A question that still gets asked a lot by crypto enthusiasts is ‘can I mine Bitcoin and cryptocurrency on my PC at home?’.
In short, the answer is no, it’s no longer possible to do so profitably using a home computer. You need expensive, dedicated hardware (known as ASCI miners) in order to make money.
However, there are various platforms that tap into your PC and add the processing power of your GPU and CPU to a pool in order to mine cryptocurrency while giving you a share of the profits.
It’s fair to say that a lot of these services leave a lot to be desired, such as the now defunct MinerGate desktop miner which was plagued by accusations of poor performance and difficulties cashing out.
I installed the Kryptex mining software to see what all the fuss is about and whether it’s still possible to make a profit from mining Bitcoin or altcoins at home.
What is Kryptex and how does it work?
Kryptex is a Windows app that taps into the computing power of your GPU and CPU to mine cryptocurrency.
Pooling together thousands of home computers across the globe generates enough processing power to complete the hugely complex calculations involved in mining Bitcoin and other cryptos.
The distributed nature of this network enables setups of all kinds to join in the mining process and be rewarded for doing so depending on the hash rate (or processing power) they add to the network.
However, you may not always be mining Bitcoin. The Kryptex software automatically switches between the most profitable coin to mine without you having to make the decision.
A promotional video on the Kryptex website states that the company promises transparent pay-outs, an efficient pool engine (to maximise pay-outs) and excellent customer support.
Getting started with the Kryptex mining software
Kryptex is a super intuitive platform which is well designed and should appeal to absolute beginners.
It’s the quickest onboarding process I’ve ever experienced for a crypto mining at home platform.
Account set up is virtually instant – all you need to do is choose a username and password to sign up.
You then download the Kryptex app, login and the mining magic begins.
The Kryptex dashboard is well-designed with lots of handy links to help you get started and manage your miners (yes, you can hook multiple computers to the same account).
The app is available in eight different languages giving it a really global feel, and offers useful support pages for those who want to overclock their hardware or need advice on buying the best GPU for crypto mining.
How do I get my earnings paid by Kryptex?
At the time of writing, pay-outs were available in both Bitcoin and Ethereum, together with cash payments via Visa/Mastercard for Euros and Dollars.
You also cash out in Russian Roubles, Advcash, Amazon eGift cards and even Kryptex merch.
There’s a low minimum withdrawal amount ($0.5 at the time of writing) and fees seemed pretty reasonable as well.
Chatter across various social platforms seems to suggest that Bitcoin pay-outs direct to a wallet are the most reliable.
I haven’t been able to test this yet as it’s going to be a very long time before I’ve earned enough Bitcoin to withdraw (more on this below)!
Can I make money using Kryptex?
The only settings you need to worry about to start with are whether you want to run ‘lite mode’ or ‘full mode’.
I found that running lite mode in the background was generally fine, although there was a small depreciation in my PC’s performance.
However, the full mode put too much strain on my GPU and CPU and the fans were running at full pelt in no time.
The noise was off-putting, and my PC began to lag significantly when performing other operations.
I switched back to lite mode and ran a benchmark to give me an estimate of what I could earn in a month.
The results weren’t good.
I’d installed Kryptex on a 7-year old i7 machine with 8gb of RAM and a feeble 2gb GeForce GPU. The Kryptex client was predicted that I’d earn less than $5 in a month.
It’s clear that you need a serious bit of kit to be in with a chance of making a profit.
How much can I earn with Kryptex?
The Kryptex website provides a handy guide to how much it estimates you can earn mining Bitcoin at home using the app.
A decent gaming PC should be able to earn in the region of $125 a month at the time of writing, while a small mining rig could net you around $800pm.
These estimates will vary with the price of Bitcoin and are dependent on your exact set up and configuration, plus other costs such as electricity and hardware.
You can also run a full-blown mining farm using the Kryptex software.
From my experience these estimates seem on the high side for the average user as not many people are going to have the setup required.
Based on my benchmark, you’d need to spend many thousands of dollars to get the returns estimated by Kryptex.
What costs do I need to factor in when mining Bitcoin at home?
The profitability of Kryptex will depend on a number of factors, including where in the world you live as electricity costs will have a major impact on your returns.
Other things to consider are:
- The cost of your hardware. Powerful GPUs can be very expensive, and you may not get an ROI for some time.
- Wear and tear. Mining on full power puts a lot of strain on your kit and can shorten its life, although by how much is up for debate. You may find yourself shelling out for a new GPU much sooner than anticipated.
- Electricity. As I’ve already mentioned, your profitability will be impacted by the cost of electricity in your region.
- Bitcoin price fluctuations. If Bitcoin tanks then your profits will as well. The opposite is also true.
Is Kryptex a virus or malware?
Some users who’ve download the Kryptex software have reported getting an alert from their antivirus software.
Some antivirus apps flag crypto mining software because of the connections required to tap into your PC.
If you encounter this error you’ll have to manually allow the software to install and run before you can start mining.
A wide range of sources across the web state that Kryptex is not a virus, does not contain malware and is legit and safe to use.
However, other users have voiced concerns about how easy it is to remove the software from their PC and whether it’s a Trojan.
I didn’t have any problems installing the app and my antivirus software didn’t flag it as malicious.
Is it really possible to mine Bitcoin with my home PC and Kryptex?
Kryptex is great for beginners as it’s so simple to set up and start mining.
In this sense it’s definitely makes it possible to mine Bitcoin using your home PC.
But whether it’s worth it is a different matter.
For the average user it’s probably not, unless there’s a massive increase in the price of Bitcoin.
But for PC enthusiasts with a very powerful set up, or even a mining rig, it is possible to make a profit.
However, some users have criticised Kryptex for offering low pay out rates compared to other platforms.
Most people are probably better off buying crypto from an exchange and hoping it goes up in value rather than mining crypto at home.
What other crypto mining platforms are there?
There are several crypto mining at home apps to choose from, but finding a reliable answer as to which is best is difficult.
If search for Bitcoin mining pool reviews or Kryptex alternatives you’ll find mixed responses to each and every one of them.
So, I’m not going to make any recommendations here – the platforms listed below are purely for informational purposes and you should do your own research before using them,
And remember, anything you download from internet could potentially harm your PC or contain a virus so take the necessary precautions.
Some popular crypto mining pools are:
This is just a small selection of Kryptex alternatives out there, but there are plenty of others to choose from.
You may also like: Mining Helium (HNT) cryptocurrency at home
Adam is the founder of The Crypto Adviser which offers experts guides and reviews on all things related to Bitcoin and cryptocurrency.
Adam is Diploma for Financial Advisers (DipFA) Level 4 qualified, a Member of the London Institute of Banking and Finance (MLIBF), and has worked for many years as a journalist and PR consultant, having studied with the National Council for the Training of Journalists (NCTJ).