Maybe you recently heard of people using the computers to mine for crypto coins, or you found a trojan infested your computer and has been using it to mine Bitcoin. Or maybe you simply read about crypto coin mining somewhere. If you have a Raspberry Pi in your house, you can also start mining for crypto coins.
What Is Raspberry Pi?
In essence, it is small computer sold at a very low price. Despite its small size and low price, it is in fact, a computer, and it can do everything else that a computer can do, which includes digital coin mining.
Understanding Crpytocoin Mining
Mining digital coins is the process of solving complex puzzles using computing power. There are two ways to mine for digital coins. One you can buy a dedicated rig called an ASIC miner, or you can use your computer CPU to mine for digital coins. ASIC miners are more efficient. In fact, they are the only way to profitably mine for certain crypto coins such as Bitcoin.
The Issue Of Profitability
The main expense that you incur during mining is the cost of power. Thus, the hardware you use needs to be producing more coins than the value of the electricity it consumes. Thus, mining using a Raspberry Pi may not be profitable in some cases. However, if you were doing it for fun, it would still be worth it. Besides that, if you have access to free power such as if you live in a dorm it would be worth it.
How To Use Pi To Mine Cryptocoins
If you want to mine crypto-coins with Raspberry Pi, you will need to use a powered USB Hub. The powered USB Hub is important since Raspberry Pi only supplies a limited amount of power to the connected USB drive. Since the USB ASIC miner can draw out lots of power, having an external source of power will solve this issue. Besides that, you will be able to connect more than one ASIC miner to the Raspberry Pi.
Before you can start mining, you will need to set up a digital coin wallet. The second one is joining a mining pool. In a pool, you will have more success at solving the complex puzzles required to mine coins. You will also need to set up the mining software.
This software will help the computer focus on mining with the ASIC miner instead of the CPU. To install this software, you will need to install some extra libraries on Raspberry Pi. To begin mining, connect the mining software to your mining pool and run the application.
You now just have to sit back and let the Raspberry Pi use the ASIC miner to mine for digital coins. This is just one of the many ways you can mine digital coins. If you are interested in using Raspberry Pi to mine digital coins, there are many other guides online.