Bitcoin mining

24.07.2017

Bitcoin mining

Since March 2017, the entire online community is hyped up with the news about the skyrocketing growth of Bitcoin’s price. From April to June, the cost of cryptocurrency increased by almost 2.8 times, and this is the fastest and the largest upswing since 2011.

The difficulties that arise

It is still not clear yet, what such a price hike is associated with, however, it caused a great excitement among people. The process of Bitcoin extraction or “mining” generally involves using powerful computer graphic cards. With the introduction of NVidia GeForce 10 series and ATI Radeon 400 series, the number of cards needed for the process got smaller. In this regard, mainly in the Russian-speaking market segment, they began buying up massively all the available video chip models, characterized by high rates of memory and clock speeds.
Such events, for the first time in 15 years of sales of computer components, caused a real deficit. In addition, the prices for products of both brands increased by 2-4 times, depending on the power and quantity. Due to this situation, the NVidia representatives announced the development and further release of the separate graphic cards series, meant specifically for Bitcoin “farming”. Of course, the hardware manufacturers earned an unprecedented super profit on this new analog of the Gold Rush, which brought a lot of problems for ordinary gamers at the same time.

What a newcomer to Bitcoin mining needs to know

Considering the information gaps, a lot of mistakes evolve in the process of mining, making it low-margin or wholly unprofitable. What you need to know about mining:
1.Do not farm alone. The best option is to join together into groups of 4-6 people. This will reduce the requirements for the hardware of each participant and increase the chance of success.
2.Do not expect a quick profit. To get a stable income, you need time to explore segments.
3.Scale. Do not build a large farm of 10 or more graphic cards. At first, two are more than enough.
4.Expecting high profits is stupid. Given the cost the farm itself and its maintenance, a monthly profit of $100-300 is considered normal.
However, ideally, using farms based on graphic cards is not very efficient. There are many systems, which are much more suitable for this.

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