Ethereum Cloud Mining Calculator Gpu Comparison Chart
Matt Dreher
Ravencoin (RVN) is a fork of Bitcoin launched on January 3, 2018. Unlike Bitcoin, Litecoin, Bitcoin Cash, and other Bitcoin variants, however, Ravencoin was designed to be mined on average computers rather than on specialized equipment like ASICs. Instead, Ravencoin can only be mined on regular GPUs, such as NVIDIA and AMD chips. This was intended in order to reduce the centralization of mining power that currently exists in the Bitcoin ecosystem, with a few large mining companies possessing the vast majority of Bitcoin mining power. Like Bitcoin and its other variants, Ravencoin has a limited supply of only 21 million coins. Like Bitcoin, Ravencoin uses the unspent transaction output (UTXO) model.
In order to prevent ASIC mining, Ravencoin utilizes a specialized variant of the proof-of-work consensus model known as KAPOW. KAPOW limits the complexity of the mathematical problems miners have to solve from becoming too difficult in order to ensure that smaller miners still have a good chance of validating blocks and winning mining rewards.
KAPOW, however, was not the first algorithm that Ravencoin utilized to limit the complexity of mining. Before KAPOW, Ravecoin utilized other algorithms, including the well-known X16R algorithm, and eventually, the X16Rv2 algorithm, which was later updated and named KAPOW. A new Ravencoin block is created every minute, and currently, the reward for a block is 2500 RVN. The last halving occurred in January 2022, with the previous block reward being 500 RVN.
While the current iteration of Ravencoin uses the KAPOW algorithm, a fork of Ravencoin, Ravencoin Classic (RVC), still utilizes the X16R mining algorithm of the original Ravencoin blockchain. Unlike forks of other blockchains, those who have RVC in a local wallet can claim their RVC for Ravencoin (RVN) on a 1:1 basis with a small amount of coding. Ravencoin Classic can be mined solo or in some pools, such as F2Pool or BSOD. However, it may not be advisable to mine Ravencoin Classic, as it is (at the current moment) slightly less profitable than mining Ravencoin, and is only currently traded on a few exchanges, including Gate.io, BitGlobal, and Bittrex, though it can also be swapped on some decentralized exchanges (DEXs).
Unlike Bitcoin, which is mainly used as a store of value, Ravencoin has a variety of other uses, in some ways, making it slightly more similar to the Ethereum network. Like Ethereum, users can mint Ravencoin NFTs, specifically, by using the MangoFarmAssets RVN wallet platform. Unlike Ethereum, however, it is currently not possible to build dApps on the Ravencoin network due to its lack of smart contract functionality, so this is not a use case. Users can also utilize the Binance Smart Chain (BSC) tokenized version of RVN to trade, borrow and lend on DeFi dApps.
Perhaps most importantly, however, Ravecoin can be utilized to represent real-world assets, such as gold, real estate, and shares of stock, among other types of assets. From November 2018, when the asset layer went live, to January 2021, more than 25,000 tokenized assets have been issued on the chain, which are created by burning RVN. It takes only 5 RVN to create one unique asset.
Tinaga Island Resort: The Tinaga Island Resort, a luxury resort construction project in the Philippines, utilized the Ravencoin blockchain for an STO, securitizing $19 million of property, which at the time, was the largest securitized token offering in Asia.
Chainstone Labs: In 2018, Chainstone Labs used the Ravencoin blockchain to transfer $3.6 million worth of securities tokens (representing 29% equity ownership in the company) to Medici Ventures, a subsidy of retailing giant Overstock.com and a leading blockchain accelerator.
Project 33: Project 33 is an art project that creates glass coins that are also represented as NFTs. The project utilized the Ravencoin blockchain to create 265 NFTs, the ownership of each which is connected to a real glass coin. Overall, the project tokenized nearly $80,000 of original art.
Rick DeMont Art and Paintings: Rick DeMont, a contemporary watercolor artist, created NFTs representing $127,600 of his paintings using the Ravencoin blockchain via collaboration with IP Assets Tech and Mango Farm Assets.
As with any business venture or investment, you should have a clear idea of how much you are willing to invest in Ravencoin mining before deciding to begin. The amount of money you invest will impact the efficiency and profitability of your operation, so if you only want to invest a tiny amount of money, Ravencoin mining may not be for you.
However, compared to mining other cryptos, Ravencoin mining is relatively cheap, as you do not need hot, power-hungry ASICs to begin mining. Typically, you should try to commit between $700 and $1000 to a serious (yet small) mining operation if you want to make serious profits. Despite this recommendation, you can mine Ravencoin for free on a laptop with a decent graphics card, so if you just want to get your feet wet and make a few dollars before committing to an investment, this could be a viable alternative. In general, you will need a minimum of 4 GB RAM GPU to mine Ravencoin.
How much money you can make mining Ravencoin will vary based on a variety of factors, including the hashing power of the hardware you use, the current difficulty of mining, and the current price of Ravencoin, just to name a few.
In general, the best way for small Ravencoin miners is to join a pool. It is difficult to calculate exactly how much more profitable joining a pool is, but many pools operate on the Pay Per Share (PPS) system, where a miner is rewarded by their hashrate regardless of if the pool finds a block or not. This is ideal for smaller miners, who may not get the ability to validate many blocks if they have a low hashrate. In general, profitability is the goal, solo mining should only be reserved for the largest of Ravencoin mining operations. As we touch on later, there are currently no known Ravencoin cloud mining operations in existence, though this could change in the future.
Depending on the size and scale of your Ravencoin mining operation, you may want to set up a business in the form of an S-corp or LLC. This way, you may be able to take significant tax deductions, such as expensing your hardware, which could reduce your income tax burden from any money you make mining Ravencoin. However, this may be overkill and eat into your expenses if you are running a small operation, so unless you are making at least a few thousand dollars mining Ravencoin, this may be a waste of your money.
Unlike ASIC mining, mining Ravencoin has fewer risks and is generally smaller in scale, so you will typically not need business insurance unless your operation is extremely large. If you already have a personal corporation or LLC, particularly if it is involved in other crypto activities, you may be able to run your Ravencoin expenses and profits through this instead of starting a new corporation. Your individual tax situation may vary based on a variety of factors, so always contact a qualified tax professional before deciding to take any steps that could impact your taxes.
Ravencoin, at the current moment, has similar profitability to mining other cryptocurrencies, like Bitcoin and Bitcoin Cash. Ravencoin mining, as previously mentioned, does not allow ASIC mining, so it can be more difficult to scale. If you are looking to invest $10,000 to $12,000 or more, you may want to consider mining larger cryptos like Bitcoin. Ethereum, of course, is another popular mining option, but since it is switching over to a proof-of-stake consensus method, traditional mining will soon be rendered obsolete.
Overall, Ravencoin is typically the most cost-effective for small miners who want to supplement their income via mining operations instead of large mining corporations or farms looking to generate hundreds of thousands or millions per year in profits.
As you can see, the Nvidia RTX 3080Ti gives you, as a miner, the best bang for your buck by far, so you would likely be best-suited buying one or more of these. Due to their high expense and lower hashrate, the other machines only make sense financially if you are already using them for gaming or other uses and want to mine Ravencoin as a secondary function.
Minerstat: Minerstat is a company that provides mining software and hardware as well as providing a variety of mining calculators for various crypto assets. Its comprehensive mining calculator includes all the basics, including difficulty data, hashrate, block rewards, as well as function for calculating rewards in various currencies. It provides profitability data on various pieces of Ravencoin mining hardware, as well as providing information on the largest Ravencoin mining pools, including 2Miners, BSOD, F2Pool, and Minerpool.
Coinwarz: Coinwarz specializes in selling mining hardware, particularly for those mining major cryptocurrencies including Bitcoin, Ethereum, Litecoin, and Dogecoin. Its Ravencoin mining calculator is perhaps the easiest to use, with inputs for essential factors including hashrate, mining consumption in watts, electricity costs per kilowatt-hour, and pool maintenance fees. With these factors, it calculates a daily mining profit estimate, as well as broader mining estimates for the entire Ravencoin ecosystem.
2cryptocalc: 2cryptocalc is another website focused on providing easy-to-use crypto mining calculators. It also provides mining difficulty and hashrate charts, as well as information about Ravencoin mining software.
Coin Calculators: Somewhat like 2cryptocalc, Coincalculators.io is a website specifically created to offer easy-to-use crypto mining calculators. Unlike many other Ravencoin mining calculators, it offers hardware cost as an input, which can make it easier for potential miners to calculate the overall profitability of their operation. It also offers information on the most recent prices for Ravencoin on various exchanges, such as Binance.
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