In March this year, the price of ether skyrocketed to an all-time high of about $25. It was a good time for investors in cloud mining ethereum who had seen the currency stagnated below $10 from the time it was launched in July 2015.
Ethereum is a blockchain-based decentralized computing platform with ether as its currency. The price increment also had another profound influence on shaping the network—the mining of ether became truly profitable. Since then, cryptocurrency mining has been a big buzz concept in technology.
Channeling your resources towards digital cloud mining, also known as GPU mining, what seems as free money simply begs the question, ‘what is the best rig?’ However, before I dive into mining hardware and power consumption, video cards, and the interesting process of highlighting the mining rig with the best PCs and art of Linux, let us have a look at some basics of ethereum.
Mining refers to the process and technique of extracting cryptocurrency tokens from a network of blockchain. Ethereum mining is thus the process of setting your computers to continuously run a rather a type of hashing algorithm that consumes a considerably large amount of information, condensing it into a string of numbers and letters of a constant length. Ethereum uses a hashing algorithm known as ethash that hashes metadata from the latest block using a program referred to as a nonce.
A nonce is essentially a binary number which produces a distinctive hash value. The network sets a definite target hash value for every new block occurring in the blockchain and all the miners computing on the network attempt to guess the particular nonce that will produce that value. This is a vicious cycle until the right one is eventually found, which is proof of work and the miner is awarded the block (receives five ether) and the process is rollback.
For beginners, a rig is going to require some significant processing power. This power is best achieved with Graphics Processing Units (GPUs) that are typically applied for 3D graphics in video games. Though it is possible to mining with Central Processing Units (CPUs), which link up all the right software and hardware in a computer system, GPUs are optimized and specialized in running recurrent operations over and again.
This makes it the perfect and best suited for hashing on this blockchain. However, in this contemporary digital world, the mining cost is far from free. Energy consumption and hardware costs represent the main financial commitment in ethereum mining. This article thus highlights some of the best ether mining rigs for the maximum hash rate throughout the mining session while maintaining your energy and heat consumption at a minimum.
In the simplest term, GPUs are a form of specialized ether mining computer. GPUs vary in their hash rates and energy consumption. In selecting the most effective rig, it is all about striking the right equilibrium between the how much power you intend your GPU to have and the amount of electricity and energy you are prepared to part with. Rigs having the following GPUs are the most preferred regarding performance.
It is one of the best ethereum mining GPU, putting out a massive 50 MH. The Radeon HD7990 achieves its incredible performance levels through combining two top-notch Tahiti graphics chips on a single board and running them at rates more than 1 Gz in combination with a 6.5 GHz5 ultra-fast memory.
It is effectively equivalent to 2 HD 7970 GHz editions combined, ensuring phenomenal rig computer performance. Ehibiting one of the biggest hash rates on the market, you will part with $600 to have the Radeon R9 295X2. It boasts a power cost of around $1.44 per day, a daily return of about $1.61 and costs $13.04 for every MH/s. This metrics provide a return of around $586.43 per year.
This GPU will cost you about $680. Though is slightly lower (i.e., 36 MH/s), the Radeon R9 HD 7990 has lower costs in terms of energy per day than its R9 295X2 counterpart. It has a cost of $18.89 per MH/s and a daily return of $1.29 and an annual return of around $469.40. Designed for the AMD ZeroCore ultra-efficient power technology, this GPU automatically shuts down its ancillary at idle for an amazingly quiet and cool operation.
It is probably the most affordable regarding electricity savings and initial investment. It features a significantly lower daily power costs at $0.04320 than the devices mentioned above. With a hash rate of 25.0 MH/s, the Radeon RX 480 has is $7.96 per MH/s, providing a daily return of $1.21. Therefore, this appliance offers a yearly return of $440.91. In terms of the initial charge, the Radeon RX 480 will cost you about $199.
This computer has a modest hash rate at 24.0 MH/s and a similar power-cost-per day with the Radeon RX 480, which is $0.4320. It has a cost per MH/s of $9.13, providing it with a return-per-day of around $1.15. Also, this means that the Radeon RX 470 has an annual return of $418. You will part with about $219 to buy it.
The system is powered with dual massive yet quiet fans and features a top-notch design. It also comprises of a new form of blades that are 95 mm in thickness, providing you superior heat sink and greater airflow at lower noise than the standard cooling designs. The dual ball fan blades have an 85% longer lifespan than their sleeve counterparts, guaranteeing up to 10% of quiet performance than their previous generation.
Because ether is only rewarded based on ascertaining the correct nonce, the lower the chances of this happening, the more hashing operation you require to work through every block. Trying this on your own and using your rig could take months to discover a single block. Most miners do not have access to large mining farms such as Genesis.
Therefore, to enhance their odds, small miners should band together via mining pools that combine their computational ability to hash blocks. With combined computing ability, mining pools will solve a block more rapidly and distribute the reward to the miners in the pool according to the amount of work incurred in providing a solution. Over time, the individual miners within the pool will realize the benefits, especially when ether prices keep rising.