Mining bitcoins or cryptocurrency is not everyone’s cup of tea. It is very tough and needs supercomputers. A lot of hardware is required and one needs to research extensively before even thinking of mining. It is equally hard to mine Bitcoin gold. However, the developers decided to make mining Bitcoin Gold a bit easier.
Bitcoin is the oldest and the most popular cryptocurrency to ever exist and Bitcoin gold is a hard fork of Bitcoin. Developers have designed it in such a way that it is impossible to mine Bitcoin gold with ASIC computers.
Let’s talk about ASIC computers. The full form of ASIC is Application Specific Integrated Circuit. In relevance to the topic being discussed right now, it is a machine that was specially designed to carry out mining activities for Bitcoin Gold. Fortunately, for this cryptocurrency such machines do not exist.
Apart from the ways through which the mining activities are carried out, Bitcoin Gold is very much like Bitcoin, from where it originates. Both the altcoins have the same set of guidelines. The transfer processing speed is exactly the same. It can be used for the same purposes such as trading. If you choose to do so, please ensure that you pick a crypto exchange platform which is very secure, trusted and preached about by the miners. You should do your proper research about what platform you will use. If you are planning to start trading, you can start with News Spy Pro.
In this article, we will discuss a lot of aspects related to mining of bitcoin gold.
Are ASIC Computers A Problem?
ASIC machines are much more effective than GPU for mining altcoins and CPU miners cannot take over it. The machine’s hashrate plays a major role in determining how successful your mining will turn out to be.
The unit used for describing the speed of the machine at mining an altcoin is called the hashrate. ASICs are really effective and even the best consumer-grade CPUs and GPUs are absolutely nothing when it comes to ASIC machines.
ASICs are such efficient working machines then why are they a problem? Cryptocurrency developers have preached upon the fact that mining should be accessible to everyone. And a lot of people should be able to do it.
They believe that a well-educated person with a few facilities and a laptop should be able to do mining in a dorm room. But it is impossible to do so with ASICs.
Why is mining with ASICs impossible? Miners are awarded with altcoins as and when they solve computational problems first. The blockchain gets secure after the blockchain is encrypted. You get the right to create a new block in the blockchain as and when you succeed in mining a bitcoin and also you get rewarded in the form of Bitcoin Gold. ASICs are an invincible hurdle for people who operate consumer-grade machines.
The number of hashing operations that a particular system can finish or process or complete per second is hash rate. ASIC computers are way more effective when it comes to hash rate in comparison to the other two methods that are GPU mining and CPU mining. ASIC computers are way ahead of GPU and CPU mining, to an extent that it is not even funny.
To elaborate more, If you are underage or minor, there is absolutely zero probability of you making a profit without an ASIC machine. But that is not the case with Bitcoin Gold mining. The principle that Bitcoin Gold works upon is that no ASICs are used for it’s mining. Isn’t that wonderful?
The best method to mine bitcoin gold when it comes to non-ASIC mining methods then one should definitely go for GPU mining as it is the most effective and best method and is way ahead of every other non-ASIC mining method. This is also the reason behind the prices of GPUs spiking up so high in the past few years.
How To Start Mining Bitcoin Gold?
You can find miner rigs for sale at Mining Syndicate. Now that we have explicated the basics, you are absolutely prepared to start learning how you can go about kick starting your journey of mining Bitcoin Gold with your personal desktop. We have listed a few important things that you need to keep in mind.
Let’s talk about hardware. GPU is a video card and it is one of the most effective and best ways to mine Bitcoin Gold efficiently. You may use your desktop’s processor to mine Bitcoin Gold. However, it is not very effective.
Let me explain the difference between the working of CPU and GPU. Have you ever painted a fence? What if I ask you to paint the fence using a toothbrush? You would certainly refuse to paint the fence with a toothbrush and use a paint brush instead.
That is exactly the difference between CPU and GPU. it is very difficult to carry out mining activities using CPU whereas GPU makes the job very easier. just how you will not use a toothbrush to paint a fence, you won’t use CPU when you are mining Bitcoin gold.
Enough instructions, let’s finally discuss how to mine Bitcoin gold? For that you need to figure out what hardware you need to buy. That depends on a few factors. If your system was upgraded in the recent past and you want to start mining to explore what it is about then you are absolutely good to go.
There are a few things that you need to have a good start in mining Bitcoin gold. The things include a decent CPU, a GTX 10xx video card, a good Ram and a good SSD. However, do not have high expectations and assume that you are going to make bank or retire on your first day itself. If you want to make a lot of money through mining Bitcoin gold then you will require a very powerful system.
When you are mining alone, please remember that you will only get rewarded with bitcoin gold if your machine is able to solve the Hash Function first. There are loopholes if you do not want to do solo mining like joining a bitcoin Gold mining pool.
However do not get into those complexities in the beginning. When you start off you should only start mining Bitcoin gold on a consumer grade computer. It is a blessing if you are able to earn some Bitcoin gold in the process.
As and when you have figured out your way around mining Bitcoin gold on a consumer grade computer then you can go ahead and start working towards a more mining Centre personal computer.
All of this is very costly. the entire system needs to be cooled down. You will have to figure out a way to do so such as getting several powerful GPUs. If you do not pay attention to this and avoid cooling down your system then it is likely that $900 worth of your GPUs will burn out and it is going to cost you a lot in the end. A good target to work with is six video cards.
In this article, we gave the basic explanation of how mining of Bitcoin Gold can be carried out.