Below is a list of things I’ve learned for the better. I hope it helps you save money and time and will better equip you for the future.
#1 You Must Constantly Evolve Your Setup
For smaller miners, this is one of the most important things that can make or break your return on investment. Everyone has heard the phrase that technology constantly changes, call it Moore’s Law, but the bottom line is that you need to always be on top of the latest gear and learn when to sell.
When I first started mining, I remember putting down lots of money for these small ASIC machines to mine Litecoin and Doegecoin. However, after a short period of time, their hash rates were not sufficient enough to continue earning a decent return. If I had sold my equipment much earlier rather than believe the value of the coins would increase to help me make a profit, I’d have made back much more money, but instead I was forced to sell at a much lower price later on.
The lesson here is that you should never be afraid to have to sell your miners and you should consider always upgrading your equipment at least every 3 years. Over time I’ve learned that the best small operations are always selling their equipment for much better equipment and continue to profit consistently and efficiently.
#2 Server PSUs are Cheaper and just as Good as Regular Power Supplies
This one is something I see most beginners do. I admit, I was part of this boat too, but it’s something I wish someone had told me I could do earlier. The reason most people spend large amounts of money on a new power supply is because they’ve read online that they must have at least a Gold rated or Platinum rated power supply to have high efficiency and reliability. The beginner then goes out and buys a very high-quality power supply at a huge markup roughly $200-$300 compared to a server power supply. Sometimes even more.
While I am in 100% agreement with having a good power supply, I am also in 100% agreement that a server power supply is cheaper and can be bought with the same Gold or Platinum rating. Once I had realized this, I quickly found that even a 1600 watt power supply (running at 240V) could be had for less than $150, compared to the ones you see online for $350-$400. Even the 1200 Gold Rated power supplies I used to purchase could be bought for around $40-$70 depending on the seller.
#3 It is Better to Hold the Coins then Sell Each Day
For most people, this one kind fits in the area of trying to avoid fluctuations in price and wanting immediate satisfaction. If you’re just starting out, you want to see the process work and watch as you make money. That’s perfectly fine, but what I’ve learned over time is that you tend to make a lot more if you just wait and when people are hyped about a coin, that’s when you get maximum results.
In fact, I monitored my own profits comparatively and on average was able to receive 20-30% more just by waiting for better times. The only exception to this is when the cryptocurrency marketplace is in a bear market or you predict bad times at which I would recommend you sell. Even in bear markets though there are good times to sell and bad times and you will develop that along that way too.
#4 You Must Clean Your Equipment Every Few Weeks or Months
Yes, it’s true. Mining requires maintenance to allow optimal cooling and ensure your fans will work for as long as possible. I was hoping I would be able to let them sit for a very long time with no cleaning, but typically it’s not the case and not recommended.
Before your miner starts building up dust layers, you can avoid having problems down the road if you constantly clean out your miner.
I highly recommend buying the electric compressed air machines vs. purchasing the small air canisters because you’ll likely run out and the air canisters aren’t that effective. You can additionally opt to install air filters, but again it just means you’ll have to clean them further down the road.
#5 Mining is Loud
This one depends on the miner, but for most people who purchase more than $5000 worth of equipment, mining will be loud. It’s pretty funny but I remember consulting with many people who wanted to start mining. This one was of the greatest barriers for starting because their partner could not handle the noise produced from the machines.
The reason was because they wanted to purchase ASIC machines and host them near their computer room. The problem was that once they powered on the machines, it sounded like a jet getting ready for take-off. Before you go into buying some ASIC machines, watch some Youtube videos about the sounds produced from them. You’ll see people getting really creative and hiding them in boxes and that’s because they produce so much noise!
Even graphics cards mining will have some noise because if your setup is larger, you’ll need larger fans to cool them externally. Overall, before you get your wife, girlfriend, partner, pet screaming at you, please consider the noise!
Conclusion:
Mining is very addicting and fun once you get involved. However, there is additional work involved which is often overlooked.
I hope you learn from some of the things I’ve posted here. Often times it takes someone else to experience something before they can provide you better insight into something and this was the case here. I wish you best of luck in your mining journey and feel free to discuss things you’ve learned too!
Please give me a follow and I will give you a follow in return and possible future votes!
Thank you in advance!✅ @bitrpc, I gave you an upvote on your post!
Could you suggest some best GPU which I can buy. Me too very attracted towards mining but not sure if it will give roi or not. You may check my post regarding this and comment.
I'm a rep for the company, but we have pretty much all variants of cards at the facility. If I wanted to have a decent ROI and still make money, I would check out getting either the RX Vega 56 or GTX 1060 6GB. We're from the US and recently there was a sale for one that was $379 for an RX Vega 56. That was a steal to be honest. You would want to find the GTX 1060 6GB for $199 or less.