Of the many different methods of mining, GPU mining has been one of the most common. Ever since digital coins gained popularity, there has been an active mining community around the world. This community has not only relied on mining the coins but also purchasing them whenever necessary. Indeed, you can obtain coins by either cash or work. Mining involves solving complex cryptographic computations. This process is resource-intensive and is only performed by those who have both time and resources.
Since digital currencies have become increasingly popular, the process has also become much more difficult. There was a time when just a simple laptop could do the mining job but currently, it is not possible. For this reason, a market for specific machines meant for crypto mining has emerged. But is it still viable to mine cryptocurrencies with GPU when the cost of mining rigs is always on the rise? We will look at the advantages of GPU mining as well as the disadvantages in order to answer this question.
Benefits of GPU mining Over CPU Mining
Mining shifted from CPUs to GPU a number of years ago. The change was necessary because the number of miners had increased dramatically. Compared to simple CPUs, GPUs pack more mining power as they come with better power efficiency and bigger hashing power. The design of GPUs is also quite different from that of CPUs. It is possible to do multiple repetitive tasks with a GPU because it is made to handle games and videos which involve a lot of repetition. GPUs are also general-purpose and can be used for a wide variety of things. Nevertheless, some of the best cryptocurrencies in 2018 cannot be mined efficiently with GPU rigs.
In short, the key advantages of GPU mining include:
- Versatility as it is possible to mine different kinds of coins
- Speed as very high hash rates are involved in the mining process
- It is possible to upgrade the GPU when necessary
- An outdated mining rig can still attract value in the computer market
- GPU mining rigs are easily obtainable from the market
On the other hand, some of the advantages that you will have to grapple with when using a GPU to mine include:
- The prospects of noise pollution are high with most machines
- High electricity bills as GPUs consume a lot of energy
- Mining rigs are huge and the entire setup can take up a lot of space
- Advanced and specialized mining machines are replacing GPUs
Weighing the Options
With the above information, you can easily gauge whether it will be possible to make profits mining with a GPU. A key issue to note in 2018 is that the best cryptocurrencies are very high in demand. This means that more hashing power is needed to obtain them. Bitcoin is for instance currently out of reach if you are considering mining it using a GPU. Many alternative coins, however, can still be mined with this method. The prospect of profitability thus largely depends on the coins that you are interested in. Factors like maintenance cost will also determine whether you will afford GPU mining.