From the author: mining haunts no one, despite the fact that they have known about it for a long time. Many people want to try themselves in this matter, observe the process, and understand its intricacies. Naturally, everyone wants to do this through the father of cryptocurrencies. However, not everyone knows how to mine Bitcoins using a video card, although this is one of the easiest ways.
Moreover, many still do not know what they will encounter when they take, so to speak, a video card in one hand, and a miner program in the other. It is these subtleties that we will talk about today.
Video cards in mining
Mining ensures the existence of cryptocurrencies. Thanks to it, new blocks are opened in which transactions are recorded, and those same transactions are checked for their correctness. Accordingly, mining is one of the most popular things on the crypto market. And this is one of the first associations when anyone hears the word “cryptocurrency”.
What is it, and how to do it? It consists of using the computing power of the equipment. So, to mine cryptocurrencies, you can use a central processor, video card, FPGA, and ASICs specially tailored for a specific cryptocurrency. Each has its own characteristics. Now we will talk about using video cards.
Why do you need a video card for cryptocurrency?
Mining is not a simple process, as it might seem from the outside. Not all computers can process the number of files required to earn money. Quite often, even the most powerful and modern processes cannot cope with this task.
Video cards significantly increase the performance of equipment. They process more information in less time. Their only drawback is the high power consumption, but the high output easily compensates for such a weakness.
It was the use of video adapters that became a hint for those who want to earn cyber money. It is important to use the power of the equipment correctly in order to obtain high income. In some situations, even impeccable technique does not bring the desired result.
Why are they "fit"
The main indicator in mining is hashrate. In other words, it is the speed of solving a cryptocurrency block function. So, central processors produce less than 1 MH/s, which is incredibly low. The average speed of video cards is 20–30 MH/s. This indicator already gives hope.
In addition, video cards are designed to perform repetitive actions over a long period of time. And mining is just such a task. Therefore, the computing power of the GPU can be used in the mining of cryptocurrencies.
Indeed, at the peak of the development of cryptocurrencies, video cards were very actively used for mining. Manufacturers have also created a product that is focused not on gaming, but on mining. This product was slightly different in performance and was cheaper than game cards.
They were also actively exploited for Bitcoin mining. Then its network complexity was not so high, video cards paid for themselves very quickly and brought good profits. Everyone who more or less understood the technical details turned on their home computer and started mining.
The principle of earning crypto using a video card
The process of earning virtual money using a video adapter is no different from traditional mining, which does not use additional equipment. The only task of the additional technology used is to increase productivity and power.
Not every device is suitable for mining crypto money. Some video cards are hopelessly outdated, so they will not be able to extract the crypt.
To profitably mine electronic currency, you need to think about the following:
- Power consumption.
- Power of the selected equipment.
- Number of devices.
- Models (no need to use old technology).
- Capabilities of the computer to which the equipment is connected.
A preliminary calculation will determine whether it is necessary to collect virtual money. The return must exceed the costs incurred, as well as generate profit in order to recoup the purchase of the devices.
A video card is just as important for gaming. For example, in Rocket League https://rocketleague365.ru/ it allows you to set the graphics to maximum and enjoy the game with friends.
How to use them
But even without knowing all the details, you could become a miner. It is enough to have good equipment, a cooling system and reliable wiring. It's also a good idea to have thick concrete walls, because there is a lot of noise and you might get a complaint from your neighbors.
Initially, it is recommended to carry out minimal system settings. So, you can disable all additional services, unnecessary background processes, and minimize the use of video card resources for processing simple tasks, such as opening a folder. It is advised to disable your antivirus because it may stop mining.
Next, you need to find a pool (BTC.com, AntPool, ViaBTC and others), register and create a Worker. In the future, its data (name and password) will be used in the program directly for mining.
After this, the miner program is downloaded. You can run an .exe file, however, this method will require you to configure the process each time. Therefore, you need to open the .bat file and write the basic commands there. Among them, you need to indicate the pool used, the wallet number to which the reward is sent and the worker’s data.
Save the changes, re-launch the batch file and watch how your earnings begin. Does it seem very simple? Knowledge of technology will be needed to adjust mining and correct errors.
Profitability calculation
Mining begins not with the purchase of video cards, but with the calculation of profitability. The calculation is complex, but it can be solved as a multi-step arithmetic problem.
Blockchain technology is an equal distribution of the load on computing power. In other words, if your stake in the network is 0.0001%, then you will receive 0.0001% of Ethereum for every block time of 10-30 seconds. A little, right? But that is not all. From this we subtract electricity and the cost of video cards. The resulting value is the net profitability. There is no need to take any integrals here. Everything is calculated in simple arithmetic.
Simplify your calculations with a mining profitability calculator. Similar services are free and can be found on pool sites and mining forums. For example, on minergate.com.
During the mining process, a huge amount of data is exchanged on the farm, but it all goes between the processor and RAM. The connection to the general blockchain network occurs at a low speed, literally a few kbit/sec. To confirm that the miner has generated a new coin, Proof-of-Work is used.
During the next hard fork, Proof-of-Work was replaced with Proof-of-Stake (proof of ownership). In other words: not only your share of computing power is taken into account, but also your share of coins. The indicators are added up, multiplied, and a bonus point is displayed. An example is a bank deposit.
Additional coins in the wallet linked to the miner are a plus for payment and a plus for the growth of the exchange rate. Keep this in mind.
After the introduction of Proof-of-Stake, miners began to rapidly unite into communities (pools). To ensure they have more “proof of ownership,” all pool participants keep money in a common wallet. This is both good (for mining profitability) and bad (for security).
The situation is aggravated by the fact that the creators of Ethereum are not subjects of justice and cryptocurrencies are not protected by them. Hence the situation when not everyone agrees to put their funds into a common pool, but prefer to install a video card farm at home, and receive additional coins from trusted people, friends and relatives.
How much income can mining on a video card give?
You will find the answer to this question on the website you decided to work with, in the “Video Cards” section. Your income will depend on the type and performance of your video card, but given that there are more and more miners, you shouldn’t count on big earnings. Mining resources usually have forums where you can find answers to all your questions.
For owners of a weak video card, there is an opportunity to earn money in the referral program of mining sites (you can also find the corresponding section on the site). You invite new users to the project using a referral link, and earn income from this.
Making the right choice is the main task
It is very difficult to choose the right video card for Bitcoin mining. For a very long time, the leaders on the market have been the Nvidia GeForce GTi 1080 and Radeon Fury X. They are very fast, however, and consume a lot of energy resources. That’s why their payback period is a little longer.
Good performance is given by cards such as the Radeon RX 470, 570 and 580, as well as the Nvidia GeForce GTi 1050, 1060 and 1070. Of course, the higher the generation, the better the performance. However, for many, the average was enough.
When choosing a video card for Bitcoin mining, you should pay attention to the number of shaders, speed and type of memory, type of power supply and amount of video memory. Also, do not forget to pay attention to the cooling system.
Checking mining progress
The GUIMiner program itself communicates with the server and allocates your computing power for its operation. You will be able to see your hashrate and see how the mining process is going.
The program also has a console that will allow you to check connection problems. There is a page that contains summary data if you have multiple video cards.
Blockchain technology and cryptocurrencies. Fast start
Get the book and learn all the basics of blockchain technology and cryptocurrency in one evening
. It’s worth remembering that you need a video card not for gaming, but specifically for mining. A very important indicator in it is the number of shader units. Radeon has more of these than Nvidia. Accordingly, it will be a little faster to process a transaction or block from the chain.
The faster your video card, the greater your chances of winning a reward. If you are not mining solo, but in a pool, then you will provide more shares, and accordingly, you will receive a little more Bitcoin than when using Nvidia.
How to properly configure a video card - secrets and tricks from experienced miners
Basic knowledge that will allow you to start mining cryptocurrency is available to everyone. However, any business has its own tricks, the understanding of which comes with experience and mistakes made.
I’ll tell you about three subtleties in mining, or more precisely in setting up video cards, which will allow you to avoid mistakes and make growing bitcoins more efficient.
Secret 1. Don't overclock
Since there are many types of cryptocurrencies, in addition to Bitcoin you can mine Litecoin, Ethereum, etc. While overclocking can somehow have a positive impact on the earnings of the first two cryptocurrencies, for Ethereum everything is fraught with losses.
Increasing overclocking increases the chance of errors occurring during computing processes. This leads to the fact that the operation is not completed or completed incorrectly, and then to the block being reset and the loss of reward !
Secret 2. Correctly indicate the power of each of the cards in your system
It is extremely important to correctly indicate the characteristics and, accordingly, the speed of the megahash in the pool. Inconsistency of data, for example, overestimation of data, can lead to the fact that the correct calculation of the reward on the pool becomes impossible.
This means that due to a discrepancy between the declared and actual data, mining will be in vain, and you will not receive a reward for your efforts.
Secret 3. When mining on two computers, specify a lower hashrate on one of the cards
The third secret from professionals will save you from losses - if you plan to mine cryptocurrency on two PCs with the same characteristics, then specify a slightly lower hashrate for one of them .
A small difference in values will help to avoid possible problems with the generation of statistics and provide a clear gradation in the performance of both machines.
How to configure a video card in a pool
Using the Suprnova pool as an example, let's look at how to configure a video card. After registering in the community, go to the “Help” - “Getting Started” section and download the mining program.
After unpacking the archive, find the specified file:
Open it using Notepad:
In your pool account, copy the following information and paste it into the previously opened file, after deleting the previous data in it:
Save and click this file, after which the mining process will start:
Features of using video cards
Initially, there was no special equipment; accordingly, video cards became the best device for mining both Bitcoin and other cryptocurrencies. They always gave good results.
In addition to the fact that it is well suited for mining from the technical side, there are other aspects. So, video cards are relatively inexpensive, so anyone can buy them and get into mining.
They actually do not require special knowledge. If you monitor the process and the condition of the equipment, you will not encounter errors that will have to be corrected. These two factors indicate the accessibility of mining for many.
However, there are several disadvantages. So, you will have to invest a lot in paying bills. Just think about it: when mining, the video card operates at full capacity, which means it consumes a lot of resources. They themselves require a lot, and such processes require a lot of kW.
Again, running at full power means high temperatures. No matter how well the cooling system works, you will encounter the fact that the room will become quite hot. In addition, as mentioned above, they will make a lot of noise.
Earning bitcoins on a video card: is it relevant these days?
The concept of home Bitcoin mining was popular in the early 2010s. Is it profitable in 2022? Not anymore. The complexity of the calculations does not allow us to talk about adequate profits when working with low-performance equipment, which is a PC or even a farm of several GPUs.
But, if you mine not Bitcoin on your home computer, but a promising altcoin, for example, Ethereum, then after some time the equipment will pay for itself, and the miner will be profitable. But even in this case, there are no guarantees that the coin’s exchange rate will not collapse and the venture will bring nothing but losses. Mining makes sense only when the earnings cover the money spent on a video card and electricity.
You can calculate your profitability using a calculator on the same NiceHash website, which will give you an average figure of how much you can mine using a specific card. The calculator window will display data on the energy consumed. This will allow you to understand whether mining will pay off. For example, the NVIDIA RTX 2080 Ti card can get you up to $5.23 per day.
How much Bitcoin shines when using video cards
Bitcoin is almost 10 years old, and a lot has changed over the years. So, at the beginning of his era, an old computer was enough for mining, since the complexity of the network was very low. You could earn several coins a day. But then they were worth nothing.
Today the reward is 12.5 BTC, which is equivalent to more than 100 thousand dollars. However, it is impossible to receive such an award alone. Even the best mining rigs are already having a hard time coping with the Bitcoin network.
Accordingly, earnings on a home computer will also be far from the maximum reward. According to bitinfocharts, the average profit per day is half a dollar per 1 THash/s. And this is much less than one Bitcoin.
We learn materiel
The shortage of video cards became the main reason why mining began to be discussed on gaming websites: without new components, playing many hits is quite problematic. I just had a modern video card at hand, but I didn’t have time to play due to the heavy workload at work. And then curiosity took over.
I decided to try to understand the topic and make money on the Internet. Yes, even now it sounds quite funny, and then I certainly didn’t hope to “raise” any funds. I started by studying the theory: what a blockchain is, how a decentralized network works, how it all relates to video cards, and where dozens of new cryptocurrencies appeared like mushrooms after rain.
As it turns out, Bitcoin has not been mined for a long time. The complexity of its calculation has risen to such a level that for mining you need to assemble a powerful farm or buy expensive ASICs - special devices that are designed for asynchronous mining. Of course, you can mine with a video card, but in this case the profit will be at the “socket” level, that is, it will barely cover the cost of electricity.
I had to take a closer look at “alts” - other cryptocurrencies. Already at this stage, it was necessary to conduct a rather meticulous analysis of the entire market, because each coin is mined according to a specific algorithm, the effectiveness of which depends on the available components. The choice fell on Etherium (aka “Ether” or ETH), since the 10th generation cards from Nvidia were perfect for mining this cryptocurrency.
It turns out that there is no benefit?
As mentioned earlier, the average speed of video cards is 20–30 MH/s. You don't need to do any heavy mathematical calculations to understand that the profitability of such a video card will be zero.
There are benefits from mining Bitcoin on a video card, however, under one condition: you build a farm from video cards. But this should not be a home farm, but a separate large room with server racks filled with video cards, the power of which is aimed at mining Bitcoins.
The fact is that the total hashrate of the entire network is already 31 EH/s, although a couple of months ago this figure was 27. Accordingly, the competition is incredibly huge, with only 7 blocks being solved per day. Therefore, there is a benefit, but the likelihood of receiving it is very small.
Pros and cons of mining
Let's look at the pros and cons of mining to understand the whole picture of the relationship between earning cryptocurrency on video cards. Main advantages of mining:
- Integrity of personal information on a computer.
- The opportunity to “earn money without doing anything.” Just install the program, it works itself.
- Money is withdrawn in any quantity at any time.
- Ease of converting cryptocurrency into real money.
- Stability of income.
Minuses:
- Strong heat generation. Video cards overheat greatly; good cooling must be installed.
- Constant noise caused by the operation of fans and turbines.
- Overpriced video cards.
- Dependence on uninterrupted power supply and constant high-speed Internet.
Is it worth starting?
You can try it as an experiment. But immediately prepare yourself for the fact that you will not earn a single drop if you use one video card. The number of shares is simply not enough to receive the slightest percentage of the reward.
But if you are not focused on Bitcoin mining as a separate activity, then you don’t even have to take it up. Based on the above, it becomes clear that today and in the future, Bitcoin mining on a video card is already dead. Now this is a huge business, and strong sharks are running it.
Besides the usual difficulty issues, there is another pitfall. The fact is that if someone can concentrate 51% of the power of the entire network, he will dictate the rules for the use of cryptocurrency, as well as mining. After all, other users will be forced to spend much more money on equipment in order to increase their percentage and, accordingly, reduce it.
As a conclusion, we can only repeat ourselves: Bitcoin mining on a video card is no longer relevant. No matter how frustrating it may be, it is impossible to mine the most valuable cryptocurrency without huge investments.
Pools
Bitcoin is the most popular cryptocurrency in the world. A lot of members joined her network. This means that mining bitcoins on your own video card or farm is unprofitable. But here, too, inventive minds found a way out. They came up with pools.
A pool is a server that shares a computing task among all connected participants. The pool combines the power of miners to search for a block. As soon as one of them finds the correct block, the server will receive a reward and distribute it among the participants in proportion to their power spent on the search.
When choosing a pool, you should stick to the golden mean. Don't choose a pool that is too large. It is logical that the greater the number of participants, the more likely it is to find a new block. On the other hand, if there are too many participants, the reward for each will be meager. Pools that are too sparsely populated should also be avoided. Such pools can search for one block for several days.
Currently, due to the greatly increased complexity of computing new Bitcoin blocks, ordinary miners without expensive equipment cannot compete with giant farms. People quit farming bitcoins on video cards, switch to altcoins, and the pools are closed. But some major services are still running.
- F2Pool is a Chinese pool, the share of mined bitcoins is 12% of the world.
- AntPool is a Chinese pool that produces 16% of all mined bitcoins. Supports various cryptocurrencies.
- BitFury is a pool whose farms are located in Georgia. This pool is closed to everyone, and produces 12% of bitcoins.
- VTSS is a Chinese service consisting of an exchange and a pool. Mines 7%.
- BW Pool is a Chinese pool that has been operating for three years and produces 8% of all BTC.
How to organize cryptocurrency mining to receive passive income
Cryptocurrency mining can be divided into two “camps”. The first involves renting computing power. This method is called cloud mining. You can learn more about how it works from our material.
The second method involves purchasing equipment. In this case, the miner does not depend on third-party companies and the performance of their devices. Therefore, many choose this approach to organizing passive income from cryptocurrency mining. This is exactly what we will talk about.
Step No. 1 – selection of equipment
In 2022, you can mine digital assets using different equipment. We tell you what options there are and what their features are.
- Processors (CPU) . This is the lowest power option. In 2022, there are not many cryptocurrencies on the market that can be mined using a CPU. Popular coins for mining using CPU processing power include Monero, Litecoin and ZCash.
- Video cards (GPU) . Most often, devices are used in conjunction to amplify power. A combination of several video cards is called a farm in the crypto community. In the case of GPUs, the list of cryptocurrencies available for mining begins to grow. This way you can mine Ethereum, Litecoin, Ethereum Classic, Bitcoin Gold, Monero, ZCash and even Bitcoin.
In 2022, GPU mining is the most common option. Previously, the editors of BeinCrypto analyzed all video cards available on the market and compiled a list of the most popular models for coin mining in 2022.
Indicators of possible profitability from mining a number of cryptocurrencies on GPUs. Data: Whattomine
- FPGA cards . These are programmable chips that miners came up with to save on electricity. Unfortunately, FPGA maintenance requires a lot of time. Therefore, they are rarely used in mining.
- Asic (asics) . The most powerful devices on the market, specifically designed for digital asset mining. ASICs are programmed for cryptocurrency algorithms, so before purchasing a device you need to find out whether a particular model supports mining the coin of interest. Unfortunately, ASICs are more expensive than other mining devices and are often only available to large companies. At the same time, ASICs have no equal in performance.
Information about the possible level of profitability of some cryptocurrencies when mining them on ASICs.
Data: Whattomine You can buy mining devices either directly or in a store. Used devices often do not have warranties. At the same time, they can be repaid faster. Equipment purchased in stores has a warranty. The “payment” for them will be a longer payback period.
Read more about the difference between new and used mining equipment in our material.
Step No. 2 – preparation for work
After choosing mining equipment, you need to prepare it for coin mining. In the case of video cards, you may need to combine devices into a farm. ASICS are also often arranged in blocks. This is necessary to increase computing power. The higher it is, the more cryptocurrency you can mine.
Next, you will need to install a program that will combine the computing power of devices to mine digital assets. Such applications are called miners. Their choice depends on the type of equipment and algorithm of the cryptocurrency of interest.
An example of such a program is HoneyMiner. Read more about it later in the material. On the forums of crypto community members you can find reviews of most popular miners.
How to increase income from mining on a video card - 3 useful tips
Impatient readers who want to start mining right now and receive income starting tomorrow morning will certainly ask - how much do miners earn?
Earnings depend on the equipment, cryptocurrency rate, pool efficiency, farm power, hashrate and a bunch of other factors. Some manage to receive up to 70,000 monthly in rubles , others are content with 10 dollars a week. This is an unstable and unpredictable business.
Useful tips will help you increase your income and optimize your expenses.
Tip 1. Follow the cryptocurrency rate
If you mine a currency that is rapidly growing in price, you will earn more. For example, ether now costs about 300 dollars , bitcoin – more than 6000 . But you need to take into account not only the current value, but also the growth rate over the week.
Tip 2. Use a mining calculator to choose the optimal hardware
A mining calculator on a pool website or other specialized service will help you choose the optimal program and even a video card for mining.
In general, such resources are full of useful tips for calculating the profitability of an enterprise. Use them before you start mining - there will be less disappointment and problems in the future.
Tip 3: Install multiple video cards
The more cards, the higher the hashrate. Pools distribute profits according to capacity, which is fair. However, not only the number of graphics adapters affects the hashrate, but also the quality of the equipment.
If you don’t have money for new cards (and they cost 30-50 thousand rubles each, for a moment), but you really want to mine, buy working used cards, but only those that have not yet exhausted their resource. And at a price half or 2/3 less than the cost of a new one.
And remember - mining equipment, and especially video cards, often fail. To prevent the farm from collapsing due to lack of funds, you need to have a financial reserve for depreciation of equipment.
An alternative view of mining in this video:
Setting up the video adapter
Having selected and connected powerful equipment, you need to download the appropriate drivers. Depending on the brand of equipment, you should choose AMDAPPSDK or NVidiaCUDA. It is important to remember that these drivers only support 8 cores. Therefore, users can connect no more than 4 dual-core video cards or 8 simple ones.
Separately, you need to take into account that each connected device increases the overall workload of the computer, which can lead to breakdown. We should not forget about Internet speed. If it does not allow you to receive and send large amounts of information, there is no point in adding additional devices.
When figuring out how to earn bitcoins using a video card, you need to pay special attention to the choice of mining programs.
It is convenient to use Neoscrypt or ccMiner.
But, given the rapid development of the field, you should not refuse new applications. Sometimes they amaze with their thoughtfulness.
Mining data collection
Preliminary data on equipment efficiency are not always accurate. In fact, everything will depend on how the connection is established between a particular card or device and the pool. Always research which part of your equipment performs better than the rest.
If a certain device does not work very well, you can try stopping mining in the GUIMiner program and restarting it again. From time to time this needs to be done for equipment that does not operate at the fastest rate.
