Will Cryptocurrency Mining Be Profitable in 2023? 4 best ways to test.
Despite the occasional setbacks, the crypto industry continues to grow, encouraging more and more new entrants to share their piece of the cryptocurrency pie, especially crypto mining, now available in many ways.
With this in mind, crypto YouTuber Drew Vosk uses his experience as a guide to measure and predict their profitability, analyzes current crypto mining methods, and gives several ways to get passive income in this crypto video.
GPU mining is dead?
Mining with a graphics card or graphics processing unit (GPU) has long been the primary way for crypto enthusiasts to earn digital money, but Vosk believes this mining method is no longer profitable.
According to him, only four graphics cards are earning more than they use right now, and none are earning more than 24 cents a day. In addition, in the price range of $600 to $2000, the YouTuber concluded: “GPU mining is dead.”
However, there are many alternatives to GPU mining, some of which include Vosk.
- Explore your hard drive
One of the most efficient long-term crypto mining options is disk mining, such as Evergreen Miner v2. Vosk offers the Kula Chia (XCH), a low-noise mining rig that doesn’t generate much heat and doesn’t cost much to operate, priced from $299 to $2,799 for a starter kit. best version.
- 5G. Mining
Vosk also mentions Bobcat miners like the Bobber 500 as a way to mine helium (HNT) using mobile radios and LoRaWAN 5G, but this is not an attractive and profitable option, as the miner’s Cellular costs only $1 a day for 18 Helium.
He was also marginalized by negative experiences with Helium and NovaLabs, which made him less confident in crypto. However, he admits that “whether people like it or hate it, 5G mining can still be profitable.”
- ASIC Mining
As another alternative for GPU and CPU mining, Vosk Antminer K7 Bitmain is recommended, the second best miner after KA3, but it highlights that the market is a very new product, so earnings can fluctuate greatly.
Also, the K7, priced at $5,728, is a bit more expensive than Bitmain’s website, but it’s available, while mining hardware retailer CoinMining Central mentioned the Bitmain Antminer L7, which is available for a price. 10,725 dollars
- Equihash miningIn
- Explore your hard drive
Addition, Vosk also talked about Equihash Mining, such as Zcash (ZEC), an ASIC-backed stable algorithm for cryptocurrency mining, despite many critics of the coin being seen as “junk” Z”. Equihash currently has only one profitable miner – the Bitmain Antminer Z15 2020 – which Vosk does not think is useful because it is three years old and many new Equihash mining rigs have been developed to replace it.
Cryptocurrency mining is still profitable
In the end, Vosk recommends that audiences who already have a device that brings them a few dollars a day should continue using it, but at the end of the day, analyze the best option for them – consider your children. Number and compare electricity costs.
Another option is to build crypto mining equipment from scratch, which may seem intimidating to a beginner, but with some help, it can be a fun and capable activity. highly profitable, and at the same time can be rewarded with cryptocurrency (and not only). , in other words. Future).
If being independent of the local grid and offsetting the power loss from Bitcoin (BTC) mining seems more appealing, then using solar energy to mine cryptocurrency is the right choice, even if it is weaker and results may vary.