Can a gaming PC be used for Crypto Mining?
Gaming PCs are highly powerful rigs that can run heavy games and software. Lately, many gamers have been wondering if a gaming PC can be used for mining cryptocurrency. The answer is yes!
To begin with mining different types of cryptocurrency, you need to either have reliable and robust gaming or mining rig. Mining requires that your rig has dedicated hardware called Application Specific Integrated Circuit (ASIC). While this extra peripheral is expensive, it uses less energy and assists you in mining cryptocurrency comparatively faster.
A powerful graphics card is the most important element to get the most out of crypto mining. So, if your gaming PC is equipped with a powerful GPU, you can start receiving some great benefits.
However, most graphics card manufacturers don’t allow their users to mine crypto using their non-HLR cards. So, it may void your graphics card’s warranty. Also, you will have to take proper care of the huge load you are going to put on your machine. It is going to generate a lot of heat and your components will be working to their full potential. So, make sure to keep all the cons in mind. You can go to the end of this article to know all the drawbacks of mining for your system.
The mining system should be placed in a cool environment. So, pay close attention to the cooling before you employ your gaming rig for mining.
Things To Consider While You Configure Your Gaming PC’s ASIC Rig For Mining Cryptocurrency
- Hash rate
- Power consumption levels
The hash rate is the number of times the computer performs per second to solve a block. Therefore, it is essential that you read several miners’ evaluations before deciding on the ASIC that appears to be the most favorable to you.
When selecting an ASIC, do not do so solely on the price. Instead, follow an analysis that involves performance, cost, and also consumption.
Evaluate the profitability of the ASIC device before investing in it. To do so, you can run an evaluation in any online crypto calculator such as CryptoCompare or even NiceHash. In addition to the characteristics of your mining rig, the calculation also considers the cost of power, mining fees, and the level of mining difficulty.
How Much Can I Earn From Mining Bitcoin?
The earnings for Bitcoin mining are reduced by half every four years. When bitcoin first became popular in 2009, mining one block would reward you 50 BTC.
In 2012, this reduced in half to 25 BTC. This was reduced again in 2016, to 12.5 BTC. This was cut in half again on May 11, 2020, to 6.25 BTC. The next evaluation will take place in 2024.
Some people still make money from mining crypto. Although it is easy to buy equipment, the top-rated competitive ASICs still range in price from $1900-$20000 USD. Machines have evolved in order to remain competitive: Some gear allows customers to change settings to reduce energy usage, resulting in cheaper electricity costs.
To ensure decent functioning, prices less than $0.10 per kilowatt-hour are recommended. Calculating power prices is critical since mining activities require a lot of electricity, which can considerably increase expenses.
Most of the older cryptocurrencies are not becoming tougher to mine. So, having more hash power is necessary to achieve good results.
Is it worth using your gaming PC for mining?
I would never suggest anybody do this with their gaming PC. First of all, it will void your graphics card’s warranty. Unless you have an HLR graphics card, you should not use your gaming PC for mining.
Secondly, the returns will never be very satisfying. If you have invested in a good graphics card, you can get all your money returned in around 6 months to 1 year. During that time, it is possible that your graphics card, CPU, or any other component get damaged because of high temperatures.
Let’s take an example.
The RTX 3080 LHR variant can offer around 115MH/s. Now, if we take a single card and start mining Etherium using it, it will earn just around 50 to 60 USD per month. So, using a gaming rig with one or even two graphics cards is not a good idea for mining.
Mining is profitable when you have a good amount to invest in multiple graphics cards. Using your gaming PC can result in a loss instead of any revenue. Some people might not be able to cover their electricity expenses.
A Step-By-Step Guide For Mining Cryptocurrency With A Gaming PC
1. Set Up Your Gaming PC To Mine Cryptocurrency
First of all, make sure that your PC cabinet has proper ventilation. Also, try to keep your PC inside an air-conditioned room.
To begin, you will require your gaming PC. Once that is done, simply follow the instructions below to start mining cryptocurrency Initially, we suggest you use NiceHash since it allows you to sell your PC hardware to others to mine bitcoin. However, there are numerous other software in the market which you can easily find on the internet. It may also be used to participate in mining pools. Follow these steps to set up your gaming pc to mine cryptocurrency:
- Register for a NiceHash account.
- Launch the mining software.
- Run the NiceHash program.
- Fill in your NiceHash address.
- Press the large play button.
2. Set Up Your Crypto Wallet
Once you begin collecting the crypto you mined, you need a crypto wallet so that you can store all of it. There are many free wallets to select from, that you can download on your smartphone too. Some popular examples include Abra and ZenGo.
If you prefer to have a physical wallet, you can do that as well. This wallet is a small device that stores all the data related to the crypto you have mined. Not only is this safe, but it also adds an extra level of security.
3. Join A Mining Pool
Following that, you should definitely join a Bitcoin mining pool. But unfortunately, mining any cryptocurrency today will be difficult, even for the most powerful ASIC miners. They also will not be able to compete with the world’s mega-mining farms.
Joining a mining pool is the only way to overcome your restrictions as an individual. To put it another way, miners form their own organizations and share resources together. When Bitcoin is successfully mined, the profits are distributed to members according to the computer power they offer.
This would result in a smaller but more consistent income. Before you join a mining pool, make sure you do your homework. Often, there is a price to join, so keep that in mind as well. After that, you may start mining crypto.
4. Get Cryptocurrency Mining Software For Your Gaming PC
By now, you have completed the biggest tasks involving the hardware, your preferred choice of wallet, and the mining pool. The next step is to install Crypto Mining Software on your gaming PC. The mining pool you may have joined might have its own mining software. If not, there is much software available to choose from.
The client connects your gaming PC to the Blockchain and Bitcoin networks. These tools will also keep track of data such as your computer’s temperature and mining rate. The best types of crypto mining software we recommend are ETHMiner, BFGMiner, and BTCMiner.
5. Optimize Your Gaming PC For Mining Cryptocurrency
You may leave NiceHash running for many years. Nonetheless, we recommend optimizing your device to reduce power consumption levels while also getting the most out of your GPU.
Optimizing your device is essential as it will help you cut costs while keeping performance at an all-time high. You can see this article to increase your GPU performance without overclocking.
6. Start Mining Crypto
After meeting all of the prerequisites, you can finally start mining your own crypto.
List Of Equipment To Invest In Before Using A Gaming PC To Mine Cryptocurrency
Among the list of extra peripherals to buy for mining crypto, an ASIC is just one of them. Other peripherals we highly recommend are:
Cooling equipment: Bitcoin hardware may simply overheat and cease to function. Purchase an adequate number of cooling fans and ensure sufficient airflow to keep your gear operational.
Uninterrupted power supply: Mining crypto requires a lot of electricity. For the mining operation to be successful, it is imperative to ensure an uninterrupted power supply. If the entire grid fails, backup generators can come in handy to ensure a continuous power supply.
Potential Risks Of Mining Cryptocurrency On A Gaming PC
1. System May Burn Out
Using ASICs may involve physical risks of the system burning out. Mining cryptocurrency requires intense quantities of energy. In turn, this generates generous amounts of heat. If you have not thought about adequately ventilating the system to dissipate the heat, the system may burn out.
It would be best if you also evaluated how much load your electrical grid can carry, apart from ventilation issues. Every home grid can carry a certain load, after which it will lead to power outages or even a fire. Proceed with mining cryptocurrency only when you have worked these issues out.
2. Severe Financial Risks
Mining cryptocurrency is a risky business because of all the financial risks involved. The smallest events worldwide tend to significantly influence the price of all cryptocurrencies, especially Bitcoin. Once Bitcoin is affected, the rest of the coins are too.
At times, recession or war can cause the value of Bitcoin to drop tremendously. On the other hand, simple Twitter posts by influential personalities can cause the value of cryptocurrency to skyrocket. Hence, your coin may be worth a lot today and valueless tomorrow. And vice versa.
3. ASICs May Become Obsolete
ASICs may soon become obsolete, just like all technologies do over time. This is the result of technological advances and improvements. Once new and efficient miners become a trend, they will surely take over the currently present ASICs.
You can try using your graphics card for mining for fun. However, it is not a good business model in ay terms. Non-HLR graphics cards will ruin their warranty. Also, one or two graphics cards will not give you any satisfying results. So, by using your gaming PC for mining, you are actually over-using it and reducing its lifespan without achieving any serious revenue.
Some people may try to overclock their systems but still, mining using your gaming rig can’t generate even 10 bucks per day. So, you can think of it as a waste of time, effort, and your gaming PC.
Let me know what you think about it!