Mining gpu bitcoin



Guiminer

is a GPU/CPU Bitcoin miner for Windows based on poclbm

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WHAT IS GUIMINER?

GUIMiner is a graphical frontend for mining Bitcoin, providing a convenient way to operate Bitcoin miners from a graphical interface. It supports both AMD and NVIDIA GPUs, as well as CPU mining. You can choose between pooled mining and solo mining – the software embeds a list of mining pools to choose from.

FEATURES

COMES ALREADY CONFIGURED FOR MANY POPULAR MINING POOLS

There’s no need to enter connection details manually, unless you want to.

REAL-TIME STATISTICS ON ALL YOUR RUNNING MINERS IN ONE LOCATION

Displays hash rate, total shares accepted/invalid, and total shares in the past hour.

AUTOMATICALLY START ONE OR MORE MINERS ON PROGRAM STARTUP.

VIEW YOUR ACCOUNT BALANCE WITH A POOL AND/OR WITHDRAW FUNDS

Do it from within the GUI, at participating pools.

MINIMIZES TO TRAY

The tray icon can be hovered to show statistics, and miners can be paused from the tray context menu.

FREQUENTLY ASKED QUESTIONS

WHERE CAN I DOWNLOAD GUIMINER?

You can download GUIMiner from the official GitHub repo.

WHERE CAN I GET NEWS AND UPDATES ABOUT GUIMINER?

Have a look at the official forum thread on BitcoinTalk.

CAN I USE GUIMINER TO MINE LITECOIN?

In order to mine Litecoin, you have to use GUIMiner-scrypt.

What is GUIMiner-scrypt?

GUIMiner-scrypt is a GUIMiner fork for mining scrypt chains, such as Litecoin.

GUIMiner is the premier Bitcoin Mining tool for Windows and is one of the easiest ways to start mining Bitcoins. By offering a simple and easy to use graphical interface, GUIMiner will let you take full control of your Bitcoin mining process without requiring complicated commands or constantly editing configuration files. GUIMiner is the perfect Windows mining software for beginners and experts alike, offering a ton of useful features that will help anyone get the greatest amount of Bitcoins with the lowest amount of fuss.
GUIMiner supports the most popular Bitcoin Mining software, including OpenCL Miner for AMD graphics cards, CUDA Miner for Nvidia cards, CGminer for any ASIC Miner, and even Ufasoft Miner so you can mine Bitcoins with your CPU! Not only does GUIminer support all of these different Bitcoin miners, it also supports using multiple miners at the same time! With GUIMiner, you can maximize your Bitcoin Mining profits all in one simple place! After your miners are configured, you can even setup «Autostart mining» that will let you start mining for Bitcoins as soon as the program opens!
To use GUIMiner, download the latest version from the link above, open it and extract the archive to anywhere on your PC (we recommend your Desktop so you can easily access it), then double click the GUIMiner executable to open the interface. Once GUIMiner is up and running, simply choose a mining pool (we recommend using Slush’s pool, to receive the most Bitcoins), setup your login details and hit «Start Mining!» to begin earning those sweet Bitcoins! Once mining begins, you’ll be able to see your mining statistics all in one place, letting you know what your hash rate is, your total shares accepted, and the total number of shares from the past hour.

This site is not affiliated with GUIMiner and is not the official page of the software.

GPU Bitcoin Mining

Log into the system with your Bitcoin Wallet Address to do the Bitcoin Mining with the GPU power.

Pricing Panel

See our pricing for free and paid use of our GPU Mining platform.

  • Per 1 MH/s
  • SHA-256 Mining Algorithm
  • 6 Months Free Usage
  • Free Support
  • Per 10 GH/s
  • SHA-256 Mining Algorithm
  • 1 Year Contract
  • 7 Day Money Back Guarantee
  • Per 1 TH/s
  • SHA-256 Mining Algorithm
  • 1 Year Contract
  • 7 Day Money Back Guarantee

Last Bitcoin Proof Of Payment

You can review Bitcoin proof of payment. The minimum payment limit is 0.05 BTC.

Contact Us

You can use our Contact form to communicate with us on everything about GPU Mining.

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About Us

GPU Mining is the easiest cloud mining platform to use. This free and paid cloud mining will give you very high profits. You can do mining as you would like from our platform equipped with thousands of mining systems running on a graphics card (GPU) power. You can easily use Bitcoin mining, which has a higher performance than other cloud mining systems.

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Mining gpu bitcoin

My friend asked me to do a research for him on bitcoin mining, I don’t know a lot so I’m asking. He’s consider buying either NVIDIA gtx titan or NVIDIA gtc 980. Decent motherboard and internet speed. I stumbled upon a question on this site which says that Gpu and Cpu mining is over, it’s all about ASIC now, but we can’t afford ASIC.

  • All in USA, we’re living in Lebanon
  • Overly expensive and we didn’t count shipping costs

Now I want you to consider

  • Internet is free
  • Electricity is free
  • Other than buying the hardware, we have no expenses at all

My question now is the following:

  • In best case scenario, using NVIDIA gtx titan or NVIDIA gtc 980, how much bitcoin can we expect to mine? (unless it’s really dead)
  • Is it wise to buy NVIDIA gtx titan or NVIDIA gtc 980 to mine bitcoins if you don’t pay taxes? Would it pay off?

3 Answers

Thanks for asking this question. I see a lot of people all the time who assume GPU mining is profitable.

Try googling «bitcoin mining calculator» and see.

Presently (in 2015) the calculator will tell you that you would be able to mine one bitcoin in about 1000 to 10 000 years. But you have to consider that there are reward halvings every four years, which those calculators don’t take into account. A more realistic scenario then is that it would take over a million years to mine one bitcoin.

Of course you don’t have to mine a whole bitcoin. If you are lucky you could perhaps mine 0.01 BTC in 10 000 years. That’s worth a little over three US dollars at the time I write this.

There are still a few people mining on GPU or even CPU. Some of them may have free electricity. But what they fail to understand is how extremely slow this is. Most ditch GPU/CPU mining when they see that you’d be lucky to earn three dollars in 10 000 years. But there are still some (in my mining pool) who refuse to give up.

TL;DR: no, GPU mining is not viable.

GPU’s are horribly inefficient compared to ASIC’s. Consider that the absolute best GPU’s get around 1 GH/s and cost in the $400 range. An Antminer U2 costs around $20 on ebay and gets 2 GH/s. Antminer U3 costs around $60 and gets 60 GH/s.

Roughly speaking at current network hash rates and current bitcoin price, if you get electricity for free, you can make back the hardware costs of an Antminer U3 in about a year. Of course, if the hash rate goes up, it’ll take longer and if the bitcoin price goes up, it’ll take shorter.

Basically, go get a cheap miner from ebay or somewhere.

I’d say that with free electricity GPU mining can be worth it in some ways. Rushing out and buying cards to build a GPU miner no longer makes sense, but with free electricity using a computer you primarily have for gaming to mine when you’re not gaming will generate a tiny amount of profit.

Another potential advantage is that if you live somewhere cold then the heat mining generates isn’t a waste product. However, any profitability goes out the window if you overdo it and melt your new graphics card, there’s no way you’ll earn enough to replace it. Mining makes your GPU very hot, so if you’ve overclocked it you could easily destroy it. It also wears out the cooling fans, you won’t even earn the price of a new fan so is it really worth it? Of course if curiosity rather than profit is your motive then why not? You’ll soon get sick of the noise your computer’s fans make though.

I myself decided to call time on GPU mining bitcoin when the mining difficulty went up to 12,000,000 as it was no longer worth it, today the mining difficulty is 178,678,307,672, almost 15000 times higher and each block is worth less too due to halving.

What is Bitcoin Mining and is it Profitable?

Last updated: 10.16.18

If you’re heard about Bitcoin then you probably heard about Bitcoin mining as well – the concept of “creating” Bitcoins from your computer. The following post will give you a complete overview of what Bitcoin mining is and is it still profitable today.

Post Summary:

Bitcoin mining is the process of updating the ledger of Bitcoin transactions known as the blockchain. Mining is done by running extremely powerful computers (known as ASICs) that race against other miners in an attempt to guess a specific number. The first miner to guess the number gets to update the ledger of transactions and also receives a reward of newly minted Bitcoins (currently the reward is 12.5 Bitcoins).

Today, in order to be profitable with Bitcoin mining you need to invest heavily in equipment, cooling and storage. It’s not possible to mine profitably with a PC or a GPU at home. You can calculate your profitability using a Bitcoin mining calculator.

If you want a more detailed non technical explanation about Bitcoin mining keep reading this post (there’s also a video version below). Here’s what we’ll go over:

Don’t like to read? Watch our video version of this guide

1. Why do we even need Bitcoin mining?

Bitcoin is a decentralized alternative to the banking system. This means that the system can operate and transfer funds from one account to the other without any central authority.

With a trusted central authority, transferring money is easy. Just tell the bank you want to remove $50 from your account and add it to someone else’s account. In this example, the bank has all the power because the bank is the only one that is allowed to update the ledger that holds the balances of everyone in the system.

But how do you create a system that has a decentralized ledger? How do you give someone the ability to update the ledger without giving them too much power—in case they become corrupt or negligent in their work?

Well, Bitcoin’s rules—also known as the Bitcoin protocol—solves this in a very creative way I like to call “Who Wants to Be a Banker?”

How Bitcoin mining works

In short, anyone who wants to participate in updating the ledger of Bitcoin transactions, known as the blockchain, can do so. All you need is to guess a random number that solves an equation generated by the system. Sounds simple, right?

Of course, this guessing is all done by your computer. The more powerful your computer is, the more guesses you can make in a second, increasing your chances of winning this game. If you manage to guess right, you earn bitcoins and get to write the “next page” of Bitcoin transactions on the blockchain.

Here’s a more detailed breakdown of the mining process:

1. Once your mining computer comes up with the right guess, your mining program determines which of the current pending transactions will be grouped together into the next block of transactions. Compiling this block represents your moment of glory, as you’ve now become a temporary banker of Bitcoin who gets to update the Bitcoin transaction ledger known as the blockchain.

2. The block you’ve created, along with your solution, is sent to the whole network so other computers can validate it. It’s a bit similar to a Rubik’s cube: The solution is very hard to achieve but very easy to validate.

3. Each computer that validates your solution updates its copy of the Bitcoin transaction ledger with the transactions that you chose to include in the block.

4. The system generates a fixed amount of bitcoins (currently 12.5) and rewards them to you as compensation for the time and energy you spent solving the math problem.

5. Additionally, you get paid any transaction fees that were attached to the transactions you inserted into the next block.

6. All the transactions in the block you’ve just entered are now confirmed by the Bitcoin network and are virtually irreversible.

Here’s a two-minute video showing the process of blocks and confirmations.

So that’s Bitcoin mining in a nutshell. It’s called mining because of the fact that this process helps “mine” new Bitcoins from the system. But if you think about it, the mining part is just a by-product of the transaction confirmation process. So the name is a bit misleading, since the main goal of mining is to maintain the ledger in a decentralized manner.

As you can imagine, since mining is based on a form of guessing, for each block, a different miner will guess the number and be granted the right to update the blockchain. Of course, the miners with more computing power will succeed more often, but due to the law of statistical probability, it’s highly unlikely that the same miner will succeed every time.

2. Mining difficulty

Now that you know what Bitcoin mining is, you might be thinking, “Cool! Free money! Where do I sign up?” Well, not so fast…

Satoshi Nakamoto, who invented Bitcoin, crafted the rules for mining in a way that the more mining power the network has, the harder it is to guess the answer to the mining math problem. So the difficulty of the mining process is actually self-adjusting to the accumulated mining power the network possesses.

If more miners join, it will get harder to solve the problem; if many of them drop off, it will get easier. This is known as mining difficulty.

Why on earth did Satoshi do this?

Well, he wanted to create a steady flow of new bitcoins into the system. In a sense, this was done to keep inflation in check. Mining difficulty is set so that, on average, a new block will be added every ten minutes (i.e., the number will be guessed every ten minutes on average).

Now, remember, this is on average. We can have two blocks being added minute after minute and then wait an hour for the next block. In the long run, this will even out to ten minutes on average.

As you can imagine, this type of self-adjusting mechanism has created a sort of “arms race” to get the most efficient and powerful miners as soon as possible.

3. The evolution of Bitcoin miners

When Bitcoin first started out, there weren’t a lot of miners out there. In fact, Satoshi, the inventor of Bitcoin, and his friend Hal Finney were a couple of the only people mining Bitcoin back at the time with their own personal computers.

Using your CPU (central processing unit—your computer’s brain and an integrated component in any computer) was enough for mining Bitcoin back in 2009, since mining difficulty was low. As Bitcoin started to catch on, people looked for more powerful mining solutions.

Gradually, people moved to GPU mining. A GPU (graphics processing unit) is a special component added to computers to carry out more complex calculations. GPUs were originally intended to allow gamers to run computer games with intense graphics requirements. Because of their architecture, they became popular in the field of cryptography, and around 2011, people also started using them to mine bitcoins. For reference, the mining power of one GPU equals that of around 30 CPUs.

Another evolution came later on with FPGA mining. FPGA is a piece of hardware that can be connected to a computer in order to run a set of calculations. They are just like GPUs but 3–100 times faster. The downside is that they’re harder to configure, which is why they weren’t as commonly used in mining as GPUs.

Finally, around 2013, a new breed of miner was introduced: the ASIC miner. ASIC stands for application specific integrated circuit, and these were pieces of hardware manufactured solely for the purpose of mining Bitcoin. Unlike GPUs, CPUs, and FPGAs, they couldn’t be used to do anything else. Their function was hardcoded into the machine.

Today, ASIC miners are the current mining standard. Some early ASIC miners even appeared in the form of a USB, but they became obsolete rather quickly. Even though they started out in 2013, the technology quickly evolved, and new, more powerful miners were coming out every six months.

After about three years of this crazy technological race, we finally reached a technological barrier, and things started to cool down a bit. Since 2016, the pace at which new miners are released has slowed considerably.

4. Bitcoin mining pools

Assuming you’re just entering the Bitcoin mining game, you’re up against some heavy competition. Even if you buy the best possible miner out there, you’re still at a huge disadvantage compared to professional Bitcoin mining farms.

That’s why mining pools came into existence. The idea is simple: miners group together to form a “pool” (i.e., combine their mining power to compete more effectively). Once the pool manages to win the competition, the reward is spread out between the pool members depending on how much mining power each of them contributed. This way, even small miners can join the mining game and have a chance of earning Bitcoin (though they get only a part of the reward).

Today there are over a dozen large pools that compete for the chance to mine Bitcoin and update the ledger.

5. Is Bitcoin mining profitable?

The short answer is “probably not”; the correct (and long) answer is “it depends on a lot of factors.”

When calculating Bitcoin mining profitability, there are a lot of things you need to take into account such as:

Hash rate: A Hash is the mathematical problem the miner’s computer needs to solve. The hash rate refers to your miner’s performance (i.e., how many guesses your computer can make per second). Hash rate can be measured in MH/s (mega hash per second), GH/s (giga hash per second), TH/s (terra hash per second), and even PH/s (peta hash per second).

Bitcoin reward per block: The number of Bitcoins generated when a miner finds the solution. This number started at 50 bitcoins back in 2009, and it’s halved every 210,000 blocks (about four years). The current number of bitcoins awarded per block is 12.5. The last block-halving occurred in July 2016, and the next one will be in 2020.

Mining difficulty: A number that represents how hard it is to mine bitcoins at any given moment considering the amount of mining power currently active in the system.

Electricity cost: How many dollars are you paying per kilowatt? You’ll need to find out your electricity rate in order to calculate profitability. This can usually be found on your monthly electricity bill. The reason this is important is that miners consume electricity, whether for powering up the miner or for cooling it down (these machines can get really hot).

Power consumption: Each miner consumes a different amount of energy. You’ll need to find out the exact power consumption of your miner before calculating profitability. This can be found easily with a quick search online or through this list. Power consumption is measured in watts.

Pool fees: If you’re mining through a mining pool (you should), then the pool will take a certain percentage of your earnings for rendering their service. Generally, this would be somewhere around 2%.

Bitcoin’s price: Since no one knows what Bitcoin’s price will be in the future, it’s hard to predict whether Bitcoin mining will be profitable. If you are planning to convert your mined bitcoins to any other currency in the future, this variable will have a significant impact on profitability.

Difficulty increase per year: This is probably the most important and elusive variable of them all. The idea is that since no one can actually predict the rate of miners joining the network, neither can anyone predict how difficult it will be to mine in six weeks, six months, or six years from now. In fact, in all the time Bitcoin has existed, its profitability has dropped only a handful of times—even at times when the price was relatively low.

The last two factors are the reason no one will ever be able to give a complete answer to the question “is Bitcoin mining profitable?”

Once you have all of these variables at hand you can insert them into a Bitcoin mining calculator (as can be seen below) and get an estimate of how many Bitcoins you will earn each month. If you can’t get a positive result on the calculator, it probably means you don’t have the right conditions for mining to be profitable.

Mining Bitcoin with a GPU in 2018

Mining is a funny term. You’re not really “mining” bitcoin in actuality. Bitcoin (and other cryptocurrencies) are based on a technology called Blockchain. Blockchain allows for a public ledger of transactions that are secure and safe from hacking. Miners are simply people or businesses who contribute the processing power of computers to the blockchain network, generally through a mining pool. This compute power could be CPU, GPU, FPGA, or ASIC based. Indeed in the early days of Bitcoin, mining was exclusively CPU based with GPUs following not too far behind. In those early days it was even possible to mine Bitcoins with computers as small as a Raspberry Pi. As the network grew and the difficulty rose, miners quickly moved to mining Bitcoin with a GPU.

The progression of Bitcoin Mining went like this:

  • CPU Mining – The base standard which everything began
  • GPU Mining – A single GPU today is roughly equal to 30 CPUs
  • ASIC Mining – A single ASIC miner today is roughly equal to 400 GPUs (12,000 CPUs)

As you can see over time mining power has increased exponentially. An ASIC based miner which costs roughly $2500 today can perform the work of 12,000 PCs which would cost $18 million dollars. The ASIC miner makes far more sense.

How the Bitcoin Network Size Effects your Miner

It’s super important before we go any further with a discussion of mining Bitcoin with a GPU that we stop and understand how the network size affects mining.

Some are likely to think with more miners on the network more Bitcoins will be mined. This is indeed false. Bitcoin is released at the same rate regardless of network size. Bitcoin has a fixed supply and fixed schedule that is followed. When Bitcoin mining first began, Bitcoins were released at a rate of 50 coins every ten minutes. 50 coins would be released whether there were 10 people mining or 10 million people mining.

Today, just 12.5 Bitcoins are released every ten minutes, but the number of miners has increased 10,000%. To put this in perspective, if ASIC mining were nor a thing there would be

25 billion CPUs mining Bitcoin today. That’s insanity! So 25 billion CPUs mining only 12.5 bitcoins per ten minutes. Are you ready to put this in perspective? With your desktop PC mining only with your CPU you are 200 times more likely to hit the lottery in your state than you are to ever find a Bitcoin.

Fantastic, but mining Bitcoin with a GPU has to blow that away right? I mean you can put six GPUs in a computer and get the Bitcoin mining equivalent of 180 CPUs. That will dramatically increase my odds. It sure will! You’ve now leveled the playing field! Your just as likely to win your local state lottery as you are to find a Bitcoin. See the problem? To find a Bitcoin you need a LOT more processing power.

What about Mining Pools though Mike?

Some of you more familiar with mining are saying “Wait a minute Mike, no one solo mines. I don’t need enough power to find a coin on my own! I’ll just mine in a pool and share the rewards.”

This again might sound like the way to go at first. Just toss all of your GPUs into a local mining pool and share the rewards based on the percentage of work your miner submitted.. Mining with a GPU just became profitable again! Well, not so fast. Let’s look at the numbers.

With a GTX 1060 GPU you’ll be capable of about 20 MH/s Bitcoin hashrate. As part of mining pool, your GPU would bring in about $.000112 a day of revenue. The 1060 uses about 95 watts of electricity. With an average electrical cost of 10 cents per kwh. Your total electricity spend would be $6.84 a month. This quite literally puts you $6.84 in the hole every single month.

Let’s face it. Mining Bitcoin with a GPU is not profitable in 2018. Can we stop the madness now?

Mining Bitcoin with a GPU: Hope is Not Lost!

But wait! There’s more! Hope is not lost for mining with a GPU. There are plenty of alternative coins that can still be mined with a GPU rig. These coins include Ethereum, ZCash, ZCL, and many more. Check out the tour of my Ethereum mining rig and my post on learning to mine Ethereum to learn more. I also did a comparison of the most profitable mining GPUs for 2018.

Hope you have a fantastic 2018 and GPU mine the heck out of those alt-coins!

About The Author

Mike is the founder of The Geek Pub. A jack of all trades who simply enjoys the challenge creating things, whether from wood, metal, or lines of code in a computer. Mike has created all kinds of projects that you can follow and build yourself, from a retro arcade cabinet to plantation shutters for your home. As an accomplished IT Executive with 25+ years experience, Mike believes that in today’s world of ever changing intense competition, IT must be strategically aligned to the business like never before.

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