Mining cryptocurrencies has become more difficult, but there is still the option of using an old desktop or laptop to mine a cryptocurrency like Shiba Inu. Created in 2020, it is an Etherum-based alternative to Dogecoin (quotation DOGE), the meme coin popularized by Elon Musk.
After its launch, the SHIB coin was ranked as one of the largest cryptocurrencies in the world in October 2021. In 2021, the Shib coin appreciated by nearly 49.000.000%. If you had bought only $ 2,05 of SHIB on January 1, 2022, you would have become a millionaire by the end of the year!
Like most cryptocurrencies, Shiba Inu has also suffered a setback this year, but is still growing by more than 16.000.000% since the start of 2021. While Bitcoin mining requires department stores of powerful mining machines, you can still use the processing power of your computer's CPU or GPU to generate smaller cryptocurrencies like Shiba Inu.
Get a cryptocurrency wallet address
The first step is to create a cryptocurrency wallet. Cryptocurrency wallets do not store cryptocurrencies. They keep your private key, the password that gives you access to your cryptocurrencies, safe and accessible. The cryptocurrency you own is on the blockchain and your key is proof that you own your cryptocurrency and allows you to transact.
It is important not to lose your wallet, otherwise you will lose full access to your cryptocurrency. The wallet can be a USB stick or software such as Coinbase or Crypto.com. To start SHIB mining, you will need a cryptocurrency wallet to reap your rewards once the payout threshold is reached.
Cryptocurrency mining on the computer
unMineable is a well-known cryptocurrency mining software. It has an easy to understand user interface for novice miners. The program allows you to mine some coins that are not typically mineable with GPUs, such as Shiba Inu, Aave, Cardano, Digibyte, Dogecoin, etc.
The program can be downloaded to your PC and is free. There is currently no version for iOS. It has a standard draw fee of between 0,75% and 1% and the computer must be turned on in order to function. Once downloaded, the program detects the computer hardware.
You then choose the coin you want to extract and enter the address of your wallet. A window appears showing your balance, the cryptocurrency you are mining and the current hashrate. The amount of computer mining, the current hashrate, depends on the GPU.
Is it worth it?
After learning this news, I downloaded the program to my current laptop to try it out. To download and run unMineable I had to disable my antivirus program on the computer. I found that the website was a little difficult to understand, so I watched some videos on YouTube to help me complete the setup.
My laptop is capable of mining at 45 megahashs per second (MH / s). Hash rates essentially measure the computing power for cryptocurrency mining and measure the number of computations per second, which can reach quintillions. In comparison, the best Bitcoin miner has a hashrate of 10 terahashes per second (TH / s), which is around 200.000 times more powerful than my laptop. I tested the program on my old laptop and only managed to extract around 400 kilohashes per second (kH / s).
Based on current speeds, I can mine around 39.800 Shiba Inu per day or 1,2 million per month. My laptop should be running 24/24. That means $ 7 a day or $ 7 a month. When the Shiba Inu was at its peak in October 0,48, the cost would have been about 14 times higher, or $ 2021 a month. If you take into account my energy consumption of 7 watts, the cost per KWh of $ 100 and the 105% commission for the pool, the profit drops to $ 0,25 per month, or $ 1 per month. year.
That doesn't seem like much, considering the wear and tear on my laptop and the amount of electricity I'm using. However, if you live in an area where electricity is cheaper and believe that SHIB will continue to grow in popularity, then it may be worth it. For now, unMineable appears to be safe for cryptocurrency mining, but it's important to be aware of the market. Utility prices have risen due to global events and cryptocurrencies have fallen in value. Cryptocurrencies are still quite volatile and the value of returns is much less unpredictable, especially with smaller coins like SHIB.