We use computers for many different tasks, from working, browsing the internet, playing or as a multimedia center etc. Transforming your PC into a money-making robot could also be the one. Yes, just like it sounds. For a few years now the crypto currencies like Bitcoins, have made it possible to adapt your PC into a machine able of producing small volumes of money in the form of these cryptocurrencies. PC in exchange, solve specific algorithms & managing the individual transactions in this currency. This activity is Bitcoin mining.
The high value of this currency, which currently surpasses as on 14-08-2017, ₹ 262270.10 (4097.01 US Dollar) have raised it to the investment section for the profits it can bring in the future. And it can be a great incentive to put the miner’s helmet to your Team and start drawing money from it.
However, not everything is as easy as you press the power button on your computer and it will start Bitcoin mining. The hardware of your computer (Mainly Graphic card) is an essential factor in mining and will contrast with earning money or even losing it.
What are the requirements of Hardware for Bitcoin Mining???
For Bitcoin Mining or matter of fact, any other cryptocurrency, your computer needs to permanently solve complex algorithms that will restrict the processing potential of your PC hardware. The more active you are by solving those calculations, the greater will be the reward.
The various virtual currencies use distinct algorithms. In which the computing power of the processor or graphics cards is used more profoundly. In the case of Bitcoin, the power of the GPU marks a significant difference concerning the one of the processor. Although, in others, it is just the reverse. Hence, having one or many high-end graphics cards will improve Bitcoin mining power of your computer by making you more Bitcoins in a small time. In contradiction, installing one or many graphics cards makes it harder to revive the investment & opens the door to the debacle of your PC to mine Bitcoins.
You can find reports where the power of the hardware involved in the mining of Bitcoins is estimated by allocating them units. i.e. Hash per second (H/s) as a unit of measuring their mining power.
This power can describe as the hardware’s capability to convert a string into a valid hash using the algorithm assigned. You can see this parameter expressed in thousands of Hash per second, millions (MegaHash), billions (GigaHash) or millions of millions (TeraHash). It is necessary to have a reliable hardware that offers good control at a very high price. It is necessary to optimize the investment in Bitcoin mining equipment.
What will be the Electricity consumption??
As you already know that for profit gain, your system has to work 24*7. Hence the cost of electricity that your machine uses during the 24 hours of the day of work must be subtracted from the profits obtained from the Bitcoin Mining. If your system is not even able to mine more than the electricity it wastes for it, the balance will be negative and you will be losing money.
So the electrical waste by hardware is also a deciding factor to get profits undermining Bitcoins. Since a GPU with a real potential for mining Bitcoins that has a low energy consumption will be more valuable than one With more power and high power loss.
How to know the capacity of my System for Bitcoin Mining:
The Internet is full of calculators. You just need to enter a series of parameters on your hardware. It can calculate if your hardware is profitable to Bitcoins Mining. You may visit the NiceHash Profitability Calculator, one of the easy tool to check your PC’s profitability for Bitcoins Mining.
Once you go to the Bitcoins mining capability calculator, select the mining or GPU hardware from the drop-down list. In this list, you will find the popular mining devices and GPUs. Then set your money as “currency” and enter the price you pay for electricity in the Electricity cost field. You will find this data in your light bill. Then just click on the Calculate button.
Also, it also exhibits a series of graphs displaying a history of the profitability of various hardware. A single change in the drivers can cause an improvement in performance. Hence something to keep in mind when choosing the Hardware suitable for your PC to mine Bitcoins. In this way, you can see the profit (or loss) resulting from the daily, weekly, monthly or yearly mining.
Just beneath this profitability calculation, data is also shown that is a grave concern for the profitability of the mining hardware. ROI or return on investment. Here is the number of days required to remonetize the money used for Bitcoin mining device, from which time the profits will only be subtracted from the electricity costs so that the profitability increases.
The lower the ROI time for your device, the earlier it will start to be valuable.