Yes, You Can Mine Bitcoin With a Raspberry Pi 3
If you’re looking for a low-cost way to get started in the cryptocurrency mining business, a Raspberry Pi 3 is a great option. This little computer can be used to mine for many different cryptocurrencies, including Bitcoin.
Here’s what you need to know about mining Bitcoin with a Raspberry Pi 3.
What is Bitcoin Mining?
Before we get into the details of mining Bitcoin with a Raspberry Pi 3, let’s first take a look at what Bitcoin mining is and how it works.
In simple terms, Bitcoin mining is the process of verifying and adding transaction records to the public ledger of Bitcoin transactions (known as the blockchain). When you mine for Bitcoin, you are essentially performing this valuable service for the network.
In return for your work, you are rewarded with newly minted Bitcoins. The current reward for each block of transactions is 12.
5 Bitcoins, though this number will halve every four years or so as the currency continues to be mined (there will only ever be 21 million Bitcoins in existence).
How to Mine Bitcoin With a Raspberry Pi 3
Now that we know a little bit about what Bitcoin mining is and how it works, let’s take a look at how to do it with a Raspberry Pi 3.
The first thing you’ll need is a Raspberry Pi 3 board and power supply. You can pick up both of these items from Amazon for around $60. Next, you’ll need to install some software on your Raspberry Pi 3. There are several different programs you can use, but we recommend either CGMiner or BFGMiner. Both of these programs are open source and available for free. Once you have your software installed, you’ll need to join a mining pool. This is because solo mining is very unlikely to find a block and earn any rewards when using such low-powered hardware as a Raspberry Pi 3. A mining pool combines the resources of all the miners in the pool and increases the chances of finding a block (and thus earning rewards).
There are many different mining pools available, so do some research and choose one that suits your needs. Once you have your software set up and your mining pool chosen, you’re ready to start mining! Just run the software and let it do its thing. Depending on the settings you chose, it will start work on solving complex mathematical problems necessary to verify blocks of transactions. As it solves these problems, it will submit its findings to the pool which will then pay out rewards accordingly. That’s all there is to it! Now just sit back and let your Raspberry Pi 3 do its thing… You should start seeing rewards show up in your account after awhile. Keep in mind that profits from cryptocurrency mining can be volatile and depend on many factors such as the current price of the currency being mined, the difficulty of solving blocks, and more. Nevertheless, if everything goes well, you should be able to earn some steady income from mining with your Raspberry Pi 3! And that’s all there is to it! You can now start earning rewards by providing valuable services to the Bitcoin network through mining!.