- USB mining is typically a tiny mining rig a crypto trader can establish through a Universal Serial bus (USB) stick.
- In January 2022, a solo Bitcoin miner made a profit of $215,000 through USB Mining by utilizing a Gekkoscience Compac USB stick.
- Africa’s market mainly runs on the concept of seeing is believing. By showing the proof of concept through USB mining, many crypto traders in Africa will emerge due to its low cost, and the best part is that it does not drain electricity like a hose pipe.
Technology has advanced over the years and brought us many new inventions such as the metaverse, a self-driving vehicle and digital currencies.
Bitcoin revolutionized the world with its debut, and the Bitcoin mining industry has become a lucrative business for crypto traders. In recent news, Bitcoin has set its eyes on Africa and has made various treads to secure its potential market. Bitcoin mining has been associated with the use of expensive hardware but fears not a new concept has recently gained popularity, USB Mining.
What is USB Mining?
USB mining is typically a tiny mining rig a crypto trader can establish through a Universal Serial bus (USB) stick. This method is considerably smaller than the average Bitcoin mining hardware. The best part is installing specific software is all you require.
Similar to GPU rigs, the more devices, the higher the hash rate and the greater the chance of mining a block.
Here are the top 5 USB mining hardware essential to building your desired rig.
- ASIC Bitcoin Miner USB
- Gekkoscience Compac USB stick
- Avalon nano 3
- Bitmain Antrouter R1
- 21 Bitcoin Computer
How is USB mining different from the mainstream mining methods?
Crypto traders that use USB mining methods have the capabilities of competing with other crypto miners with standard bitcoin mining hardware. It’s a method that benefits a crypto trader whose starting in the crypto space but lacks the necessary equiment, since building its rively cheaper than other ordinary Bitcoin mining methods.Â
One of the main issues that surround Bitcoin mining is the level of carbon footprint it leaves. The energy that an ASIC miner uses is staggering.
Read: ‘The Ethereum killer’: Polkadot’s rising potential in the African crypto space
This is causing numerous petitions that question the impact of Cryptocurrency mining. Also, mainstream mining methods are generally strenuous to a typical crypto trader. Electrical bills sum up to a ridiculous amount making Bitcoin mining unaffordable and inaccessible to many.
Even though USB miners aren’t as popular as ASIC Bitcoin mining, it has proven useful incredibly when luring new crypto traders.
Benefits of USB Miners in Africa
Cryptocurrency in Africa is a new concept that has brought various ventures to Africa. USB mining is a concept that is best utilized as an entry-level method in cryptocurrency. Most individuals starting in crypto might not have the means to create extensively or even acquire all the expensive equipment that makes some form of progress.
Read: Binance adds support for the south African rand
By starting small and building USB mining rigs, a crypto trader will get a taste of cryptocurrency. The main issue that plagues the progress of cryptocurrency in Africa is the unaffordability and inaccessibility of the various startup equipment.
Various ventures, startups, and even educational rallies are ongoing to grow Bitcoin in Africa. But in my opinion, Africa’s market mainly runs on the concept of seeing is believing. By showing the proof of concept through it, many crypto traders in Africa will emerge due to its low cost, and the best part is that it does not drain electricity like a hose pipe.
In South Africa, USB miners are relatively adopted. Almost half of new crypto traders have opted to do a test run with USB miners. This has offered numerous benefits and allows the crypto trader to see whether or not crypto mining is worth it.Â
Even though its rate is relatively lower than ASIC mining, there are numerous instances where a crypto miner has made substantial profits. In January 2022, a solo Bitcoin miner made a profit of $215,000 through USB miners.
The individual utilized a Gekkoscience Compac USB stick and created their mining rig developing a hash rate of 8.3 TH/s. The individual stated that the maximum hash rate of their rig was 86 TH/s. This means that it only utilized a tenth of its processing capabilities.
Incorporating such a concept promotes Bitcoin in Africa, essentially adding to the current wave and trend; cryptocurrency in Africa.Â
Limitations
USB miners are an opportunity to bring in new crypto traders and boost Bitcoin in Africa; however, it is still an entry method. In the long run, it cannot compete with ASIC miners and other mining firms.
It provides a quick taste of crypto mining and can promote awareness of cryptocurrency in Africa, but it should not be used as a long-term or full-time concept.
There are still speculations on how it will be affected by the new Proof-of-Stake and the shift from Proof-of-Concept. Will it survive the transition, or will it fail?
In conclusion, by using USB miners, we can promote cryptocurrency in Africa by giving a taste of what crypto mining is really about. Its energy-efficient and cheap nature make it an efficient method for new crypto traders.
