Crypto mining is a good source of passive income, therefore, many gamers with PS4 wonder whether they can mine coins using the said gaming device. Most crypto miners out there think that mining with this gaming gear is quite feasible.
This post is for bitcoin bulls who are considering using PS4 for mining, here’s what they need to know beforehand.
Can You Mine Cryptocurrencies Using a PS4?
In the earlier days, most desktop computers or laptops were used to mine cryptocurrencies.
Later, crypto miners entered the gaming world and started using gaming laptops and GPUs (Graphics Processing Units).
These gaming devices were proven to be more efficient in solving many problems faced by the miners.
Using gaming laptops and GPUs is quite understandable, however, many people are still susceptible to employing PS4 for this purpose.
Theoretically yes, it is possible to mine cryptocurrencies with a PlayStation 4 console, a few powerful processors, and a lot of electricity consumption. If you can afford to pay the high electricity bill as a result of PS4 mining 24/7, go with it.
Mining Cryptocurrency Through a PS4 Gaming Console
This idea, albeit, seems promising and technically possible but not many people have tried mining crypto using this gaming console.
In fact, there is no concrete evidence that people have been using PS4 for crypto mining except for the infamous Ukrainian crypto-mining operations.
It is not yet feasible to mine cryptocurrencies using advanced gaming consoles, however, we can expect more miners to explore this arena in the future.
Many high-end miners are finding new, more efficient ways to mine cryptocurrencies. This is also sort of in the trial process, therefore, not quite practical at the time.
Additionally, custom-made additions need to be made to the hardware along with specialized software and firmware to mine cryptocurrency.
Drawbacks of Using PS4 For Crypto Mining
It is not a smooth, error-free process of mining cryptocurrency using the PS4 gaming console. Since it is not quite practical yet, therefore, miners are not familiar with the benefits and drawbacks of mining through PS4.
Power Consumption
PS4 burns a lot of electricity, that’s why it is not economical for mining crypto. For mining, the PS4 has to work for several hours at maximum processing, therefore, has increased power consumption.
If you are not earning any profit, all you will be left with is a hefty electricity bill.
Maintenance Cost
This gaming device has a high selling price, costing you a fortune. Constant processing and usage for several hours a day result in wear and tear.
Maintenance or replacement of different PS4 parts may cost hundreds of dollars. Even minor repairs often require you to spend $100 or $200.
Lower Hash Rates
The miner will probably not get a significant hash rate with PS4, it is the speed at which the new coins are minted. In a case, if you are mining multiple coins at the same time.
Conclusion
Crypto mining with PS4 seems quite a promising thing, however, not the most economical and practical option. It is better to use the right equipment for mining cryptocurrency.