If you are looking to mine Polkadot, keep in mind that before you do so, invest some
time into researching if your setup will actually generate you any profit. Polkadots
price can fluctuate and the amount of miners also plays a great deal in your chances of
making a profit. At the current price of DOT, consider how much worth it setting up a
mining rig would be. Hardware that would be most powerful for mining would be ASICs
which are unfortunately nowadays extremely pricey. If mining with a computer, a GPU
won’t generate a large turnout but it might be something for the start when mining
Polkadot. Mining profitability charts can show you how much USD you can make for 1 Mh/s
of hash rate. These charts also have the electricity expenses covered. Mining difficulty increases by the number of miners and every time the
demand for a larger hash rate increases. Your hash rate is basically how much computing
power you are providing for mining new blocks. This takes what is called "block time".
How to mine Polkadot
What is an ASIC miner? ASIC mining rigs are machines made of a motherboard, ASIC chip and
a cooling system. They're designed specifically to mine a certain cryptocurrency and
they do it well. This hardwares purpose is to solve as many cryptographic puzzles at a
time. The primary investment into one of these could get paid for in a few months, but
there is still a large problem with noise, heat and power demand of these machines
besides, they do break down and as the machine runs 24/7, they do wear out.
What is a hashrate. A hash rate is basically a scale of how many guesses for the puzzle
your mining setup can make in a given amount of time. The rate is in hashes per second
(h/s) and can be decadically moved up (KH/s, MH/s,...).
Ethash is used for encrypting Ethereum and Ethereum Classic. Ethash was built to be
ASIC-resistant through memory-hardness (by requiring large memory, standart ASICs
couldn’t decrypt the puzzles). Unfortunately for graphics miners, in early 2018 the
first ASIC miners for Ethash were introduced on the market and Ethereum eventually lost
its decentralization similarly like Bitcoin.
SHA256 (or Secure Hash Algorithm) was originally designed by the NSA back in 2002. Later
the algorithm found use within the Bitcoin cryptocurrency and is what runs all Bitcoin
based coins. SHA256 is a hash of 256 bits and is what miners decrypt using their mining
setups which eventually validates blocks, for what miners are rewarded.
The Scrypt algorithm similarly to Ethash was designed to be ASIC-resistant, but
unfortunately ASIC miners for Scrypt have entered the market and cryptocurrencies like
Litecoin expect the same fate as Bitcoin or Ethereum.
Cryptocurrencies like bitcoin are already ASICs mined so nowadays mining these with a GPU
is useless. If you consider that one of the best GPUs on the market go for around $400
and will give you only about 1 GH/s of power and an Antminer U2 which you’re able to get
for around $20 on ebay will provide 2 GH/s, the difference is huge. Always calculate if
your desired cryptocurrency is still worth mining on your type of setup.
GPUs are far better at handling parallel processing than CPUs. These computations are
basically simple math problems at which GPUs are far better at solving. A CPU is
nowadays only usable for mining coins which haven’t been destroyed by ASICs miners. Try
calculating your turnout using online calculators like WhatToMine.
The DAG Epoch is what the Ethereum mining difficulty is called. In time, as the currency
grows and the amount of miners increases, the mining difficulty grows. As the difficulty
increases, also the memory requirements do. Mining with smaller GPUs has become
impossible due to this feature which prevents ASICs mining.
Certain mining programs allow mining two cryptocurrencies like Ethereum and Pascal,
Decred, etc. simultaneously. This allows you to maintain efficiency while mining both
coins. When mining for example Eth+sia, mining both has almost no impact on the Ethereum
hashrate. You’re basically getting two coins at once for the same power you provide.
The Quantum Proof of Stake or QPoS consensus algorithm holds the same base core like a normal PoS algorithm, in which validators compete in who validates each block and the higher the money deposit in the block (or stake), the higher the chance of validating the block on the ledger and later on receiving the transaction fees, but will also be resistant to both classic and quantum computing attacks. Hopefully this combination will create a even safer and energy saving algorithm which will be available for more cryptocurrencies than only QRL.
The Polkadot block is mined every ASIC. But this block is then divided between all miners. How long does it take to mine 1 block of Polkadot for yourself depends on your hash rate, which is basically how powerful your mining setup is. For mining Polkadot you will get the best results with using asic.
It is difficult to say how much does it cost to mine 1 block of Polkadot because it depends on the price of your electricity. But in general, if you want to be profitable, you have to invest in specialized mining setups called ASIC. They are created for mining cryptocurrencies, and because of that, they have perfect parameters for this job together with high efficiency.
Although it is entirely possible to mine Polkadot on your computer, you should consider investing in the ASIC mining setup if you are serious about cryptocurrency mining. Actually, the best way how to mine Polkadot is the asic. Anyway, if you really want to go with the computer way, try to join some miner pool.
In the beginning, you can try mining Polkadot at home with your computer. Once you get more experienced in mining, you can invest in asic. That is the best way how to mine Polkadot. But make sure to check mining profitability charts, so you are not just burning money.
Mining Polkadot on Android is straightforward. All you need to do is install an application called MinerGate. After you have installed it from Google Play Store, create an account, and you are ready to mine Polkadot on your Android.
Unfortunately, it's not possible to mine Polkadot on iPhone. Apple restricts it because mining caused damage to hardware. All the applications that were mining Polkadot drained battery generated excessive heat, or put unnecessary strain on device resources, what is the reason it's now forbidden.
If you want to be a serious Polkadot miner, the first step you should do is join a miner pool. They will help you with your setup and guide you in the beginnings. Then it would be best if you bought, of course, some asic to get as much value as possible.
It's complicated to say how profitable is Polkadot mining because it varies person from person. It depends on many variables like the cost of electricity, cost of a mining setup, taxes, etc. The best way you can do is to check the Polkadot profitability charts. They will tell you how profitable is Polkadot mining in your location.
A Polkadot miner is just a computer. The main criterium you should look for is efficiency compared to electricity cost. Anyway, it's usually better to buy specialized, professional miners called ASIC. Or you can use asic, which is the best way how to mine Polkadot.
The best way to start with Polkadot is to start from the beginning - that means mining. This way, you get your hands dirty and get some super relevant experience with this cryptocurrency. For mining Polkadot, we recommend asic as the best way how to mine.