Cryptocurrencies are growing in popularity and more and more people are trying to get a piece of the digital currency pie. This is especially true for those interested in cryptocurrency mining, which is now possible in a number of ways.

Cryptocurrency YouTuber Drew Vosk has analyzed the existing crypto mining methods, using his own experience as a guide to measure and predict their viability and suggest different ways to earn passive income from cryptocurrencies.

For a long time, mining using graphics cards or graphics processing units (GPUs) has been the top choice for most crypto enthusiasts to generate their digital wealth, but Vosk believes this method of cryptocurrency mining is no longer so viable. He believes that mining with CPUs is now more effective due to the higher performance they offer.

According to him, there are only four graphics cards today that make more money than they use power, and none of them are currently making more than 24 cents a day. Also, they cost between $600 and $2,000, leading the YouTuber to conclude that "GPU mining is absolutely dead."

However, there are several alternatives to GPU mining, and Vosk has analyzed several of them. Some of these are CPU mining, using a cloud mining service, or using a mining pool.

One of the most viable long-term crypto mining options is to use mining software like Evergreen Miner v2, which costs around $60 per month on average.

Mining rig prices range from $299 for a very basic Starter Kit to $2,799 for the Starter Kit Pro, which offers a mining rig that isn't noisy, doesn't produce a lot of heat, and doesn't cost a lot. Vosk recommends this mining rig for mining Chia (XCH).

Vosk also mentions bobcat miners like Bobber 500 as a way to mine helium (HNT) with 5G cellular and LoRaWAN radio coverage, but he doesn't think it's a very interesting or profitable option given his 18 helium hotspot -Miners only generated $1 per day.

Due to his negative experiences with Helium and NovaLabs, he doesn't have much faith in cryptocurrencies. However, he admits that whether people love it or hate it, 5G mining could be lucrative.

The Bitmain Antminer K7 is a viable alternative to GPU and CPU mining and the second most profitable miner after the KA3 model. However, the winning numbers can change drastically depending on market conditions.

He mentioned the Bitmain Antminer L7, which is available from mining rig reseller CoinMining Central for $10,725 each, while the K7 costs $5,728. This is slightly more expensive than Bitmain's website but comparatively more available.

Vosk also touched on Equihash mining, an algorithm that enables the mining of ASIC-resistant cryptocurrencies like Zcash (ZEC), which he recommends, although many have criticized it, calling the token "Z-Trash."

Currently, there is only one miner viable for mining Equihash cryptocurrencies – the Bitmain Antminer Z15 from 2020. Vosk does not see this miner as very viable as it is already three years old and he assumes that many new Equihash mining devices will replace it very soon.

Crypto mining is still profitable

Vosk advises those who already own devices that make a few dollars a day to keep using them, but also to analyze which option works best for them - do the math and compare electricity prices.

Another option is building a crypto mining rig from scratch, which may sound daunting to a beginner, but with a little help can become a fun and potentially very rewarding activity that could pay off in the future, depending on the Situation in the crypto space (and beyond).

However, if independence from the local grid and offsetting the power drain associated with mining Bitcoin (BTC) sounds more appealing, then using solar power to mine cryptocurrencies could be the right, albeit weaker, choice. The results could be different.

#Crypto2023 #Crypto #Mining #Blockchain