Why Do We Mine Ethereum?
Currently the most profitable coin to mine with the rigs that we specialize in is Ethereum. Ethereum is a digital platform that runs on blockchain technology. It is the second largest cryptocurrency behind Bitcoin. It's most commonly known for its smart contract functionality and native cryptocurrency, ether. The broader purpose of the Ethereum network is to enable decentralized apps (dApps), such as marketplaces for nonfungible tokens (NFTs). In terms of USD, mining Ethereum will give you the highest returns. As the value of Ethereum increases, so do the rewards that you have earned through mining.
The type of mining that we specialize in is called GPU mining. GPUs or graphics processing units are used for rendering the graphics on your screen. Generally, video cards are the key component for fluid motion in videogames. These components are also incredibly useful for solving algorithms on the blockchain. This is what we know as mining. In essence, miners use the computing power of dedicated hardware to solve complex puzzles. This process not only allows the network to function but also protects it from hacking and other malicious attacks. In exchange for their services, miners receive a transaction fee — a predetermined amount of ether upon the successful validation of a block.
Other Coins To Mine
There are dozens of other coins that are capable of being mined. The way that we optimize our systems allows for quickly and efficiently switches between mining algorithms. Once Ethereum switches to proof of stake or a coin becomes more profitable to mine than Ethereum, we will be rapidly changing our systems to mine that token. For a full list of mineable tokens and their profitability statistics, visit our calculator tab.
Can I Mine Bitcoin?
The machines that we specialize in are not able to mine Bitcoin. In order to mine Bitcoin, you need an ASIC that is specifically designed to run the particular mining algorithm that Bitcoin requires. This means that unlike our mining rigs where we can change the algorithm that we use, the only thing a Bitcoin ASIC can mine is Bitcoin. While you cannot directly mine bitcoin, there are options for you to get paid out in Bitcoin rather than Ethereum.