Top 3 Cryptocurrencies To Mine Using Graphic Cards—Ethereum (ETH), Ravencoin (RVN), And Ethereum Classic (ETC)

Who remembers the ICO heydays? There was, indeed, time when Tron and EOS challenged Ethereum, claiming that their consensus algorithm and general architecture offered better speed and scaling. Wasn’t the ICO boom and bust followed by IEOs remarkable?

Or better yet, who remembers the day of CPU or GPU mining in Bitcoin? Presently, it is quite inconceivable for users to opt for CPU or GPU mining. Quite frankly, you won’t stand a chance in Litecoin, Bitcoin, or any other ASIC-powered blockchain networks.

The progress from CPU, GPU, then ASIC rigs highlights how far blockchain and mining have evolved.

This is not to mean that GPU mining has been relegated to obscurity, with a spot in the crypto “hall of fame”—if there were to be something like this.

If anything, there is always something for everyone in blockchain and crypto. Blockchain developers only have to make hard choices. Within blockchain circles, there is nothing like perfect. A developer may have to choose speed over decentralization and scaling or decentralization over speed and scaling. Tough choices indeed, but this would define how well the chain is received in the ever-critical crypto scene.

Decentralization requires the blockchain developer—often a foundation—to enable easy plugging into the system. This means using easily accessible and cheap-to-acquire hardware for security. Oftentimes, the choice also means moving a step lower to GPUs.

GPUs have utility in the real world, mostly used in graphic designing—think rendering—and gaming. That they have utility, serving a duo role means they are accessible. However, this hasn’t been the case in recent years, as the explosion of crypto meant more demand for GPUs, forcing prices through the roof.

Nonetheless, if you are eager to try out GPU mining, these are the top-three cryptocurrencies you can mine using your ordinary graphic cards.

Ethereum (ETH)

Yes, most won’t believe this, but it is possible to mine Ethereum straight out of your living room through your favorite Ethereum mining pool.

And this is possible because Ethereum—unlike Bitcoin—is ASIC resistant via Ethash. This means that Ethereum code is set so that the network can’t be powered by specialized ASIC mining gear blamed for centralizing and industrializing Bitcoin and ASIC-compatible Proof-of-Work networks like Litecoin.

The goal of Ethereum was decentralization, and GPU made this possible. Since GPUs—even fitted in an ordinary gaming laptop—power the system, computing power can be channeled via a pool to mine ETH. Rewards are distributed every other 14 seconds or so, and it can be lucrative.

There are two common options of GPUs available for Ethereum—Nvidia or AMD. Of the two, Nvidia is more profitable. For example, data from What-to-Mine shows that the Nvidia GeForce RTX 3090 with 114 MH/s has a daily profitability of $7.22 at spot rates of around $3.35k.

Ravencoin (RVN)

The project launched in 2018 and was forked from Bitcoin. However, the primary difference is the ability of the platform’s uses to issue assets—that is, the blockchain supports smart contracts. Besides, the total supply has been tweaked to 21 billion with a block generation time of one minute, whose rewards stand at 5000 RVN per block.

Ravencoin supports GPU mining and is deliberately done for decentralization reasons. Behind Ravencoin is the KAWPOW consensus algorithm, which requires mining. At the time of writing, the daily profitability of RVN stands at around $2.84 for a GPU supply of 35 MH/s when electricity costs stand at around $0.10/kWh.

The most active mining pool is 2Miners with over 21.5k Ravencoin miners though their fees are quite high at one percent.

Ethereum Classic (ETC)

For miners who want assurance, the Ethereum Classic platform is where they should put their money at.

Ethereum Classic, as the name suggests, is a fork of Ethereum. This happened a while back during the great hack of 2016 when the dominant network evolved to be Ethereum—of which they may power off mining in the next 15 months or so.

The developers of Ethereum Classic have assured its mining community that mining, regardless of the claimed inefficiency issues, is the best bet for network security. Accordingly, cryptocurrency mining will go on for infinity.

Ethereum Classic uses the same base as Ethereum, but the Thanos upgrade modified the hashing algorithm to EtcHash. After every block—every after 13 seconds—, the successful miner is rewarded with 3.1 ETC. The supply limit of Ethereum Classic is about 210.7 million.

Keeping electricity consumption at $0.10 per kWH and a GPU of 90 MH/s, ETC daily mining rewards will be $2.78 or roughly $84 at spot ETC rates.

Conclusion

Cryptocurrency mining is the purest form of supporting an open source blockchain project.

The incentives from the network and the value of the individual coin draws demand as miners also have to commit resources to participate profitably.

While the above list is not exhaustive, the quest for complete decentralization for security and community building will mean miners would always find opportunities to exploit and earn revenue.

Factors like electricity costs, availability of Graphic Cards—rising demand translates to higher prices worsened by supply chain troubles following the coronavirus disruptions. The applicable regulations and the value of cryptocurrencies would go a long way in determining how profitable the venture is.

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