We currently use computers for many different tasks, from working, browsing, playing or as a multimedia center, to turning your PC into a money-making machine. Yes, just like it sounds.
For a few years now the cryptographic currencies, with Bitcoin as the top representative, have made it possible to turn your PC into a machine capable of generating small amounts of money in the form of these criptomonedas, in exchange for solving certain algorithms and managing the Own transactions in this currency . This activity has been known as mining Bitcoins (or any other criptomoneda).
The high value of this virtual currency , which currently exceeds 2,000 euros, have raised it to the investment category for the benefits it can bring in the future, and can be an important incentive to put the miner’s helmet to your Team and start earning some money with it.
However, not everything is as simple as giving the power button on your computer and start making money by mining Bitcoins . The hardware of your computer is a basic factor in mining and will make the difference between making money with the criptodivisas or even losing money by mining Bitcoin.
Bitcoin mining hardware, what’s the secret?
To mine Bitcoin or any other criptomoneda your computer must be permanently solving complex algorithms that will limit the processing capacity of your hardware. The more efficient you are by solving those calculations, the greater the reward.
The different virtual currencies use different algorithms in which the computing power of the processor or graphics cards is used more intensely. In the case of Bitcoin in particular, the power of the GPU marks an important difference with respect to the one of the processor, although in others, it is just the opposite.
Therefore, having one or several high-end graphics cards will increase Bitcoins mining power of your computer by getting you more Bitcoins in less time. In contrast, installing one or several graphics cards makes it more complicated to recover the investment and opens a door to the fiasco of your PC to mine Bitcoin .
On the Internet you can find thousands of analyzes where the power of the hardware involved in mining of Bitcoins is measured by assigning them Hash per second (H/s) as a unit of quantification of their mining power.
This power is defined as the hardware’s ability to convert an assigned string into a valid hash using the algorithm assigned by the cryptonnet. Depending on the power of the hardware, you can find this parameter expressed in thousands of Hash per second (kiloHash or kH/s), millions (MegaHash or MH/s), billions (GigaHash or GH/s) or millions of millions (TeraHash or TH/s)
It is important to have a balanced hardware that offers good power at a very high price, in order to optimize the investment in Bitcoins’ mining hardware .
The value of electricity in the mines of Bitcoins
To finish complicating things, it comes into play the price of electricity that your equipment consumes during the 24 hours of the day that will be working, and that must be deducted from the benefits that are obtained from the mining of Bitcoins. If your hardware is not even able to mine for more than the electricity it consumes for it, the balance will be negative and you will be losing money.
In this parameter, the electrical consumption of your hardware is also a determining factor to obtain benefits undermining Bitcoins since, in the medium term, a GPU with a good power for mining of Bitcoins that has a low energy consumption, will be more profitable than one With more power and high power consumption.
How to know if my hardware is profitable to mine Bitcoins
Internet is full of calculators that, by simply entering a series of parameters on your hardware, can calculate if your hardware is profitable to mine Bitcoins. However, knowing these parameters is not always a simple task, so we recommend you visit the NiceHash Profitability Calculator , one of the easiest options to check your PC’s profitability to mine Bitcoins.
Once you have accessed the Bitcoin mining hardware profitability calculator, select the mining or GPU hardware from the drop-down list. In this list you will find the most popular mining devices and GPUs .
Then, in Currency, set the Euro as currency and enter the price you pay for electricity in the Electricity cost field. You will find this information in your light bill. Then just click on the Calculate button.
The calculator performance for the mining of Bitcoin not only take into account the purchase price of the hardware you use to undermine, but also take into account the electricity price and performance offered by the hardware with the different algorithms used For the mining of the criptomonedas since the result can vary of notorious form.
In addition, it also shows a series of graphs showing a history of the profitability of such hardware, since a simple change in the drivers can cause an increase in performance, something to keep in mind when choosing the Hardware suitable for your PC to mine Bitcoins.
At the bottom of the page, the NiceHash calculator shows you the estimated income and expenses for that hardware, indicating how many Bitcoins you could mine with your hardware and discounting to those gains the cost of the electrical consumption of the hardware in question.
In this way, you can see the profit (or loss) resulting from the daily, weekly, monthly or annual mining.
Just below this profitability estimate, a data is also shown that is of great importance for the profitability of the mining hardware : ROI or return on investment. Here is the number of days needed to amortize the amount paid for the Bitcoins mine hardware, at which time profits will only be subtracted from the electricity costs, so that the profitability will increase.
The shorter the ROI time for your hardware, the sooner it will start to be really profitable.