In the comments you wished you could do something about bitcoins. That's why I start now an experiment. I want to find out: Can I make money with Bitcoins myself? So not with the trade, but by producing them myself, preferably with my own computer. That would be great if it was worth it because the Bitcoin course has gone through the roof in the last few months. Within 24 hours it went up by around 4,000 euros. Sometimes you feel the need to buckle up. The accolade was probably the commitment of Tesla boss Elon Musk. He has bought Bitcoin for $ 1.5 billion. A Bitcoin currently costs almost 50,000 euros. I ask myself, wouldn't it be worthwhile to mine bitcoins yourself? Something happens. I mine. I am definitely mining. I know, that consumes a lot of energy and costs a lot of money.
We currently have a power consumption annually that is comparable to Sweden. First of all, I would like to know how it works To produce Bitcoins purely technically with your own computer? Because I don't have any of them I have a clue, first of all I meet a computer expert who knows about it. So you're teaching me to mine Bitcoin? Exactly. I'm looking forward to it. Thank you! Bene is 22 and an editor at a computer magazine, has already mined Bitcoin himself and reported on it. By him so I can certainly learn something. Yes, let's get started then. So, this is my calculator. Yes. Now of course I ask myself, is it technically the thing that I can mine bitcoins? I don't think that makes much sense. It's not so new now what it looks like now. He is five years old.
You would have started doing it a few years ago can. There are now people who have specialized in it. Basically, if you say that it is not possible to mine bitcoins yourself with such hardware. What do I basically need for a setup, for a computer, so that it is technically at all would go? So, actually, you would need a so-called one for Bitcoin mining most sensibly ASIC miner. This is hardware that is specially designed to be used for mining. Way too expensive. That is out of the question for me. I want to find out whether I can mine on the side with my normal computer. But if you want to buy hardware, with which you can do something else, basically a PC with a graphics card, then in the end it is important that the graphics card is one of the newest and then also one of the strongest in comparison.
Because when everyone else has better graphics cards than you, then they just earn the money and not you. Tip from Bene: The older the graphics card, the more mining is less profitable. But even with a suitable graphics card, it is not worth it Mining Bitcoins. Bene recommends other crypto currencies such as Ethereum, Monero or Raven. Mining is worthwhile even with a good graphics card. And Bene has one. What would such a calculator be like if I put it together myself roughly in the form what does that cost? So around 1,000 euros. Ah okay. Because the graphics cards alone usually cost a few hundred. By the way: These graphics cards are straight really hard to come by. The reason: The graphics cards are needed for mining as well as for gaming. That drives up prices. With that, we agree, I won't get it down. How can you help me there? Fence post! I see. Because it is you, you can have my computer too. How long can you do without that? As long as you need if you have earned something with it. One week? Depends on. Maybe you have to a week already …
Are you already a millionaire then? We will see. So, if so, get Bene of course a big commission for all his tips. Anyway, I'm curious. Okay, ciao! It didn't sound too difficult at all. I hope I do that now also get everything installed. First, of course, the computer has to be started and get connected to the internet and so on. But I'll manage it! It's already on. Well, he's quick. Now the right software search out. There is a lot of it, for example MinerGate, Salad or NiceHash. As a beginner, Bene recommended NiceHash to me. You can't go wrong, supposedly. OK! Well, I don't know my way around yet.
And that's why I think it's best when I use this NiceHash which I know is supposed to be easy. At NiceHash, I automatically mine the cryptocurrency that comes with my Graphics card are the most lucrative. In the end, I can then withdraw in Bitcoin. So, it may be that I now have three clicks and what feels like four and a half Seconds have already installed the whole thing. It's not that fast. Now it doesn't really start downloading until after I've logged in. All good. OK. Well, I could really start mining right now. But before that I want to now first do a power check, because this huge part certainly consumes a lot Electricity, especially when I start mining.
I want to find out exactly how much. So, Quickly turn off the PC again, remove the plug, put the electricity meter and plug in and restart the PC. The way I see it, the computer is now leveling off at a power consumption of 42/43 watts, when he does absolutely nothing. Ok guys! Now comes the spectacular moment. I start mining. Something happens! I mine. I mine in any case. And it looks so monster hacking too, I think this other window what has come up there. And do you hear? The computer accelerates. He has to accelerate. Earlier, when the computer did practically nothing, we were at 42/43. We are here now already at 360. Now I look in such an electricity price calculator to see what it will cost me, if the computer runs here 24/7. Now I take the 360 watts on which the computer has settled when it is in mining operation. Then it comes out: Attention! 2.61 euros per day. If I do that for a week now, it will cost 18.27 euros in electricity costs. If I work it out for the month now, if I'm all alone for mining now here for the calculator pay 73 euros … Usually I pay 40.
Then I would almost triple my monthly electricity bills. But now from a purely financial perspective: I mean a bitcoin is worth almost 50,000 euros. Now if the computer really accelerates here and mine such a bitcoin? So from now on Benes earns a computer automatically money for me. Let's see what comes out of it in the end! People! A very crucial problem here on Meini's Bitcoin farm. The sound! That must be I can get a grip on it, otherwise I can't stand this! Thanks to a groundbreaking design, I was actually able to solve the problem. Listening times! And how? I put cork plates underneath here. Interestingly, only three. Not here. So, the computer is now at an angle and as crooked as it is, it no longer vibrates.
Welcome back to Meini's Bitcoin farm. It's been going on for a while now. Oh, I don't know what I've earned so far. The software shows that somewhere in relative terms simply at. But I don't look at it. I don't force myself to look at it. I just want to keep the tension going. I have the total beginner bitcoin farm here. That's why I made an appointment with the professional, Dominik. He's an entrepreneur in Austria and he started mining Bitcoin on a large scale a few years ago. And he has come up with something clever for this immense power consumption. Hello to Austria! Hello, hello! Now please tell me again briefly: What exactly did you do there? Yes, at a comparatively young time I In 2013, at the end of 2013, started mining Bitcoins, actually for fun and mine in cryptocurrencies. And then a few years later we decided let's scale that a bit bigger and then decided in our hometown that we go to the power plant owner and say: Hey, hello! We would like bio-energy there with you couple.
And that's how I came to the point that we were hundreds of us at the most Had devices that mined cryptocurrencies. Hundreds of Asic miners in a warehouse directly connected to a hydroelectric power station. An investment of millions! So has Dominik mined Bitcoin day and night and consumed a lot of electricity! What kind of electricity price did you actually pay per kilowatt hour? 6th Cent. But that was already including the tax and of course including the additional profit, which the power plant owner then received. Because of course he has an extra effort with us had, in contrast to the public network, where it has already had its contracts. And Of course, he wanted to earn more there, because otherwise he wouldn't do it. I pay 30 cents per kilowatt hour, which means you only got a fifth of it, so to speak. What is the current situation? Do you still have this farm? No, we stopped that.
At Bitcoin is such that every four years the reward for the miners for prospecting halves becomes. That was in May 2020 and about half a year before that time is mostly new hardware published by all the producers. And so you would have to go again Millions of dollars are invested in new hardware. And it just wasn't worth it to us anymore. This entire phase where you made it so great, with these many hundreds of arithmetic, Was it worth it then? It's a time pastime which also made money on the side. Not infinitely now. When you hear that I mine here at 30 cents per kilowatt hour … You clap your hands over your head. Can it work? It can work. Yes, that can be done in the Did work. Dominik, thank you very much! That was very exciting. Gladly, gladly! I upgraded and got myself an energy cost meter. The The difference to my measuring device down there is: That only shows the consumption, does not record that. With this thing and an app, I can record my electricity consumption.
So, now pit stop like in Formula 1: stop mining, shut down PC, change measuring devices, Boot up the PC again and do it all as quickly as possible! You know: time is money! Well, now my power consumption is precisely tracked and recorded. Now So I know exactly what I'm using. What I don't really know yet is what this calculator really means for the climate and what all this prospecting in general of cryptocurrencies for climate means. And I will deal with this aspect now take care of it. And here: At the Technical University of Munich. I'm with the computer scientist Ulrich Gallersdörfer made an appointment. He researches and teaches as a doctoral student on blockchain and Cryptocurrencies. Bitcoin is considered to be the blatant power guzzler, Bitcoin mining. I see it too with me. I also track my power consumption and see what the computer is drawing.
So is it true that Bitcoin mining is such an environmental and climate sin? So, Bitcoin is the currency that consumes the most energy, the cryptocurrency, which consumes the most energy. We currently have an annual electricity consumption that is comparable to Sweden. So, we have very, very high energy requirements. Such a simple transaction, how much energy consumption does it cause? The statement for individual transactions is always very easy. We just take all of the energy consumption, divide that by the number of transactions in the same period, done, you have an invoice! I did the math this morning: It was kind of 800 kilowatt hours, that's the way it is a US household for roughly 25 days anyway. 800 kilowatt hours for a transaction? Yes. Awesome! So much power for ONE Bitcoin transfer, for example! Why does this use up Bitcoin so much energy anyway? The electricity actually protects the network against attacks.
That is, an attacker who would somehow attack the network, somehow would try to manipulate something there would have to generate as much electricity as the rest of the network. Because it's just so much energy, the Bitcoin is very, very safe and just protect all of this bitcoin and all of the value that is stored in that system. So, now an attempt to explain the network: As a Bitcoin miner, I am a member in a decentralized network. In theory, everyone can take part. The miners are responsible for checking and executing Bitcoin transactions. The miner's computers are the witnesses that transactions from person A to person B actually take place.
The miners collect these Bitcoin transactions in all over the world Blocks. That is why the whole thing is called blockchain, translated into German: blockchain. The transactions are stored in these blocks. To the blockchain before To protect against manipulation, the blocks must be secured by elaborate invoices. This is done by the miner's computers: all miners do the math, but only one actually succeeds in solving the calculation for one block at a time. The successful miners receive a small amount of bitcoins as a reward. This is called “mines” or “prospecting”. When the blocks are secured and distributed across the network, the transactions are released and carried out.
Since a lot of miners are always calculating at the same time, this consumes a lot of energy, because only one at a time makes it to the goal. But that's what makes it so safe. Not everything is easy to understand! Definitely thank you. I want exactly press stop here after seven days, i.e. after 168 hours. It's in an hour the case. I also invited Bene and then I want to go through with him, what really came out of it. In the meantime you can give me a try answer the question: Do you already have experience with crypto mining? Or would want to try it out for yourself? Write that in the comments. Bene take a seat. You arrive on time almost to the minute. Before we stop here press, we can do the math, because that's crucial afterwards, what electricity I really used. On average, your computer now has here needs just under 353 watts per hour for the last seven days. That is a total of almost 60,000 watts, so 60 kilowatt hours. With my electricity tariff of 0.3021 euros, that means 17.89 euros. Yes, So I had about 18 euros in electricity costs in a week.
That's a lot more than me otherwise I spend electricity for the whole place, right? Hopefully it was worth it at all! How, hopefully it was worth it at all? Yes, maybe you paid on it? Yes, Wait a moment! So do you think it's possible that I didn't even earn the 18 euros? I dont know. It may be. What is the course like? Has the course fallen? Yes, he fell a bit.
It was now at 45,000 euros. When I started but it was around 50,000 euros. Ok come on Let's press on the head. Let's stop. Solemn moment! We finish it now. What do I actually have earned? And now I'm going to click on it. Is that all now? This is now, this is now everything? Isn't that what I earned today? So, I think that's all! I don't think you're a millionaire yet! OK. I am telling you now. Ah, amazing! This is really less than I thought. 23.41 euros. I have to draw my electricity from this. So, we were just at around 18 euros in electricity costs. That leaves a good 5 euros. Yes. Oh, you [ __ ]! Did you hope it will be more? Yes. Yes? Yes. And mine 23.41 euros I would have to deduct around 2 euros in fees from NiceHash to pay out in Bitcoin. But quite a long way from my Bitcoin million! I wanted to know: Can I mine Bitcoins or cryptocurrency myself, for example with something here.
It seems astonishingly naive to me this question, so the answer is "yes and no". It doesn't work with that. It works fine with the right computer. But hey! You have seen yourself what comes out of it. Should one take part now, mine or invest? Everyone should really decide for themselves personally, whether they consider this energy consumption to be justified. If you want to see such reports more often, then leave it here a subscription there, with a bell! I also recommend mine here Self-experiment where I bought stocks. Obviously, money is my topic! We also have good music here in the PULS Reportage Playlist..