Cryptocurrency mining - history and prospects
The introductory article of our novice miner guide will help start mining right. Here we will look at what cryptocurrency is, the concepts of mining in general and gpu mining in particular.
Personally, I started mining cryptocurrency in 2017. Of course I started mining earlier, but it was the mining of cryptocurrency on the video card (gpu mining) that I mastered in 2017, when I bought my first mining rig.
Mining и GPU mining
Mining is a process when working equipment (mining rig) makes calculations according to a certain algorithm, for which the user (miner) is charged a reward in the corresponding mining cryptocurrency. This is the cryptocurrency mining.
Cryptocurrency mining on video cards (gpu mining) began when someone realized that using powerful gaming computers with several video cards for mining was an order of magnitude more advantageous than using workstations for mining.
This was a key year in the industry. Around spring, everyone started saying that mine was not profitable. In the autumn the mood changed diametrically. Mining cryptocurrency blossomed. There were many altcoins, more than two thousand. By the end of the year, the Bitcoin course sharply increased and nothing had darkened the work of the miners.
2018 began very rapidly. They did not talk about mining cryptocurrency only... No, everyone said. People took loans, sold apartments to buy a mining rig and mine.
At Christmas, January 7, 2018, most currencies fell sharply in price. They paid attention to this, but the rigs continued to work and generate considerable income. Buy a video card for mining was unreal. Miners did not complain, not sparing their eyes, they were looking for new profitable currencies and mine-mine-mine.
In the spring new courses collapsed, mining revenues gradually began to approach the cost of electricity that rigs consume. By the end of the year, the situation did not improve, despite forecasts.
Obviously, something has to change. The cryptocurrency mining industry is quite young and it is still being formed. Single people sitting at the computer for days can no longer earn, the time of new technologies comes-the time of automatic mining.