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CRYPTOCURRENCY MINING, THE PROCESS OF DIGGING, IS NOTHING MORE THAN DEDICATING THE COMPUTING POWER OF THE DEVICE TO MAINTAIN THE NETWORK. ANY DEVICE THAT "MINES" CRYPTOCURRENCY BASED ON POW (PROOF-OF-WORK) ASSISTS THE NETWORK IN VALIDATING TRANSACTIONS. "CRYPTOCURRENCY DIGGING" IS SEARCHING FOR THE RIGHT VALUE FOR A GIVEN BLOCK SO THAT THE COMPUTED HASH VALUE MEETS A SET CRITERION (DETERMINED BY THE NETWORK'S DIFFICULTY).
For each block found, the miner is paid a salary appropriate to the cryptocurrency in question over a given period of time. Finding a block on your own and getting paid for the dug block would be challenging due to the low chance of "hitting a block" on the Bitcoin network on your own. For this reason, POOLs - mines - were created. The principle is simple - we configure a device to dedicate its computing power to a Pool, collectively each miner connected seeks a block solution. When the block is dug by the Pool, it divides the reward for the block to all miners, according to the amount of work done (sent shares).
WHAT DO WE USE TO MINE CRYPTOCURRENCIES?
GPU and ASIC.
AT THE BEGINNING THERE WAS ONLY BITCOIN - THE FIRST CRYPTOCURRENCY, BASED ON THE PROOF-OF-WORK ALGORITHM - SHA-256. AT THE BEGINNING BITCOIN WAS MINED ON THE PROCESSOR, LATER THEY STARTED PROGRAMMING GRAPHICS CARDS TO CALCULATE HASH FUNCTIONS. GRAPHICS CARDS CAN DO A LOT OF SIMPLE CALCULATIONS IN PARALLEL. TODAY BITCOIN IS MAINLY MINED ON SPECIALIZED DEVICES WHICH HAVE BEEN SPECIALLY DESIGNED TO COMPUTE ONLY ONE HASH FUNCTION IN THE MOST EFFICIENT WAY - THIS IS HOW THE ASIC ERA BEGAN.
WHAT TO CHOOSE - ASIC OR GPU? It all depends on the cryptocurrency you want to mine - or rather, the algorithm the cryptocurrency is based on. GPU miners are more versatile than ASICs. We can mine most cryptocurrencies on graphics cards. However, a significant advantage of ASICs over GPU cards is that these devices are designed to perform calculations only in terms of a single algorithm and have been much more optimized in this regard, so the ratio of the efficiency of counting shortcut functions to the power consumed will be much lower, making them more cost-effective.
MOST POPULAR ALGORITHMS
SHA-256 – Bitcoin (BTC)Bitcoin Cash (BCC/BCH)
EtHash – Ethereum (ETH)
Ethereum Classic (ETC)
Scrypt – Litecoin (LTC)
Dogecoin (DOGE)
RandomX – Monero (XMR)
X11 – Dash
Equihash – Zcash (ZEC)
ZEN, Komodo, Bitcoin Gold
) PRICE OF ELECTRICITY, COLLOCATION. PHOTOVOLTAICS - WHAT EQUIPMENT TO CHOOSE?
We should already know that the key aspect of cryptocurrency mining is the cost of electricity, for calculations we always need the price per kilowatt hour of electricity (in short kWh). One kilowatt hour is the amount of energy that a 1 kW (1000W) device will consume in 1 hour, or a 500W (0.5kW) device in 2 hours, or a 250W (0.25kW) device in 4 hours, or a 2000W (2kW) device in 0.5 hours. When you decide to colocate with OnlyBestMiners, you will receive full support for your device in the price. We charge for the actual electricity used. The cost of real electricity is 0.43 PLN Brutto for each kilowatt hour of electricity consumed. At any time you can resign from colocation, then we will send you your copier. We offer the best collocation conditions in Poland!
Enjoy :)
