Five Great GPUs for Mining Cryptocurrency
A good GPU is essential for mining Bitcoin and other cryptocurrency. We look at the best options for speed, power consumption and budget.
Despite its ups and downs, cryptocurrency remains a viable investment, and a stride into the future of transaction. One of the best ways to capitalize is through crypto mining, which requires the proper equipment to be done effectively.
One aspect of a good setup is a GPU (graphics processing unit) that can get the job done.
But why a GPU? What does it have to do with Bitcoin mining?
Bitcoin and other cryptocurrencies operate through their own blockchain. This is used to verify transactions and prevent the fraudulent creation of additional coins, as well as many other wide ranging applications.
Verifying the previous block requires that machines guess a long string of characters—this is the process of mining. Correctly ‘guessing the characters’ results in a reward, in the form of the currency in question.
To maximize your ability to ‘mine’, it’s important to have a unit that is capable of making the maximum amount of guesses per second—this is the ‘hash rate’.
In the early days of cryptocurrency mining, a CPU would do the trick just fine. Now that competition has increased, a quality GPU provides an edge.
Alt Text: Blockchain technology is central to cryptocurrency mining, and one of the keys to success is having a capable GPU.
Nvidia GeForce GTX 1070
The Nvidia GeForce GTX 1070 offers great hashing abilities, without using a lot of power to run (150W, incredible for such a powerful machine). This helps to ensure that your earnings are for you, and not your electricity provider.
Nvidia is a trusted name in the GPU market, and this card in particular is well known and considered to be among the best.
Of course, there’s always a downside, and that is the relatively high price tag associated with this GPU. Coming in between $600-$1,000, there is a sting upfront. Those that intend to use the card extensively, however, will see the purchase price offset by the lower power consumption.
Nvidia GTX 1070Ti
As you may have guessed, this is the updated version of the aforementioned GeoForce GTX 1070. As with most updates you take the good with the bad. The computing power of this GPU is even higher than its predecessor’s already considerable capabilities, but it comes at a price. Both the upfront cost, and the power consumption rate have increased. At 180W, however, it’s consumption is not unreasonable.
Nvidia GeForce GTX 1060
This model is excellent for beginners, and comes at a lower price than the 1070 models. The power consumption is a miniscule 120W and is also good for gaming, if you intend to utilize the card for more than one purpose.
Not surprisingly it moves a bit slower than the 1070 model, so the serious miner is likely to eventually move on from this GPU.
AMD Radeon RX Vega 56
This GPU has been impressing people with its great hash rate, outdoing even the Nvidia GTX10170 models. It can often be found at a lower price than its rival as well, although it still won’t be cheap.
The downside (you knew it was coming) is that this GPU has a consumption rate of 201W, making it most suitable for miners with access to an affordable source of power.
AMD Radeon RX580
Coming in at a lower price ($350), the AMD Radeon RX580 offers good value for the dollar, with reasonable speed. The consumption rate is a middle-of-the-road 185W, but it is not as compact as some of its competition.
These are just some of the excellent GPU options available today for those mining cryptocurrency. Of course, the right GPU is just one component of an effective mining system.
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