How To Mine Cryptocurrency At Home: A Step-by-Step Guide
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 prepared to put in the effort.
Section 1: Step One: Decide which cryptocurrency you want to mine
Choose a currency that you’re already familiar with or that you can readily understand. Remember, as with everything else, if you’re unsure, do your research.
Here are some suggestions:
It doesn’t matter which cryptocurrency you choose to mine — but it does matter how much of it you want to use up at any one time.
Alternative coins — such as Litecoin and Ethereum — aren’t as well understood as bitcoin. It’s not recommended that you mine all the alternative currencies, just a few that you’re comfortable with.
–such as Litecoin and Ethereum — aren’t as well understood as bitcoin. It’s not recommended that you mine all the alternative currencies, just a few that you’re comfortable with. Get yourself some mining gear (more on that below).
Step Two: Find the right mining hardware
Purchasing the right hardware for your needs can be tricky.
First and foremost, make sure you’re running your machine on a secure and fast Internet connection, because it’s going to be sending enormous amounts of data to the mining hardware, which will need to transfer that data quickly to process the next block.
You need to ensure the power supply is at least 450 watts, while the GPU power is at least 300 watts.
You’ll also want to ensure your CPU is at least 200MHz, and you’ll need to make sure your motherboard is compatible with the graphics card.
Depending on how much you want to spend, you’ll also want to ensure your mining rig is compatible with popular hardware miner programs, such as CompSci SE or BitMinter.
Step Three: Join a mining pool
Some mining pools have fixed fees for setting up an account and for maintaining an account, but others offer a pooled mining service where a group of mining rigs are shared between users, rather than all individually mining on a single PC.
If you have several computers with a similar set up, a mining pool allows you to mine on a common system and share the rewards. You’re still keeping it as small scale as possible, but the rewards of mining will be spread across several people.
A Miner is a member of a mining pool.
You don’t have to join a mining pool.
Some pool operators will open up access to their system for anyone to join on a one-to-one basis.
Step Four: Find a cryptocurrency to mine
Of course you’ll need some cryptocurrency to mine.
Step Four: Download software
This step is pretty simple, just download a miner. You may need to check the legality of downloading a miner in your country, but this is usually a legal process.
This is what each of the following crypto-miners looks like:
Note: The site hosting this article has provided a list of their latest downloads.
Step Five: Download the program
You’re now ready to download the program. It’s a good idea to download a program that supports the currency you want to mine (if possible).
Note: Some programs can run in your web browser, some run in Windows, some run in a window and some have their own windows, depending on what you’re installing.
Note: Some of the computer hardware we’re recommending is quite expensive and may not be suitable for everyone.
Step Five: Optimize your system for maximum performance
While your PC or laptop might be able to mine cryptocurrency, the hardware in it is unlikely to be able to cope with the level of demand this puts on it and its hardware over the course of several months.
In addition to this, most mining hardware generates heat, which in turn uses more power and consumes more power. It’s important to find the best place to locate the mining hardware in your house in order to maximize its lifespan.
The best place to house a mining rig is in a well-ventilated area away from any real heat sources, such as an oven or radiator. Also be aware of any air leakage from any radiator or central heating system that may draw in heat from the mining hardware.
Considering the ever-increasing price of cryptocurrency, the investment opportunity is compelling. By choosing the right cryptocurrency, you can make a considerable return over time.
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Bitcoin Cash Resources
With increased mining difficulty, difficulty increases and ultimately time costs increase. If you choose a currency that has no difficulty increase, then the mining is virtually free.
Bitcoin Cash is a currency that was created following the split from Bitcoin in August 2017. Although there is a finite amount of the currency in circulation, it is free to spend and can be stored on a smartphone or digital wallet.