Why Use the 588 for Mining (Why Not Use the 6800 for Mining)?

08/13/2023 11:41 • Metaverse Matters • 102 views

Why use the 588 for mining? Why use the 588 for mining? Why use the 388 for mining?

The total network computing power of Bitcoin has reached 100T, and the current block height has exceeded 16,430. This means that more and more people have been investing in Bitcoin mining over the past year. With the current market price, it may cost about 100,000 yuan to buy a new cryptocurrency, but it is not easy now. And for those who want to mine Bitcoin, this method is safer, more reliable, and more convenient compared to other mainstream digital currencies. Therefore, it is difficult for ordinary users to directly enter the mining field by purchasing encrypted assets (such as exchanges) for trading and custodianship of these currencies. So at this time, many investors will transfer their Bitcoin to a centralized platform or exchange, and then convert it into a stable coin or another token. This way, you can basically control all your Bitcoins and earn certain interest income, and you can withdraw it at any time.

Of course, in addition to the mentioned “threshold,” we have also found some very important points: the requirement for profit. In order to make it easier for everyone to obtain income, some large funds have begun to focus on those unprofessional and inexperienced altcoins. And high-risk issues like this are difficult for many small players to overcome. So, many people decide to give up mining BTC and switch to other public chains.

This is why we choose to use version 58.8 for mining:

1. After the Bitcoin halving, there will be a large number of low-efficiency problems.

2. There is a large amount of junk data in the Bitcoin network.

3. With the increase in miners’ mining speed and the decrease in fees, network congestion occurs.

4. When block rewards increase, some miners will quit the network and join the competition.

5. With the decrease in difficulty and block rewards, it affects the change in hash value.

6. The current network can handle about 50Mh/s load per hour.

7. Although the mining cost is low, the overall payback period is long, so it is recommended to hold in the long term.

8. Consideration from the perspective of mining machine performance.

9. The mining pool service provider has provided a relatively simple solution to ensure user storage space. Compared with the software upgrade provided by traditional mining farm service companies, the service of the mining pool is relatively simple and does not require electricity payment.

10. Optimize the running process of configuring mining machines.

11. Improve mining efficiency.

12. Improve mining pool operation and maintenance experience.

Why Not Use the 6800 for Mining

Bitcoin mining costs are high and prices are unstable. If you continue to run a block with the same computing power and the same algorithm in a bear market, then there is no problem! Why not use the 6800? Reasons are as follows: Due to the large number of unconfirmed transactions on the BTC network and over a million transactions per minute, and due to the average block time of 1 second (i.e., each block contains 2 seconds), it is difficult to find enough validating nodes for effective mining. Additionally, currently, most miners use the PoW (Proof of Work) mode.

Furthermore, for ordinary users, the most common choice is to use difficulty adjusters that are lower than 6-digit multiples to increase their ASIC chips. These devices are mainly used for cryptocurrency mining and storage processes, but there are also some other hardware such as CPUs, memory, and hard drives that can still function properly. For those who are more professional, they can directly choose low-power GPUs as one of the main configurations of the machine to reduce income loss.

This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/23697.htm

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Why Use the 588 for Mining (Why Not Use the 6800 for Mining)?

Why Not Use the 6800 for Mining

Related recommendations