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hash rate of future: Understanding Ethereum mining
When it comes to CRIPTO CRIPTO CRIPTO such as bitcoin, understanding of the underlying mechanics is crucial for those interested in involving. In this article, we will enter the world of the Ethereum mining and explore how much time it takes to minimize the Bitcoin block using one Nvidia Geforce GTX 680.
What is a hash rate?
Before we dive into specifics, we cover what the hash rate is. The hash rate measures the rate by which the computer can process transactions and create new blocks on the Ethereum network. This is basically a computer power measure, with a larger number that indicates a higher processing capacity.
How’s mining works?
Simply put, mining involves solving complex mathematical problems to confirm the transactions on Blockchain and add them to the public book (blockchain). The first miner to solve these problems must add a new block blockchain block, which they then broadcast into the net. This procedure is constantly repeated, with new blocks added at a speed of about 10-15 blocks per second.
Ethereum’s consensus algorithm
Ethereum, like other main crypto currencies, uses proof of work (POW) as its consensitive algorithm. In Pow, the knots on the Ethereum network compete to solve a complex mathematical problem, which requires significant computer power. The first node to solve this problem must add a new block blockchain block and broadcast it with the network.
Hash rate GTX 680
The Nvidia Geforce GTX 680 is a powerful graphics card published in 2013. Although not designed for cryptocurrency mining, the hash rate can still be used for other purposes such as video editing or 3D modeling.
According to different sources, here are some estimates of the hash rate that can be achieved on one GTX 680:
- On Ethereum, the average block time is approximately 10-15 minutes.
- With one GTX 680, it is estimated that you could handle about 1-2 blocks of bitcoin per day, assuming an average block reward of 6.25 BTC.
- However, keep in mind that these estimates are rough and may differ depending on several factors, including the effectiveness of your mining setting, the congestion of the network, and the complexity of the mathematical problems that are solved.
One block mining
Now, let’s dive into some certain numbers to give you the idea of how much time you need to mines one block of bitcoin using one GTX 680.
- Assuming an average block of 6.25 BTC block (which is currently around $ 20 to $ 22 per block), and an estimated 10 -minute mining time (medium range), we can estimate the total number of blocks that are mined daily.
- Using some simple mathematics we get:
+ Total daily income: approximately $ 750
+ The number of miners needed for one block of bitcoin: about 3-4 miners
+ Average block reward: 6.25 BTC (assuming an average prize)
+ Estimated mining time per block: 10 minutes
- Therefore, it should be approximately 2,400 days (about 8 years) to make one miner 1,000 blocks at a speed of 3-4 miners.
Conclusion
Although we have estimated that you could potentially minimize about 1-2 blocks of bitcoin a day using one GTX 680, keep in mind that these numbers are rough estimates and may vary depending on several factors. In addition, mining requires significant computer power, which may not be feasible with current graphics card technology.
If you are interested in involving cryptocurrency mining, I would recommend that you explore other options such as cloud mining or joining the pool to increase your chances of success.
