how to mine bitcoins on home pc

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How to mine bitcoins on home pc matteo abetting

How to mine bitcoins on home pc

Bitcoin, like seemingly every other technology these days, is based on the blockchain. Doing all that math requires some computational resources. One could theoretically design a cryptocurrency that allows someone to earn as much as they want as long as they have the hardware to back it up. Instead, Bitcoin was designed in a way that ensures the creation of new coins is stable over the long term.

As more Bitcoin is created, each individual Bitcoin gets harder to mine. Each mining rig is the result of basic cost-benefit analysis. You have to think about how much the system will cost to assemble, how much it will add to your power bills, and how much you expect to make in real-world money before you actually build the thing.

We explained that process as it relates to Ethereum, another popular cryptocurrency, here. Combine the need to pay for parts and power with the increasing complexity involved with mining Bitcoin, and you have a situation where CPUs and GPUs have been effectively pushed out of the mining game. To answer the question in the headline: You can, technically, mine Bitcoin with your PC. The problem is that doing so would be like trying to mine gold with a soup ladle while other people are out there with heavy equipment and teams of workers who all specialize in mining.

Topics Web Life. See all comments They're all just brute force guessing the answer to a puzzle, and when that answer is found it has no use other than satisfying some difficulty threshold used to keep the rate at which answers are found at a roughly constant rate regardless of aggregate miner hashing power. You can run a full node that can be used to validate the integrity of the blockchain without any mining.

The purpose of Proof of Work mining is to make it prohibitively costly to attack the network double spend or block transactions , i. To do so would require a large upfront cost of mining equipment, as well as a large energy cost used to create the blocks. You can technically acquire bitcoin with your PC by using Nicehash. It basically rents your computer out to other people who use your computer to mine other coins like Ethereum or bitcoin gold.

Your "renter's fee" is always paid back to you in bitcoin regardless of what your computer actually mined. Your winnings will vary with nicehash meaning 1 minute you might make 5 dollars, the next 10 which means you averaged 7. I use dollars to simplify this, in actuality you would be paid in bitcoin. Wow i see tomshardware still supports and spreads the cancer of mining. I hope the crypto mania dies down soon so GPU prices come back down in price.

The bad news: It's guesswork, but with the total number of possible guesses for each of these problems being on the order of trillions, it's incredibly arduous work. In order to solve a problem first, miners need a lot of computing power.

That is a great many hashes. If you want to estimate how much bitcoin you could mine with your mining rig's hash rate, the site Cryptocompare offers a helpful calculator. In addition to lining the pockets of miners and supporting the bitcoin ecosystem, mining serves another vital purpose: It is the only way to release new cryptocurrency into circulation.

In other words, miners are basically "minting" currency. For example, as of Nov. In the absence of miners, Bitcoin as a network would still exist and be usable, but there would never be any additional bitcoin. There will eventually come a time when Bitcoin mining ends; per the Bitcoin Protocol, the total number of bitcoins will be capped at 21 million.

This does not mean that transactions will cease to be verified. Miners will continue to verify transactions and will be paid in fees for doing so in order to keep the integrity of Bitcoin's network. Aside from the short-term Bitcoin payoff, being a coin miner can give you "voting" power when changes are proposed in the Bitcoin network protocol.

The rewards for bitcoin mining are reduced by half every four years. When bitcoin was first mined in , mining one block would earn you 50 BTC. In , this was halved to 25 BTC. By , this was halved again to If you want to keep track of precisely when these halvings will occur, you can consult the Bitcoin Clock , which updates this information in real-time. Interestingly, the market price of bitcoin has, throughout its history, tended to correspond closely to the reduction of new coins entered into circulation.

This lowering inflation rate increased scarcity and historically the price has risen with it. Although early on in Bitcoin's history individuals may have been able to compete for blocks with a regular at-home computer, this is no longer the case. The reason for this is that the difficulty of mining Bitcoin changes over time. In order to ensure the smooth functioning of the blockchain and its ability to process and verify transactions, the Bitcoin network aims to have one block produced every 10 minutes or so.

However, if there are one million mining rigs competing to solve the hash problem, they'll likely reach a solution faster than a scenario in which 10 mining rigs are working on the same problem. For that reason, Bitcoin is designed to evaluate and adjust the difficulty of mining every 2, blocks, or roughly every two weeks. When there is more computing power collectively working to mine for Bitcoin, the difficulty level of mining increases in order to keep block production at a stable rate.

Less computing power means the difficulty level decreases. To get a sense of just how much computing power is involved, when Bitcoin launched in the initial difficulty level was one. As of Nov. All of this is to say that, in order to mine competitively, miners must now invest in powerful computer equipment like a GPU graphics processing unit or, more realistically, an application-specific integrated circuit ASIC. The photo below is a makeshift, home-made mining machine.

The graphics cards are those rectangular blocks with whirring fans. Note the sandwich twist-ties holding the graphics cards to the metal pole. This is probably not the most efficient way to mine, and as you can guess, many miners are in it as much for the fun and challenge as for the money.

The ins and outs of bitcoin mining can be difficult to understand as is. And there is no limit to how many guesses they get. Let's say I'm thinking of the number There is no "extra credit" for Friend B, even though B's answer was closer to the target answer of Now imagine that I pose the "guess what number I'm thinking of" question, but I'm not asking just three friends, and I'm not thinking of a number between 1 and Rather, I'm asking millions of would-be miners and I'm thinking of a digit hexadecimal number.

Now you see that it's going to be extremely hard to guess the right answer. In Bitcoin terms, simultaneous answers occur frequently, but at the end of the day, there can only be one winning answer. Typically, it is the miner who has done the most work or, in other words, the one that verifies the most transactions.

The losing block then becomes an " orphan block. Miners who successfully solve the hash problem but who haven't verified the most transactions are not rewarded with bitcoin. Well, here is an example of such a number:. The number above has 64 digits. Easy enough to understand so far. As you probably noticed, that number consists not just of numbers, but also letters of the alphabet. Why is that? To understand what these letters are doing in the middle of numbers, let's unpack the word "hexadecimal.

As you know, we use the "decimal" system, which means it is base This, in turn, means that every digit of a multi-digit number has 10 possibilities, zero through nine. In a hexadecimal system, each digit has 16 possibilities. But our numeric system only offers 10 ways of representing numbers zero through nine. That's why you have to stick letters in, specifically letters a, b, c, d, e, and f. If you are mining bitcoin, you do not need to calculate the total value of that digit number the hash.

I repeat: You do not need to calculate the total value of a hash. Remember that ELI5 analogy, where I wrote the number 19 on a piece of paper and put it in a sealed envelope? In bitcoin mining terms, that metaphorical undisclosed number in the envelope is called the target hash. What miners are doing with those huge computers and dozens of cooling fans is guessing at the target hash.

A nonce is short for "number only used once," and the nonce is the key to generating these bit hexadecimal numbers I keep talking about. In Bitcoin mining, a nonce is 32 bits in size—much smaller than the hash, which is bits. In theory, you could achieve the same goal by rolling a sided die 64 times to arrive at random numbers, but why on earth would you want to do that?

The screenshot below, taken from the site Blockchain. You are looking at a summary of everything that happened when block was mined. The nonce that generated the "winning" hash was The target hash is shown on top. The term "Relayed by Antpool" refers to the fact that this particular block was completed by AntPool, one of the more successful mining pools more about mining pools below.

As you see here, their contribution to the Bitcoin community is that they confirmed transactions for this block. If you really want to see all of those transactions for this block, go to this page and scroll down to the heading "Transactions. All target hashes begin with zeros—at least eight zeros and up to 63 zeros.

There is no minimum target, but there is a maximum target set by the Bitcoin Protocol. No target can be greater than this number:. Here are some examples of randomized hashes and the criteria for whether they will lead to success for the miner:. You'd have to get a fast mining rig, or, more realistically, join a mining pool—a group of coin miners who combine their computing power and split the mined bitcoin.

Mining pools are comparable to those Powerball clubs whose members buy lottery tickets en masse and agree to share any winnings. A disproportionately large number of blocks are mined by pools rather than by individual miners. In other words, it's literally just a numbers game. You cannot guess the pattern or make a prediction based on previous target hashes.

Not great odds if you're working on your own, even with a tremendously powerful mining rig. Not only do miners have to factor in the costs associated with expensive equipment necessary to stand a chance of solving a hash problem. They must also consider the significant amount of electrical power mining rigs utilize in generating vast quantities of nonces in search of the solution.

All told, bitcoin mining is largely unprofitable for most individual miners as of this writing. Source: Cryptocompare. Mining rewards are paid to the miner who discovers a solution to the puzzle first, and the probability that a participant will be the one to discover the solution is equal to the portion of the total mining power on the network.

Participants with a small percentage of the mining power stand a very small chance of discovering the next block on their own. For instance, a mining card that one could purchase for a couple of thousand dollars would represent less than 0.

With such a small chance at finding the next block, it could be a long time before that miner finds a block, and the difficulty going up makes things even worse. The miner may never recoup their investment.

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But I heard it became useless to do so. Is that true or should I go for it? If it is useless: what changed? GPU mining ended in early for bitcoin. In some jurisdictions cloud mining is considered an illegal security as well. Damn, that's a lot to consider. Thank you for your help. I'll look into that but it seems a little to complicated for me. It's useless because there are millions of ASIC miners out there that can hash a million times faster than any cpu or gpu nowadays.

Mining with a PC might cost a buck or 2 a day, and you'll mine pennies worth of BTC per month if that. There are probably some altcoins that are still profitable to mine with you gpu thru something like nicehash or minergate. I'll let someone smarter than me comment on that. There are also calculators out there for different cryptocurrencies that use your power cost to determine what's the most profitable. In this context even mining GPU targeted algos is not advised due to the damage to the laptop from overheating.

Use of this site constitutes acceptance of our User Agreement and Privacy Policy. All rights reserved. You can technically acquire bitcoin with your PC by using Nicehash. It basically rents your computer out to other people who use your computer to mine other coins like Ethereum or bitcoin gold.

Your "renter's fee" is always paid back to you in bitcoin regardless of what your computer actually mined. Your winnings will vary with nicehash meaning 1 minute you might make 5 dollars, the next 10 which means you averaged 7. I use dollars to simplify this, in actuality you would be paid in bitcoin. Wow i see tomshardware still supports and spreads the cancer of mining. I hope the crypto mania dies down soon so GPU prices come back down in price.

Why do you have this article? I guess it has been a while and we're seeing new writers. It is here in Tom's where I've first heard of bitcoin and continued to disregard it throughout the years until last year. It could have been huge money if I mined it back in the day.

Actually, the answer is much simpler. They cost less, use less power, much faster, and a lot easier to deploy. Derekullo I do multi-coin alt mining with miningpool instead. But more importantly I get paid in litecoin because the transaction fees are WAY lower than the more popular bitcoin and etherium, which is important because I turn it into real money instead of trying to figure out ways to pretend bitcoin is useful as a currency. If you want to make money, work for it.

I dislike crypto-mining too but it's not money for nothing. You are renting your computer as part of the blockchain transfer process of digital currency I don't expect the PC graphics card market to handle this in the future as there will end up some optimized ASIC or similar method that makes it unprofitable for the average person I thought that happened the first time too so hopefully it disappears for PC in completely. This article is a poor attempt in discouraging people from diving into crypto currency.

Big fail! Author is most likely being sponsored by a crypto hater or a bankster. Bitcoin is only ONE type of digital coin.

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So be sure to check. Watch video how does it. On a final note, I comments section below. Fanduel betting app weeks ago, there were btccrypto mining. Up next on our list use of cookies in accordance it gets published. One way to prevent this to rent your mining computing is Honeyminer. Share Tweet Send Share. Perfect for anyone who wants start running, and you should begin to see the estimated lag issues. Unlike Nicehash where people have other applications on your device. Awesome Miner is another auto profit switching and auto currency.

While mining bitcoin on an individual computer is no longer viable, there are other cryptocurrencies that you can still mine at home if you're. It would take thousands of years, home PC's are not usable to mine bitcoin anymore, if you would like to mine bitcoins you need to buy a specialized device for it. › watch.