn’t price a lot to function, which Vosk recommends. my Chia (XCH).

Evergreen mining rig. Supply: VoskCoin

2) 5G mining

Vosk additionally mentions Bobcat miners just like the Bobber 500 as a approach to mine Helium (HNT) makes use of 5G mobile and LoRaWAN wi-fi protection, however not as a really fascinating or worthwhile possibility as 18 Helium hotspot miners solely make $1 a day.

His unfavorable experiences with Helium and NovaLabs additionally put him off, so he does not have a lot confidence in cryptocurrency. Nevertheless, he acknowledges that “5G mining may be profitable, whether or not individuals prefer it or not.”

Bobcat miner. Supply: VoskCoin

3) ASIC mining

As one other viable different to GPU and CPU mining, Vosk proposes the Bitmain Antminer K7, which is the second most worthwhile miner after the KA3 mannequin, however emphasizes that revenue figures can fluctuate drastically contemplating it’s a very new product available on the market.

Additionally, the mining rig vendor talked about Bitmain Antminer L7, obtainable at $10,725 per piece on CoinMining Central, whereas the K7 prices $5,728, barely dearer than Bitmain’s web site, however comparatively extra obtainable. .

ASIC mining rig. Supply: VoskCoin

4) Equihash mining

Moreover, Vosk, Zcash (ZEC), though many criticize it and consult with the token as ‘Z-trash’, it recommends it’s thought of.

At the moment, there is just one miner that appears worthwhile for mining Equihash cryptocurrencies – Bitmain Antminer Z15 from 2020 – Vosk doesn’t see this as very handy contemplating it’s already three years outdated and can substitute many new Equihash mining gadgets. quickly.

Equihash mining rig. Supply: VoskCoin

Crypto mining continues to be worthwhile

Lastly, Vosk advises viewers who already personal gear that saves a couple of {dollars} a day to proceed utilizing them, however on the finish of the day, nonetheless analyze which possibility works greatest for them – run the numbers and evaluate {the electrical} charges.

Another choice is Build a crypto mining rig from scratchIt could sound daunting for novices, however with a little bit assist, it could possibly turn out to be a enjoyable and probably very rewarding exercise that may repay sooner or later, relying on the scenario within the crypto area (and past).

Nevertheless, if independence from the native grid and balancing electricity waste produced by Bitcoin mining (BTC) sounds extra interesting, solar energy for mine crypto would be the proper alternative, albeit weak, and outcomes might fluctuate.

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