The term “miner” refers to a node or a group of nodes that helps in carrying out legitimate cryptocurrency transactions. Additionally, it encourages each node in the blockchain to update the current ledger by including the new confirmed transaction after verifying and validating transactions or blocks and adding them to the entire blockchain, this process is called consensus.
To verify the transactions, you required high computational power and power consumption, standalone mining has no more worth, and now the question arises:
Can You Still Mine Bitcoin and Other Crypto from Home?
Over a decade ago, it was possible to mine bitcoin from home, but for now, it is quite hard to achieve. There is still some crypto that could be mined from home such as Monero, Zcash, and Byte. But Bitcoin mining from home is difficult just because it requires high computational power and more energy consumption to verify the transactions, based on a set of cryptographic hash rules, miners compete to solve a challenging mathematical problem. When cryptocurrency is successfully mined, the miner is rewarded with a reward fee.
As we’ve already discussed, we require a comprehensive setup of high-performance equipment with a constant power source to undertake the mine. The mining industry demands services that are available around-the-clock, high-performance, and without a delay of a second because miners can be let down by a one-second delay. To mine bitcoin your need specialized hardware and a complete setup like:
- CPU (An Intel Core i5-9400 Processor)
- Power Supply Unit
Software requirements to mine the bitcoin:
- Mining software CGMiner, BFGMiner, EasyMiner
- Crypto Wallet
- OS like Rave OS, Hive OS, Awesome Miner
- Stable Internet Connection
- Continuous Power Supply
You can mine bitcoin from home by fulfilling the given requirements, not by using the normal system that you are using at home. It could be quite costly for a single person to mine a bitcoin. So the best option for all miners is to consolidate the mining pool. It is the environment in which all miners can work together effectively by pooling their resources. There is a good likelihood that using this method will result in a block reward. However, you have the freedom to decide if you want to go alone or join a group.
You needed a lot of computational power and electricity to validate the Bitcoin transactions. Mining independently and from home is no longer worthwhile and may even be too expensive. You can mine bitcoin at home, but only if you meet the hardware and software requirements, not by utilizing your standard system. The best alternative for all miners is to consolidate the mining pool because it might be expensive for one person to mine one bitcoin.