Many individuals engaged in the cryptocurrency world have contemplated mining their own coins at some stage, and indeed, a significant number have embarked on this journey. However, it’s not suitable for everyone. The technical demands and constraints on profitability can render the undertaking less appealing for some. Nonetheless, this doesn’t imply it’s unfeasible. To assist in this area, we’ve compiled a list of some of the more accessible methods to get started with bitcoin mining from home in our guide.
Why should you mine?
Why should you mine bitcoin from home? Mining bitcoin from home serves a couple of purposes. One is the obvious boon of generating your own cryptocurrency. Even if it is only a trickle, it can feel rewarding to be able to receive coins that you helped create yourself. Another is of course, adding increased security to a certain project’s blockchain. Often, just knowing you are involved in securing the network can instill a certain sense of pride.
That all being said, if one lacks the appropriate hardware to be an effective part of a specific network, it can present a bit of a barrier to entry into the DeFi space. However, some coins are specifically designed to be more accessible than others, and some projects seek to circumvent the technical hurdles associated with traditional mining. There are various options depending on the level of control you want and the type of return you’re comfortable with in DeFi mining, but we will cover some of the more approachable ways to get involved in mining as quickly as possible. So, let’s dig in.
Easy and quick solutions to mine bitcoin
These are solutions for people who don’t necessarily want to get their hands too messy with the nuts-and-bolts aspects. The trade-off is a lack of control and generally either an upfront cost or an ongoing fee for the service. Still, for some this may be just the level of involvement you are looking for!
Coinmine
This is pretty much the easiest way to mine bitcoin from home. Coinmine is a device that you pretty much just have to plug in, sync to an app, and start mining bitcoin, ethereum, Monero, ZCash, or Grin. Sounds too good to be true? Well, the catch is the $700 price tag. Considering that realistically this miner will only generate pennies worth of cryptocurrency each day, and even if you don’t factor in electricity (and you really should) then it could easily be years before you have even paid off the device. That is assuming there is no growth in the hash-rate of these networks or major improvements in mining technology, which is completely unrealistic. So, while this could be a great way to get involved quickly, it won’t make you “crypto-rich” anytime soon.
Honeyminer
Honeyminer is basically a straightforward way for new users to get into mining with a pool. Anyone can simply sign up, install the software, and use their computer’s CPU/GPU to mine cryptocurrency. An algorithm finds the most rewarding coins to mine and then converts all earnings into bitcoin for your payout. While it can be a very streamlined process to begin earning some satoshis, there are trade-offs.
For one, the software is currently only available for Windows and Mac. However many users won’t find this a huge problem. Another is that, of course, Honeyminer takes a cut of your earnings. Currently, the fee is 8% if you run one GPU and 2.5% if you run two or more. Hence it is obviously a bit more lucrative if you have a more advanced rig. If you find the fee acceptable for convenience, this can be a great way to get involved with minimum work or risk.
Cloud mining
If you don’t want to mine on your own hardware, one option that many find attractive is cloud mining. This involves basically purchasing a contract with a provider. They, in turn, mine cryptocurrency with their own hardware on your behalf. Customers get payments regularly in the cryptocurrency they choose to sign up for.
Companies such as Hashflare and Genesis Mining offer just these types of plans. Be aware that like with Coinmine, the upfront cost will affect how long it takes you actually to become profitable. There are occasionally also free cloud mining plans available. The offering from the Stormgain cryptocurrency exchange may be better suited to new users.
Coins that can be mined
If you’re willing to put in the work, there are still plenty of coins that can be mined with a solid CPU and/or GPU. For this article, we will avoid ASIC-based rigs. The emphasis is on getting started with hopefully what you have available now. That being said, whatever you choose to mine, you will look at setting up mining software and linking it to a mining pool.
You could go it alone, but generally, using pools is both easier for beginners and generates a better return. There may be different options for software depending on what OS you are using. There is a good chance you will want to update your graphics card drivers unless you already have or strictly stick to CPU mining. Each coin will have slightly different steps, so we’ll provide links to some helpful info to get started.
Some of the more popular coins available that can be mined with most modern PC’s include:
Dogecoin
Though often considered a “joke” project, Dogecoin is among the easier bitcoin forks to mine. It can be mined with CPU or GPU, but GPU is far more effective. Commonly mined with cgMiner or cudaMiner software, though there are some other options.
Monero
Can still be mined with either CPU or GPU as well. The most common mining software used is xmr-stak. The project is committed to staying ASIC resistant.
Bitcoin Gold
Another crypto fork of bitcoin, the emphasis of this project was to make it possible for people to mine bitcoin again without ASICs, though the focus is only GPU mining. Common miners used for this cryptocurrency include EWBF, Gminer, and Lolminer.
Vertcoin
Again only focused on GPU mining, Vertcoin aims to be extremely user-friendly with its “One-click Miner.” Note that the miner may not work if your GPU is not updated with the latest drivers and some integrated graphics cards are not supported.
Start your bitcoin mining journey from home
While there are many cryptocurrencies to explore with similar mining processes to those discussed, there’s no simple ‘One-step’ solution, as platforms like Coinmine and Vertcoin demonstrate by taking a cut for their services. However, with the insights shared in this guide, you’re well-prepared to start securing your chosen network and earning cryptocurrency. Remember, it’s essential to do your own research (DYOR) to navigate the complexities of bitcoin mining effectively. With this knowledge, congratulations are in order – you’re ready to begin mining bitcoin from home!
However, if you would like to know even more about mining, learn everything you need to know at the BeInCrypto Telegram group.
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Frequently asked questions
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