Two Main Reasons Why Not to Mine Bitcoins with ASIC Miner
Mining is the only way to create bitcoins. On one hand, this process maintains the whole system, but on the other hand, it generates coins for the economy. Mining has been around since cryptocurrency, which started several years ago. The basic alteration in mining is obviously computing speeds and blocks solving. Speeds have risen according to the evolution of technology. First of all, when mining alone, all you needed was a personal computer. Then people started to use Graphic Processing Units (GPUs), which were usually used for games and videos. Now, one of the most progressive and efficient equipment for mining is an Application Specific Integrated Circuit (ASIC).
Perfectly Designed for Mining
An Application Specific Integrated Circuit is a special design, developed and customized particularly for making coins. The main difference between ASICs and CPUs, GPUs, or other rigs and equipment is that ASICs are equipment made especially for mining. It combines high speeds and efficiency with low power consumption, which make them very attractive for mining. The only disadvantage is you probably cannot use them for anything besides mining. A CPU operates your own computer and executes orders and tasks you give to your PC. A GPU can be used in everyday life for your favorite computer game or high quality HD video. An ASIC’s calculating capacity can be helpful only in the single task of mining.
Dealing with ASIC looks like mining on a Graphic Processing Unit. First of all, a miner creates an account, downloads a bitcoin wallet, and finds a mining pool. To start with an Application Specific Integrated Circuit, a miner also needs a proper ASIC software because standard GPU software doesn’t work in this case. Well, a miner finds an appropriate program, like, and sets up the latest release. Then a user connects an Integrated Circuit to the main computer and opens the application.
After that, the miner must type in the pool’s URL and make a password and a nickname. As the application launches, a chip starts to mine bitcoins. Easy at first sight, but there are several problems which may not seem very obvious.
Electricity and Delivery
If you are going to start on an ASIC, you will probably face some trouble. ASICs won’t make your business unprofitable; however, you will experience some loss.
The first thing to consider is electricity. Application Specific Integrated Circuits are much more efficient and consume less power than any other GPU or CPU. If you’re going to start mining at home, your electricity bill will still be more expensive than power for big data centers. The reason is they consume much more than any individual user and that’s why electrical companies offer data centers lower prices for energy. Moreover, a big investor often may choose between districts, states, and even countries where electricity is lower in price. You probably won’t change your residency while bitcoin investors will because this is their business.
Well, another problem is delivery. It seems very nice when you acquire the most modern and efficient chip from a factory in China. You’re going to be the owner of the fastest equipment around and you’re already thinking about Terra Hashes, which will mine for you. How do you like that? But there is a problem: speeds race and never stop or slow down; difficulties arise every few days. Therefore, you need to start using your newest and best stuff as it is released. If you delay things a week or two, your productivity may drop down to 20 or 30 percent. It may turn your expensive and new equipment into useless junk. At the same time, big companies with lots of equipment purchase dozens of chips from producers, which make them very valuable clients. Producers may deliver their equipment faster to big companies than to a single customer with one or two chips.
So, if you want to mine, even with a very productive tool like an Application Specific Integrated Circuit, you need to think carefully and be ready to invest a bit more money than just the costs of using ASICs.
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