Why is cryptocurrency mining needed at all?
Cryptocurrency mining is one of the domains that emerged as a result of the cryptocurrency boom following the introduction of Bitcoin. We already know that bitcoin mining has become very extensive and non-profit. Hence, the altcoins have taken over the mining industry as mining operations are essential to maintaining stability and consensus among community members of a blockchain project. In short, the mining work is essentially being done to avoid centralizing power in the hands of a few in relation to developments on the blockchain.
For anyone in a state of confusion, choosing your own mining machines below is a list of the latest mining machines required for the various cryptocurrencies.
Bitmain Antminer S9 is the first and foremost piece of equipment that comes to mind when mining Bitcoin. Developed by in between, the company’s flagship mining machine is priced at around $ 3,500 at a hashrate of 13.5 TH / s.Some of the other popular Bitcoin mining rigs available in the market are Bitmain Antminer S7, Canaan AvalonMiner 741, Block C Avalon6, Gekkoscience 2-PAK-USB-Bitcoin-Miner etc. with a hash rate of 4.73 TH / s, 7.3 TH / s, 3.5 TH / s and 15 GH / s respectively The last one is relatively small and also offers more power.
Unlike Bitcoin, the Ethereum network contains the Ethash algorithm for its consensus. The extensiveness is not that great compared to Bitcoin, and the mining process is possible through the use of graphics processing units or GPU. AMD and Nvidia are two of the industry’s best-known competitors providing the GPU for Ethereum mining. Some of them are AMD RX 470/570, AMD RX 480/580, AMD Radeon RX Vega series, etc. which are part of the AMD family and Price between $ 250 and $ 1200. The Nvidia GPU cards are GTX 1070, GTX 1080ti, priced between $ 550 and $ 1200.
Even Bitcoin Cash was easy to mine through the use of CPU and GPUs, but as the mining industry has escalated due to competition, the ASIC miners have inevitably become very similar to the Bitcoin network. Also one of the most popular for Bitcoin Cash Mining is the Halong Mining DragonMint 16T with 16 TH / s hash rate. Antminer S9 and S7 are the other two most famous Bitcoin Cash mining machines on the market. However, the DragonMint ASIC miner is the most powerful when it comes to Bitcoin Cash mining as its close competitor Antminer S9 only needs 14TH / s.
The privacy focused cryptocurrency coin also requires the mining operations as it uses the Cryptonote algorithm. The most famous equipment in the field is GPU Miner P 102-100, Canaan Avalon Miner 841, etc. It must also be noted that the cryptocurrency coin uses a relatively convenient algorithm and therefore enables users to perform mining operations even from their standard PCs. It must be noted that there are no dedicated ASIC miners designed for Monero mining, but the mining equipment used for Bitcoin or Ethereum is built in for Monero mining.
Most famous competitor to Ethereum, EOS in the list, but in this case there is no mining equipment as the cryptocurrency project is designed in such a way that no mining operations are required. The consensus mechanism for delegated evidence of deployment is applicable, just to some of the dedicated block makers of the EOS blockchain platform. The block producers are also elected indirectly by the community members who use their computing power to generate blocks. You will be rewarded accordingly with the EOS tokens.
The future consequences of mining
The extensive mining operations are currently proving to be very dangerous for the environment, as they consume electrical energy that corresponds to the electricity consumption of an entire country. If a similar trend continues, then this is the reason for that The development of cryptocurrencies would be constitutionally violated. One of the most significant technological innovations believed to save central banks would turn into an unaffordable piece of technology.