As the clock is ticking and after the Novi launch in the US and Guatemala, Diem (formerly Libra) is getting into the limelight. With all this attention, many people have been asking one simple question — Can I mine Diem?
I understand the confusion, as Diem is a cryptocurrency, and most of them (such as Bitcoin and Ethereum) can be mined.
But where do we stand when it comes to Diem? Let’s cut to the chase and see whether you can mine Diem or not?
Can I mine Diem?
No, you can not mine Diem because it’s not like any of the regular cryptocurrencies; instead, it is a stablecoin that’s backed by USD.
But then the question comes — why can’t you mine Diem as the rest of the cryptocurrencies, which can be mined like doodling, right?
Why can’t you mine Diem?
To understand why you can’t mine Diem, you have to understand how mining works!
Other cryptocurrencies use a distributed ledger called blockchain that verifies all the transactions, and miners are the nodes that help verify the those (and get a reward in return).
In the case of Diem, it is not a regular blockchain. Instead, Diem runs on a permissioned blockchain by the Diem Association. In simple words, this means that only authorized entities such as wallets and exchanges are allowed access through Diem’s blockchain.
This means there is no need for miners to verify the transactions, and it can prevent scams by closely working with local authorities if needed.
Diem is different from the rest of the cryptocurrencies, such as Bitcoin. You can learn about all the major key differences between Diem and Bitcoin. But Diem doesn’t require miners, and there is no way anyone can mine it.
So, it is better to wait and keep it as an option for transactions and investments.
Let me ask you a question if there is something most essential to you, what would that be? Your phone, right? And what if you can mine cryptocurrency on a phone?
Yes, it is possible to mine cryptocurrency on a phone, but there are numerous problems due to ineffective software and graphical processing. Also, mining cryptocurrency on the phone would never be as impressive as on a traditional mining rig. But you can mine and earn some extra coins.
Crypto mining is taking around the world. Everyone admires earning good passive income, right? This makes mining the best passive earning source.
But hey, can I mine bitcoin on PS5? This is the question that pops in mind for everyone who has the new PS5.
Don’t worry. I am here to explain all about crypto mining on PS5, or is it even possible to mine bitcoin on PS5? If it is, then how can you do it.
What Is Bitcoin Mining?
Bitcoin mining is a process to mint fresh bitcoins by solving complex mathematical equations with computational energy.
This process is used to verify the bitcoin transactions around the globe, and as a reward, the bitcoins are minted for the miner.
Is It Even Possible To Mine Bitcoin On PS5?
Most people out there with the latest Sony PS5 get this question whether they can mine Bitcoin on PS5 or not?
Yes, it is possible to mine bitcoin using PS5 by installing custom firmware, which was used in the PS4.
You might have seen this claim made by a Chinese team that they have successfully mined bitcoin on PS5 at 99MH/s, which is insane and impossible.
The QR code in the image, which when scanned says, “There is no such software, hahaha,” in Chinese, assuring that this image and this claim are not legit.
In another video of Lewis Hilsenteger, the famous unbox therapy guy explains how this claim is fake. If PS5 could mine bitcoin at 99MH/s, it would be way much expensive than even two thousand dollars.
How Does Crypto Mining On PS5 Works?
To understand how crypto mining on PS5 works, you have to understand how mining works at all, what the requirements are, and what do you need to begin, which you can do by reading our post about how you can mine bitcoin at home.
With PS5 on board, you don’t need an ASIC or GPU. You already have that with PS5. However, you can’t mine bitcoin with basic PS5 firmware, and you have to install a customized firmware, preferably Linux.
Next, you have to install the mining software, preferably NiceHash. And that is all you need to do to start mining bitcoin on a PS5.
What Are The Drawbacks To Mine Bitcoin On PS5?
Crypto mining on a PS5 has certain drawbacks, which you should learn before starting mining.
Low Hash Rate
The hash rate is the speed at which fresh coins are minted. In the case of PS5, you might not get a good hash rate. Hence, not a lot of bitcoins.
Since AMD Radeon RX 6900 XT is one of the latest graphic cards, and it sits around 60MH/s, which means that even the maximum potential of PS5 isn’t going to give you a significant hash rate.
More Power Consumption
A PS5 normally doesn’t consume a lot of power, and it sits around 200W, but in the case of mining bitcoin, you will probably have to run it for several hours at maximum processing, which is going to take a lot of power.
Unfortunately, you will not be able to earn enough to pay for the electricity costs. Although an ASIC miner consumes much more power than PS5, you will get 90TH/s, which is much better than the Playstation 5.
High Maintenance Cost
PS5 is an expensive device that can cost you a fortune to buy in the first place, and with consistent processing, it might get some wear and tear.
According to Venturebeat, the parts of PlayStation 5 alone costs $450, which means minor repairing can cost from $100 to $200 on an average.
Now coming down to the last straw, crypto mining on a PS5 might seems like a big thing but believe me, mining bitcoin on a PlayStation 5 might not be the best idea.
If you are interested in mining, you should go with the right equipment, such as an ASIC rig. Since a PS5 is a gaming console, it would go a long way with gaming.
These are the reasons why most PS5 owners avoid any kind of mining on their devices. But I hope that this post would have answered your question. If you need any help, don’t forget to comment down, and we’ll definitely get back to you.
Bitcoin has been in the eyes of people for a while now. Since its price went soaring, enough people have to think of it as a financial resource. Now that prices have significantly reduced since the last heights, people want to get into the Bitcoin business, which makes bitcoin mining quite anticipating.
Now here is the question of how can you mine Bitcoin at home in 2022? Well, the first thing that you need is powerful hardware, then comes the right software, and at last, you need adequate amounts of power.
However, there is something more than just your computer generating some extra bucks. What does the mining of bitcoin mean, what do you need to start your mining setup, and what are the drawbacks of mining Bitcoin at home?
All that and other valuable information are coming below. Therefore, we suggest you read this post till the end to understand everything about mining Bitcoin at home.
What Does Mining Bitcoin Mean?
Bitcoin mining is a process in which the computer solves complex algorithms and mathematical problems to verify the Bitcoin transactions. In return, you get to receive Bitcoins as a reward, along with the transaction fees.
How Does Bitcoin Mining Work?
Mining bitcoin is not a piece of cake nowadays. There were times when you could mint several bitcoin with a regular computer, but as more people are getting into mining, things are changing.
Now the problems are getting more complex, and it requires massive processing power to verify one block that contains 6.25 Bitcoins today. But in most cases, these blocks are further divided into more than one miner. We’ll come to that part later.
Also, this reward is reduced to half after every 210,000 blocks, meaning almost 4 years. This process is called halving. This process helps to keep up with the inflation and forced algorithmically.
However, the blocks are the reward of the verified transaction from blockchain, and blockchain is a decentralized ledger that controls the transactions and mining of fresh bitcoins. Because of all these complexities, mining bitcoin at home isn’t that easy, but you can do it with the right tools.
What Do I Need To Mine Bitcoin At Home?
Mining bitcoin at home can be a daunting task, but it is possible with the right tools on board. Here is a list of all the things that you need to mine bitcoin at home.
A Mining Rig Or ASIC
A Bitcoin Wallet
Start Mining =)
A Mining Rig Or ASIC Rig Or Normal Computer
To mine your bitcoin at home, an essential component that you need is a mining rig. In the past, normal computers were used, which were replaced by graphic cards later.
Now that the mining world has changed, and you will not earn anything from them (even if you do, it would be very little.) Hence, mining rigs come into play.
A mining rig or ASIC (application-specific integrated chips) is a specific hardware device made specifically for mining bitcoin or any other cryptocurrency with the same algorithm.
ASIC rigs are much efficient as they mine more bitcoin even at home with less energy, but they can be quite expensive. Powerful rigs mine bitcoin at 14 terahashes per second (meaning 1012 attempts to solve a block per second.)
In case you don’t afford a mining rig, you can also buy a computer, which sounds more promising to mine bitcoin at home. However, this can make things a bit tough. As problems are getting more complex each day, a simple desktop computer can be daunting hardware.
In fact, with a computer, you also have to get a decent graphics card that can cost a fortune in the present time. So, we think investing a little more in a mining rig is still a better decision to mine bitcoin at home.
The Right Mining Software
Now that you have your hardware on your side, it is time to select the component that is going to join you with the blockchain and the mining world out there. Yes, we are talking about the mining client to run on your mining rig or computer so you can mine bitcoin at home.
Since it is almost impossible to mine a hole block as an individual, one of the main tasks of the mining software is to combine the power of several miners to a mining pool (we’ll get back to that later) and distribute the work.
Mining software provides work to miners, collects and keeps the record of successfully completed results. Apart from this main job, this mining software completely shows the basic stats of the mining process, such as the temperature, cooling, average mining speed, and hash rate.
There is plenty of mining software that you can choose from in the market, but most experts recommend NiceHash for all beginners because of its user-friendly interface.
Furthermore, it mines multiple different cryptocurrencies and automatically chooses the right algorithms to mine bitcoins most profitably. All you have to do is to download the client and provide the necessary information and start mining.
A Bitcoin Wallet
Now that you have got basically everything you need to mine bitcoin at home, you might be wondering where you would keep all those coins. This is where a bitcoin wallet comes in handy.
A bitcoin wallet is the component of mining where you store, manipulate, and manage your bitcoin addresses and the bitcoin within.
Since bitcoins are stored in the blockchain, but there are public and private keys for you to manage your bitcoin activities.
If you want to receive bitcoin from someone, your public key is responsible, and it can be traced with all the transactions that have gone through it.
However, private key act as a secure network and use to send off transactions. If you end up losing it, all your bitcoins that are stored in it will be lost forever. Generally, there are multiple wallets ranging from software ones to hardware and paper wallets. Each of them has its pros and cons.
For miners who are just starting out should choose a software wallet that is easy to manage, and anyone can set them up pretty quickly.
We suggest using Bitcoin core, and if you need one that can manage multiple currencies, you can also go for Exodus, but it can be a little complex for beginners.
Even with the best hardware on board, it is not that easy to mine bitcoin in today’s date. Since there is a huge number of people trying to mine bitcoins, a huge amount of energy is required to mine one Block. So, chances are high you never make it if you try it on your own. Thus, a mining pool can be a solution.
Mining pools are a group of miners who combine their hardware to mine bitcoin much quicker than mining individually, and as a result, the reward of bitcoin is less but stable, which is divided among the miners.
Additionally, members have to pay some extra fees to the pool operator, and usually, it is around 0 to 2% of the received reward.
That would be all that you need to mine bitcoin at home. You can plug in your hardware, fill in the required information, join a mining pool if you like, and start your mining journey.
Tip: If you want to mine bitcoins profitably, you should keep an eye on the crypto world. It is changing every day, and you definitely wouldn’t like to miss something that can help you working profitable right away.
How Much Energy Does Bitcoin Mining Use?
In the early times, bitcoin mining was quite energy-efficient, and minimum power was enough to do the job. However, now even with large mining power, miners are not able to make a stable income.
Before you head towards mining bitcoin at home, there are few drawbacks that you should be aware of.
It might cost you more than you earn:
Previously, it was pretty simple to plug in your computer and start earning bitcoins. But now, one might have to pay more on the expenses than he actually mines bitcoin at home.
Here is the graph that shows a comparison between the profit and cost expense of mining bitcoin.
High electricity costs:
If you want to mine, you should live in a region where you have low electricity costs to start with.
In some regions, the electricity bills don’t remain stable at one price. After a certain amount used in a month, the governments apply a specific extra tax on the billings.
Therefore, you might have to pay the extra cost of tax even though your electricity usage (apart from bitcoin mining) isn’t that much on a monthly basis.
Repairing costs on hardware:
You might be familiar that in residential areas, the electricity is supplied in single-phase or two-phase meters, which provide 120 volts or 240 volts respectively.
However, commercially three-phase meters are used, which provides more electrical voltage. This means that with less voltage in the pipeline, high-end machines are prone to fusing and require maintenance, which can put a load on your pocket.
It is good to see you down here. We hope you will like this interesting piece of content, and you will follow our tips and tricks to mine bitcoin at home if you decide to.
If you think we might have left something and you need to get information on anything else, you are welcome to reach out in the comment section below.