Don't panic, the fact that you can now mine Bitcoin using a Commodore 64 doesn't mean there's going to be a world shortage of 8-bit C64's, because it somehow turns out not to be profitable. In fact it would actually cost you some $1.1 quadrillion in energy alone, though, as our Jacob has pointed out, solar power will be pretty cheap by then.
We are due to be swallowed up by the Sun in around seven to eight billion years, which means it will be nothing if not plentiful.
The YouTube channel, 8-Bit Show And Tell (via Sweclockers), has shown the Bitcoin Miner 64 software running on a standard Commodore 64. And, I'll be honest, my eyeballs got a little moist at the sight of the beautiful old grey slab of personal computing joy.
They note that the software they're using is written in C, but they could potentially achieve a speedup of up to ten times if it was written in machine code. Though that still wouldn't make any difference to your chance of turning a profit.
Not sure how it would stack up against Ethereum, so we're still no closer to figuring out if it can take some of the strain off the beleaguered graphics card market, but we've got to hope that new Ethereum Bitmain ASIC will shoulder some of that burden for us.
Still, at least the upgraded Commodore 64 is quicker than a Game Boy at Bitcoin mining. As a long-time Commodore fan-boi I'm holding onto that as a win.
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