Can You Make a Profit Mining Bitcoins With GPU?
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We all know that mining is unprofitable for common people. It’s become a kind of big deal which can’t be afforded by PC-users. Though it wasn’t like this all the time. Most users know about GPU as an equipment which helps computers cope with cool games. It’s true, but at the same time GPU is also a very efficient tool for the speedy mining of bitcoins. So, let’s look at how it was in the beginning.
How it Was
Few years ago, when Bitcoins just started, people had a chance to mine bitcoins on their own computers using their own processors. It was quite effective for a while, and then speeds were on the rise. Someone decided to take a GPU and use it for mining. Wasn’t CPU enough? Certainly not; faster mining hardware or graphic card is able to do more attempts per second to win this game of Bitcoin. So that’s why they needed more.
Graphic Processing Units are usually used for games. Games consume a lot of a computer’s capacity, and needs more speed. Consequently, they began to use GPU for mining, because it gave them much more speed and efficiency.
So, miners were collecting more coins than those who were still using PC’s processors. At the same time, a Graphic Processing Unit wasn’t very expensive; and most users could afford to buy one. So, Bitcoin-mining’s evolution had taken a step forward.
Graphic Processing Unit’s Era
It’s not difficult to explain why graphic cards became so popular. The answer is efficiency. A computer’s processor or CPU (central processing unit) is developed to be an executor of all software and programs on a computer. At the same time, the GPU helps the computer with video or visual effects like video or games. It is quite obvious, because games are definitely speed hungry and require high productivity from the computer. You may observe the work of GPU’s when you see graphical effects or animations on your desktop, or when you watch a video on your computer.
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That is the reason why GPU became a good alternative to the central processing unit inside a computer’s box. Computers have their own Integrated Graphics Processors, but they are not so effective and fast. Consequently, Graphic Processing Units became the best choice for mining due to high speed and good efficiency.
So what was it like? First of all, a miner had to install a Bitcoin-client software for mining. Then the miner sets up the settings and begins to mine with graphic cards. The process consumed a huge amount of energy, but the return was high as well. A miner got his bitcoins on the wallet and could spend them on the Internet or just keep for a while.
Firstly, you could acquire a pair of graphic cards, set them up on your computer, and start mining. Your problem-solving speed would be quite good for noticeable earnings in bitcoins. In fact, Bitcoin as a currency wasn’t very popular and well-known at that time, so it was difficult to spend them. Also, the price of a bitcoin wasn’t so high; but through it, you could make good capital from it in future. It looked like gold rush when America was discovered, and many people from every part of the world rushed to America for gold and treasuries. Those who were first to arrive, had the chance to become fabulously wealthy. But then gold began to get cheaper year after year. The same process has happened with Bitcoin and mining few years ago.
Who has Come?
Today if you’re going to make money with bitcoins, it’s better to sell something for bitcoins. Mining became an uneasy deal unless you buy and setup an ASIC. Otherwise you will waste your money on energy and electricity. It’s very likely that bills will be more costly than income from bitcoins. In other words, GPU time in Bitcoin world has passed away like the CPU few years later. Today the most efficient and expensive stuff for mining is the(or just ASIC).
ASICs are designed specially to mine coins very fast. Its hashing power is 100x faster, more effective and more profitable than older generations of mining hardware. ASIC consumes less electricity and produces more bitcoins. It is not surprising because they were developed just to mine bitcoins.
Where is the End?
Few years ago, the idea to use Graphic Processing Units in mining was definitely progressive and remarkable, it was the best choice. Young programmers and bitcoin-miners found this out because it was quite obvious. If you need high productivity for problem-solving and calculations, you had better use a tool which is always available. Perfect solution for solo-mining – GPU. However, there was a weak spot. GPU was developed for games and visual effects, but not for mining. As ASIC, which was designed specially for miners got to the market, GPU in mining became archaic. The progress is unstoppable. Most likely, few years later ASIC will be much faster than the current equipment.
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