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Pazza's avatar

Do high power pc's mine cryto currency faster than budget pc's?

Asked by Pazza (3268points) January 31st, 2021

looking at mining some bitcoins, and need advice on what type of pc, price, hardware is required.

is a budget pc adequate?
can anyone advize some hardware specs please?

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6 Answers

elbanditoroso's avatar

yes, high end processors with lots of memory do mine faster than low-end machines.

But don’t think you will make money. Your electric bill will cost you more than you mint, and to do anything serious, you need special chips on a seriously well-equipped machine. Google |bitcoin PC’ and you will see what I mean.

Better off getting a job.

dabbler's avatar

@elbanditoroso is correct. You will spend more for the electricity than the bitcoin is worth unless you have spent tons of money for custom processors. When bitcoin was first introduced, the paths to easily discovered bitcoins were pretty short, you could mine them with ordinary CPUs, as the easy ones all got gobbled up, then you needed to use your graphics card with special software. These days you need custom FPGAs to crank out a bitcoin before you have spent more electricity than it’s worth.

There are other crypto currencies that are designed to be less compute-intensive. But no other crypto has caught on like bitcoin and the others are not ‘worth’ as much.
None of them is inherently worth anything except what someone will pay for it.

Pazza's avatar

Sorry, I was using bitcoin as a generic term for crypto currencies.
Answers very much appreciated guys.
Just to clarify, do your answers apply to all crypto’s?

Using a mobile miner for ‘Bee’ crypto, are there any dangers, pitfalls, problems, or is letting it mine a few coins for a few potential quid worth it? or do you have to speculate high to accumulate?

Thanks again.

(I know bee is currently worth nowt, and the reason as stated, its projected to come on line in 2024, so for me, think I’ll just leave my phone chugging away for no cost and see if anything comes of it)

gorillapaws's avatar

Not sure how Bee crypto is set up but Bitcoin is designed with a variable threshold where a new coin is minted every 10 minutes globally. If they are being produced faster than that rate, then the threshold is tightened down to get it back to that 1 per 10 minutes rate. That means you’re competing against much heavier “firepower.”

dabbler's avatar

I do not mine cryptos… but I’m a technologist who’s interested in the ‘problem’ of mining them.
The comments above about hardware are correct for any crypto, mining benefits from specialized hardware, but some crypto are by design quite a bit less resource-intensive than others. Why? The founders of that crypto want you to adopt it so their founders coins are worth something.

Note that none of the cryptos is inherently worth anything. It’s like a piece of toast with what looks like a picture of Jesus on it – it’s worth exactly what someone will pay you for it. And all that electricity used to compute the crypto does zero actual useful work…

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