With the growing interest in earning cryptocurrency, people have started mining bitcoin to get some of it. But this is not as simple as it sounds because you need to consider the different types of mining that can be done.
The first method is to use the computing power of your PC and lend it to a whole group of other people doing the same. This method is favorable for people who have any type of computer or gaming PC. This allows people to pool their resources and mine cryptocurrencies. However, in this case, the payout is low as the individual contribution is relatively minor.
The second method is to use dedicated GPUs running on computers with ASCII scripts to mine the crypto yourself directly. This method requires a substantial initial investment and continual capital spending (electricity, upkeep, etc.) to keep the whole process running. While the payout is comparatively large, recouping the investment is a long and arduous process and takes time even the most sophisticated technologies.
Using a gaming PC to mine Bitcoin comes under the purview of the first method. You need third-party apps such as NiceHash that can connect you with other people requiring your PC’s computing power. You will also need a wallet in order to store the payout. However, there are both pros and cons to utilizing this method of mining.
What’s good about using your Gaming PC?
- It allows anyone with suitable hardware to earn some extra passive income.
- Once mining has been set into motion, it rarely requires any third-party interference.
- It can make use of your existing assets without having to upgrade or invest more.
- It is also relatively safe and hassle-free in its design.
- You don’t require comprehensive technical knowledge to dive into mining.
- An increased number of devices will increase your computing power and hence your total payout.
What’s bad about using your Gaming PC?
- It requires a near-continuous, uninterrupted supply of electricity.
- Mining is a GPU-intensive task. Hence, it will use your current GPU to its maximum capacity, thereby lowering its life.
- It will also generate a lot of heat, which might damage other components of the PC.
- Regular cleaning, while effective, can only do so much against the perpetual heavy use your GPU has been put under.
- Although it is pretty safe, there have been customers duped by fake websites selling the same scheme, so be careful while choosing your client.
- The payout is relatively meager compared to the amount of investment, which might frustrate some people.
- You can get fast profits in areas where electricity is dirt cheap (or free).
Arguments can be made for both the “Pro” faction and the “Con” faction. In the end, it all boils down to your preference and capital. If you have a PC lying around, you can use it to get some passive income going.
Otherwise, you can try and wait to gain some capital first and then buy a PC suited for mining. This method will take longer and require more care, but the payout might just be enough to make it worth all the effort.
Currently the most popular graphics card we have available to mine on are the RTX 3070,3080 & RTX 3090.