What is a Nerdminer?
The Nerdminer is a small, cheap, low-power Bitcoin mining device. The only catch is that its hashing power is so limited that mining a block solo is about as likely as winning the lottery.
It’s really meant to be an educational toy for learning about cryptocurrency rather than an income stream, though, hey, you never know if you’ll be the lucky one who mines a block with one of these gadgets.
Whoever mines a block would receive 3.125 bitcoins, plus all the transaction fees in that block. Click here to get the current Bitcoin price and the calculation of how much you’d earn if you managed to mine a block with a Nerdminer-style gadget:
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Check out my complete Nerdminer guide to learn more.
How much power does a Nerdminer use
The Nerdminer’s power draw is remarkably low compared to any other mining device. Per the specs, the Nerdminer pulls around 1.55W, which is less than a conventional light bulb. That low consumption comes from efficient components like the LILYGO T-Display-S3 and the minimal amount of processing the device actually does.
Power and hashrate comparison of mining hardware
| Device | Power (W) | Hashrate | Price |
|---|---|---|---|
| Nerdminer V2 | 1.55W | 78 KH/s | $50 |
| Bitmain Antminer S19 Pro | 3250W | 110 TH/s | $3,000 |
| MicroBT Whatsminer M30S++ | 3472W | 112 TH/s | $3,300 |
| Canaan AvalonMiner 1246 | 3420W | 90 TH/s | $2,890 |
Are lottery miners worth it? The short answer
If what you’re after is making money, lottery miners like the Nerdminer are not worth it. That’s the truth. The odds of mining a block and collecting a reward are extremely low, and the electricity costs, minimal as they are, do add up over time.
The probability that a Nerdminer mines a block is on the order of 2.5×10^−18 per day, which is effectively zero. To put it in perspective, you’re more likely to win the lottery 11 times in a row than to mine a single block with a Nerdminer.
In this other article I walk through the math in detail on the probability of a Nerdminer ever hitting. It’s wild.
So why buy a lottery miner at all?
There are several reasons someone might want to buy a lottery miner like the Nerdminer, despite how unprofitable it is. Here are the most common ones:
- Education: It’s a great learning tool for anyone curious about Bitcoin and crypto mining. It lets you understand how the mining process works, how to set up a mining device, and how it talks to the Bitcoin network.
- Taking part in the network: Despite its tiny hash capacity, the Nerdminer lets you be part of the Bitcoin network and contribute to its security. That sense of participation can matter to people who believe in the philosophy and principles behind crypto.
- Contributing to decentralization: By running a Nerdminer, you help decentralize the Bitcoin network, even if only on a small scale. Decentralization is a core principle of cryptocurrency, and any contribution to it is seen as a positive by the community.
I bought the Nerdminer V2 myself, and honestly, it’s a fun little thing to set up, and I like having the gadget on my desk watching it fight to mine a block. The next thing I want to do is add a solar panel and a small battery so it runs ad eternum without costing me a cent in electricity. Cool, right? I’ll report back.
The best lottery miners
If someone sells you the dream that buying this gadget will make you a fortune, they’re lying to you. But if you go in knowing the odds of mining a block are next to nil, and you’re a Bitcoin fan, a geek, or you just want to learn more about the crypto world, it’s a neat little device, or a great gift for a nerdy friend.
Here’s a list of the best-rated ones on Amazon (if you buy through these you’re supporting this blog at no extra cost to you):
Learn more about the Nerdminer
Frequently asked questions
Is a Nerdminer worth it?
If you measure it by money, no. The chance of mining a block is effectively zero, so you won’t earn anything in practice. As an educational gadget to learn about Bitcoin mining, to support decentralization, or as a fun gift for a crypto geek, it’s absolutely worth the roughly $50.
Can you actually mine Bitcoin with a Nerdminer?
Technically yes, it’s a real solo miner connected to the Bitcoin network. In practice the odds of finding a block are around 2.5×10^−18 per day, so realistically you should expect to mine nothing. If you ever did hit one, the reward right now is 3.125 BTC plus the block’s transaction fees.
How much electricity does a Nerdminer use?
About 1.55W, less than a standard light bulb. Compared to industrial rigs like an Antminer S19 Pro at 3,250W, the running cost is negligible. That low draw is also why running it off a small solar panel is realistic.
Why would anyone buy a lottery miner if it doesn’t pay?
Three reasons: it’s a hands-on way to learn how Bitcoin mining works, it lets you take part in and contribute to the network, and it helps decentralization in a small way. For a lot of people the appeal is the gadget itself, not any expectation of profit.
How much would you earn if you mined a block?
You’d get the current block reward of 3.125 BTC plus every transaction fee in that block. At today’s Bitcoin price that’s a substantial sum, which is exactly the lottery-style appeal. The problem is the probability of it happening is essentially nil.
