Topic: Any advice on how to run a successful mining operation? (Read 289 times)

My advice to you right now is to just mine certain coins and hold those coins and see what 2020 brings. You should mine LTC and hodl it and same with ETH and BTC. Actually most of the top 10 market cap coins.

Don't mine and market sell everything everyday, just hold it. How do you think those early adopters became millionaires today? It wasn't by selling their mined coins everyday. They held on to them.

We might be at the bottom of a bear market and might reverse from here, especially for coins like LTCBTC and ETHBTC.

Because what you are doing like making $43 in profits and paying $40 in electricity doesn't make much sense.

Its all about overhead, cheap electricity and you can mine through the bear markets.  I have 6 cent kwh and I'm able to make a small profit with the 3 year old gpus and fpgas.  Problem now is I don't see any gear worth buying.  AMD gpus aren't worth buying  eth might go progpow or pos and NVIDIA are not much more efficient then the last generation and we are getting closer to a new generation of gpus. 

Not mentioned:

 There are some software tweaks for you ASIC miners around (for L3's ?) that could marginally increase your hash/power efficiency.

This!

Word of the wise!

a successful miner is successful whether his mining venture succeeds or not 

Dear oh dear, gpu mining its not profitable at the moment with 0.1$ electric, if you got 0.06$ pretty sure 100% profit with some gpus , and cpu ita more profitable, dont do with asic, they growing so fast and you cant sell it at the end or sold for couple bucks

There would never be any spending. But seriously, I've been doing this for almost two years. I've learned a lot and am still learning. I would be learning more except I've split myself in 6 directions. At this point I probably can be an electrician.... I basically have one do a walkthrough after I've done all the work. Get the stamp of approval. That's about it.


I have given this much thought already. I'm in agreement with many of your points. But I put the effort in... I wish I chose another project first, but I chose this. I'm committed until the end. Amazingly.... after doing some miner switching... my numbers aren't too bad.


I don't think I'm getting rid of any of these until the next pop. Better to run all my miners than colo. If they are profitable at 8 cents then one cent less is that much more in my pocket. I really need to sit down and look at hypothetical tax situations at end of year instead of am I getting positive cashflow today. If I run all my miners and can still turn 10%-ish a month... if my bill is $4000 vs $1200 I can sell $4k of crypto and pocket $400 of crypto vs taking out $1200 from my paycheck to keep $1200 of crypto because I feel keeping $120 of BTC "isn't worth the effort."

Financial peeps always talk about plans. I have pieces thrown together into a heap. Nothing comprehensive or cohesive.....

Happy New Year!!! (Yes, I'm early but that's okay.)

let me tell you one thing
all the profits and glory that we were seeing in the past was because of accelerating market growth for a good period of time and now
it is many times worse
even though you want to mine
it is never going to be that profitable for all the hard work and time you are putting
it is better to sell most of the hardware which is not profitable and invest in coins itself
and mine the top 50 coins with the hardware that is a bit profitable

I would get rid of your asics that are older and outdated and either replace it with newer versions or switch over to gpu mining.

gpu mining is profitable at your electric rate.  Although ROI is still very long at least its not burning a hole in your pocket like those asics that will put you in the red like the L3+ and S9.

Normally I would say to sell all your gear and buy coins but you do have 7 cent electric rate so its worth it to keep on mining.

You do have a lot of miners so you should put some of them at a colo facility. They charge around 8 cents watt rate. You might need to wait 6 months to a year until profitability returns

There's your mistake. Learn first, spend second.

Your question is the never ending question. Most answers will be people promoting their favorite coin.
No one who knows anything will give a serious answer because such knowledge is a competitive
advantage.

I guess that translates to how do you find the good coins.... or timing what you're mining? I have 7 cent power. Not the best, not the worst.

I've spent IDK how many literal days, probably weeks, in 2019 on this project.... and lots of money. I just saw a video from VoskCoin on YouTube a few days ago. It was exciting and depressing (and filmed in August). He was grossing $60/day and making $30 a day with a handful of machines. I can't remember but the numbers are close enough. Maybe the only one doing well was his GRIN machine.

I have 18 L3+, 13 S9i, 12 BK-B, 12 U6, 6 S11 (blake2b), 1 BK-N240.

I can only run about 130 amps worth at any time.

Should I go to GPU? CPU?

Should I be mining LTC because of low difficulty? I've been wanting to mine LBC for months and months and haven't. It wasn't profitable at the time. Ironically it is the reason I'm positive cashflow at the moment. Barely... as usual. My daily bill is probably around $40 with maybe $43 in earnings.

Is the better plan to mine LTC and wait? It would be a loss for now.... but also fairly easy to mine coins. Mine @ loss for the accumulation and wait for pump? ... Rinse and  repeat?

Should I maintain blockchains for all coins of a given algorithm and auto-switch my miners under condition x, y, or z? And how would one maintain the chains? Seems like I can only get about 3  going simultaneously.

My goal was to mine and finally have enough to pay for electricity from the earnings. StrongU failed to deliver. That combined with using a particular website that totes a somewhat comprehensive list of ASIC profitability.... is completely wrong vs calculators.... Yup, still paying out of my paycheck to pay the bill.  

Any general advice? If VoskCoin can do that with 12 cent power... I'm missing something.

Thanks.