Everyone wants to get a slice of the crypto mining action, but for many people it can be a technical battle that ends up costing a fortune. However, one crypto startup is looking to make the mining world accessible to everyone, even if you only have the most basic equipment. WinMiner lets you mine altcoins with your computer while you’re not using it, so you too can join the crypto revolution. It allegedly automatically detects when you’re using the computer and it shuts itself down so you can use the computer just like normal. Once you’re done using the computer, it will automatically turn back on and continue mining cryptos while you sleep – pretty awesome, right?
Making Mining Accessible to All
When it comes to mining Bitcoin, the game is up for most hobbyist miners due to the immense difficulty level. Bitcoin mining is no longer profitable on ordinary computers and GPU rigs, you need special ASIC mining rigs. Big firms like Bitmain and Bitfury produce ASIC chips, but also use them in huge numbers to mine Bitcoin. This has made Bitcoin mining virtually inaccessible to anyone that doesn’t have a large amount of capital at hand. WinMiner lets users mine altcoins that have significantly lower difficulty levels. This means that even with an Intel i3 processor you can bag yourself a profit.
Keep an Eye on Power Consumption
Just like all other crypto miners, you will need to be careful with electricity. If you usually use your computer just a few days a week, you probably won’t even notice its impact. However, if you use WinMiner and are running your computer at full power 24/7, you could see a sudden spike in your power bills – which would be a costly surprise.
Industrial crypto miners are being hit with price hikes in their power supplies, and if you’re being dubbed a crypto miner by the power company, you could be hit too. Before you jump into crypto mining – even with WinMiner – calculate how much you will earn versus how much it will cost you. Don’t forget that your computer components will wear out faster too.
The Taxation Issue Remains
Mining cryptos still counts as income and you will need to declare it come tax time. Most current tax systems aren’t yet prepared for crypto income, and therefore a lot of cryptos are incorrectly declared. In fact, in Norway two miners scooped 34 BTC and only paid $8750 in tax. If you’re looking at mining cryptos, it’s worth checking with a tax advisor to ensure you pay the correct amount, otherwise you could be lumped with a huge bill later down the line. Apps like Zenledger will help you calculate your crypto taxes come tax time, but only if you live in the states.
If you’re looking to dip your feet into the crypto mining world, WinMiner looks like a great place to start. However, crypto mining is becoming harder and requires more specialized equipment, so there is no telling how long it will remain profitable for miners using computers. Remember, when it comes to crypto mining, always act with caution.