Planning to start with Bitcoin mining? But you only have one GPU or Graphics Processing Unit and wondering if it’s possible to mine with a single GPU?
If yes, then I have got your back. In this article, I am going to discuss whether we can mine Bitcoin with one GPU. Well, the answer to this question is Yes, you can.
However, Mining Bitcoin with just one GPU will not take you anywhere. Since over the past years, Bitcoin mining has gained a lot of attention, and people started using a high-end mining machine known as ASIC miners. This made mining Bitcoin with GPUs unprofitable.
But there is nothing to be sad about. While you cannot mine Bitcoin, there are several other coins which can be mined using GPU.
So let me talk about it in brief:
Bitcoin Mining With A GPU
When Bitcoin mining was invented in the year of 2009, it was a pretty new thing. The competition for generating blocks on the Bitcoin blockchain was relatively low. Hence, it required less power.
But as Bitcoin started to gain its value and popularity, there was increased competition for generating blocks. As a result, miners needed high computing power, and GPU was one of their preferred choices.
Soon it was discovered that mining Bitcoin using just the CPU isn’t efficient. As GPUs are much more powerful when it comes to performing calculations needed for Bitcoin Mining.
Also, as time passed, Bitcoin gained more and more popularity. Then soon, ASIC or Application Specific Integrated Circuit was invented. ASIC miners are much better and faster than GPUs for Bitcoin Mining.
This significantly played an important role in decreasing the GPU’s efficiency. As a result, mining with GPUS soon became unprofitable.
What is an ASIC Miner?
ASIC stands for Application Specific Integrated Circuit. They are meant for the only job, which is to mine Bitcoin.
ASIC miners are extremely powerful and efficient. As a result, they are the primary choice of many who want to start mining Bitcoin.
Since a majority of people use ASIC miners to mine Bitcoin. As a result, if you are planning to start mining with a GPU or CPU, it will be a waste of money or time. As you won’t really get to generate a block on the Bitcoin network and earn rewards in return.
Also, if you are planning to get an ASIC miner then they are pretty expensive. They can cost you about $1000.
But if you move away from Bitcoin, then there are plenty of other cryptocurrencies that can be mined using a GPU.
How To Start Mining Using A GPU?
As now that you know you cannot really mine Bitcoin using a single GPU, you can still mine other cryptocurrencies. You can start mining altcoins and get to earn your crypto coins. To start mining, you will need a couple of things.
First, you need to decide which coin you would like to mine. Secondly, you need to set up a wallet and choose your mining software.
Now let me talk about these parts individually:
Find A Cryptocurrency To Mine
The first thing you should do is find an altcoin that you wish to mine. You can mine Ethereum or Raven Coin.
Both of these coins can be mined with a GPU. Also, both the coins have a low difficulty rate. This means that you will earn more coins per day from your mining efforts than if you choose to mine Bitcoin.
Also, you can use this website called whattomine.com to figure out a crypto coin that will give you the best profit for your GPU.
Setup A Wallet
Once you have figured out which coin you would like to mine, the next step is to create a wallet. You need to create a wallet for the specific crypto coin you are mining. For instance, if you are mining ETH, then you will need to create an Ethereum wallet.
There are way too many wallet options available out there. For instance, you can try out wallets like MetaMask, TrustWallet, Exodus, Mist, and many more. And If you want more safety for your crypto holdings, many crypto experts including The Money Mongers team recommends on using a hardware wallet like Ledger Nano X.
Example ETH wallet address: bnb136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23 (This is just an example wallet address, don’t transfer any funds to this address)
Choose A Mining Software
Lastly, you need to choose mining software. You need software that is compatible with the coin you wish to mine. However, selecting mining software is not as straightforward as you might think it is.
Depending on your GPU type, you have to choose mining software. For instance, if you wish to mine ETH using your AMD GPU, the mining software will differ from the software needed to mine ETH using an NVIDIA GPU.
Is GPU Mining Profitable?
Well, mining with GPU is profitable also it is not so profitable. There is no straightforward answer to this question.
In early days, you could mine Bitcoin with a low end computer. But since, there is a high competition these days. You will need to have the high computing power to generate blocks on the blockchain network.
Also, there is a high demand for GPUs in the market, thanks to the high number of miners. As a result, if you want to set up a mining rig, then it is going to cost you a lot.
However, some experts believe that instead of investing in a mining rig, one should hold the same amount of BTC or ETH in their portfolio. As this will give them better rewards.
But if you do have a long time plan, then investing in mining hardware would surely turn out as a profitable business.
Will Mining Damage My GPU?
The answer to this question also depends. Mining does damage your GPU. However, if you do take proper steps, then your GPU will not get damaged much.
You need to optimize your GPU properly, and with the right settings, there is nothing to worry about.
However, in mining, most people have a steady GPU setup. This way, the load is evenly distributed over time. As a result, GPUs don’t get exposed to the thermal spikes and sudden drops that could damage the GPU.
The trick to save your GPU from getting damaged is to cool it down. You can use external Fans for the job, use liquid coolers or keep your mining rig in a cold environment.
So that was an answer to your question: can you mine Bitcoin with one GPU. I hope this answers your question. Also, before you get into mining, make sure to do proper research. Also, for any other questions, drop a comment below.