How to Mine Cryptocurrency for Free. Details Inside
Since the dawn of Bitcoin, people have been wondering… how can I mine cryptocurrencies for free?
While there is no such thing as a free lunch, it’s still highly possible to mine cryptocurrencies for free or very close to it. But do note that you won’t become a millionaire overnight.
The first thing to mining for free is that you need to figure out how to get free or close to free power. Below are 3 common ways people are already mining for free.
#1 The apartment rent includes free electricity already
#2 Students get free energy as part of the room and board payment in their dormitory
#3 Homeowner has existing solar panels or hydropower which is above their usage needs
Next, you’ll have to figure out how to get a free or close to free computer. For most, you may know someone with a spare computer processor (CPU) or spare parts that could be created to make a PC. Better yet, you yourself have existing computer that could be earning you money as you sleep.
Some people I’ve known have been able to find parts for pennies on the dollar by going to recycling centers. While it’s technically not free, it’s still very close to being free.
Before you request your friend, family, or recycling center for parts, check out this list to see if you can spot some great CPUS for mining. https://bitrpc.com/intel-processor-cpu-hashrates-for-monero-mining/
Once you’ve found some good CPUs, the next step is to assemble a computer and download some type of operating system. You could go linux if you know how to work commands, but you could also try to find an old windows operating system from an existing laptop.
For linux users, you can google search online how to download linux and get the right setup, but for the purpose of this article, we’ll assume you can figure that out on your own.
Once your computer is loaded, the final thing is to make sure you’ve got a mining program to start hashing away. We recommend using Nicehash for ease of use as it pays out in Bitcoin.
Nicehash Link: https://www.nicehash.com/
Once you’ve downloaded Nicehash, check out this step by step video to see how to set it up for mining on your CPU.
That’s it and your off to the races!
While i like the information on mining, I am not too keen on the advice about externalizing one's power cost. The advice raises costs for one's neighbors.
It seems to me that, if one is engaged in a process that turns power into money, then they should be paying for that power; otherwise one is creating a false economy.
We agree this would be a bad idea if this would raise the cost to others. In the US, renters are often times given contracts in which the owner will cover the cost of electricity. With the CPU usage, you're looking at running possibly 300-400 watts maximum which is fairly low considering that's within the range for most gaming pcs.
The energy calculation is the most important element of a crypto-mining set up.
Most people who are learning crypto-mining will piggyback on other operations. People who are mining for the money should always be paying their way. The players who spend their lives figuring out how to externalize their costs on others gives the industry a bad reputation.
Chicken chow mein is my fav. Yours?
That's one of our favorites too, but we'd prefer Hong Kong Style Chicken and Friend Noodles