Author Topic: What is best way to mine crypto currency?  (Read 164 times)

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What is best way to mine crypto currency?

« on: 08 July, 2021, 10:26:32 AM »
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LISTR-93

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Hi to all on forum!  So what's the best way to go about actually mining for a crypto currency whichever one it is?  I read quite a few times that one could use a standard desktop with a good graphics card so am thinking of using my own system.  Would this work just be a waste of time?

Re: What is best way to mine crypto currency?

« Reply #1 on: 09 July, 2021, 03:52:34 AM »
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cybernut

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I'm no expert but I think it depends on which crypto currency you want to mine.  In the early days of the first and biggest, Bitcoin, that type of spec may have been enough but not any more.  Now you would need a dedicated mining setup with very powerful gfx card and ASIC cpu to even have a chance of solving the maths problem.

Re: What is best way to mine crypto currency?

« Reply #2 on: 10 July, 2021, 11:51:26 AM »
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LISTR-93

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I'm no expert but I think it depends on which crypto currency you want to mine.  In the early days of the first and biggest, Bitcoin, that type of spec may have been enough but not any more.  Now you would need a dedicated mining setup with very powerful gfx card and ASIC cpu to even have a chance of solving the maths problem.
Ok, thanks.  Yea, I was thinking of bitcoin or ethereum as an alternative.  What's an ASIC cpu?

Re: What is best way to mine crypto currency?

« Reply #3 on: 11 July, 2021, 04:29:12 AM »
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cybernut

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It means Application Specific Integrated Circuit which can be customized for a specific task, so for crypto mining you would need an ASIC cpu and high-end graphics card, but as said, I'm no expert on either crypto mining or ASIC cpu's and where the latter is concerned, I have no idea how they can be customized - you could google it. :P  But forget standard desktop setup.

Re: What is best way to mine crypto currency?

« Reply #4 on: 12 July, 2021, 07:39:50 AM »
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a.flynn

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Yea!  No way will a desktop with standard processor mine bitcoin!  At the same time dedicated mining rigs with an ASIC aren't cheap.  You're better off joining a collective mining pool for bitcoin.

Re: What is best way to mine crypto currency?

« Reply #5 on: 14 July, 2021, 12:55:37 PM »
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ATH019

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It means Application Specific Integrated Circuit which can be customized for a specific task, so for crypto mining you would need an ASIC cpu and high-end graphics card, but as said, I'm no expert on either crypto mining or ASIC cpu's and where the latter is concerned, I have no idea how they can be customized - you could google it. :P  But forget standard desktop setup.
Actually it's one or the other, not both.  So an ASIC or GPU based mining rig.  But you're right in that a standard desktop won't do, won't solve the math problem for bitcoin or any of the top crypto currencies.


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Re: What is best way to mine crypto currency?

« Reply #6 on: 15 July, 2021, 12:03:23 PM »
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Susan.W

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Even high-spec mining systems can't mine BTC that quickly.  Saw a youtube video with 10+ dedicated mining rigs that said it took weeks to mine one BTC.
Susan.W the midget magician :)

Re: What is best way to mine crypto currency?

« Reply #7 on: 16 July, 2021, 08:10:54 AM »
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ATH019

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At the very least I would have thought even with 10 rigs.  Market value for bitcoin is around £23,000 so probably at least a month or even months, during which time the electric cost would be fairly high and the room they're in would get very warm.



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Re: What is best way to mine crypto currency?

« Reply #8 on: 19 July, 2021, 12:54:50 PM »
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McGaskil

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Yer, anyone would be wasting their time with just one rig mining bitcoin or even ethereum.

Re: What is best way to mine crypto currency?

« Reply #9 on: 29 July, 2021, 07:30:05 AM »
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LISTR-93

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What about multiple usb asic mining modules plugged into a powered usb hub that's connected to a Raspberry Pi or similar sbc?