If you are looking into getting into TRON (TRX) mining for profit, it will definitely pay to do your due diligence when setting up your rig. Since not only the TRON price but the number of miners and the power behind your hardware have a significant effect on profitability, it’s important to put your best foot forward when getting into TRON mining.
When setting up your hardware, the most powerful equipment available these days is ASIC’s, which are extremely costly. Regular computers lack the GPU power to produce significant returns, but when it’s done right, this can be a great way to introduce yourself to mining TRON. As your research continues, mining profitability charts will be your best friend.
These charts will show you how much USD you can make for 1 Mh/s of hash rate (keep reading to find out more on hash rates and ASIC) while factoring in electricity expenses, a number of miners, etc.
First, what is an ASIC miner? Made from only an ASIC chip, a motherboard, and a cooling system, these rigs are specifically designed for mining particular cryptocurrencies, making them very good at what they do. With these rigs running 24/7, their only purpose is to solve cryptographic puzzles.
However, since these machines run at all hours of the day wear and tear can be big, not to mention expensive, problem, as well as being loud, very hot and an electricity drain. However, an investment into one of these mining rigs can pay themselves off in as little as a few months.
Second, what is the Hash Rate? Measured in hashes per second (h/s, Mh/s), this is essentially the computing power you contribute toward mining new blocks. As the hash rate increases so do mining difficulty and number of miners. The more guesses your setup makes to solve a puzzle, the higher your hash rate, and the more likely you are to make a profit.
Throughout the years, as ASIC rigs have increased in popularity, there were a few algorithms developed to make it harder for these machines to solve blocks. For example, Etash for Ethereum/ Ethereum classic. This made mining with a standard ASIC extremely tough, as it required more memory than before. As well as Ethash, we’ve seen SHA256 (which now runs Bitcoin based coins), and the Scrypt algorithm.
Despite the attempts by these crypto companies to make it tougher to mine with an ASIC rig, we’ve seen ASIC miners entering the market which is specialized for Ethash and Scrypt resulting in those coins becoming more centralized when it comes to their mining pool.
Follow the trends: The Realtime Tron Prices
At any rate, crypto mining continues to get harder and harder every year. With more miners than ever on increasingly sophisticated rigs, if you want to get into mining using a regular GPU just doesn’t make sense anymore.
Although every cryptocurrency is different, it always pays to calculate using a mining profitability chart to calculate your return. CPU’s, on the other hand, are even worse than GPU’s for mining and can only be used for mining currencies that haven’t been flooded with ASIC mining.
So you could say that ASIC mining has been both beneficial and disadvantageous for crypto miners. On the one hand, these machines have made mining faster. Easier and more profitable for some.
Whereas on the other hand, as mining rigs get more sophisticated and the number of miners increases, so do the memory requirements and the difficulty of solving a block. Its no longer an option to mine on smaller GPUs, and if you want to compete, you’ll probably have to shell out some money for a good ASIC rig.
If you want, it is also possible to use certain mining programs to mine two cryptocurrencies simultaneously. Whether it’s Ethereum (ETH), Decred, etc. Some coins, you can even mine at the same time without affecting your hash rate either. Meaning you can get two coins, at the same time, for the same amount of power.
Proof of Stake (PoS)
TRON uses an algorithm called proof of stake. This system works on a principle of validators of a randomly chosen block. A validator might increase their chances by having the largest stake (deposit) in any validation. The higher the stake, the higher the chances of validating the entire block and collecting transaction fees.
Learn more: Bitcoin banks – Is it the future of finance?
This kind of system is more environmentally friendly as it does not require a huge amount of energy other methods use.
Now you have all the information on how to successfully mine Tron (TRX). Looking forward to start Tron mining? Feel free to share your experiences, costs, and profits below.