The hash rate of the future: Understand Ethereum Mining
With regard to the exploitation of cryptocurrencies such as bitcoin, understanding the underlying mechanisms is essential for those who wish to get involved. In this article, we will immerse ourselves in the world of Ethereum extraction and explore how long it takes to exploit a Bitcoin block using a single NVIDIA GeForce GTX 680.
What is the hash rate?
Before diving into the details, let’s cover what the hash rate is. The hash rate measures the speed at which a computer can treat transactions and create new blocks on the Ethereum network. It is essentially a measurement of the computing power, with higher numbers indicating a greater treatment capacity.
How does the mine work?
In simple terms, mining involves solving complex mathematical problems to validate transactions on the blockchain and adding them to the big public book (blockchain). The first minor to solve these problems can add a new blockchain block, which they then broadcast to the network. This process is continuously repeated, the new blocks being added to a rate of approximately 10 to 15 blocks per second.
Consensual algorithm of Ethereum
Ethereum, like other major cryptocurrencies, uses proof of work (POW) as a consensual algorithm. In POW, nodes on the Ethereum network are competing to solve a complex mathematical problem, which requires significant calculation power. The first node to solve this problem can add a new blockchain block and distribute it to the network.
GTX 680
The Nvidia GeForce GTX 680 is a powerful graphics card published in 2013. Although it is not designed for the exploitation of cryptocurrency, its hash rate can always be used for other purposes such as video editing or 3D modeling.
According to various sources, here are some estimates of the hash rates that can be reached on a single GTX 680:
- On Ethereum, the average block time is about 10 to 15 minutes.
- With a single GTX 680, it is estimated that you could operate approximately 1 to 2 blocks of bitcoin per day, assuming an average block reward of 6.25 BTC.
- However, please note that these estimates are rough and may vary depending on several factors, including the effectiveness of your mining configuration, the congestion of the network and the complexity of the mathematical problems solved.
Exploitation of a single block
Now, let’s dive into certain specific numbers to give you an idea of the time it takes to exploit a single bitcoin block using a single GTX 680.
- Assuming an average block reward of 6.25 BTC (which is currently about $ 20 to $ 22 per block) and an estimated extraction time of 10 minutes (median point of the beach), we can estimate the Total number of blocks extracted per day.
- Using simple mathematics, we get:
+ Total daily income: about $ 750
+ Number of minors required to operate a single Bitcoin block: around 3-4 minors
+ Average blocking award: 6.25 BTC (assuming an average reward)
+ Operating time estimated by block: 10 minutes
- Consequently, it would take approximately 2,400 days (around 8 years) for a minor to operate 1,000 blocks at a rate of 3-4 minors.
Conclusion
Although we have estimated that you could potentially extract approximately 1 to 2 bitcoin blocks per day using a single GTX 680, please keep in mind that these figures are approximate estimates and can vary depending on several factors. In addition, mining requires significant calculation power, which may not be possible with current graphics cards technology.
If you are interested in getting involved in the exploitation of cryptocurrencies, I would recommend exploring other options such as Cloud mining or membership in a pool to increase your chances of success.