Using a Pc for Bitcoin mining can be a cost effective endeavor.
You could save a lot of money that you would have otherwise used to purchase an expensive machine when you mine Bitcoins with your PC. By now you should know what Bitcoin mining is.
If you are on this page, then I’ll assume you already know that. However, if you are unfamiliar with what Bitcoin mining is you can read this article on Bitcoin mining
In theory, Bitcoin mining can be a very profitable venture judging by the exchange rate of 1 BTC to a dollar at the moment.
However, in practice mining Bitcoin could be frustrating if you do not have the required specialized Computer or machine for mining these coins, as the process of mining could be tedious, power-consuming and unprofitable if you are planning to use the conventional PC for Bitcoin mining.
You can mine bitcoins with your personal computer, but that will be like trying to pull a Boeing 747 aircraft with a KIA Picanto car.
Unless you have plenty of free power and can spare a lot of time for managing the operations. Do not get me wrong, I am not saying Bitcoin mining cannot be done with your normal PC, or that there is no PC for Bitcoin mining.
Definitely, you will make some bitcoins with the average mining rate of about 1 – 100MH/s of your normal PC judging by this CPU mining statistics. However, any profit you hope to make will be consumed by the electricity bill for such operations.
If you want to compare hash rate with the profit estimate, you can use this Profit Calculator
One way to use your Pc for Bitcoin mining is by enhancing its graphics hardware by adding a graphics card that features GPU (Graphical Processing Unit). Nvidia and ATI are vendors GPUs can be purchased from.
For instance, an ATI 5970 graphics card will likely give you over 800 MH/sec compared with a CPU, which will give you less than 10 MH/sec.
For optimum profit, using this method is most suitable for other cryptocurrencies such as Litecoin.
However, there are some pretty good machines that can give you some good profit from crypto mining. These machines consume a lot of power (of course Bitcoin mining requires high power consumption) and possess high GPUs that can produce tens of Giga Hashes per Second.
This is far higher than what your normal computer outputs.
The higher your hash rate, the more likely it is for you to solve a transaction block. To estimate your average hash rate, let us assume you are using a machine that generates 750GH/Sec and its power consumption is 500 watts, it means you will be getting 1.5GH per watt of electricity consumed. You can use this electricity price calculator to find out how much that translates to.
A company known as “21” sometime in 2015, released the ‘Bitcoin Computer‘, which has an inbuilt mining chip and sells for around $400. It is not those wishing to mine Bitcoin for profit but rather for developers.
In order to choose the best Bitcoin mining machine, you first need to calculate how profitable your mining will be. As revealed above, the GPU of your machine will determine to a large extent how profitable you will be in mining bitcoins.
One of the tools available online to calculate the profitability of your miner is this Mining profitability calculator. You can type in parameters such as power consumption, hash rate, equipment cost, and the current price of Bitcoin to see how long it will take you to recover your initial cost of investment and make a profit.