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Ethereum: Solo mine just happiness, is it realistic?
Turned only for mining and the concepts are quite new to me. First of all, I want to be clear: installation of the equipment is not far from ideal to mining. For this reason, I do not believe that time and resources alone in mining only for good luck.
For those who may be unknown to the world of cryptocurrency mining, they start with a brief overview. Mining is a process that enables transactions on the Blockchain network and by adding them to the main book in exchange for rewards in the form of newly beaten encryption technology coins or stalls. The most commonly used cryptocurrency used in mining is Ethereum (ETH).
The Ethereum Certificate Certificate (POW) Consensusalg, which was implemented in 2015, requires significant computational force to solve complex mathematical equations, thus making events and creating new blocks in the block chain. This process requires specialized equipment such as graphics processing (GPU) or application -specific integrated circuits (ASIC), which are specifically designed for mining.
Now back to my situation. With the SubPar equipment setting, I cannot own considerable time and resources in the Ethereum mine. Here are some reasons why mining alone is probably not profitable:
- Energy consumption : Mining requires a huge amount of energy, which means high electricity costs. It is estimated that the annual energy consumption of the average Ethereum mining worker may vary from 40,000 to 100,000 kWh depending on the efficiency and operating models of the power plant.
- Hardware costs : The cost of buying and maintaining a specialized mining equipment is very high. Medium GPU can cost $ 500-700 upwards, while the Asic, which is planned to mining Ethereum, can vary $ 1,000- $ 3000 or more.
- Market variations
: The price of Ethereum (ETH) can vary wildly, so it is challenging to predict whether mining is profitable in the long term.
Although it is true that small assets can possibly be earned alone through mining for happiness, I believe that this approach is unrealistic and unacceptable in current market conditions. In addition, there are more effective ways to invest your time and resources such as:
- Investing in projects based on Ethereum
: Consider sharing funds to explore opportunities in Ethereum projects that can offer greater potential return.
- Participation in mining area : Joining the mining pool can help you share the cost and risks of mining, which may increase your chances to earn profit.
- Development of new skills : Focus on developing your programming skills, especially in the field of Blockchain or the writing of smart contracts, which are highly sought after and can lead to more profitable opportunities.
In summary, while I understand that some people may still want to continue mining because of its excitement, I strongly recommend doing. The cost of energy consumption, hardware purchases and market variations make this approach likely to be profitable in the long run. Instead, I urge you to explore more effective ways to invest in your time and resource cryptocurrency investments.