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2013 AD. Along with the increase in time and miners mining the Bitcoin, the difficulty of the network also increased. In today’s date, ASIC hardware should be used for mining Bitcoin. From the data collected in Table 3, on average, a single ASIC mining hardware provides a hash rate of around 30 TH/S with a high of 44 TH/S. This hash rate is low since the average hash rate as of now is around 43 EH/S. Buying ten or more of these hardware could be one option to mine Bitcoin, but the cost goes really high. From Equation 1 we can calculate the number of Bitcoins particular hardware can mine a day. Taking a single ASIC hardware and applying equation 1, we get that the hardware can mine 0.00018 BTC per day if it runs for 24 hours. At present rate 0.0001844 BTC = 76 USD per day. From the algorithm of the cost of mining, the price of 76 USD per day is not even sufficient to pay for the electricity cost. Consumers with low capital to invest in Bitcoin mining has another platform to mine called as mining pool. The mining pool has a hash rate of around 6.5 EH/S on average which is ideal for Bitcoin mining since various pools compete with each other on the same mining hash rate. The one with better hardware solves the proof of work for a given block and claim the reward. Sometimes, a better hash rate for any hardware results in excessive power consumption. Being as a starter miner, joining the mining pool is considered to be a good idea. They can join a mining pool with a single hardware and start mining. The mining pool aggregates the computation of all the hardware in a network collectively to mine a single block. Once the pool manages to win the competition by finding a nonce value, the reward gets split among the miners on the particular pool. Since the reward is split, the reward will be very less compared to the solo mining reward. However, the mining pool is risk-free since the initial investment is very low. Joining the mining pool which has mined the highest number of blocks in recent months will be the ideal approach. From Table 11 joining mining pools like Poolin, Antpool, BTC.com, Slushpool, and others on the higher rank for recent months will be good. However, this changes as time increases since every mining pool is competing with each other. 60PDF Image | Analysis of Bitcoin Cryptocurrency and Its Mining Techniques
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