People Are Mining Bitcoin to Heat Their Homes - CoinDesk
Miners around the world compete to solve math problems for a chance to earn digital coins. The more computational power you have, the greater your chances of getting returns. To profitably mine bitcoin today, you need an application-specific integrated circuit, or ASIC—specialized hardware designed for bitcoin-mining efficiency.
An ASIC can have , times more computational power than a standard desktop computer equipped with a few graphics cards. But ASICs are expensive—the most productive ones easily cost several thousands of dollars —and they suck power. That means ether can be profitably mined with just a personal computer. The latter dramatically raises the chances of getting coins. Most of the dorm room miners I spoke to mined alternative currencies with personal computers and graphics cards.
Some used their desktops, while others built their own computers. A few of them even used their laptops.
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Pretty much everyone already had graphics cards for gaming or other purposes before realizing that they met the hardware requirements for mining. Unlike his setup, most just use a single desktop with one or two graphics cards. He knows it trips if he ever overclocks any one of his computers by running its CPU at a faster speed than it was designed for. MIT did not respond to request for comment.
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All of the other miners I spoke to had similar experiences; their universities raised no objections—either out of ignorance or apathy. Mark figures the university owes him, anyway. Other miners described how they handled the massive amounts of heat—and what their significant others and roommates put up with.
A few months before leaving for college, when he built his own computer to mine crypto more efficiently, he surrounded it with fans to disperse the heat. Patrick Cines, a recent college graduate who mined in his dorm room at Penn State University in State College, Pennsylvania, was particularly innovative. Lack of regulation increases susceptibility to fraud and security breaches.
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The Digital Currency Group team is working hard to create a new model for innovation. We rely on a strong network of entrepreneurs, investors, institutions, governments, and academics — really smart people who are helping shape and guide the vision for this industry. Mosher said he expects more bitcoin miners to follow this path due to the fact that the business is lucrative enough to fund other efforts.
China Mining Investors Funding. Share on Facebook. Mosher also hinted at other products aimed at alternative cryptocurrencies.