What is a NerdMiner for and can you mine Bitcoin with it?

If you've fallen down the Bitcoin rabbit hole, you should know that it's possible for any of us to be part of theBitcoin ecosystem. Everyone can mine, run their own node or even create specific devices for certain uses.

Most of the software and devices created are available in open source code, which means that anyone can access it without any restrictions. This is particularly the case with the NerdMiner project for example, which allows you to participate in bitcoin mining in a simple and original way.

We have decided in this article to present this very interesting project to you because it can allow you to do a little "practice" and expand your knowledge of Bitcoin.

What is a NerdMiner?

NerdMiner is an open source project launched by BitMaker which offers a practical device that you can build yourself, without having much computer knowledge. A NerdMiner is a small, easy-to-obtain DIY Bitcoin miner that can be built using a TTGO T-Display S3 and a few other components.

So, although it may surprise you, NerdMiner allows you to participate in Bitcoin mining. However, even if the NerdMiner also allows you to possibly earn bitcoin, do not expect to become millionaire with.

Indeed, the NerdMiner should not be confused with a ASIC machine for example, which is specifically designed for Bitcoin mining. The NerdMiner is more of a device that allows you to participate in what is called the "mining lottery."

How can you earn bitcoins through mining?

The Bitcoin network has been running for 14 years now and initially it was possible to mine on a vintage computer. Mining has evolved a lot over time and the difficulty of mining has made mining on a computer, via CPU, obsolete. Now, dedicated machines called ASICs are used for Bitcoin mining.

These machines generate hashing power in a process called “proof-of-work.” Miners who solve the mathematical equations and find the correct value will then be rewarded in bitcoin.

Thus the chances of winning the reward are proportional to the computing power or hash rate of the miner. The higher the hash rate, the more likely the miner is to find the block and win the reward.

Can you earn bitcoins with NerdMiner?

You should know that it is possible to mine Bitcoin alone or by joining mining pools.

By doing solo mining, this means that the miner is alone in collecting the bitcoin rewards. However, it is a very difficult practice because it is possible to go for a long time without having any rewards at all. However, if a solo miner is lucky enough to secure a block, then they collect the reward entirely for themselves. This can then be more rewarding.

However, in theory, anyone who produces a hash rate has a chance of getting a bitcoin reward. This is a fact, but in practice, it turns out that solo mining is not recommended (especially when you have to pay significant electricity costs). This is why few people do solo mining.

The ideal is then to increase the chances of earning bitcoins by grouping up with other miners. By being part of a mining pool, miners share their computing power and earnings among miners. So even if you don't earn the block reward in full, you are guaranteed to win more consistently.

In a way, you say that the miners who regroup their forces in mining pools increase their chances of receiving rewards.

Concerning NerdMiner, it then allows you to have a chance of receiving bitcoins, by joining pools. However, the hashing power is low and so are your chances of receiving rewards.

Here, luck is to be invoked 😉

How to get a NerdMiner?

If you want a NerdMiner, you can find them at stores like LnBits.com or Bitronics for example.

You should know that you have two purchasing options: you can buy the NerdMiner pre-built or with all the elements that you can assemble yourself.

NerdMiner boxes contain:

• TTGO T-Display S3
• USB cable
  A purchased or 3D printed case
• A fan
  

That's all you need to create a NerdMiner.

How to start mining with the NerdMiner

Once you have created the components, you will then need to move on to the configuration stage. You will find the official instructions at the Github page of the project. This shouldn't take more than 5 minutes if you have a little computer experience. There are many tutorials online as well as videos on YouTube that explain the entire process.

Then, once you connect the NerdMiner to the Internet and update your bitcoin address, you can start mining Bitcoin!

Remember that the NerdMiner consumes very little electricity and that it can be compared to a first generation phone when charged, in terms of electricity consumption.

Final word

We ordered a NerdMiner and we'll share the results with you after a few weeks so you can see if it's worth it.

However, with NerdMiber, you help secure the network and you fully enter the Bitcoin universe, hands-on. It's actually a very good way to participate in the Bitcoin network if you don't have the means to do mining strictly speaking.

See also:

• The ColdCard Bitcoin wallet: maximum security?
• Why open source software is essential in the crypto industry?

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Note: This is not investment advice. Always do your own research. All investments involve risks.

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