However, it gives miners flexibility, allowing them to mine different coins using the same hardware device. GPU mining isn’t as efficient as the ASIC one (although the hash rate can still be high) and is on average more expensive. It can also be used to mine cryptocurrency. GPU, or Graphics Processing Unit, is basically a graphics video card we use for things like watching movies or playing games on our computers. You might like to read this article to learn more about ASIC miners. Additionally, unlike the other two mining equipment types, ASICs are not upgradeable and aren’t as durable. However, one downside of ASIC mining is that it is not available for all cryptocurrencies. ASIC miners are around 100,000 times more efficient and have a higher hash rate than the best CPU and GPU miners – they have a lot of mining power. ASICs are generally not that expensive, on average costing around $300 to $500. Generally, most ASIC miners are designed and created to mine specific cryptocurrencies. Unlike CPUs or GPUs, ASICs are designed for a single purpose: for ASIC miners, it is naturally “mining”, or solving complex math problems that validate and secure the blockchain. ASIC MiningĪSIC miner, or an Application-Specific Integrated Circuit Miner, is probably the least well-known yet the most efficient form of crypto mining hardware there is. How Can You Mine Crypto?Ĭrypto mining can be divided into 3 categories depending on what hardware is used.

That’s why it’s called proof of “stake”, PoS.

Proof-of-stake (PoS) based cryptocurrencies require you to own a large amount of said crypto: the more you have, the more profit you can get. Mining can be different based on the cryptocurrency being mined: if it has a proof-of-work (PoW) hashing algorithm, it will require to spend a lot on electricity costs and have top-notch mining equipment. To put it simply, cryptocurrency mining is the process of solving complex mathematical equations in order to validate crypto transactions. Fortunately, however, it also doesn’t require you to do any manual labor to get to a treasure arguably more valuable than the shiniest of gems – cryptocurrency. As we have said in some of our previous guides on crypto mining, it, unfortunately, does not include such exciting objects as pickaxes or diamonds.

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