Is it worth mining with 1 GPU ?

With the rise of Bitcoin and other cryptocurrencies, more and more people want to take advantage of it. The most guaranteed way to make money with cryptocurrency is mining.

While mining is the most guaranteed, it's not the most profitable. In most situations , Mining with 1 GPU is not worth it, you will break even if you are lucky. Also mining with your CPU isn't worth it, it will be just a waste of time. And the worst is mining with your phone. Mining with your phone will damage it without any remarkable gain.

Notice that I have said "most cases". Because there's some exceptions and if you are able to make it profitable, you will make lots of money with just paying your normal bills. It's one of the best passive income you can build. I will share with you same tips to make the most of it.

Example: if you use MinerGate, you will be be lower and you will make more.

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What is Crypto Mining ?

Cryptocurrency mining is essentially the process of verifying and adding transactions to the blockchain digital ledger. It also ensures that fresh digital tokens are added to the previously existing supply. It does all of these tasks without the assistance of a centralised body or a third party. Cryptocurrency mining necessitates the employment of Miners, which are specialised computers.

Some basic term to understand first

GPU – Graphics Processing Unit, found in computer graphics cards.

Hash – A fixed-length string of characters that can be derived from any input.

Nonce – A changing random number used in cryptography.

ASIC – Application Specific Integrated Circuit, a type of computer chip that specializes in doing only one operation.

Is it profitable to mine with 1 GPU ?

Cryptocurrency mining has turned into a kind of weapons race. When Bitcoin was first announced in 2009, a simple PC was all that was needed to mine part of the cash.

However, when the price of Bitcoin rose, more miners joined the game, much like the mid-nineteenth-century California Gold Rush. New miners brought amazing computational power to the game in order to compete. Large server farms in nations with reduced energy costs are home to some of the most successful miners. This means that, while cryptocurrency mining has a low technological barrier to entry, it will cost you money to enter into the game and earn a profit.

The profitability of mining bitcoin varies from cryptocurrency to cryptocurrency, and it might even fluctuate on a daily basis. Your specific profitability is mostly determined by the cost of your energy consumption and your "hash rate," or the speed with which your computers solve problems. After plugging in your individual factors, many online calculators, like as whattomine.com, will assist you estimate your profitability for a given crypto.

For example, the anticipated daily earnings for an Ethereum miner utilising a single GPU was $4.59 as of December 27. Miners for Feathercoin, on the other hand, were predicted to lose $0.58 a day. Obviously, to make a considerable profit, you'd need to run these calculations on a large number of GPUs.

Why 1 GPU is not profitable ?

Yes and no if you have an old card from 3 to 6 years ago. Although older cards can manage a few little pennies, most individuals are unwilling to heat their homes for such a small compensation. If you look at the electricity cost of production vs coin value, mining bitcoin becomes unprofitable at a price slightly lower than what the actual current price point is, so while using one card might seem like a quick way to make money on video processing power that otherwise has no use, it isn't really profitable unless you buy something very cheap (and are lucky). Even with free electricity, most newer cards will be insufficient since they are too expensive in comparison to the promised rewards and, once again, are unable to provide.

What Are the Costs Involved in Crypto Mining ? 

Crypto mining is a sophisticated process, but in its most basic form, it entails employing computers to solve difficult arithmetic problems. The miner who solves the challenge first verifies a block on the blockchain and receives a predetermined quantity of bitcoin.

Fees

To mine cryptocurrency, you need a cryptocurrency mining pool. Most of which charges very high fees except MinerGate. MinerGate has very low fees compared to other. You can sing up here. 

Competition

The expense of mining cryptocurrencies, on the other hand, is a concern. While there is technically no entry barrier, the truth is that the more processing power you have, the more likely you are to be the first to solve the math problem that will earn you your cryptocurrency. To have a realistic possibility of continuously earning crypto, you'll need a lot of specialised machines with high-tech computer chips. To set up a crypto mining setup, you'll need either a graphics processing unit, or GPU, or an application-specific integrated circuit, or ASIC. And this brings us to the next issue.

Electricity

You'll have to consider in massive energy costs in addition to the costs of having the necessary computer systems. GPUs and ASICs consume a lot of energy, so you'll need a lot of them to be a successful miner.

What Is Mining Luck ?

The figures shown above are, of course, estimations. Anyone with the correct computer equipment has a chance to make money mining bitcoin, but getting there will require a little of luck.

Consider this scenario: you and a friend decide to start mining, but your friend can afford nine high-end GPUs while you can only afford one. In a simulated environment in which you are the only two miners, your friend would theoretically get 90% of all crypto mined over time, while you would earn only 10%. In the near run, though, you can get a far larger percentage of "wins."

You might be able to luck into the correct calculation multiple times in a row before your friend catches up, just like "heads" may pop up multiple times in a row when you flip a coin — even if the long-term proportion should be closer to 50%. In this way, even underpowered miners can generate more money than they might imagine.

What Is a Mining Pool?

If you don't want to make a large financial commitment, try joining a mining pool, which is similar to a mutual fund for miners. You can join forces with other investors and utilize your combined funds to participate in a mining operation for a minimal investment. You won't make as much money, but you'll be exposed to less danger and capital up front.

What to do to make it profitable ?

There's some ways that enables you to make more. It can make the difference between making money or just losing money.

Pool

This article examines a few of the top pools for mining with a single GPU. Mining pools are made up of individuals and institutions who pool their computing power to contribute to the mining of a blockchain network.

Mining pools aren't the same as regular pools. Some pools charge high pool fees to users with modest withdrawals, discouraging single GPU miners.

Others concentrate on huge coins, which may not be suitable for small miners. Overall, if you're new to mining and only have a single GPU to dedicate to the task, there are pools you might want to join that offer favourable mining terms.

Other coins

Simply, some coins are more profitable than others like we said with the example of Ethereum and Feather coin.

You need to do your own reaserch because time changes everything. When Bitcoin first came out, it was very profitable to mine for low PC. Now you need a big farm to mine it or you will lose money and time.

Some of our recommending

You can mine these cryptocurrency on MinerGate.

It's the best mining pool with low fees and simplicity to use.

You can download it here.

1. Ethereum Classic (ETC)

Ethereum Classic is a forked version of Ethereum that was created as a result of a network hack in 2016. It is based on the Ethereum blockchain. Ethereum was the more recent version, whereas Ethereum Classic was the first.

To mine this coin, you'll need to create a wallet and have a strong GPU. It's a decent cryptocurrency to start mining with because block rewards are fixed at 3.2 ETC.

2. Litecoin (LTC)

Litecoin is one of the oldest cryptocurrencies, with many people considering it a potential alternative to Bitcoin. It's a peer-to-peer (P2P) digital currency that's open-source. It's also widely recognised on all major exchanges, and the transaction cost is rather modest. With this one, you won't have to worry about the price plummeting overnight (although anything can happen in crypto!).

Mining Litecoin is highly profitable, as it is one of the first available altcoins. This is due to the fact that it is one of Bitcoin's most popular hardforks. GPU mining is needed to mine Litecoin. Because of its low volatility, Litecoin is one of the most straightforward cryptos to mine.

3. Grin (GRIN)

Grin (GRIN) is one of the most GPU-friendly cryptos. Grin is a new crypto project based on the MimbleWimble protocol. Miners are attracted to GRIN because of the token's restricted availability. The cryptocurrency just underwent its second hard fork, bringing in the Cuckaroom-29 algorithm. Grin is based on the Cuckoo Cycle and is now traded on Poloniex, Kucoin, OKEx, HitBTC, and Bittrex, among others.

4. CasinoCoin (CSC)

One CasinoCoin is currently worth $0.008, but it is also exceedingly simple to mine, with a mining difficulty of as low as it gets, according to CryptoCoinsInfo. Because of the coin's limited popularity, it's attractive to tiny miners like ourselves, so go ahead and make some money with CasinoCoin!

5. MoonCoin (MOON)

Right now, one MoonCoin is worth $0.000062, so don't be put off by its (very) low value. It has a massive circulating quantity of 222,136,987,891 coins, and its trading volume has lately increased - if you can get your hands on some MoonCoin, you're likely to make some money in the future.

6. UltraCoin (UTC)

One UltraCoin used to be worth $0.7 when it was first released, however the coin has lost a lot of its value and, with it, mining difficulty. One UTC is currently worth $0.016978.

7. microCoin (MRC)

One microCoin is worth $0.000021, but there is a lot of mystery surrounding this coin, so I wouldn't mine it. Its trading volume is so low that nothing was traded in the last 24 hours, but a few bucks were traded every now and then. Despite this, the coin's mining difficulty is quite low.

8. Bytecoin (BCN)

Because of its large supply and the fact that it is based on CryptoNight, Bytecoin is a very simple cryptocurrency to mine. Poloniex has temporarily banned it, however if you have enough coins, you can swap them at Changelly, for example. Although Bytecoin isn't as straightforward to mine as some of the others, I included it since the cryptocurrency's massive supply ensures that you'll always obtain a large number of coins.

9. Monero (XMR)

Monero (XMR) is one of the most straightforward cryptocurrencies to mine at home. Monero is a cryptocurrency that is built on the CryptoNote protocol and uses the RandomX hash function to generate progressively complex mathematical problems. You can either mine alone or join a mining pool, in which case your computer's resources will be pooled together to mine XMR.

10. HubCoin (HUB)

For gamers and game fans, HubCoin ($HUB) is the gaming hub. This token incorporates smart contract technology into the gaming world, allowing gamers to have a new gaming experience. Gaming is no longer only about having a good time. It's all about making money while having a good time. Most significantly, with its well-defined and organised smart contracts and gamified mechanisms, $HUB ensures that gamers are fairly compensated.

11. Dogecoin (DOGE)

What started as the first "meme coin" now has a market cap exceeding 20 billion dollars. Dogecoin received lots of attention from people like Elon Musk and Mark Cuban, which directly contributed to its near-meteoric rise in the crypto world.

12. Zcash (ZEC)

Zcash was created specifically to be resistant to ASICs, making it considerably easier to mine for those with standard hardware. Another popular cryptocurrency that can be used to send and receive money fast and easily is ZEC.

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