Mining has for years been one of the favorite ways for users to get hold of a small pile of cryptocurrencies. A few years ago it was quite common to see videos of people filling a room with graphics cards to mine cryptocurrencies. This meant that at the beginning of the decade the prices of graphics cards were absolutely insane.
But the mining situation is not the same as before... is it still possible to do it at home today? Could you turn on your computer, put it to work and earn bitcoins while you sleep? The quick answer is: you can, but making money is another story. We tell you everything in this video:
Is it possible to mine cryptocurrencies from home?
Still, we have to start at the beginning. Mining a cryptocurrency consists of using your computer's processing power to participate in the operation of the blockchain network. Miners' computers “help the network” by verifying transactions and competing to create new blocks, which, in return, provide rewards in the form of crypto.
The usual thing is to enter a mining pool: a mining group that adds the power of all its users' machines and distributes the rewards based on what each one has contributed. In this way, secure rewards are obtained periodically.
Not all cryptocurrencies are mined. Bitcoin or Dogecoin, for example, yes. However, Ethereum, which was one of the most mined currencies, It will no longer be possible to mine in 2022when it abandoned its proof-of-work protocol for a proof-of-stake one. Still, there are cryptocurrencies to mine at home, such as Bitcoin.
But just because BTC can be mined doesn't mean it's easy. In the early years of Bitcoin, you could mine with a normal computer... but today it is practically impossible to mine using a laptop or graphics card. Even with 10 graphics cards, which was a fairly common system just a few years ago.
At the moment, To mine Bitcoin, specialized machines are used ASIC calls from brands such as Bitmain, MicroBT, Iceriver or Canaan. They are devices designed exclusively for mining.
One of the biggest disadvantages of a modern ASIC is that it can cost thousands of euros and consumes a large amount of electricity, which is not a good idea for home mining. Not to mention the noise and heat generated.
Despite this, mining at home is not entirely dead. There are other cryptocurrencies that can still be mined with graphics cards and even a computer processor. An example is Monero, whose system is designed to allow CPU mining. That makes it easier to do it from home without a huge investment, although easy does not necessarily mean profitable.
Make money mining cryptocurrencies
To know if you are making money you have to calculate how much your equipment consumes throughout the day, multiply it by the price of your electricity and compare it with the coins you get. You must also add the price of the machine, cooling, possible breakdowns and the fact that profitability changes constantly. Therefore, a profitable installation today could no longer be profitable in a few months.
Large mining operations have more efficient machines, cheaper electricity and professional ventilation systems. They generally occur in countries where electricity is extremely cheap and legislation is more lax. Competing against this from a normal home is very complicated. But as an experiment it could be interesting.
Finally, be very careful with pages that promise cloud mining, guaranteed returns or effortless passive income. In cryptocurrencies, when someone promises sure profits, usually the biggest deal is theirs, not yours.
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