ASICs are game-changers te the world of crypto-currencies: the once GPU-intensive and power inefficient task of running a blockchain can now be passed overheen to Scrypt ASICs which use 1/20th of the power. A few months ago, most people refused to believe thesis things even existed &ndash, now I have two te my forearms, one of which wij&rsquo,ll be providing away to a fortunate reader. Are thesis the money-making machines wij want them to be be?
The Gridseed Mini ASIC Miner is available for $160 with power supply and free shipping. It&rsquo,s a petite, 5-chip device, but if you pay $1000, you&rsquo,ll get the more powerful Gridseed Blade with 80 ASIC chips. Also on the horizon is The Fury from GAWMiners, which promises 1MH/s of Scrypt miningg at only $219 &ndash, it&rsquo,s due for launch ter June, but given that the webpagina only has 3D renders and has until now just bot a distributor, it&rsquo,s possible it&rsquo,s vaporware.
What&rsquo,s An ASIC?
ASIC stands for Application Specific Integrated Circuit, which means a chip which has bot designed to do one specific thing only &ndash, and is therefore swifter or more efficient at doing it. A pc, on the other mitt, is a generic device that can be programmed to do anything given the right instructions, but uses more power to do so. The Gridseed ASIC is ingewijd at the hashing calculations required to secure a cryptocurrency blockchain (either Bitcoin or Scrypt based), but it can&rsquo,t do anything else. Typically, ASICs can be used only for one or the other type of cryptocurrency, but Gridseed is unique te that it can hash both Bitcoin and Scrypt coins simultanously.
Hashing speeds are presently measured ter Megahashes Vanaf 2nd (for Bitcoin) and Kilohashes Vanaf 2nd (for Scrypt coins), however spil more powerful hardware is released wij&rsquo,ll no doubt see the term Terahashes used too. The naming goes after laptop convention, so 1 MH/s = 1,000 kH/s. A common point of confusion surrounds speeds when applied to Bitcoin vs Scrypt coins &ndash, the speeds you see you when hashing Bitcoin are 1,000 times greater than those for Scrypt coins spil the calculation is computationally more difficult. Many very first time miners will fire up the software without configuring it to mine using the Scrypt algorithm, and are confused when they see much greater numbers than everyone else reports.
Very first Impressions
The Gridseed ASIC miner arrived with USB cable and power supply packaged separately, te a ordinary white opbergruimte with foam holding the Gridseed securely during transit.
Loosely speaking, from a technology porn perspective, the Gridseed is gorgeous &ndash, a thick copper fever submerge sandwiches the Five chips discreetly inwards. A single demure crimson and green LED provides activity terugkoppeling, tho’ there&rsquo,s no indication what each one actually means. A few sources suggest the green LED lights up when 5V is connected, while the crimson LED indicates hashing. Either way, this is some earnestly sexy hardware.
I&rsquo,ve shown it above with the fever drown facing up for illustration only &ndash, ter fact, the fan should be placed on the top during operation, spil it gargles ter air and blows it overheen the copper for cooling. The fan is far more powerful than it needs to be &ndash, there&rsquo,s no danger of the Gridseed overheating, and they can be cozily overclocked from the standard 700MHz to 900MHz, resulting te very few hardware errors at a clean 380KHs. Some users have even liquidated the fan entirely, then stacked a tower of ten Gridseeds cooled by just a single fan.
Spil its &ldquo,dualminer&rdquo, name suggests, the Gridseed can mine both Bitcoin and Litecoin at the same time, or it can mine one, or the other.
Ter BTC-only mode, the unit works at up to 10GH/s, which is similar to the Butterfly Labs 10GH/s monster ($249), but at a slightly lower price point. Ter dual crypto-currency mode, power consumption goes up to 60W, but BTC mining rate goes down to 8GH/s, te addition to Scrypt-mining just less than 300KH/s.
The best way to run them is te LTC/Scrypt-only mode, where they can be overclocked to achieve 360-380KH/s while using just 8-10W of power. Compared to a mid-range movie card which will achieve toughly the same hash rate, but use around 200w power, you will realise that the Gridseed chips are up to 20 times more efficient.
There is zero documentation &ndash, no quick commence guide, no software, no linksaf to driver packages to download. Everything you do with thesis ASIC miners will be based on forums and blog posts &ndash, the best webpagina I&rsquo,ve found for tutorials on is Crypto Mining Blog &ndash, and a certain level of technical capability is assumed. If you don&rsquo,t know how to burn an SD card pic, or create a batch verkeersopstopping ter Windows &ndash, thesis devices most likely aren&rsquo,t for you. They are very much not buttplug and play.
Albeit the Gridseed devices will take care of the grunt work, a controller of some form is still required to fetch and distribute work units. You can, of course, use a pc (guide), but this somewhat diminishes the power efficiency, or you can buy a separate dedicated hardware controller, able to manage up to 50 Gridseed units.
I&rsquo,ve chosen to use a Raspberry Pi with a pre-built SD card photo called Scripta &ndash, simply add network connectivity, and powered USB hub. Scripta is self-contained with its own web interface for modifying settings and adding your own pools, no local configuration is required so you needn&rsquo,t buttplug te a mouse or monitor. With a network switch, the Raspberry Pi itself, a USB hub and two GridSeed units, my power consumption wasgoed still only 26W ter total &ndash, and each Raspberry Pi can reliably treat up to Ten Gridseed miners at once.
Discussing ROI (Terugwedstrijd On Investment, the point at which you pauze even with consideration to the hardware investment versus profit) is somewhat pointless due to a number of factors at play, not limited to:
- Proliferation of better ASICs &ndash, spil I mentioned, there&rsquo,s always more efficient ASICs promised next month, but they may not actually exist or may not be delivered on time. Better ASICs will undoubtedly arrive, but the question is when? There&rsquo,s also a conspiracy theory that ASICs are only everzwijn shipped once the ROI becomes unlikely: if you created money-making machines, wouldn&rsquo,t you simply keep them for yourself (then sell them)?
- Coin value &ndash, are you going to stick to one particular coin, or join a profit-switching multipool? You may want to auto-trade everything for Bitcoins, and if the value of Bitcoin rises… well, you get the idea.
- Tens unit costs &ndash, te my locality, electric current is $0.24/KWh &ndash, yours may be more like Ten cents.
The most profitable way to run one of thesis is te Scrypt-only mode, but even then, if you were, for example, to concentrate only on Dogecoin Dogecoin: How A Meme Became the 3rd Largest Digital Coin Dogecoin: How A Meme Became the 3rd Largest Digital Coin Read More , you&rsquo,re only looking at about 50 cents vanaf day (or 1,000 Dogecoins) thanks to presently low prices and high difficultly. Using this Dogecoin rekenmachine, with worst case screenplay, ROI is essentially unlikely. Best case script &ndash, the value of the coins enlargening 10-fold, ROI would be te about a month. A popular profit-switching pool, which mines the most profitable Scrypt coin and instantaneously trades them for Bitcoins, is at the time of writing estimating 0.00357 BTC vanaf day vanaf MH/s, which would work at to around 0.00128 BTC vanaf day for each Gridseed device. It all depends on whether you want to hold a specific coin because you believe te it (to the moon, fellow Shibes!), or think that ultimately Bitcoins will rocket te value yet again.
Is It Worth It?
Mining is a gamble at this point. ASICs are required to verharden a network, and if the altcoins practice the same growth that Bitcoin has, wij&rsquo,ll all be laughing our way to mansions and diamond encrusted unicorns this time next year. Ter reality, wij might be able to trade-up to a 2nd mitt Ford Mondeo. If you&rsquo,re only interested te the financials, then purchasing and holding your coin is the best option, if you&rsquo,re a geek who wants to get te on the activity and be a part of something amazing, a Scrypt ASIC is an interesting uitzicht &ndash, just don&rsquo,t lie to yourself about the millions to be made.
How do I win the Gridseed ASIC Miner?
You may come in by submitting your name and email address. You&rsquo,ll receive one entry simply by doing so.
After that, you&rsquo,ll also be suggested various methods to earn extra entries. They range from sharing a verbinding to this giveaway on social networks, to commenting or visiting a specific pagina. The more you participate, the higher your chances of winning! You will receive Five extra entries into the giveaway for every successful referral via your collective linksom.
This giveaway starts now and completes Friday, May 23. The winner will be selected at random and informed via email. View the list of winners here.
Congratulations, Simon Kamerdienaar! You would have received an email from [email protected] Please react before June 11 to eis your prize. Enquires beyond this date will not be entertained.
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