Mining harms your GPU in the sense that one of its by-products is producing excess heat. However, mining is not alone in placing stress onto a GPU. Similarly, overclocking your GPU too often — whether for better hash rates or better gaming performance — can also cause irredeemable damage to the GPU. In fact, some cryptocurrency miners even suggest mining is less harmful to your graphics card than playing the latest AAA game is. As miners seek to reach the highest possible hash rate, the GPU may reach high temperatures but will remain at a consistent one with a consistent workload.
In contrast, as playing games see the GPU fluctuate between rapid cooling and rapid heating depending on the load, this could cause more damage in the long run. However, the major cause of damage to a graphics card — whether used for gaming or mining — is not taking proper care of the hardware components.
This is the part that makes it very difficult to estimate how EIP will affect mining revenue. Tips will function as the way to prioritize your transaction over the rest, and during times of congestion, priority can be critical. The Ethereum network is a platform that supports many markets like exchanges, lending protocols, etc. In these various markets, there are many reasons someone may want to be prioritized; due to the complexity of use cases on the network, it is difficult to know the value of tips until we see how the network performs with flexible block sizes.
If congestion remains an issue tipping may remain enough to maintain mining profits, however, flexible block sizes aim to shift volatility from fee price to block size; since the network will have some built capacity to compensate for fluctuating demand there should be less need to incentivize miners to squeeze your transaction into the next block. However, with ETH 2. Mining is already on the way out and lowering transaction fees is critical to Ethereum succeeding.
Ethereum 2. The primary goals of Ethereum 2. I will focus only on the merge here because once it occurs the network will use This means that when the merge occurs towards the end of there will no longer be Ethereum mining with GPUs.
A miner uses electricity to solve complex problems in a Proof of Work system and is rewarded crypto coins for solving them. Miners then convert some of their coins into fiat currency to pay their electricity bills, which harms the price of the cryptocurrency.
Theoretically, this would limit a person who owns a small percentage of Ethereum to only mining a small percentage of the available blocks; this stops the endless conversion of energy into Ethereum all while promoting the value of Ethereum by rewarding those who hold onto it. The merge is expected to take place before the end of the year; while I was initially expecting to see it in early , the core dev team has recently expressed confidence in completing it this year.
Despite these updates leading to the end of Ethereum mining, they are exciting and a good sign for the network's future success. Note: This is a simplified explanation of Proof of Stake. Also, if you are unfamiliar with consensus protocols, read my Crypto article. We have covered a lot of information about mining profitability and what factors impact it, but where do we go from here?
Before the merge, mining will likely remain profitable; EIP adds a lot of uncertainty to mining revenues, however, unless the market continues to dip it seems there is a chance that tips and the deflationary effect of Ether burning will help maintain mining revenue.
But, after the merge, mining Ethereum will simply no longer be possible on the main network. Once this occurs, miners will either need to switch coins or sell their extra GPUs. However, I am not confident that this market will follow in the footsteps of the past bull runs. I think the current dip will continue, however, I don't think was the final boom for Ethereum. Ethereum has become significantly more established in the past year with some major updates improving its speed and efficiency.
It also has more coins and DeFi organizations operating on the network than ever before. Having established developers and users coming to the network for more than simply exchanging Ethereum makes the value of Ethereum more robust. On top of a successful year, the core dev team is working on some huge updates for the network that will solve some major pain points. Transaction fees should be reduced and more predictable, which will make operating on the network much easier for those who use it frequently.
Transaction fees will instead be burned having a potentially deflationary effect. After the Ethereum 2. Addressing the electricity issue is exciting to me because it will have a major impact on public perception. The last topic to discuss is all of the other coins that can be mined with your GPU when Ethereum moves to Proof of Stake. Remember at the beginning of the post when we were determining our potential mining profits? Surely you can just switch to Ravencoin and call it a day right?
Well, unfortunately, no. Even though the current profitability of mining some small coins is decent, the amount of hash power mining on the Ethereum network is astronomically higher than other coins that can be mined with consumer GPUs. If everyone switches to a small coin when Ethereum switches to Proof of Stake, the mining difficulty will skyrocket to make up for the extreme increase of hash rate. Mining tends to be profitable in these booms — see and — because network congestion and rising coin value make the demand for mining very high.
Ethereum has been an excellent candidate due to its explosive growth and increasing use by developers creating new coins and decentralized financial exchanges that stress the network. Unfortunately, I am not confident there will be a new coin to switch to mine at the end of this year. The short version of everything we just covered is that mining Ethereum continues to be profitable today.
Barring any major market changes, it will likely remain profitable after next month when EIP is implemented. However, mining Ethereum will likely end this year when the merge of the Ethereum 2. I hope that this post helped to answer some of your questions about how much longer you will be able to mine Ethereum with your GPU.
We likely have a few months of mining left before the merge occurs, so you are not out of luck yet! However, it is time to start to consider whether acquiring new GPUs is worth it and what you plan to do with any extra GPUs when the merge does finally happen. Disclaimer : I am not a financial consultant. All of the information presented here is the result of my own personal research, opinions, and experiences.
Nothing written here is financial advice. Coding tutorials and news. The developer homepage gitconnected. Blockchain enthusiast and Earth Scientist. My background involves extensive use of python and machine learning to study snowpack. Open in app. More from Level Up Coding Follow. Read more from Level Up Coding. Recommended from Medium. Thomas Dylan Daniel. Paul Schmitzer. Particl News. Adel Ecosystem Ltd.
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If you want to play games on your computer or do some difficult calculations for mining cryptocurrency, you will also need a GPU. GPU is a graphics processing unit. It was originally made for games and complicated 3D modeling, but it is also excellent for mining altcoins because a GPU is able to provide a good hashrate. Hashrate is a measure of power in mining.
To understand what exactly it counts, you should know about the main principles of Bitcoin architecture. To avoid boring technical explanations, let us just accept that with more hashrate, you will get more revenue.
As I said before, mining is a business nowadays. That is why many people consider it as a source of income. Actually, to get a regular revenue, you will need to invest a lot of money and time. It requires a special hardware, facility, electricity and so on.
Throughout this article, we will talk about mining for personal purposes and to get acquainted with crypto industry. Do not expect much, this is more about testing. However, some coins exist that are still mineable, even if you do not have a powerful graphics card.
Monero is a relatively old project that proved its safety and anonymity many times. Nobody can track the sender and the receiver of any transaction in Monero network. That allows users to be sure about the security of their personal data. Actually, most of the cryptocurrencies were originally supposed to be anonymous. Unfortunately, today the majority of them do not provide such a feature.
It does not mean that developers have done wrong. To put it simply, technologies of Internet tracking are becoming more and more powerful. That is why, for instance, Bitcoin is not anonymous at all now. In , Monero is still using impregnable methods of encryption. This is an open-source project, but most importantly— Monero is really decentralized. It means that the cryptocurrency is totally independent of particular developers, and, of course, from mining pools. To start mining you only need to set up some software.
The official Monero website recommends MoneroSpelunker. Another CryptoNote coin, less popular, but also quite promising. It was an incredible growth, and the project got a big community of followers. Like Monero, Bytecoin provides anonymous peer-to-peer transactions. Bytecoin team has a blog , where they post some news and recommendations about their project.
In this blog, they recommended Xmrig as the best software for mining. It is available for free download on GitHub in three versions:. That is why I think that the project deserves our attention. Electroneum is the newest project in this list. This is actually not a good result, because in December the capitalization was almost 10 times more.
However, we should remember, that the market totally reduced in , so it is more important to pay attention to existing technology and not to the price graph. Electroneum is also a CryptoNote based coin, but it uses the modified and improved version of the algorithm. It makes transactions safer and faster, not losing anonymity and decentralization. In addition, the most remarkable thing about the algorithm is that you can mine the coins even with your smartphone.
That makes Electroneum one of the easiest cryptocurrency to mine. It is a software that can be used with any central processing unit and both Nvidia and AMD graphic cards. A mobile mining app is available on Google Play Store as well. Originally, Horizen used to be called Zencash. The cryptocurrency was recently rebranded, probably to become more unlike its reference — Zcash. Zcash is one of the most popular and successful altcoins. It was made by a group of crypto-scientists with some special methods of encryption and hashing.
Zencash was based on the same technologies, but developers included some new features in the project. Horizen provides anonymous and safe transactions, but it also quite more decentralized and independent than Zcash. In addition, it is one of the best cryptocurrency to mine with GPU.
There are many programs can be used for mining Horizen. Some of them are available for all the platforms, and some require special conditions. The most relevant of the programs are listed in the table below:. Best gaming mouse opens in new tab : the top rodents for gaming Best gaming keyboard opens in new tab : your PC's best friend Best gaming headset opens in new tab : don't ignore in-game audio. When turned on, the tool will mine Ethereum only when a PC is idle, at least in theory I don't have access to the tool and therefore have not tested it.
Based on the screenshot NortonLifeLock shared, there is a pause button. I have a difficult time envisioning this being a popular feature. The profitability of mining Ethereum was cut in half opens in new tab earlier this year from late February to early March , and the recent decline has made it even less profitable, especially for people clinging to older GPUs. Then there is the question of how well the built-in tool works.
On the flip side, a built-in tool should make it easier for casual users to jump into mining, if that is their desire. Hopefully NortonLifeLock makes it clear to users that they could see a spike in their electricity bill, as well as generate additional wear and tear on their GPU hardware.
Paul has been playing PC games and raking his knuckles on computer hardware since the Commodore In his off time, he rides motorcycles and wrestles alligators only one of those is true. Audio player loading…. Paul Lilly opens in new tab.
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Yes, it is possible to mine Ethereum with a gaming PC. However, I highly recommend that you do not use your gaming PC to mine. hutsonartworks.com › watch. All you need is your gaming PC, so once that's up and running, simply follow the steps below to start mining crypto (well technically, it's.