Today I’ve been looking into BitCoin Mining and calculating whether it’s worth it. To work out whether mining BitCoins is worth it, I found that for someone with a computer that can crack 300M hashes per second, it would take almost 3 years.
I have a 2.8GHz CPU, which was able to crack just 3/4 M hashes per second. Given this, and assuming that the BitCoin encryption is never improved (which of course it will be as computers become more powerful), it would take me over 200 years to mine a BitCoin.
❗ Actually BitCoins are mined in blocks of 50, so it would take me 200 years to get 50 BitCoins
There are several calculators available to work out whether it’s worth you mining BitCoins. These are based on your hardware and electricity costs of running that hardware over the length of time it would take to mine a BitCoin. Of course, you could reduce this ridiculous timeframe by joining a pool of BitCoin miners, who pool their efforts and share the rewards. The idea behind this is that everybody works together to increase the chances of finding a block of BitCoins and then splits that block – effectively reducing the gain for a higher chance of success.
Of course, that gives you only one side of the BitCoin The other thing you have to consider is that once you have a BitCoin, you have to sell it. That can be effort and risk in itself.
Based on the above, it’s my opinion that it’s not worth mining BitCoins. Having said that, you could consider that your CPU / GPU isn’t fully utilitised when you’re sitting there playing on the internet or watching a video, so why not put it to use mining BitCoins? In that sense mining BitCoins may be considered worth it, because you have nothing to lose but the 10 minutes setting it up.
That being said, you could put your idle CPU to better use with a more philanthropic cause, which is perhaps more worth your CPU’s time than the slim chance to mine a BitCoin 🙂