Treading back to 2009, when Satoshi Nakamoto sowed the idea of an evolutionary system blockchain, we hardly imagined it would someday become a global topic. You won’t believe it; the first ever bitcoin was mined at a residence; yes, it’s true. With the growing prominence of cryptocurrencies, enterprise-grade tools are deployed to conduct warehouse mining operations.
However, that doesn’t limit the possibility of crypto mining right at your home. Suppose you are both tech savvy and a crypto enthusiast. In that case, you need a laptop and a high-speed internet connection to begin mining. Many resorts to home-based mining to earn passive income and invade this lucrative blockchain technology.
Can anyone do crypto mining with a laptop?
Crypto mining requires high-end power to generate hash rates that ultimately create blocks. Before you begin mining, consider certain factors, like whether you intend to earn a passive income or challenge your technical knowledge. Irrespective of your objectives, begin with smaller milestones.
Start with the mining process on your PC; you require mining software to conduct mining on your computer’s CPU. Remember, mining operations are disrupted when your computer is running other programs. You need to carry out the task while you aren’t using it. An individual can earn about $1 if the GPU is powerful enough. A vital component a home-based miner should determine is power consumption; with mining comes high energy costs. Make sure your electricity bill surpasses your mining income.
What are the ways you can mine crypto?
There are both simple and complex techniques available for mining operations; choose the one that first your budget and preference.
First technique: GPU mining
It is perhaps the most popular technique used by crypto enthusiasts. For the homely miners, this process turns out to be the cheapest option and possibly an efficient one. Per this procedure, the rigs use graphic cards for conducting mining operations. Rigs are formed of a frame, processor, motherboard, and two to eight graphic cards. You need to spend almost $3000 to buy an efficacious rig.
Second technique: Cloud mining
Cloud mining refers to taking the assistance of a firm to rent out their mining machine. Each firm you approach comes with its own set of terms for the rent’s timing, and you can earn from the rig that produces blocks. Companies which offer cloud mining services have big warehouses and high-grade equipment to carry out mining on a large scale.
Third Technique: ASIC mining
Crypto enterprises use Application Specific Integrated Circuits (ASIC) to produce cryptocurrencies in bulk. Compared to GPU or any other method, ASIC creates unimaginable numbers of blocks. As this technology can generate an insane quantity of digital currency, the power consumption rates break all records. It often robs other miners’ GPU or CPU hash speeds, making it controversial.
Fourth Technique: CPU mining
Among the four popular methods, CPU mining produces a smaller number of blocks and is time-consuming. One needs to wait months for it to create blocks. At the time of bitcoin’s inception, this method was used at a rampant rate; however, with new technical evolutions, its uses are limited. However, those who want to explore blockchain can try it out on their PCs.
Which cryptocurrencies can be mined at home?
Though cryptocurrency mining requires high investment, you need enterprise-grade tools to begin the process. Well, it’s not always the case because home-based crypto mining enthusiasts can mine currencies which consume less power and fit into their budget. Let’s check them out.
- Litecoin (LTC)
Litecoin uses comparatively less power than any other digital currency. This currency works on the Scrypt protocol that doesn’t require a miner to invest in costly ASIC chips. Mining LTC can prove highly profitable because it gains acceptability similar to bitcoin. Suppose you successfully produce LTC on your computer using the GPU method. In that case, you get a great chance to earn considerable revenue.
- Bitcoin gold (BTG)
As the name suggests, it’s a spin-off of the popular currency bitcoin. The vital difference between both currencies is that, unlike bitcoin, one can use ordinary hardware for mining BTG. For earning exclusive rewards, you can join the mining pools available for BTG. Similar to Litecoin, bitcoin gold, too, is ASIC resistant because it works on an Equihash algorithm.
- Monero (XMR)
Mining can be conducted through GPU and CPU but make sure you have the expertise to handle it. Monero is perhaps the ideal choice if you intend to start from the basics. Those mining this crypto need expert knowledge of mathematical equations as the CryptoNote protocol behind XMR creates highly complex equations.
As opinionated by crypto industry experts, home-based crypto mining is gradually becoming non-existent. With the high-tech tools revolutionizing the way mining and minting of currencies are conducted, computer-based mining is not much preferred. However, tech savvies and those intended to earn some passive income can resort to home-based mining. Best of luck to all the homely miners! Happy mining!