Want to start generating some passive income whilst learning about cryptocurrency? Why not get started with refurbished electronics?
If you’re new to the exciting world of cryptocurrency, you might be wondering where to get started. Of course, it’s relatively simple these days to purchase some on an exchange or through your bank, but there is also another way of generating “free” crypto using your electronic devices’ processing power.
Mining crypto does consume electricity, but it may still be possible to generate a net profit depending on your device, electricity costs, and your desired crypto algorithm. See below for some examples of cryptos that you can start mining today:
1. BITCOIN (BTC)
The OG of the crypto world, Bitcoin is easily one of the most attractive cryptocurrencies to mine. The current block rewards are 6.25 BTC (as of May 11, 2020), but keep in mind that in all likelihood, you will never win the hash lottery and claim the €125,000 prize (at €20,000/BTC on October 10, 2022). Instead, join a mining pool or contribute your hashing power through a popular platform such as NiceHash.
What makes BTC one of the best to mine on a refurbished laptop or PC is not so much its profitability (in fact, the total hashpower will likely be very low without a dedicated ASIC machine) but rather the fact that BTC is ubiquitous and easy to trade or send directly to a private wallet at cashout.
While BTC may not be lucrative to mine on a laptop, it is always trading and the demand for mining power is consistently high. It’s also one of the least complicated cryptos to start mining as a beginner, which makes it a great way to get your feet wet before upping your game and buying dedicated mining gear.
2. MONERO (XMR)
Another old-school crypto that will likely only get more and more popular due to its unique privacy and mining algorithm is Monero. This is actually one of the most ideal cryptos to mine on a refurbished laptop since it uses the RandomX algorithm, which makes mining Monero impossible (on purpose) with ASIC machines. Instead, Monero can only be mined on CPUs (and GPUs, although this is less efficient).
Consequently, Monero is much more equitable in that everyone with a decent CPU can (and should) consider mining their fair share of XMR, with no one individual able to mine an inordinate amount for themselves due to its ASIC resistance.
Monero is one of the best cryptos to mine due to its widespread liquidity (can be exchanged in many online marketplaces and on many exchanges), its unrivalled privacy features, and its ability to withstand ASIC mining. This latter point makes it a perfect go-to choice for individuals with a refurbished laptop.
3. ETHEREUM (ETH)
If Bitcoin is the wise old grandfather of the crypto world, Ethereum is most certainly its dashing young prince. The history of Vitalik Buterin and his smart contracts idea have revolutionised the crypto world, and Ethereum has long been one of the most popular cryptos to mine - until recently. >span class="TextRun SCXW158620239 BCX0"> happened on September 15, 2022, essentially changing ETH from proof-of-work (POW) to proof-of-stake (POS) and impacting the demand for miners.
As of October 2022, ETH mining is practically dead as the algorithm is now based on a POS mining algorithm. Nevertheless, efforts are being made to mine Ethereum-based cryptocurrencies such as Ethereum Classic (ETC) and Ethereum Proof-of-Work (ETHW).
4. ZCASH (ZEC)
Similar in some regards to Monero, ZCash is another privacy-based cryptocurrency that uses a POW algorithm called Equihash. While ZCash was originally implemented as an ASIC-resistant cryptocurrency for miners, community members voted against ASIC-resistant mining in 2018.
What this means is that ZEC can still be mined on CPUs and GPUs, but many can and do mine this crypto using ASIC machines. Naturally, this means that their much higher hashrate output rewards them at the expense of individual miners using their refurbished laptops, but it’s still doable even if it isn’t very lucrative.
5. GRIN (GRIN)
Another great privacy-based coin that is similar to Monero and ZCash (moreso the former due to its lack of any company or foundation) is Grin. This crypto uses the Mimblewimble hashing function and can be mined with just about any GPU and/or CPU. It’s also ASIC-resistant, which makes it another great crypto to mine for refurbished laptop owners.
The economics of Grin are a little different from the other privacy coins, however. 1 GRIN is distributed per second, with mining rewards of 60 GRIN for each block and no maximum supply.
BTC maxis that love their 21 million cap won’t find any such deflationary supply in GRIN, but then again, using the coin in the here and now is a lot different than using BTC and it’s apples to oranges in terms of usability.
IS IT WORTH MINING CRYPTOCURRENCY IN 2022?
As of September 15, 2022, crypto mining has been declared dead in many circles due to the Ethereum 2.0 Merge. This is a point of contention and well beyond the scope of this article, but the mad rush of the last bull run and the short supply of Nvidia 3000 series GPUs seem well over. These were largely driven by the relative ease and profitability of mining Ethereum when it was POW, and now that it’s gone POS many have shut off their mining equipment.
IS IT WORTH MINING CRYPTOCURRENCY WITH A REFURBISHED LAPTOP?
Although Ethereum mining may have waxed and waned, there are still many great cryptos worth mining, especially on a refurbished laptop with a CPU (and even better, with a GPU). It just so happens that most of these cryptos are privacy-based coins such as Monero and Grin, which were specifically built to be ASIC-resistant and are thus a perfect choice for owners of refurbished laptops.
Refurbished electronics are ideal for crypto mining, and many cryptos can net you a positive passive income while you sleep. It is best to look for refurbished laptops with a good CPU and, if you intend to do GPU mining, a decent graphics card. For most refurbished laptops, you may want to prioritise CPU mining for some of the privacy coins listed above.
BENEFITS OF MINING CRYPTO ON A REFURBISHED LAPTOP
There are many benefits to choosing refurbished laptops over new, including for crypto mining. For starters, some crypto algorithms work best when the graphics card is tweaked beyond user-recommended settings. Doing this to a brand-new graphics card could potentially damage your laptop and your warranty may not cover it since you were not using the graphics card as intended.
Moreover, buying refurbished laptops also benefits the environment since no new laptop needs to be manufactured using raw materials - it’s already been used and refurbished to an ‘as new’ standard.
PURCHASE RELIABLE REFURBISHED LAPTOPS AT WISETEK STORE
Whether you intend to casually mine crypto whilst working or watch your favourite series on your refurbished laptop, it’s important to choose a device that is capable of performing well. The refurbished laptops and other electronics available at Wisetek Store provide great value for money and many are ideal for crypto mining.
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