Whether it is the future of money or a bubble destined to burst, cryptocurrencies like Bitcoin and Ethereum are a big business. Anyone with a computer and enough electricity can mine crypto, and that’s not hyperbole. Most imagine banks of high-end computers sucking up hundreds of megawatts searching for digital riches. But even 1980s technology might be enough to break into the business.
Youtuber 8-Bit Show And Tell recently proved it is possible to mine bitcoin on a Commodore 64. Of course, just because they proved they could, does not mean anyone should.
For anyone who missed the memo, cryptocurrencies like Bitcoin are decentralized digital currencies. Computers “mine” crypto by solving highly complicated mathematical equations. Miners often create custom rigs for the job, but any computer can pull it off, in theory. 8-Bit Show And Tell put that theory to the test in a video from April 23rd, where he attempted to mine crypto via a 1980’s Commodore 64.
8-Bit used a Commodore 64 running a program called C64 Bitcoin Miner. According to the program’s designer, Maciej “YTM/Elysium” Witkowiak, a Commodore 64 can mine Bitcoin at a rate of 0.2 hash per second. A “hash” is one-half the data need to make a coin, so that’s one Bitcoin every ten seconds. 8-Bit Show And Tell was able to increase the output significantly through various techniques. However, it still falls way short of the billions of hashes per second achievable on modern mining rigs.
This brings up the question of whether a Bitcoin miner can turn a profit using a Commodore 64. The answer is an emphatic no. Electricity is the main expense for mining cryptocurrencies, and the Commodore 64 consumes a lot relative to what it’s producing. Gizmodo crunched some numbers and figured out that miners on a C64 would run a deficit of about $3.48 a month. Less than three and a half dollars might not seem like much. However, it is not a great bargain if the goal is to literally make money. The actual cost will vary depending on local electricity prices, but it’s no surprise that hardware from the 1980s is not the most efficient option.
Still, it’s definitely impressive that people were able to pull it off at all. It also shows how the underlying technology of crypto is somehow both incredibly complicated and remarkably simple. The dusty C64 in the attic might not be a secret key to becoming a Bitcoin billionaire but might still offer a fun project for the electronically inclined.
Source: Gizmodo