As the network grew and the difficulty rose, miners quickly moved to mining Bitcoin with a GPU. The progression of Bitcoin Mining went like this: The ASIC miner makes far more sense.
What about Mining Pools though Mike?
Some are likely to think with more miners on the network more Bitcoins will be mined. This is indeed false. Bitcoin is released at the same rate regardless of network size. Bitcoin has a fixed supply and fixed schedule that is followed. When Bitcoin mining first began, Bitcoins were released at a rate of 50 coins every ten minutes. So 25 billion CPUs mining only Are you ready to put this in perspective?
With your desktop PC mining only with your CPU you are times more likely to hit the lottery in your state than you are to ever find a Bitcoin. Fantastic, but mining Bitcoin with a GPU has to blow that away right? That will dramatically increase my odds. Your just as likely to win your local state lottery as you are to find a Bitcoin. To find a Bitcoin you need a LOT more processing power.
What about Mining Pools though Mike? Just toss all of your GPUs into a local mining pool and share the rewards based on the percentage of work your miner submitted.
What is Bitcoin again?
Mining with a GPU just became profitable again! Well, not so fast. We will do our best to keep this posted up-to-date. Why are Miners Important? Bitcoin miners are crucial to Bitcoin and its security. Without miners, Bitcoin would be vulnerable and easy to attack.