USB Bitcoin miners have also grown as an intriguing entry point for enthusiasts and investors. These compact devices can be plugged directly into a computer’s USB port. It represents the smallest and most accessible form of Bitcoin mining hardware available today.
They might not provide a lot of profit but they do offer an unavailable chance to learn about and participate in the Bitcoin network without any investment required for more expensive mining equipment.
What are USB Bitcoin Miners?
USB Bitcoin Miners are small versions of big, heavy and more powerful Application Specific Integrated Circuit (ASIC) miners that dominate the Bitcoin mining industry today.
USB Bitcoin miners are tiny pocket-sized devices that generate a hash rate of approx 200 gigahash per second (GH/s), which is a fraction of what industrial miners produce while mining crypto coins.
There are a few software which have made mining Bitcoin very accessible to individuals who would like to explore the technology without any financial requirement. These software include Avalon Nano3, GekkoScience Compac F and Bitman Antminer U2.
How does USB Bitcoin mining work?
USB Bitcoin mining works on a similar principle as any other form of Bitcoin mining, there is no complex process. When connected to the computer and the required mining software is running, these USB devices take part in Bitcoin’s network maths problem-solving process which is crucial for Bitcoin mining.
They have to function at a specific hashing speed. And to fasten the process or make it more profitable miners sometimes use multiplier USB miners together.
A stack of 6 USB miners can generate up to two gigahash of mining power. The miner then constantly tries to find the perfect hash which is needed to meet the Bitcoin network’s current difficulty needs. This whole process is called of-of-work and it is important because it validates the transactions and secures the Bitcoin network.
The USBs work continuously and try millions of calculations per second to find the correct has for mining. With the hash is found, they contribute to the making of new blocks on the blockchain and earn a portion of the block reward.
But because they process limited power, USB miners mostly join the mining pools adding their resources to other mines to increase their chances of getting Bitcoin rewards.
The USB Mining Profitability
USB Bitcoin mining is intriguing but before considering it you should also know the economic side of mining. Taking GekkoScience Compac F as an example, it costs somewhere between 100 pounds to 120 pounds.
With a hash rate of 200 GH/s and power consumption of nearly 100 watts a miner only earns a mere 0.20 pounds per day in Bitcoin which is not even a fraction of what you need to spend for the software.
It would take a year or more to get the investment back without including the price fluctuations of Bitcoin due to the crypto market. So investing in USB mining is not as profitable.
There is also a new concept of “Lotter mining” which has emerged around USB miners. This mining acknowledges the low probability of mining a block independently.
The chances of a single USB miner successfully mining a Bitcoin over a year is nearly 0, making these USB devices more suitable for learning purposes.
Benefits of USB Bitcoin Mining
USB Bitcoin Mining might now be too profitable but it does have some advantages. If anyone wants to mine a Bitcoin individually then they might face some serious issues because ASIC miners cost upto $4,000 as compared to some hundred dollars for USB miners.
USB Bitcoin mining is not as expensive and allows anyone to individually mine a Bitcoin. Mining through USB miners is very energy-saving as compared to common ASIC mining which requires a lot of energy. And for the fact, Bitcoin is criticised mostly because it requires a lot of energy for minting.
Also, Read: Crypto Paper Wallet: What Is It And How To Create It
The Bottom Line
USB Bitcoin miners may never compete with the Industrial mining operations but they do have a significant role in the cryptoace. They can be best used for learning because they offer hands-on experience with Bitcoin mining and blockchain working concepts as well.
Players In future we may see some more improvements in USB Bitcoin miners and they may remain mainly for hobbyists and educators rather than serious mining procedures.
Their accessibility and low barrier entry ensure they will remain a very important entry point for crypto enthusiasts who want to understand and take part in Bitcoin mining.
