Since the transition from proof-of-work (PoW) to proof-of-stake (PoS), ethereum cannot be mined and miners are now dedicating hashrate to different PoW chains. Since ethereum can no longer be mined, the most profitable PoW consensus algorithms are Kadena, Scrypt, and Cuckatoo32. Before The Merge, the consensus algorithm Ethash was the most profitable, as the top miner raked in $79.53 per day in profits. Today’s top mining rig, with Ethereum out of the picture, accrues roughly $69.41 per day mining kadena.
Today’s Top 7 Mineable PoW Algorithms Include Kadena, Scrypt, Cuckatoo32, Blake2B-Sia, X11, Equihash, and SHA256
According to the latest data from asicminervalue.com, the PoW consensus algorithm is no longer the most profitable consensus scheme to mine since the Paris upgrade triggered Ethereum’s Merge. Since September 15, 2022, Kadena has become the most profitable consensus algorithm this year. Bitmain’s application-specific integrated circuit (ASIC) mining rig, the Antminer KA3, gets an estimated $69.41 per day with electricity costs at $0.12 per kilowatt hour (kWh). Miners mine the PoW blockchain Kadena (KDA) and the Antminer KA3 produces an estimated 166 TH/s.
Kadena’s network hashrate is around 0.21 exahash per second (EH/s) or 212.8632 petahash per second (PH/s). The second most profitable consensus algorithm using an ASIC mining rig is Scrypt, the consensus scheme associated with litecoin (LTC) and dogecoin (DOGE). Besides DOGE and LTC, a handful of other digital asset networks like verge (XVG) and digibyte (DGB) leverage Scrypt as well. Today’s top miner, Bitmain’s Antminer L7, can get an estimated $13.09 in daily profits. The top three miners below the Antminer KA3 are all Scrypt miners produced by Bitmain.
Below Kadena and Scrypt, the third most profitable PoW consensus algorithm is Grin’s Cuckatoo32. The top Cuckatoo32 ASIC mining device can get an estimated $7.48 per day in profits. Below Cuckatoo32 includes consensus algorithms such as Blake2B-Sia, X11, Equihash, and SHA256. The consensus mechanism SHA256 is leveraged by crypto networks such as bitcoin (BTC), bitcoin cash (BCH), bitcoinsv (BSV), and namecoin (NMC).
SHA256 is the seventh most profitable consensus algorithm and a BTC miner leveraging an Antminer S19 XP with 140 TH/s gets around $2.60 per day. With Ethereum removed from the equations, people can still mine Ethash coins like Ethereum Classic (ETC), but the top Ethash mining devices produce little profit in comparison to when people could mine ether.
Dogecoin shifting to proof-of-stake would be good for the environment, but what impact would it have on miners and ASIC manufacturers?
A change from proof-of-work to proof-of-stake (PoS) is rumored for Dogecoin.
Do I know if Dogecoin is switching to PoS?
Do I believe it will go to PoS? Probably not.
But I love the “what if” game.
I try to predict where the market and the mining industry are headed as someone who works in the cryptocurrency mining sector and how that might pan out. The mining industry would be drastically affected if Dogecoin changed PoS or another aspect of how new blocks are created.
The options and their results are shown here.
Scrypt Mining Could Be Devastated
I won’t argue for or against Dogecoin switching to PoS. While it’s hard to determine if the recent rumors about the potential for a switch are true or not, they were enough to have Bitmain supposedly pause Litecoin miner manufacturing.
The larger question in my mind is, What occurs to miners if Dogecoin adopts PoS?
First, Scrypt mining would be devastated. Over 60% of the revenue from Scrypt mining is made up of DOGE. Any L3+, LT6, or Mini Doge Pro miner that isn’t using electricity that costs $0.04 per kilowatt hour would need to be unplugged right away if it were taken away.
For a while, the network would probably fluctuate erratically as older equipment miners struggled to decide whether to leave their ASICSs on or off. The apex Scrypt miner, Bitmain’s Antminer L7, would see its profitability reduced by nearly 75%, reducing profits to a whopping $4.83/day at $0.05/kWh.
What about the miners who lack access to industrial electric rates? You could make $0.72 per day using the L7 9050M, which recently sold for about $9,000, at a cost of $0.10 per kWh.
The likelihood of those who recently bought an L7 ever recovering their investment, let alone making any money, would be extremely low in the event of such a significant change.
ASIC Manufacturers Would Be Forced to Drop Prices, Further Impacting Their Bottom Line
The vastly reduced profitability would inevitably lead to the price of the L7 dropping quicker than it did during the COVID-19-induced crypto crash. Miners would expect the L7 to cost between $1,825 (12-month ROI) and $2,737.50 (18-month ROI) if miners were only charged based on the length of their expected ROI. This reflects a minimum price reduction of nearly 70%.
How quickly would Bitmain respond? Would they gradually lower prices week after week, as Goldshell has done with many of its miners in recent months? As customers witnessed the price of the miner they had just spent thousands of dollars on being repeatedly reduced, this tactic repeatedly left them with a bad taste in their mouths.
Or would Bitmain announce that they would keep charging fairly for miners as they have been doing lately?
The consequences of a Dogecoin PoS shift would primarily affect ASIC resellers as well. Many L7 miners are suppliers, so stores holding those would need to immediately mark them down significantly. However, based on their recent history of price-gouging customers, like charging $60,000 for a KD6 that is barely worth over $1,000 today, it’s doubtful many tears would be shed for them.
Scrypt miners from numerous home mines would saturate eBay and comparable marketplaces. It would be a race to the bottom as desperate miners tried to salvage whatever value was still in the chunk of metal that can now only be used as a doorstop or display piece if one is desperate.
It would continue to mine litecoin. There wouldn’t really be a choice, so those L7s would continue to operate because they would still be somewhat profitable. If a more effective Scrypt miner isn’t already under development, it’s unlikely that a new Scrypt miner that could compete with the L7 will be released on the market anytime soon. There are some rumors that Bitmain is developing a miner that would be better than the L7.
The switch to PoS has already caused a significant amount of disruption, and we’ve only looked at one part of the cryptocurrency ecosystem. There would be a lot more issues and situations to think about.
How would that affect network security?
Would the yield from staking cause DOGE to eventually be labeled a security?
Would people embrace Dogecoin for the change or would they run away from what is currently the second-largest PoW coin by market cap?
My favorite what-if is now. Even though there are several possible outcomes for this option, it is unlikely and possibly even impossible.
What would happen if Dogecoin decided to develop its own mining algorithm instead of merging with LTC?
Innovation and Competition Are Healthy for Every Industry
What if there is a GPU mining renaissance? After the Ethereum Merge event, there’s a ton of really cheap GPUs available on the market. Those would get expensive really quickly. Mining purists would rejoice as they build their own mining rigs while trying to figure out how much DOGE they can stack. Though it wouldn’t last, it would be really cool to see. To be the first to market with an ASIC miner, the big three manufacturers Bitmain, Goldshell, and iBelink would compete fiercely.
Each of them would eventually have at least one ASIC miner available, and naturally, as time goes on, they’ll become stronger and more effective. The jumps and increases in difficulty would be ridiculous, and just like with Bitcoin
, it would eventually no longer be profitable to mine However, it could also lead to competition—something the ASIC manufacturing market desperately needs.
What if a door opens for another manufacturer or manufacturers to enter the market after the brief GPU mining renaissance? Currently, Bitmain, Goldshell and iBelink are the “big three,” and it’s really Bitmain, which has complete market dominance. Although Bitmain would probably prevail, what if someone else could be first to market, maintain that advantage, and establish themselves as a reputable and trustworthy ASIC manufacturer?
What if that business made the decision to hire additional miners and pay them fairly? To be fair, we do have to praise Bitmain once more for the pricing on its recent rollout of industry-changing miners. Reseller markups are still a problem, but that is a different subject. Perhaps this “new” competitor would adhere to the mantra that customer service actually matters. That might occur if consumers could get past their skepticism about the product’s dependability and the business produced a quality product. There are a lot of what-ifs there, no doubt.
A money-grab scenario for Dogecoin exists as an alternative. The project could go directly to Bitmain, Goldshell and iBelink and say, “We’re developing our own mining algorithm, which we’ll only give to you. How much money will you give us?”
What price would Goldshell be willing to pay to resurrect a business that has suffered numerous setbacks as a result of the most recent Bitmain altcoin miner releases? Or would iBelink fight tooth and nail to secure the manufacturing rights to the miner? IBelink recently unveiled the BM-K3 Kadena miner, which boasts 70 terahashes, a significant increase of almost 75% over the next closest model. However, the company can’t celebrate just yet because Bitmain will soon surpass that with the KA3, which will deliver 166 THs. How much would Bitmain pay to keep its market dominance if Dogecoin manufacturers made an offer?
No Change Could Be a Good Thing
What if DOGE chooses to simply continue with Scrypt mining?
The status quo is not that exciting, but it seems to be the most likely outcome. Sure, some changes might get approved by a vote, but Scrypt-based merge mining of Dogecoin and LTC is most likely to continue.
Bitmain is likely to continue pushing out L7 inventory before launching a more efficient Scrypt miner later this year AND In essence, two Mini Doge Pros in one box, Goldshell will release a Mini Doge Pro 2 for home miners. Numerous older models will probably be forced to permanently stop operating due to the impending LTC halving and the introduction of more productive miners.
The value of cryptocurrencies will increase and decrease. It’s likely that there will be another crypto scandal that no one anticipates but that, in retrospect, will be blatantly obvious. The sun will rise and set. Naturally, the majority of suppliers, particularly resellers, will continue to mark up miners and take advantage of loyal customers in any way they can.
Dogecoin’s future is impossible to predict, but the cryptocurrency sector is one of the few where anything can happen at any time.
Regardless of whether Dogecoin switches to PoS, the crypto mining landscape has always changed rapidly, and Scrypt mining is no different.
People usually think of plants as a source of food, oxygen and decoration, but not as a source of electricity. However, scientists have discovered that by harnessing the natural transport of electrons within plant cells, it is possible to generate electricity as part of a green biological solar cell. In a recent study published in the journal ACS Applied Materials and Interfaces, researchers have used a succulent plant for the first time to create a living “biosolar cell” that runs on photosynthesis.
From bacteria and fungi to plants and animals, electrons are naturally transported in all living cells as part of biological processes. By introducing electrodes, these cells can be used to generate electricity that can be used externally. Previous research has used bacteria to create fuel cells, but it requires constant feeding. This new approach uses photosynthesis, the process by which plants convert light energy into chemical energy, to generate electrical currents.
In this process, light drives a flow of electrons from water that eventually leads to the production of oxygen and sugar. This means that living photosynthetic cells are constantly producing a stream of electrons that can be pulled as “photocurrent” and used to power external circuits, much like a solar cell.
The succulent plant shown here could become a living solar cell, using photosynthesis to power a circuit. Credit: Adapted from ACS Applied Materials and Interfaces, 2022, DOI: 10.1021/acsami.2c15123
Yaniv Shlosberg, Gadi Schuster and Adir wanted to see if photosynthesis in succulents could use their internal water and nutrients as an electrochemical cell electrolyte solution to create energy for a living solar cell.
The researchers used the succulent plant Corpuscularia lehmannii, also known as the “short-leaved ice plant,” to create a living solar cell. They inserted an iron anode and platinum cathode into one of the plant’s leaves and found a voltage of 0.28 V. When connected to a circuit, it produced a photocurrent density of up to 20 μA/cm2 and, when exposed to light, could continue to produce current for more than a day. While these numbers are smaller than conventional alkaline batteries, they do, after all, represent only a single leaf.
Previous research on similar organic devices has shown that connecting multiple leaves in series can increase the voltage. The team specifically designed the living solar cells so that protons within the internal leaf solution could combine at the cathode to form hydrogen gas, which could be collected and used for other applications. The researchers say their approach could lead to the development of sustainable, multifunctional green energy technologies in the future.
In the latest version of Microsoft Edge Canary channel, Microsoft is vigorously promoting the rounded corner transformation project. After revamping the web canvas, netizens feedback that the full-screen view will also be changed to a rounded design when playing videos from YouTube and other video sites.
Microsoft has been using right-angle design since Win8, and abandoned the previous rounded corners and Aero effect, IT House learned that Microsoft reintroduced the rounded corner design in Win11, and recommended to promote to native applications such as Edge.
It is foreseeable that Microsoft will continue to promote the rounded corner transformation project of native applications such as Edge browser, and enable the rounded corner design in more places. Previously, in the latest version of Microsoft Edge Canary channel, Microsoft enabled rounded corners for the web canvas.
As you can see from the image, the entire page canvas is shaded to give the impression of being slightly above the tab bar, toolbar and sidebar, and the four corners take on a rounded design. In full-screen mode, the scrollbars also have rounded corners.
Mozilla continues its work on the Firefox browser with another minor revision to the main version 106 released earlier this month. Firefox 106.0.2 is now available for download, and given that this is a revision to the original version 106, no new features are included.
One of the bugs addressed by this released update is for Windows users, as it was discovered that in some cases the browser would not open when installed from the Microsoft Store (the company still calls it the Windows Store).
The following is the complete list of fixes available as part of Firefox 106.0.2.
Fix missing content on some PDF forms (bug 1794351).
Fix column widths in the Notifications sub-panel in Settings (bug 1793558).
Fix browser stuck when accessibility feature is enabled on some websites (e.g. Proxmox Web UI) (bug 1793748).
Fix the issue that page reloading is not compatible with Firefox View and does not refresh the synchronized data (bug 1792680 and bug 1794474).
Fix the problem that the browser cannot be opened if installed from Windows Store (bug 1796391).
All the improvements belonging to Firefox 106 are also included in this new version, for example, Firefox 106 supports fixing the private browsing window on the taskbar, something Mozilla users have been asking for a long time.
“Now you can edit PDF files with Firefox: including reading and writing text, drawing pictures and adding signatures. Setting Firefox as your default browser will now also make it the default PDF application on Windows systems.
This tutorial shows you all the tips you need to know to set up a GPU rig and start mining Ethereum and other cryptocurrencies.
Cryptocurrency mining is the computational activity necessary to process the transactions that take place in the various existing blockchains. This in order to keep the record of exchanges updated, secure and free of unwanted information in the accounting of each of these networks. This tutorial will show you everything you need to do to start mining Ethereum and other cryptocurrencies with a video card rig (GPU).
Also, unlike the current method used by central banks, it is the way money is created in the new digital economy and distributed among all those who contribute to this work.
This system of rewards for working on maintaining the infrastructure of a blockchain is one of the reasons why Ethereum, Bitcoin and cryptocurrencies in general have started to become popular in the world. In this sense, mining has become a quiet and safe way to receive passive income.
But as appealing as it sounds, it’s not all that simple. Although anyone can mine any cryptocurrency they want with any computer they want, it doesn’t mean that they are going to get huge financial benefits from doing so. It is necessary to have a computer whose resources can contribute significantly to the maintenance of the network.
ASIC equipment vs. video cards (GPU) for mining cryptocurrencies
In the case of the first developed blockchains, which have processing-intensive algorithms, such as Bitcoin, Litecoin or Dash, the task of mining cryptocurrencies has been facilitated through the creation of dedicated miners (better known as ASIC miners). These devices only need to be plugged into a power outlet, turned on and configured. However, for other blockchains that work with intensive algorithms and high computer memory usage such as Ethereum, Sia or Zcash, the job is not so simple.
Many cryptocurrencies with new algorithms seek to prevent ASIC miners from being created to encourage decentralization, leaving potential workers to search for the best computer configuration to be competitive in obtaining cryptocurrencies.
Basic components for mining Ethereum and other cryptocurrencies
These computers are built piece by piece, from the motherboard and processor to the video cards or GPUs (which actually do the work). The goal of every miner is to find with the assembly the best ratio between low cost and high amount of work. With this premise, CryptoNews compiled in this tutorial a list with the best equipment options today, to maximize the profits obtained when mining Ethereum and other cryptocurrencies at the lowest cost.
Motherboard for a cryptocurrency mining rig
Let’s start with motherboards. In this case we are looking for those that allow connecting the largest number of video cards simultaneously, without the need for extra equipment. For this reason, the ones with five or more PCI-E ports are used, with the proviso that as the number of ports increases, the recognition of the connected cards by the operating system becomes more complicated.
Some options that will allow you to put together a rig with many GPUs for mining Ethereum and other cryptocurrencies are the AsRock H110 Pro (13 PCI-E) or the AsRock TB360-BTC PRO (12 PCL-E), the Biostar TB360-BTC PRO (12 PCL-E) or the Biostar BT250-BTC PRO (12 PCI-E). These boards are designed specifically for intensive cryptocurrency mining.
Other cheaper options, which are ideal for connecting a good number of GPUs or video cards for mining cryptocurrencies, are the Asus Rog Strix Z270E (7 PCI-E), the Gygabyte GA-Z170X (7 PCI-E), the Asus Prime Z390-P (6 PCI-E) or the MSI Z390-A PRO (4 PCI-E and 4 DIMM).
Intel or AMD processor for mining
Next, you must purchase a processor that fits the motherboard you have purchased, looking for a compatible connection port. In the case of those mentioned above, all of them use LGA 1151 sockets (although the AsRock H110 Pro and TB360-BTC PRO have versions with BGA 437 socket, compatible with Intel Celeron or Intel Pentium).
The latest generation processors like the 3.7 Ghz, 32-core AMD Ryzen Threadripper 3970X are ideal for handling large rigs that allow you to mine Ethereum. However, other processors have good speeds or power and do the job very well. Some of these processors are in the mid-price range, for example the 4.6 GHz, 6-core AMD Ryzen 5 5600X; the 3.7 GHz, 10-core Intel Core i9 10900 X; the 3.8 GHz, 4-core Intel Core i5 7600K.
RAM memory for intensive work
Next you need to purchase a RAM card of at least 8 GB to support the computational demands of mining cryptocurrencies such as ethereum, ravecoin, grin, beam and zcash, as well as ensuring fast system performance. Some alternatives are the 8 GB Patriot Viper, or the 16 GB Corsair Vengeance LPX (2x 8 GB).
SSD hard disk storage
The next component is the disk, which can be low disk space and hard disk drive (HDD) such as WD 1TB, or solid state drive (SSD) such as Kingston 240GB. Large space disks can also be used to perform simultaneous mining of cryptocurrencies for decentralized storage, such as Siacoin. Here some powerful ones: Samsung SSD 1TB or Seagate HDD 6TB.
Video cards (GPUs) and other components for Ethereum mining
Now come the components that do most of the work: the video cards (GPU). The aim is for these elements to be as powerful as possible, which is why they account for a large part of the investment. Even so, there are some GPUs that, without being the most expensive, are equal in amount of work to those that are, such as the AMD Radeon RX 5700 XT 8GB or Nvidia GeForce RTX 2060 Super 8GB. However, if you are looking for the best, the 24GB Nvidia GeForce RTX 3090 or 16GB AMD Radeon RX 6800 XT will get the most work done in the least amount of time.
Video card or GPU connector cables
To connect the video cards to the PCI-E ports of the motherboard, in order to optimize space, facilitate organization and improve cooling, riser cables are used, preferably USB; one per card.
Power supply for a cryptocurrency mining rig
Finally, to bring this assembly to life, a power supply is needed that can support the current required by the computer components; especially the video cards, which account for more than 75% of the electricity consumed. So, with power consumption per video card varying from 130W to 300W depending on the model, a computer with five GPUs would require a power supply of at least 1000W. Some options for this and other configurations are: EVGA 1000W, EVGA 1200W or Silverstone 1500W.
GPU stand or shelf
Mining computers can then be assembled in skeletal racks or in custom structures for placement, such as this metal frame for 8 GPUs. Any other configuration is valid.
GPU cryptocurrency mining software and operating system
Once you have assembled your rig for mining Ethereum and other cryptocurrencies with GPU, you only need to install an operating system to run specialized mining software. Currently, the most used software for this task is Hive OS, which only requires a download to start configuring your rig and mining cryptocurrencies. With this tool you have full control of your miners and can remotely track all mining activity.
Other software such as Claymore, SimpleMining and Rave OS also offer specialized tools for mining. These softwares are compatible with Windows and Linux operating systems, which you should download before configuring to install specialized mining software (you can also install Windows mining software and remote monitoring tools such as TeamViewer).
Power supply for mining equipment
It is vitally important to condition the electrical system for powering mining equipment. The consumption of a miner is equivalent to that of a vacuum cleaner running 24 hours a day. Therefore, the electrical capacity, cables, outlets and electrical system in general installed at the site must be able to support the operation of the equipment to be installed.
Likewise, the cooling system of the site must also be adequate. Mining equipment generates heat that cannot always be dissipated by the fans that come with the components, which causes the video cards (mainly) to overheat and end up shutting down or, in the worst case, burning.
This can be avoided by installing fans and extractors or by installing air conditioners to optimize air flow. In this case, the best decision for the cooling system will depend largely on the space and position of the miners with respect to the cooling sources.