GPUs are ideal for mining blocks and hashes is the real question. With a lot of power and energy used to mine cryptocurrency, is it vice to mine them? Read the analysis which talks about the possibilities of mining and how hash can be beneficial for mining purposes via GPUs.
With the change in the lifestyle of people and everyone going digital, it is for sure that the era of digital has arrived. The last decade has witnessed the emergence of many digital currencies that are based on online encryption and a decentralized system of ledgers to maintain their authenticity and credibility.
Crypto, which is the most common word in the world of today, has seen them permeate mainstream culture as ads on TV and self-styled financial and wealth influencers on SNS platforms have tried to make the practice of owning the decentralized finance currencies an acceptable and normal activity.
Gaming and cryptocurrency
Cryptocurrency and gaming are not new to each other. They have often crossed paths in recent years and this week Game-On-analyses what makes people on the crypto side covet hardware that is made to play games.
There is magic in mining. Cryptocurrencies, unlike other currencies, are not regulated by the central banks. They are made with the amount of effort that goes into creating a chain of value. This chain is called a blockchain. It is a repository of ledgers of a particular currency. Every link in the chain (called a block in the case of bitcoin and a hash in the case of Ethereum) is a ledger entry- a transaction ID for a corresponding amount of value, the longer the blockchain gets, the more value is generated for currency. It is like, the more you mine, the more you extract.
But mining is only linked to the popularity of the currency, and it fuels a continuous cycle. The more popular a currency, the greater number of transactions, longer blockchains, and thus more value. Hence, as the currency is absorbed by more takers, there is the need for more miners to maintain more ledgers for its decentralized functioning.
More energy required
It is noteworthy that in mining a cryptocurrency, a lot of power is consumed and the act of mining needs dedicated hardware. Power can be measured in the ability to perform one very detailed complex task or several similarly complex tasks. In the case of mining, the complex tasks are the same and ledger entries are the same, but it is for the corresponding transaction ids.
Conventional CPUs do not fit much as they are designed to multitask on many kinds of tasks. GPUs are made for this kind of computing. They give similar polygons and triangles many times, which is likely similar to mining crypto. GPUs are very efficient at updating multiple ledgers in computational times that CPUs cannot match.
Currently, Ethereum is considered to be an efficient cryptocurrency to mine. As miners stack up many GPUs in their rigs, gamers cannot get hold of the best gaming cards as they are being repurposed. Nvidia, for example, has half the mining rate on its new cards and bottle-necked their performance when mining. It means tasks are performed and also offers unique crypto mining processors.
With the digital world gaining momentum slowly, there is a possible remedy for the future, but for sometime miners and gamers are going to be entangled for a while.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.