Cryptocurrency has slowly been trickling into mainstream use these past few years. Although it didn’t have the best start, recent events have proven that investing in Bitcoin was not bad.
Of course, with great popularity comes an abundance of people who want to get in on it, too. There are a lot of newcomers who don’t know how the world of crypto works. Therefore, they don’t understand all the different ways you can invest in cryptocurrency.
While they are trying their best to learn more, there is always something new to discover. This includes the fact that you can mine cryptocurrency yourself.
Gamers in particular will be pleased to learn that a gaming PC also possesses the ability to mine crypto. And if you’re wondering why or how then look to this article for all the details!
To mine cryptocurrency on your gaming PC, there are three requirements that it needs to fulfill before you can start. These three requirements are the performance of the PC, its power consumption, and the price.
The performance, or “hash rate”, of a PC determines how many attempts it takes to solve a block that the machine makes. You also need to choose an ASIC (Application-Specific Integrated Circuit chip) depending on this. Looking at different reviewers should help you get an idea of which one to buy.
Power consumption is also important as it’s going to be costly to uphold a rig that’s out of your range. On the other hand, you also need enough power consumption to be able to mine crypto comfortably on your gaming PC.
Finally, the price is the most important, as it’s a good determinant of your rig’s quality combined with what you can afford.
It’s important to know just how much you can actually earn from mining Bitcoin. This will also determine whether or not it’s worth it for you.
The interesting thing about mining cryptocurrency is the fact that the earnings halve every four years. This is to reduce the inflation of Bitcoin, but it also raises its price.
As of 2020, mining one block would give you 6.25 Bitcoin. When Bitcoin mining started in 2009, mining one block would give you 50 Bitcoin. If you do the math, 6.25 is going to be the new standard for mining one block until 2024. After that, the earnings will halve to 3.125 Bitcoin per block.
Only 6.25 might seem like a bad investment. However, consider that as of November 2022, 1 Bitcoin equals about $16,712 USD! The total price of 6.25 Bitcoin would then amount to $104,455 USD. It’s still an impressive number for only one block.
How to set up a gaming PC for mining
If you’re sold on the idea of mining Bitcoin while playing your favorite games, this guide should get you started.
Assuming you already have a gaming PC, you then need mining software. You can look at different articles to find the one that works for you.
Once you’ve found the software that works for you, download and install it. After you run the program, you will be presented with the option to enter your address for that mining software. If not, then other instructions will follow to help you get started, depending on the app.
After finishing these steps, all you need to do is run the mining software. Usually, there are instructions for this within the app as well, if it’s not already obvious.
Finally, all you need to do is sit back and play some League of Legends while your computer does all the work!