You need the best Monero mining GPU to have the best profits and efficiency. If you do not have the latest and most modern equipment, you will lose out to the other miners. Graphics card can be a decisive factor in how much money you can earn by mining Monero. It is a popular cryptocurrency that ensures the maximum security, privacy, and reliability.
ASIC Resistant:
Monero is a digital currency based on the CryptoNight algorithm and allows the miners to mine with CPU/GPU hardware. The biggest advantage is that the digital coin is ASIC resistant. ASIC devices are expensive although they give you better yields and are energy efficient. With the best Monero mining GPU you can easily recover your investment with some dedicated mining.
A Brief Gist on Monero ASIC
Bitmain, a top manufacturer of ASIC equipment, recently introduced a mining rig for Monero. There was a huge protest from the Monero enthusiasts and even the developers felt it would defeat the very purpose of initiating the cryptocoin that of decentralization. Not everyone can afford to invest in an ASIC device and this could create a divide and imbalance among the miners.
The Cryptonight community amended the algorithm creating a new version called Cryptonight v7 that is totally ASIC resistant. This move has generated and motivated the miners that had invested in the best Monero mining GPU as otherwise, they would have lost in performance to those who could afford the ASIC devices.
Why Monero is Popular:
The miner identity is not revealed. You have the control not to let the transaction be known to anybody else. It uses a unique technology called Ring Signatures where there are numerous digital signatures of which only one is valid. It is not possible for others to detect which one is valid.
How to Pick the Best Monero Mining GPU:
There are several gpu hardware available in the market that can make your task more efficient. Instead of continuing with your CPU and assemble a rig, you can procure the hardware at the top online stores or from the company website. Some popular brands include XFX Radeon 7990, XFX RX 470, Sapphire RX 480 Nitro+, AMD Radeon Rg 390 Nvidia 750 and similar.
Use Calculators:
To know which will suit your requirements the best, you can use the xmr mining calculator. You must know the electricity consumption of the equipment, the device cost, the hash rate you will require etc. Whether the hardware will allow quick profits will depend on the power cost in your region. The profits will not be same if another miner uses the same hardware as you are unless both are from the same region paying similar electricity charges.
The best Monero mining gpu is said to be better in performance than the other cryptocurrencies that are available. Since the power consumption is less, possibilities of equipment getting warmer are less and you may not require as much cooling as the other devices do. This can make Monero mining less expensive and more productive.