Golem releases laptop app to mine Ethereum … but turning a profit is tricky

Golem releases laptop app to mine Ethereum … but turning a profit is tricky

The Golem Network has launched an app that allows users to mine Ethereum on their laptops, but it could be a long time before riches can be reaped.

The decentralized computing resources sharing platform released the Thorg app that allows users to mine Ethereum on Windows-based PCs and laptops.

Our top trading bots

The app runs in the background and harnesses unused computing power to process the calculations required for proof-of-working mining. Users are rewarded in Golem’s native GLM token however, and not Ethereum.

The system runs on layer-two aggregator Polygon which alleviates any heavy transaction fees associated with the ERC-20 GLM token. It creates “shares” which are batched computing tasks that are collected and used to mine Ethereum.

Golem CEO, Piotr Janiuk, said that Thorg was designed to increase adoption of the Golem Network by allowing users to earn passive income on their own computers.

The minimum requirements for running the app are the Windows 10 operating system, and a 6 Gigabyte or greater graphics card, which only high-end gaming laptops will have.

Those thinking that this could be an easy way to make a mint by mining at home may have to think again. A 6GB graphics card will produce a hash rate of around 26 MH/s according to review websites. Taking this and average desktop PC power consumption of around 600 watts into consideration for a hypothetical example, profits from mining Ethereum on a PC could yield around $0.06 per day, or take more than a fortnight to make $1, according to mining calculators.

There are many variables, however, such as the specific computer hardware, power consumption, and cost of electricity, so this is just one theoretical example and results may vary.

Related: ETH mining still highly profitable despite upcoming Eth2 upgrade

The calculations also do not account for the cost of high-end graphics cards, which are extremely expensive at the moment due to the demand and global chip shortage. The announcement did state that a high-end GPU was not necessary for all users.

“In case you don’t have a high-end GPU, you can still use the Golem Network to compute tasks and earn GLM.”

At the time of writing, Golem’s native token was trading down 1.5% on the day at $0.475 according to CoinGecko. GLM is currently down 64% from its $1.32 all-time high in April 2018.

Keep reading with Cointelegraph
Cointelegraph Consulting: Crypto events of 2021 in retrospect
The year 2021 is coming to a close, and if there’s one way to describe how the cryptocurrency industry fared in the past 12 months, it would be momentous...
Projects are collecting Toys for Tots crypto donations this holiday season
This holiday season, fintech provider Unbanked will be enabling crypto donations for Toys for Tots, a program run by the United States Marine Corps that...
Law Decoded: Bitcoin exchange-traded funds are put on the spot again, Nov. 29–Dec. 6
Do you remember the time when a fleeting mention of Bitcoin, stablecoins, or even central bank digital currencies by a top-ranking government official was...
Tehran Stock Exchange CEO resigns following discovery of Bitcoin miners in basement
Ali Sahraee, the chief executive officer of the Tehran Stock Exchange since 2018, has reportedly resigned after the discovery of cryptocurrency mining rigs...
Amex Ventures backs $55M Abra raise
Cryptocurrency trading platform Abra has raised $55 million in funding to bootstrap the next phase of its growth strategy, bringing several high-profile...
Here’s why Algorand's price just rallied to a new multi-year high
Real-world adoption is what really matters when it comes to being a successful blockchain project and one project that benefited from a recent uptick in...
Cryptocurrencies now recognized under commercial law in Texas
Two bills aimed at furthering the adoption of cryptocurrencies and blockchain are now law in the state of Texas.Texas House Bills 4474 and 1576, passed...
Three Arrows Capital CEO Su Zhu outlines his bullish thesis for Dogecoin
Three Arrows Capital CEO Su Zhu has outlined a bullish thesis for Elon Musk’s favorite cryptocurrency, Dogecoin (DOGE). Speaking on an Aug. 25 episode of...
JPMorgan will reportedly give retail wealth clients access to crypto funds
Major U.S. investment bank JPMorgan Chase is reportedly allowing advisers to execute crypto trades for more of its clients.According to a Thursday report...
Ukrainian police seize 3,800 PS4 consoles used for illegal crypto mining
Ukrainian authorities have raided an allegedly illicit crypto farm in the country. According to an official announcement from the Security Service of Ukraine,...
Ether breaks $500 billion market cap for first time
Ether (ETH), the second most-valued cryptocurrency after Bitcoin (BTC), has hit a major milestone amid the ongoing price rally.On May 12, Ether price set...
China aims to let foreigners use digital yuan at Winter Olympics in 2022
China’s central bank is looking to enable foreign athletes and visitors to use the country’s digital currency during the Beijing Winter Olympics in 2022,...
Upbit investor stock price surges three-fold amid bullish crypto trading in South Korea
The effects of South Korea’s crypto frenzy seem to be spreading beyond the cryptocurrency market to affect stock prices in the country’s stock exchange.According...
Coinbase Ventures backing DeFi in the Polkadot ecosystem
Coinbase Ventures, the investment arm of the San Francisco-based digital currency exchange, has thrown its weight behind a layer-one blockchain designed...
Kakao’s Klaytn expands NFT offerings to OpenSea following 800% quarterly growth
Klaytn, the blockchain project of South Korean tech giant Kakao, has partnered up with NFT marketplace OpenSea to bring a non-fungible token market to its...