Topic: How to be A Good Miner - page 2. (Read 434 times)
In fact, you can rent the computing power first, experience it, and if it is feasible, buy a mining machine.
I want to learn clearly that how to do mining.
How to be A Good Miner
You want learn basics. But i will tell you about beign a good miner. How to be A Good Miner
Good miner plans ahead, good miner knows what he is doing, how to achieve it and if it will profit him in what period of time.
Good miners invest big, earn big and won't share much about their know-how for free or even to anyone because their knowledge is priceless (how to produce money
)
You are always better off just buying the coins instead of purchasing mining hardware.
There are lots of things to learn first before you become a professional cryptocurrency miner. First is knowledge and skills to understand how mining works with it's disadvantages, advantages and the cost of the equipments. Mining equipment's price varies to the equipment use. There are lots of mining equipments you can buy with different types of speed of it's hash rates per second. In short, the more the equipment cost the more speed it is. Some miners buy cheaper mining equipments but they buy more than one means the more mining equipments the more hash rate per second.
I realized that in mining, as in trading, you need to find a good entry point. For example, buy a new ASIC as soon as there was a pre-order. Mine this miner 4-8 months and sell. Today is not the best day to start mining, my opinion.
CryptopreneurBrainboss advise you on good sources of information. Miners are happy to share their experience there.
CryptopreneurBrainboss advise you on good sources of information. Miners are happy to share their experience there.
mining is a game of luck and calculation. you need both to be profitable and since you can't control your luck , at least do your calculations right.
First of all you need to need to know these inputs in order to make a proper calculation.
1- The miner cost ( depends greatly on where you source it from and the quantity )
2- profitability of the miner based on your power cost , use this website > www.whattomine.com or if you are lazy enough use this > https://www.apanel.com
once you have those numbers , you need to calculate your ROI ( return of investment)
ROI = miner cost / daily profitability / 30 = ROI in months.
miner cost ( constant ) while daily probability is (variable)
depending on the mining difficulty ( how many other people are mining beside you) and the (coin price ) so your ROI can extend and can shrink widely.
most people use current statistics to determine ROI, and then people have different ROI target, to me , anything that can't ROI in 12 months going to be a loss
simply put 12 months is usually enough time for ASIC manufacturers to come up with next GEN miners that put your miner in obsolete mode.
however this is personal , some people just mine for the sake of it, and i am sure most miners will never ROI , mining last year was everyone's dream, it was so easy to ROI in 1-2 months , prices where high, difficulty was low, you buy anything , put it online and you make decent profit, however now things changed, big players came in, many things changed.
mining now is nothing different from any other business, competition and risk are at all time high. and in most cases you can' be creative to save your investments as there are some factors that are beyond your control.
I do not want to sound harsh but really if you do not have cheaper power than the Chinese miners or at least something similar (3.5 cent / 4.5 cents per kwh) then you are getting yourself in a losing war and the only thing that can save you is spike in prices, and should that happen , you are probably better of holding crypto than miners.
First of all you need to need to know these inputs in order to make a proper calculation.
1- The miner cost ( depends greatly on where you source it from and the quantity )
2- profitability of the miner based on your power cost , use this website > www.whattomine.com or if you are lazy enough use this > https://www.apanel.com
once you have those numbers , you need to calculate your ROI ( return of investment)
ROI = miner cost / daily profitability / 30 = ROI in months.
miner cost ( constant ) while daily probability is (variable)
depending on the mining difficulty ( how many other people are mining beside you) and the (coin price ) so your ROI can extend and can shrink widely.
most people use current statistics to determine ROI, and then people have different ROI target, to me , anything that can't ROI in 12 months going to be a loss
simply put 12 months is usually enough time for ASIC manufacturers to come up with next GEN miners that put your miner in obsolete mode.
however this is personal , some people just mine for the sake of it, and i am sure most miners will never ROI , mining last year was everyone's dream, it was so easy to ROI in 1-2 months , prices where high, difficulty was low, you buy anything , put it online and you make decent profit, however now things changed, big players came in, many things changed.
mining now is nothing different from any other business, competition and risk are at all time high. and in most cases you can' be creative to save your investments as there are some factors that are beyond your control.
I do not want to sound harsh but really if you do not have cheaper power than the Chinese miners or at least something similar (3.5 cent / 4.5 cents per kwh) then you are getting yourself in a losing war and the only thing that can save you is spike in prices, and should that happen , you are probably better of holding crypto than miners.
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To get more professional responds/ assistance, visit the Mining support board topics on getting started /problems can be found there like "First time/Small miner reference for getting started". Also as you're picking interest in mining then you should consider visting the mining board more often.
If you are wanting to start mining here is what you need...and what you need to know
This is written for home miners/small farms, but can be used as a guideline for most operations. Use this post as a reference for what you need to research, or what questions you need to ask before jumping in.
This is written for home miners/small farms, but can be used as a guideline for most operations. Use this post as a reference for what you need to research, or what questions you need to ask before jumping in.
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