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Another evolution came after on with FPGA mining. FPGA is a piece of hardware that can be connected to a computer in order to run a set of calculations. They're just like GPUs but 3100 times quicker. The downside is that theyre more difficult to configure, and this explains the reason why they werent as commonly utilized in mining as GPUs. .

Finally, around 2013, a new breed of miner was introduced: the ASIC miner. ASIC stands for application specific integrated circuit, and these are bits of hardware manufactured only for the purpose of mining Bitcoin. Unlike GPUs, CPUs, and FPGAs, they couldnt be utilized to do anything else. Their function was hardcoded into the machine. .

Now, ASIC miners are the current mining standard. Some ancient ASIC miners even emerged in the kind of a USB, but they became obsolete rather quickly. Even though they began in 2013, the technology rapidly evolved, and new, stronger miners were coming out every six months.

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After about three decades of this crazy technological race, we finally reached a technological obstacle, and things started to cool down a little. Since 2016, the pace at which new miners are published has slowed considerably.

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Assuming youre simply entering the Bitcoin mining match, youre up against some heavy competition. Even if you buy the best possible miner out there, youre still at a huge disadvantage compared to professional Bitcoin mining farms.

Thats why mining pools came into existence. The idea is simple: miners group together to form a pool (i.e., combine their mining power to compete more effectively). Once the swimming pool manages to win the competition, the payoff is distributed between the pool depending on how much mining energy each of these contributed.

Today there are over a dozen big pools which compete for the chance to mine Bitcoin and update the ledger.

When calculating Bitcoin mining profitability, there are a lot of things you need to take into account for example:

Hash speed: A Hash is your mathematical difficulty the miners computer needs to solve. The hash rate refers to a miners performance (i.e., just how many guesses your pc can make per second). Hash rate can be measured in MH/s (mega hash per second), GH/s (giga hash per second), TH/s (terra hash per second), and even PH/s (peta hash per second). .

Bitcoin reward per cube: The number of Bitcoins generated when a miner finds out the solution. This number began at 50 bitcoins back in 2009, and its halved every 210,000 blocks (approximately four years). The current number of bitcoins given per cube is 12.5. The last block-halving occurred in July 2016, and the next one will be in 2020. .

Mining difficulty: A number that represents how difficult it's to mine bitcoins at any given moment considering the amount of mining power currently active in the system.

Electricity price: Just how many dollars are you paying each kilowatt Youll need to find out your energy rate in order to calculate profitability. This can usually be found on your monthly electricity bill. The reason that is important is that miners consume electricity, while for powering up the miner or for cooling down (those machines can become really hot). .

Power consumption: Every miner consumes a different amount of energy. Youll need to find out the exact power consumption of your miner before calculating adulthood. This can be found easily with a quick search online or through this listing. Power consumption is measured in watts.

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Pool prices: If youre mining through a mining pool (you need to ), then the pool will take a certain percentage of your earnings to rendering their service. Generally, this could be somewhere around 2 percent.

Bitcoins cost: Since no one knows what Bitcoins price will probably be in the future, it's challenging to predict if Bitcoin mining will be rewarding. If you're planning to convert your mined bitcoins to any other currency in the future, this variable will have a significant influence on profitability.

Difficulty increase per year: This is most likely the most important and elusive factor of them all. The idea is that since no one can really predict the rate of miners joining the network, neither can anyone predict how hard it will be to mine in six weeks, six months, or even six years from now.

The last two variables are the reason no one will ever be able to give a complete answer to this question is Bitcoin mining rewarding

Once you've got all of these factors at hand you can insert them into a Bitcoin mining official website calculator (as can be seen below) and get an estimate of how many Bitcoins you will earn each month. If you cant get a positive effect on the calculator, then it likely means you dont have the ideal conditions for mining to become profitable. .

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