Today we bring you an article about a topic that every day is gaining more followers worldwide: Cryptocurrencies.
As we are not a finance website we will focus directly on the practical side of the issue and how, in our case, we can link cryptocurrencies with automation.
In today’s article we will clarify a question that many who use development boards may have asked themselves at some point: Is it possible to mine cryptocurrencies with Arduino? Well, if you are one of those who have wondered this at some point or you are simply a crypto or automation enthusiast, I assure you that this article is designed specifically for you.
And without further ado, let’s get started!!!!
What is an Arduino?
Before entering fully into the cryptocurrencies part we want you to know what are these devices called Arduino.
If you have been following us for some time surely you have already answered this question, but if this is the first article you are reading on our platform, before continuing reading I invite you to visit our article
So, back to it. What is an Arduino?
Arduino is nothing more than a totally free platform, based on an electronic board that includes the necessary components for anyone to work comfortably with microcontrollers. In addition, it is mainly responsible for the growing popularity of microcontrollers among people who are not proficient in the field of electronics.
Taken from our article “Microcontrollers, Arduino base”.
If you are curious and want to get started in the world of electronics and do not know where to buy these devices, you can CLIC HERE .
Below I will explain briefly what this practice consists of, since in general it is a much more comprehensive concept, but for the practical purpose of our article the following explanation will suffice.
Cryptocurrency mining is the name given to processes in which computers participate in tasks on a blockchain. These can be divided into actions on the blockchain itself to solving mathematical calculations. Upon successful completion of these actions, users of the hardware at the disposal of the network are rewarded with digital assets. These tasks and the process of obtaining digital assets are known as cryptocurrency mining. These are the basic and necessary tasks for the operation of these currencies and hence their relevance.
Hardware required to mine cryptocurrencies
As our article is focused on the link between automation and cryptocurrencies, we will not go into depth in this type of sections in order not to deviate from the topic.
In general, cryptocurrency mining processes, whether Proof-of-Work (PoW) or Proof-of-Stake (PoS), generally require high-powered hardware elements. Say mainly high-performance graphics cards and in some cases high-performance microprocessors. Everything depends on the mining algorithm. In general, high sums of money are required to achieve moderately attractive returns. All this taking into account that we have to subtract the price of electricity we pay in each country from the mining profits.
As we mentioned at the beginning of this article, many of us who have and use our Arduinos have surely wondered if we can use this piece of hardware for mining tasks, since in theory we could use its microcontroller or microprocessor (more current versions) in this type of work.
Well, the answer to this question is a resounding YES and it is called DUINO-COIN!
What is DUINO-COIN?
DUINO-COIN(DUCO) is a cryptocurrency created especially for low-power devices. It was born as a learning project for Arduino, ESP8266/32 and Raspberry Pi owners. DUCO focuses on obtaining a mining reward system oriented to this type of low power consumption devices, although it is worth clarifying that we can also mine this cryptocurrency with our computer or other hardware devices.
Like many of today’s cryptocurrencies, DUINO-COIN supports instant transactions, global supply and most importantly, it is Open Source. Focused mainly on beginners in this world can understand and launch mining projects in a very simple way and with very low investment cost. Although it is mostly a project focused on fun and learning, we can already find this crypto in some cryptocurrency exchanges and even get benefits on our coins earned in mining. At the moment the supply of tokens is in “infinite” but with the possibility of making modifications in the future.
DUINO-COIN Supported Devices
As we have previously commented this cryptocurrency can be obtained with a wide variety of devices, among which are:
- GPUs(Tarjetas Gráficas)
- Smart TVs
- Mobile Phones
- Raspberry Pi
- Orange Pi
- Banana Pi
Something very important you should know
One of the main features of this project is to maintain fairness in the allocation of user rewards and for this they have implemented an update in the programming that penalizes users with higher mining power to balance the network. So no matter how much processing power you have, or you have bought the best graphics card on the market, it will be in vain to use it with the idea of earning more DUINO-COIN tokens. Having said that we move on to the section that everyone is eager to read.
What everyone wants to know💵🙌💸
We come to the point that probably interests you the most in this article. Is it profitable or not to mine this cryptocurrency?
Well, the truth is that it is not very profitable, but you have to take into account that this coin was created only for educational purposes and in that sense it fulfills its objective, since it seeks to bring the world of programming and development closer to the world of cryptocurrencies and it has achieved it with a wide range of outstanding results.
In the case of the profitability that you can get with these devices is very low. In the case of the ESP01s we use:
Each ESp01 consumes approximately 1W/day of electrical power and is capable of generating 10 to 13 DUCO/day. Calculate the amount of Microcontrollers that your rig has, take out the price of electricity that you would spend for that consumed power and subtract what you have gained.
If you put it into practice, let us know how much profit we are talking about, it would be very interesting to see your results.
As you have seen it is already possible to carry out your automation projects hand in hand with mining. If you wanted to give a second life to that Arduino you no longer use or set up an ultra low power mining rig you know that it is possible to do it.
Remember that if you don’t want to miss any of our articles we leave you the link of our Newsletter below so that you can subscribe and receive our articles as soon as they are published. You can do clic here to subscribe now, it won’t take more than 15 seconds.
If you liked the article remember to leave us a Like 👍 and share if you learned something new so others can say the same. Let us know in the comments if you knew about this coin or if you already have experience mining cryptocurrencies with any development board.
See you in the next article!✌