Despite periodic setbacks, the cryptocurrency industry is still growing, more newcomers try and claim a piece of the crypto cake, especially through crypto mining, which is now feasible in a variety of ways.
Down here we will list methods that are still profitable in 2023.
Those methods are:
- ASIC crypto mining
- Hard drive crypto mining
- 5G mining
Depending on where you live (regulations), the electricity cost always needs to be kept in mind, and also the price you pay before you break even.
1. ASIC Crypto mining
All cryptocurrencies that are created by proof of work can be mined using ASIC miners. However, due to how competitive it is, they are hard to find and can be expensive. It is simply not economically viable for someone. The cost of ASIC miners rises and falls with the fluctuations in cryptocurrency prices and the cost of electricity as well, but down here we suggest the most profitable and cost-efficient model for 2023.
List of cons for ASIC to consider:
- price changes and expensive
- They use a massive amount of electricity, and in order to have them, you need to set up your house or garage, so it will be costly.
- Make noise
- produce heat
If you are still interested we suggest Bitmain Antminer K7, the second-most profitable miner after the KA3 model, as another feasible alternative to GPU and CPU mining, while we emphasize that the profit numbers can vary substantially given that it is a very new product on the market. In addition, we noted the Bitmain Antminer L7, which costs $10,725 at the mining rig reseller CoinMining Central, compared to the Bitmain Antminer K7, which costs $5,728 and is comparable to more readily available.
2. Hard drive crypto mining
HDD miners can create new blocks in the distributed ledger without the use of ASIC or graphics processing units, as with GPU mining. Instead, a group of hard disk drives is used in this technique. The difference between this method of bitcoin mining and others is that it doesn’t require a strong GPU or CPU (CPU). The hard disk’s performance and capacity are crucial components of an HDD that will affect the outcomes of mining. When using a separate GPU, you can also mine with your hard drive by using a motherboard’s or CPU’s built-in GPU.
Which hard drive do we recommend for 2023?
Hard drive mining with Evergreen Miner v2, a plug-and-play mining option that typically earns $60 a month, is one of the most practical long-term cryptocurrency mining options. We recommend it for mining Chia(XCH) because the prices range from $299 for a very simple Starter Kit to $2,799 for the Starter Kit Pro, giving a mining rig that is quiet, doesn’t produce a lot of heat, and isn’t expensive to run.
3. 5G mining
Although our Helium hotspot miners have only produced $1 per day, we also consider Bobcat miners like Bobber 500 as a way to mine Helium (HNT) using 5G cellular and LoRaWAN wireless coverage, although this is not a very attractive or profitable solution. Sadly, we had bad experiences with Helium and NovaLabs, so we don’t have a lot of faith in cryptocurrencies that use 5G. However, we acknowledge that “5G mining could prove to be profitable regardless of how people feel about it.”
We list some of the hardware (that we tested) to start mining, and we will in the future write a specific article on which crypto to mine in 2023.
Down here we will dive deep into crypto mining for those readers that will like to understand more.
How To Mine Cryptocurrency?
Crypto mining is a process in which a machine performs certain tasks to obtain a little bit of cryptocurrency. Imagine owning a cryptocurrency mining device. Let’s assume for the purposes of illustration that you are attempting to learn how to mine cryptocurrencies on your personal computer. To be able to acquire even the smallest quantities of cryptocurrency, your PC would need to do particular duties. These assignments, referred to as “Proof of Work,” are intended to level the playing field for all the various miners out there. Math equations are used in the jobs themselves. The equations get more difficult as more miners compete to mine one particular mining pool. The pool is balanced as a result, but it also encourages the use of larger and more powerful machines. While the mining process is underway, many more complex variables come into play, but the general principle is that if your device aids in the “mining,” you will receive a portion of the rewards. That is a really concise and straightforward explanation of what cryptocurrency mining is. We’ll now discuss how to mine cryptocurrencies, which is what you came here to see.
There are several approaches you can take to bitcoin mining. I’ll go over the key ones in this section, beginning with the simplest:
Cloud mining is a process where you pay someone (usually a large corporation) a set amount of money and “rent out” their mining equipment, known as a “rig,” as well as the mining operation itself. All profits generated by the rig (less electricity and maintenance costs) are transferred to your cryptocurrency wallet during this rent, which lasts for the predetermined time. The persons (businesses) who provide these cloud mining services frequently have large mining facilities at their disposal, including several farms (tens or hundreds of rigs stacked and working together), and are expert bitcoin miners. The major reason why cloud mining has grown so popular is that it gives those who might not have enough money to purchase their own mining rigs or who might not be interested in having a rig the chance to participate in the world of cryptocurrency.
CPU mining mines coins using processors. Back in the day, it was a realistic alternative, but today, fewer and fewer individuals use this daily bitcoin mining approach. There are a few explanations for why that is. To begin with, CPU mining is VERY SLOW. Months could pass before you even see the tiniest amount of income. Additionally, it’s usually not worthwhile because you only produce very little money while spending ten times as much on cooling and power. If you can find a property with good conditioning and reasonable electrical costs, the problem is somewhat reduced, but this is rarely the case.
Then why does anyone even utilize CPU mining anymore?
Basically, it is something that anyone with a desktop computer could perform.
Most people are undoubtedly familiar with and use GPU mining to mine bitcoins. GPU rigs will be some of the first results you find when you Google “cryptocurrency mining.”Graphics cards are used by GPU setups to mine bitcoins. A processor, motherboard, cooling system, rig frame, and, of course, a few (2–8) graphics cards make up a typical computer setup. A well-designed and well-performing GPU mining rig should cost between $5000 and more on average. It is an expensive purchase and those days are not even worth it.
Is GPU mining dead?
The majority of cryptocurrency fans have long relied on mining with graphics cards or graphics processing units (GPUs) to produce their digital assets, but this strategy is no longer all that practical. There are now only four graphics cards that generate more revenue than they consume in electricity, and none of them generates more than 24 cents per day. Additionally, they range in price from $600 to $2,000, which led us to declare that “GPU mining is totally dead.”
An ASIC miner is a computerized device that only functions to “mine” digital currency using ASICs. Each ASIC miner is typically designed to mine a particular digital currency. A Bitcoin ASIC miner can therefore only produce bitcoin. ASICs (Application-Specific Integrated Circuits) are unique machines that are specifically made to carry out one task, in this case, crypto mining. ASICs are highly regarded and prized because, when compared to the GPU and CPU of their rivals, they produce absurdly large sums of cryptocurrency.
But why didn’t I bring them up earlier if they are so great?
They use a massive amount of electricity, and in order to have them, you need to set up your house or garage, so it will be costly, but in its current state, still profitable.
Because ASICS are so strong, they prevent other miners that employ GPU or CPU rigs from keeping up in terms of hash rates and profits. ASICs have also altered the economics of some particular cryptocurrencies; just picture the pandemonium that would result if one miner with an ASIC farm received a share of the profits.
List of some of the best ASICS:
- red hen Bitcoin Miner Asic S19J pro
- Antminer S19j Pro 100T Bitcoin Miner 3050W
- Bitmain Antminer T17-42TH/s
Cryptocurrency mining is still attractive.
We advise readers who already own equipment that makes a few dollars per day to keep using it but to ultimately consider which option is best for them by running the figures and comparing electricity bills.
Another choice is to build a cryptocurrency mining rig from the ground up, which may seem difficult to a novice but, with assistance, can become an enjoyable and potentially very gratifying pastime that could pay off in the future, depending on the cryptocurrency market environment (and beyond). However, if freedom from the local grid and reducing electricity waste from Bitcoin (BTC) mining sound more tempting, then using solar power to mine cryptocurrency may be the best option.
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