Thursday 29 September 2022

Can I mine cryptocurrency from home and what equipment do I need?

Power consumption depends on your computer although it ranges from 0.1 to 0.6 kWh

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29 September 2022 - At The Banks - BCCR

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HQ – Processing a financial transaction using a cryptocurrency on the Internet, such as Bitcoin and Ethereum, which are the most popular digital currencies, has become an attractive activity to generate extra income.

However, this process popularly known as “mining” consumes large amounts of energy, so knowing this aspect becomes essential.

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The consumption will depend on the characteristics of your computer, so it could range between 0.1 and 0.6 kWh.

If you have a computer equipped with a 3.6GHz AMD Ryzen 5 3600X processor; a Gigabyte B450 AORUS Pro motherboard; 32GB of RAM and a 12GB RTX 3070 video card will consume approximately 0.2 – 0.3 kWh.

This configuration is one of the most common to mine Ethereum or other types of cryptocurrencies, except for Bitcoin, which requires many more computers like this interconnected.

But then, is it profitable to mine cryptocurrencies individually from home? It depends on the cryptocurrency.

Almost all, except Bitcoin, because it requires hundreds or thousands of computers like the one detailed above to compete against super mining farms.

Monero, Litecoin and Dogecoin, in addition to Ethereum, become options for mining from home, where even, if the equipment is powerful, you can do it while doing another task.

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If you want to save additional money and not spend as much electricity and also help the environment, you can opt for the installation of solar panels.

It is an expensive option at the beginning but that the investment is recovered over time by saving in the payment of electricity, in addition to becoming a source of clean and renewable energy.

Today there are more than 10 thousand cryptocurrencies in the world and the amount continues to rise, however, these are the five most popular:

Source: https://www.iebschool.com/blog/

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