Mining

CRYPTO MINING POOLS AND HOW TO JOIN

What are Mining Pools?

 In cryptocurrency, a mining pool is a group of cooperating miners, who share their processing power over a network, they split the reward equally, according to the amount of work their contributed mining hash power.
Although mining pools are desirable to the average miner seeing that they smooth out rewards and make them more predictable, they however and very unfortunately concentrate power to the mining pool’s owner.
Miners can however choose to redirect their hashing power to a different mining pool at anytime.
Before now, mining in pools presented a huge difficulty. It increased to the point where it could literally take centuries for slower miners to generate a block. The way out of this problem was for miners to pool their resources together so they could generate blocks more quickly and therefore receive a portion of the block reward on a more consistent basis, rather than randomly once every few years.
 
Now with that said, let’s see how we can choose a good mining pool.
 

How to choose a pool:

There are a lot of things to check out before you join a mining pool. And these are some of them:
 

  1. The algorithm. The first thing you should check of before joining a mining pool is the algorithm of that pool. If you mine a coin in a pool that doesn’t support the matching code structure, you would be wasting time and money.

 

  1. The reward system is one of the main characteristics of a mining pool. A reward system can really tilt the scales of your choice. But first, there are several different ways of calculating the rewards structure and deciding how to divide it between all the miners. Each miner in the pool, where a new block is found, will get a piece of the cake. The size of that piece will be based on their individually contributed hashing power. I guess at this point I can say it is not that simple.

 

  1. Another criteria for choosing a mining pool should be the pool Fees. Before now, you must have probably already acknowledged the huge role pools are playing and that all the hard work costs them lots of money. The fees charged by crypto miners are used mainly for covering hardware, internet, and administration expenses. Here comes the fee in use. Pools keep a small percentage of each reward to pay these costs. These are usually around 1% and rarely up to 5%. Saving money from joining a pool with lower fees is not that much of a nice idea. At the end of the day you might end up earning just 99c instead of one dollar.

 

  1. Size and market share. In the crypto world, usually bigger is better. As explained earlier, big ones include more users. When their net Harsh increases the chances someone from the participants to find the next block. That is good news for you. After all, each price is separated among all miners. To sum it up, joining a bigger pool means you would have faster and repeated incomes.

 
When somebody hacks a coin’s network and hacks a pool with more than 51% market share, it actually overpowers the rest of the miners and controls the net-hash (short for network hash rate). This allows them to manipulate the speed of finding a new block and controlling the situation. They then begin to mine on their own as fast as they want, without being bothered. To prevent such invasion, also known as “51% attack”, no pool should have an overall market share of any certain cryptocurrency network. Play it safe and try to avoid such pools. I advise you to work on balancing and keeping the network of a coin decentralized.

Examples of good pools to mine with

 

  1. BTC.com

BTC.com is a public mining pool that can be joined. You can join @BTC.com
 

  1. Antpool

Antpool is a mining pool based in China. It is owned by BitMain. Antpool mines about 25% of all blocks. To join go to antpool.com
 

  1. ViaBTC

ViaBTC is somewhat new but has been around for about one year. It’s mainly targeted towards Chinese miners.
 

  1. Slush

Slush was the first mining pool, it currently mines about 3% of all blocks.
Slush is said to probably be one of the best and most popular mining pools although it’s not the largest.
 

  1. F2pool

Its also known as Discusfish. It is based in China. F2Pool has mined about 5-6% of all blocks over the past six months. Join @F2pool.com
 

BEST GUIDE TO BECOMING A MINER

 
 
For beginners, Bitcoin mining is an energy-intensive process of introducing new Bitcoins into the ecosystem.
Simple? No. Don’t jump into conclusion
I want you to view it as a mode of creating new currencies by your government. But unlike any government in the world, Bitcoin supply is fixed and regulated by laws; Laws like that if mathematics that can’t be broken overnight.
Wait, it is also not as easy as banks printing new currency notes. Instead, a lot of energy and work, and energy intensive, is put into this and is carried out before producing a single Bitcoin, which is called proof of work.
Considering the truth that Bitcoin cryptocurrency is based on blockchain technology, we strongly advice you to understand the concept of blockchain. Because not having an understanding in Bitcoin and blockchain, then this article might not really be of great help here.
 

Step 1 – Get The Best Bitcoin Mining Hardware Purchasing Bitcoins


In some cases, you may need to buy some mining hardware with bitcoins in them. Amazon is one of the best parts where machines could be bought to mine Bitcoin.
How to start Bitcoin mining
To start mining cryptocurrency coins, you will need to get bitcoin mining hardware. In the founding days of bitcoin, it was possible to mine with your desktop or high speed video processor card. Today that’s a past stuff you can’t write about.
Bitcoin mining with anything lesser than the best mining hardware will consume more in electricity than you are likely to earn. It’s important to mine cryptocurrency/bitcoins with the best of the best bitcoin mining machines built specifically for that purpose.

Step 2 – Download Free Bitcoin Mining Software

After hitting on a good mining Bitcoin hardware, it’s time to download a special program used for Bitcoin mining.
Two most popular mining machines are CGminer and BFGminer which are command line programs, these are many programs that can’t be used for Bitcoin mining.

Step 3 – Join A Bitcoin Mining Pool

Just after Bitcoin have been mined then it is recommended to join a mining pool. These Bitcoin mining pools are groups of Bitcoin miners who are working side by side to solve a blockchain and share the gains.
Bitcoin mining pool without a mining machine, you might just start mining bitcoins for over a long time and never get to earn any bitcoins.
 

Step 4 – Set Up A Bitcoin Wallet

Coming right up after joining a Bitcoin mining pool, the next is to create a Bitcoin wallet to mine or receive Your Bitcoin. Copay is could be referred to as the preferred Bitcoin wallet and it functions on several different operating systems.
Delivery of Bitcoins is done by using unique methods such as addressees sent to your Bitcoin wallet. This step actually is the best so as to secure you from threats by enabling two-factors or being offline on a computer that isn’t connected to the internet.
For help in choosing a Bitcoin wallet, to be able to buy and sell your Bitcoins, then we recommend:
SpectroCoin: An European exchange with the ability to be able to buy with credit cards
Kraken: This being the largest European exchange.
Buying Bitcoin Guide: This guide helps in showing you a place to do your Bitcoin exchange in your country.
Local Bitcoin: This service makes room for you to search for people in your society willing to sell bitcoins to you directly. But we advice you should be careful!
Coin base: This is a good place to begin when  bitcoins are being bought. We advice you do not keep any bitcoins in their service.

Step 5 – Stay Up To Date With Bitcoin News

Being prompt on news could be an aid when mining Bitcoin, that is if you are interested in making profits. In having a general knowledge in information then we would recommend WeUseCoins news section.
In there is the Bitcoin Mining News segment. And these are the 5 most recent articles:
– Is it Possible to Achieve Compound Growth in Cloud mining and Bitcoin Mining Investment?
– How To Get Started With Bitcoin Gambling?
– The Digital Gold That is Having a Love Affair With Online Gambling Sites.
– How To Mine Smartcash?
– Two Reasons All Bitcoin Users Should Install a VPN Right Now.
– Decentralized casinos expected to take over the online gambling industry.
 

Cryptocurrency Mining Software

Basically, mining software profoundly helps to deliver the mining hardware’s work to the rest of the Bitcoin network and to receive the completed work from other miners on the network. Moreover, the mining software helps to monitor this input and output of your miner while also displaying statistics like the speed of your miner, hashrate, fan speed and the temperature.

Best Cryptocurrency Mining Software
CGMiner

CGMiner software is reputed to be one of the best mining software out there. CGMiner offers a myriad of interesting features and active community support. CGMiner is coded in C; this implies that it is compatible with virtually all operating systems. In this light, CGMiner is a cross-platform Bitcoin miner that supports Windows, Mac OS X, Linux and several other platforms. CGMiner is equally compatible with both FPGA and ASIC hardware,

it is noteworthy that the software is a command line application that offers these features: full monitoring, fan speed control and remote interface capabilities. It operates via a simple command line interface and supports multiple mining pools and devices. It is designed basically to be used with hardware mining devices. However, you can also use any of GPUs connected to your machineDownload your CGMiner here

Download your CGMiner here:

Also, CGMiner offers a scalable networking scheduler that is capable of scaling to hash rate of any size without network delays. It will also interest you to know that the software strictly kicks against stale work submission on new blocks and supports multiple pools with intelligent failover mechanisms. Again, there is a provision made for on-the-fly management of most settings and self-detection of new blocks with a mini database for slow or failing longpoll scenarios. Submissions can also be cached during transient network outages.

Note that on the first run, CGMiner will require you to enter the URL, username and password (if the need be ) for your mining pool; it will automatically detect any hardware you have connected such as an ASIC device. The layout seems easy and simple though you have to work via the command line.

Bitminter

Bitminter Just like CGMiner is another cross-platform program with an easy-to-use UI. The software only works with Bitminter pool. It allows preinstalled settings. The software is one of long-standing reliable services out there. The Bitminter client has an utterly clear graphical interface; he or she can equally with GPUs and external ASIC devices. With a simple dial on the left, you have your hashrate displayed in MH/s. Kindly click ‘Engine Start’ to kick-start the process of mining.

It is noteworthy that you can check the progress you have made at any time by reviewing the ‘Stats’ section which spells out important information like the number of proofs of work accepted or rejected by the server and the amount of time spent working. Of course, you can reset these values at any time.

Also the Bitminter client possesses a text console at the bottom of the window which offers him pool when a device is connected or when it has successfully connected to a mining pool. As stated earlier, the software has been designed primarily to be used with Bitminter’s mining pool. This means you’ll need to create an account via the website.

BFGMiner

If you are on the look-out for a customizable Bitcoin mining software, BFGMiner is a viable option. It is written and coded in C with a modular FPGA/ASIC miner with vital features like dynamic clocking, monitoring and remote interface capabilities. It will interest you to know BFGMiner also embraces built-in stratum and getwork proxy server.

Moreover, its heavily threaded code gives out work retrieval and work submission to separate threads such that working services are not hindered. The software enables ‘getblocktemplate’ decentralized mining protocol (without proxy). You can also preemptively facilitate before the completion of existing work. Note that BFGMiner has a watchog thread that can restart inactive threads .Note that it doesn’t crash the machine if they are not responsive

Download your BFGminer here:

The software has on its display: the summarized and discrete data statistics of requests, accepts, rejects, hw errors, efficiency and utility. The program can monitor device temperature if there is hardware support. BFGMiner possesses many device drivers for Bitcoin: Ztex’s FPGA boards, Drillbit Thumb and Eight and Twinfury USB stick. You can also find device drivers for scrypt like GAW War Machine and ZeusMiner units.

Miner-Server

If you are not interested in investing in expensive ASIC (Application Specific Integrated Circuit) miners, you can settle for Miner-Server. When starting out with Miner-Server, you can join a mining pool that also has other users such that the there is division of payouts among all the participants. This service provide you with numerous packages with a base price of just 0.14. With respects to the package you select, you can obtain the hashing power ranging from 250GH/s to 600, 000GH/s. Note that the duration of all the packages is one year. You are at liberty to check your earnings and other details anytime by logging to your account .

MultiMiner
MultiMiner supports intuitive graphical interface, adopt mining strategies and manage multiple devices easily. It plays to awesome features that are ideal to newcomers. Multiminer is cross-platform. However, there is a need for you to install additional software to get it working on macOS and Linux.
Download your Multiminer here

Cryptocurrency Mining Companies

The breath-taking advent of cryptocurrency comes with a number of cryptocurrency domains one of which is the cryptocurrency mining industry where miners solve complicated mathematical problems with a view to adding a particular block to the blockchain and thus having the block reward in the form of a cryptocurrency. By way of defining it, cryptocurrency mining refers to a process whereby sundry forms of cryptocurrency are verified and added to a digital ledger. Cryptocurrency mining is equally known as Bitcoin mining or Altcoin mining.
Every time a cryptocurrency transaction is undertaken, it is the cryptocurrency miner that is charged with the responsibility of ensuring the validity and authenticity of information and updating the Blockchain with transaction.
More importantly, the cryptocurrency mining entails an acute competition with other miners in proffering solutions to the complicated mathematical problems with cryptographic hash functions that are related with a block having a transaction info.The first miner that succeeds in identifying the code will be given a reward, that is, accorded the ability to authorize the transaction. Cryptocurrency miner receive small amounts of cryptocurrency as reward for the service provided. In the light of the stiff competition, the need for a cryptocurrency miner to have a computer with a specialized hardware cannot be overemphasized. It is noteworthy that constant supply of power and low temperature are suitable for mining. Hence, locations with these vital factors are deemed geographically suitable for cryptocurrency mining
Leading Cryptocurrency Mining Companies

Genesis Mining
This mining establishment came to being in 2014. It is reputed to be one of the world’s leading and reputable mining companies. It is noted for its high degree of transparency and excellently resourceful customer service. The company is steeped in integrity and reliability, a sterling quality that ultimately endears it to its many users. It will interest you that the potential users to know that an Israel based company, “Spondoolies Tech” which specialises in the production of all kinds of cryptocurrency mining equipment forged a working relationship with the Genesis mining. The Israel based company provided the Genesis Mining with mining rigs. They provided a wide array of offers from 50GH/s to 15,000GH/S.
Hashix
This Bitcoin and Ethereum cloud mining company is loved by all and sundry given the fact it is simple and user-friendly. The company offers an easy access both to newcomers and experts, affording them the opportunity to maximise some profits. The company provides a refreshingly different method of purchasing a hash power to the user without having to fret about the hardware and software requirements for the mining. Noteworthy is the fact that the entire mining installation is carried out by a group of vastly experienced professionals in the cryptocurrency as well as the financial sector. Once the users signs up for the hash power in the company, the withdrawal of the profits can be done periodically. The minimum is 0.002 for Bitcoin and 0.03 for Ethereum.
 
Bits2u Inversions S.A.C
It is one of the most legitimate cloud mining service provider company stationed in Peru armed with approvals and registrations from SUNAT and SUNARP. In addition to the registration with the financial bodies of the country, the company possesses RUC and DUNS members. It will interest you to know that it is one of the first fully automated online systems which is geared towards offering a number of investment alternatives to its users so as to augment the return on investments. The outlet equally provides 10% referral bonus to its users.
Bitforz
This cloud mining service is regarded as one of the safest systems across the world. It is strategically located in the industrial zone of Kutaisi, Georgia. A wide array of Bitcoin mining hash powers is available with the purpose of offering the cryptocurrency community the easy access to the mine Bitcoins.
Nuvoo Mining
Nuvoo Mining is a Canada-based cloud mining services that concern itself with the provision of cloud mining, dedicated miners and colocation miner services. It equally makes provision for a live customer support in French and English Languages.
IQ Mining
The mining company sources its hash power for some of the large data centres spread across the world, a calculated plot to lower the cost of electricity needed to mine cryptocurrency.
Hashing24
The company sets out to offer Bitcoin mining contracts to the new customers who are experiencing Mining for the very first time.
IronVault
This company is roundly regarded as a one-stop shop for all the professional cryptocurrency mining solutions. They also offer services to the newcomers to the Blockchain technology.
Bitfury
This mining company concerns itself with the production and development of the hardware equipment needed for mining. Recently, it opens its own Bitcoin mining data centres in Georgia. The company’s reputation is that of quality and dependability.
CoinMiner
It greatly helps individuals and businesses to establish mining e-commerce. The company is steeped in integrity and dependability, a place users bank on anytime. It is structured in a way that fosters its high degree of effectiveness.

Best Cryptocurrency Mining Software

You can either purchase cryptocurrency or mine them. The mining process involves using dedicated hardware that use processing power, as well as software applications to manage these rigs. If you’ve decided to get into cryptocurrency mining, here are some of the best mining softwares that you can get started with.

CGMiner:

Written in C, CGMiner is a cross-platform Bitcoin miner that supports Windows, Mac OS X, Linux and many other platforms. It’s primarily designed to be used with hardware mining devices but can make use of any GPUs connected to your machine as well. It is also compatible with both FPGA and ASIC hardware. CGMiner is a command line application that has full monitoring, fan speed control and remote interface capabilities. It has been in existence for a while now and it is still going strong. It comes with a scalable networking scheduler that can scale to hash rate of any size without network delays.
On first run, CGMiner will ask you to enter the URL, username and password (if necessary) for your mining pool, and it will automatically detect any hardware you have connected such as an ASIC device.

Multiminer:

It is made easier for the less tech-savvy. If you’re completely new to the whole concept of cryptocurrency, getting started with mining your own Bitcoin can be a little taxing. The fact that majority of the mining utilities are command line-based doesn’t make things any easier. Multiminer software is the solution to these challenges.
Perhaps the most user friendly Bitcoin mining software, MultiMiner is a desktop application that’s chock-full of features. Available for Windows, Mac OS X and Linux, MultiMiner lets you switch mining devices (e.g. ASICs, FPGAs) between different cryptocurrencies (e.g. Litecoin, Bitcoin) without any effort.
When you first install and launch Multiminer, the application will guide you through the process of entering your pool information, using helpful tooltips to explain potentially unfamiliar terms. After setup is complete, MultiMiner will automatically scan for mining devices and list their details in a helpful table, such as the pool used and average hash power.
It uses the underlying mining engine to detect available mining hardware and lets you choose the coins you’d like to mine. MultiMiner has many advanced features such as automatic detection of network devices, as well as the ability to remotely monitor and control other MultiMiner rigs.

BFGMiner:

BFGMiner is based on the CGMiner, but is designed specifically for ASIC mining hardware. It is written in C, and it features dynamic clocking, monitoring, and remote interface capabilities. It monitors temperature of most devices and can connect to multiple mining pools. Furthermore, BFGMiner will stop connecting to unreachable pools, saving you precious system resources.
Besides offering a simple text interface and an arsenal of features, BFGMiner is available for Windows and all major flavors of Linux. BFGminer can also be installed on a Raspberry Pi as part of the free Minera operating system.

BitMinter:

BitMinter stands out among all other cryptocurrency mining software because it has its own mining pool to work with. Its pool is among the oldest in existence. For a truly cross-platform mining software, BitMinter is the solution. It is compatible with Windows, Mac OS X and Linux. BitMinter’s client is based on the Java Network Launch Protocol (JNLP) and requires no installation. JNLP program has a straightforward Graphical User Interface (GUI) that’s incredibly easy to understand.
You can check progress at any time by reviewing the ‘Stats’ section which lists vital info such as the number of proofs of work accepted/rejected by the server, as well as the time spent working. You can reset these values at any time.
Some of the ASICs supported by BitMinter (and its mining pool) include Butterfly Labs (except Monarch), Block Erupter USB (and other Icarus-compatible hardware), Chili, Red/Blue Fury and Antminer U1/U2.

Miner-Server:

If you’ve decided to get into bitcoin mining, but aren’t yet ready to invest in expensive ASIC (Application Specific Integrated Circuit) miners, you can go for a cloud-based mining service. There are quite a few of them but Miner-Server is the best for cloud-based mining service.
When you get started with Miner-Server, you join a mining pool that also has other users, so the payouts are divided between all the participants. The service offers many packages with a base price of just $0.14. Based on the package you select, you can get hashing power ranging from 250GH/s to 600,000GH/s. All the packages have a duration of one year, and you can check your earnings and other details anytime by logging to your account. If you refer Miner-Server to other users and they sign up through your reference, you get bonus hashpower. The service doesn’t charge any additional maintenance fees, so users get the full share of profits.

EasyMiner:

Going by the name, EasyMiner makes things easier. EasyMiner is a graphical, open-source mining software that lets you mine Bitcoin, Litecoin and other cryptocurrencies. It supports minerd, cudaminer, ccminer, cgminer and ASIC mining for Bitcoin. EasyMaker comes with a dedicated “Moneymaker” mode, which is dedicated to mining of LTC on its own stratum pool. The dashboard has a neatly laid out interface to allow you to configure mining pools, amend network settings and view your wallet. You can also use the settings feature to enable ASIC hardware such as an Antminer. This is done simply by clicking ‘Start Mining’ to begin.There’s also a “Solo” mode, which allows users to choose a pool of their own, as well as a custom hash algorithm corresponding to the coin they want to mine. EasyMiner uses the NHIL (Network Hardware ID Layer) protocol to provide an extra layer of security for the pool stratum and wallet architecture.
It’s worth mentioning that EasyMiner only works on Windows.

AwesomeMiner:

To monitor multiple mining rigs of different types, you need a software a bit more robust which is AwesomeMiner. There’s also a built-in C# script engine, which can be used to create customized triggers and actions. You can use the program to set up privileged API access and configure default pools for all Bitmain Antminer ASICs in a single operation.
AwesomeMiner can monitor the status and temperature of GPU, FPGA, and ASIC devices. System information is also available for CPU, GPU, memory and storage.
Awesome Miner can show Desktop Notifications on the Windows desktop and send e-mail messages to alert about mining issues. With a cloud services subscription, the notifications can also be delivered via SMS or via the Telegram app. Awesome Miner has support for multiple mining engines. More than 25 mining engines are supported, including Cgminer, Bfgminer, Sgminer, Ccminer, Bminer, CastXMR, SRBMiner, XMRig and several Claymore miners.
Awesome Miner also supports all popular mining algorithms. More than 50 algorithms are supported including SHA-256, Scrypt, X11, Ethereum and Zcash.

Cryptocurrency Mining Situation in 2018

What is cryptocurrency mining?

Cryptocurrency mining, or cryptomining, is a process in which various forms of cryptocurrency transactions are verified and added to the blockchain digital ledger. Also known as cryptocoin mining, altcoin mining, or Bitcoin mining. In other words, mining is simply a validation of transaction in cryptocurrency networks. Successful miners obtain new cryptocurrency as a reward.

ASUS Partners with Quantum Cloud to Develop Cloud Based Crypto-mining Platform

Asus recently announced a partnership with a blockchain startup Quantum Cloud to build a cloud-based cryptocurrency mining platform in a bid to promote the concept of giving incentives to gamers when they donate their GPU cycles. On its GPU product page, Asus explained:
“Quantum Cloud is a secure and simple service that allows users to easily earn extra cash when they donate their GPU cycles. Even if the app’s user interface is straight forward, it allows users to run cloud-based applications and make money in the process.”
Any incentive a user gets will be credited automatically to their PayPal account. The platform will secure the personal data of users as no data will be stored online. This platform is great and it is going to engage more people in the market. However, this isn’t the best time to debut such a product. The Cryptocurrency Market is currently at a low point. Making mining easier, and investing new ways to tap into GPU cycles would have been a great idea last year. Doing this at the end of a terrible year for cryptocurrencies isn’t such a great idea.
Bitcoin, the first largest cryptocurrency per market capitalization, fell as low as $3300 almost reaching the $3000 mark during this same period. This shows that the cryptocurrency fell by more than 75% from its all time high of $19,500. As a result of this record fall, purchase of Bitcoin dropped rapidly. Most people purchase other cryptocurrencies and convert it to Bitcoin whenever they have a need for it. So there will be no need for mining Bitcoin with GPU. These are the reasons why Asus’s plan is not a good thing for the industry.

RISKS INVOLVED

It is a good way to think of cryptocurrency risks as investing in the stock market in the early 1929, when the government did not insure banks and investors lost millions of dollars. When Bitcoin was first introduced in 2009, mining the world’s first and premier cryptocurrency needed little more than a home PC — and not even a fast one at that. To make any kind of profit in it today, the barrier Is quite high. It’s no longer the homebrew industry it once was.
Just as it is the case with buying cryptocurrencies, mining comes with even greater risks. Nothing in the cryptocurrency market is guaranteed but the potential rewards are guaranteed.
There are risks involved when mining any cryptocurrency:

  1. Losing your digital wallet of coins: You can lose your wallet either by forgetting your password, which locks you out or by physically losing the wallet when your hard drive breaks or your online wallet provider goes out of business.
  2. Dishonest mining pool organizers: You have to be really wary of the kind of mining pool you join. If you join a mining pool run by unscrupulous administrators, they could skim coins from your earnings or take your earnings altogether and close shop.
  3. Electricity Cost: Costs of Electricity could make your mining unprofitable. For most mining computers, a cost of 14 cents/kilowatt hour is the most you want to pay. Mining above 14 cents for currencies such as Bitcoin, Litecoin, Peercoin, and Feathercoin are not worth the investment.
  4. Black Hat Hackers: There is a possibility of a talented hacker breaking into your mining pool to empty your wallets.
  5. Drop in value of cryptocurrency: Your cryptocurrency could drop in value just like gold or any other commodity. There is a chance that the market value of your cryptocoins will fall, and you will be sitting on top of a pile of pennies instead of a pile of dollars.

CRYPTOCURRENCY MINING IS NO LONGER PROFITABLE

Last year, the “mining” process of earning new cryptocurrencies using high-powered computers, then selling those digital assets, became a profitable side hustle for savvy entrepreneurs who set up the mining rigs in their basements and dorm rooms.

According to analysis by Susquehanna, the side hustle is no longer profitable if you’re mining ethereum using kits containing GPUs (graphics processing units). The profit per month is down for mining, from about $150 last summer to an estimated $0 for November of this year.
In mining, machines run 24 hours a day, competing against other computers around the world to solve complex math problems. The first computer, or multiple computers, to solve the problem earns a fixed amount of bitcoin or ethereum.
The “hashrate,” or speed at which a computer can complete that operation fell drastically for ethereum this year. A higher hashrate is better for miners and adds to the opportunity of finding the next “block” and therefore getting the reward of new cryptocurrency.
The value of ethereum meanwhile has dropped more than 70 percent this year, trading near $205 Tuesday, according to data from CoinDesk.
The combination of those factors means that mining ethereum using a GPU, Nvidia’s flagship graphics card, is no longer profitable.