Cryptocurrency mining is one of the popular ways to earn some types of tokens. This is a complex and resource-intensive process that requires the use of special equipment. The list of devices needed for mining is constantly changing depending on the development of the network itself and the mined cryptocurrency.
Crypto Mining Equipment
This unique computer system consists of a motherboard, a central processing unit, a graphics processor, a cooling system, and other elements. Whether you’re in it to HODL your mined crypto or to spend it at a cryptocurrency casino for real money, we’ll let you know what’s required to start mining.
The system should be not only productive but also efficient. Your earnings are reduced to zero if the installation consumes large amounts of electricity. At worst, you start working at a loss.
In addition to the installation, you will also need to choose the best way to connect to the Internet and the cryptocurrency network. The process often includes setting up a connection to a mining pool – a group of miners who jointly mine crypto and share rewards.
Another preparatory step is the creation of a cryptocurrency wallet, which will receive a reward. The wallet must support the standard of the tokens you intend to mine.
Additional equipment includes a power supply for supplying electricity to the unit and a cooling system to prevent overheating equipment.
Keep in mind that the costs of collecting a farm suitable for mining are sometimes relatively high. At the same time, you have no guarantee that the installation will pay off shortly. Mining is a somewhat unstable income, as the cryptocurrency rate constantly fluctuates.
Features of a Good GPU for Cryptocurrency Mining
One of the important details in your mining rig is the GPU. For the installation to best meet your needs, when choosing equipment, you should pay attention to the following parameters:
- Hash rate – Shows the performance of the GPU – how many calculations the device can perform per second. The higher the score, the more efficient the GPU will be during mining.
- Energy efficiency – The procedure for mining cryptocurrency is a relatively energy-intensive process, which entails significant electricity consumption. The higher the energy efficiency index, the more you can save on electricity bills.
- Price – The more expensive the installation, the more time it will take to pay for it and start working in plus.
- Compatibility – Make sure your graphics editor will work stably and interact with other hardware in your mining rig.
- Overclocking capability – For some processors, performance can be improved. This is a handy feature for mining. However, keep in mind that overclocking increases the risk of premature processor failure.
- Cooling – Cryptocurrency mining generates large amounts of heat. The processor must have its cooling system in addition to the one you will use in the installation.
- Availability of a guarantee – If the equipment fails before the end of the warranty period, you can count on repair or replacement.
Which GPUs to Look Out for in 2023
Currently, there are a large number of installations that can be useful for you to mine cryptocurrency in 2023. Consider the best options.
AMD Radeon RX 5700 XT
The AMD Radeon RX 5700 XT is a high-performance GPU based on the AMD RDNA architecture. It uses a 7nm processor. It guarantees high hardware performance by boosting the clock speed and increasing the GPU resolution when needed.
AMD Radeon RX 5700 XT has 8 gigabytes of GDDR6 memory. The clock frequency is 1605 MHz, possibly increasing up to 1905 MHz — the graphics card guarantees smooth frame transitions even when running modern demanding games. The performance and reliability parameters make the equipment the best option for Ethereum mining.
NVIDIA GeForce RTX 3060 Ti
The NVIDIA GeForce RTX 3060 Ti is a high-performance graphics card suitable for mining various cryptocurrencies. The equipment is installed on gaming laptops and desktop computers.
It has a hash rate of 60MH/s and a low TDP of 200W. This ensures that the graphics adapter generates minimal heat while maintaining high performance.
AMD Radeon RX 6700 XT
AMD Radeon RX 6700 XT is built on the updated AMD RDNA 2 architecture. The card guarantees sharp images and high performance in the most demanding games at ultra settings. The video adapter supports DirectX 12 Ultimate technology, and has 12 gigabytes of GDDR6 memory with a 256-bit interface.
This GPU will be a good option for mining Ethereum, Beam, Expanse and Ubique.
NVIDIA GeForce RTX 3090
NVIDIA GeForce RTX 3090 is currently the only graphics card from the manufacturer suitable for mining and gaming. The hash rate here is 121MH/s – ideal for playing 4k pictures and, in some cases, 8k.
The card has an astonishing amount of memory – 24GB GDDR6X format and 10,496 CUDA cores.