The hash rate of the future: Understand Ethereum’s mining
When it comes to cryptocurrency mining as bitcoin, understanding the underlying mechanics is essential for those interested in getting involved. In this article, we will deepen the world of Ethereum Mining and explore how long it has been to extract a Bitcoin block using a single Nvidia GeForce GTX 680.
What is the hash rate?
Before immersing ourselves in the details, we cover the hash rate. The hash speed measures the speed at which a computer can process transactions and create new blocks in the Ethereum network. It is essentially a computational power measure, with higher numbers that indicate a greater processing capacity.
How does mining work?
In simple terms, mining implies solving complex mathematical problems to validate transactions in the block chain and add them to the main book (Blockchain). The first miner to solve these problems can add a new block to the block chain, which then transmitted to the network. This process is repeated continuously, with new blocks that are added at a speed of approximately 10-15 blocks per second.
Ethereum consensus algorithm
Ethereum, like other important cryptocurrencies, uses the test of work (POW) as its consensus algorithm. In Pow, nodes in the Ethereum network compete to solve a complex mathematical problem, which requires significant computational power. The first node to solve this problem can add a new block to the block chain and transmit it to the network.
GTX 680 hash rate
The NVIDIA GeForce GTX 680 is a powerful graphics card launched in 2013. Although it is not designed for cryptocurrency mining, its hash rate can still be used for other purposes as a video or 3D modeling edition.
According to several sources, here are some estimates of the hash rates that can be achieved in a single GTX 680:
- In Ethereum, the average block time is approximately 10-15 minutes.
- With a single GTX 680, it is estimated that it could extract around 1-2 Bitcoin blocks per day, assuming an average block reward of 6.25 BTC.
- However, keep in mind that these estimates are difficult and may vary according to several factors, including the efficiency of its mining configuration, network congestion and the complexity of mathematical problems that are being solved.
MINING ONLY BLOCK
Now, we are going to immerse ourselves in some specific numbers to give an idea of how long it has been to extract a single bitcoin block using a single GTX 680.
- Assuming an average block reward of 6.25 BTC (which is currently around $ 20- $ 22 USD per block), and an estimated mining time of 10 minutes (mid-range point), we can estimate the total number of blocks extracted per day.
- Using some simple mathematics, we get:
+ Total daily income: approximately $ 750
+ Number of miners needed to extract a single Bitcoin block: around 3-4 miners
+ Average block reward: 6.25 BTC (assuming an average reward)
+ Mining time estimated by block: 10 minutes
- Therefore, it would take approximately 2,400 days (around 8 years) so that a miner extracts 1,000 blockages at a rate of 3-4 miners.
Conclusion
While we have estimated that it could extract around 1-2 Bitcoin blocks per day using a single GTX 680, keep in mind that these numbers are approximate estimates and may vary according to several factors. In addition, mining requires significant computational power, which may not be feasible with current graphics card technology.
If you are interested in getting involved in cryptocurrency mining, I would recommend exploring other options such as cloud mining or joining a group to increase your chances of success.