Share your Bitcoin Mining Strategies.

FP91G

legendary

Activity: 1834

Merit: 1131

Quote from: Taklamokon on November 20, 2023, 03:44:10 PM

Quote from: safar1980 on October 10, 2023, 10:08:47 AM

Quote from: paid2 on October 10, 2023, 04:25:33 AM

Quote from: raybucks on October 09, 2023, 04:43:11 AM

I'm genuinely interested in learning from your experience. Could you please share the advanced techniques and strategies you've employed to tackle the growing challenges of increasing difficulty and competition in Bitcoin mining? How have these approaches helped you maximize the profitability and sustainability of your mining operation? Your insights could be valuable for others looking to enhance their knowledge in this area, Like I am.

Assuming that your country's mining laws and regulations are ok, you'll still need to :

-Have access to cheap electricity
-Have access to contracts that deliver sufficient electricity volume
-Have a safe and protected location
-Understand the air circulation in your location
-Having a trusted board repairer nearby
-Having a trusted ASICs reseller
-Choose a pool that shares tx fees to miners

Apart from these points, which for me are the basics for starting an operation, I don't see what strategy you want to "choose" ?. Choose your algo/asics, your coin, and just mine.

Good answer.
But if you do not have the opportunity to purchase cheap electricity, then all other items on this list immediately lose their meaning. In Russia, mining developed because in some regions the cost of electricity is 1.5-2 cents per kilowatt. But after scandals and breakdowns of household transformers in residential areas, they are fighting against miners. If mining is discovered, the equipment will be confiscated

Those ideas seem very interesting to me. Although an effective way to save on electricity consumption while mining is by using a device that allows you to mine while spending very little electricity. I've been using the Raspberry Pi to mine cryptocurrencies, and it's working very well for me. It consumes very little electricity, and I can have it running 24 hours a day. Give it a try, and if you have any doubts about how to do it, I recommend checking out this article https://easyautomatedincome.com/how-automate-raspberry-pi-mining-profit/ The price of electricity in the United Kingdom varies depending on the type of consumer and the time of day. According to GlobalPetrolPrices.com, the average price of electricity for households in March 2023 was 0.466 USD per kWh1.

Raspberry Pi is used to control the USB of mimi ASICs for eternal solo mining.
Unfortunately, without the necessary energy resources, you will not be able to start mining on ASICs.

Bitcoin lottery miners
https://bitcointalksearch.org/topic/nerdminer-bitcoin-lottery-miners-5466940
Read the red letters, but this is the only mining opportunity in countries with expensive electricity.

NotFuzzyWarm

legendary

Activity: 3822

Merit: 2703

Evil beware: We have waffles!

Quote from: Taklamokon on November 20, 2023, 03:44:10 PM

...

Good answer.
But if you do not have the opportunity to purchase cheap electricity, then all other items on this list immediately lose their meaning. In Russia, mining developed because in some regions the cost of electricity is 1.5-2 cents per kilowatt. But after scandals and breakdowns of household transformers in residential areas, they are fighting against miners. If mining is discovered, the equipment will be confiscated

Those ideas seem very interesting to me. Although an effective way to save on electricity consumption while mining is by using a device that allows you to mine while spending very little electricity. I've been using the Raspberry Pi to mine cryptocurrencies, and it's working very well for me. It consumes very little electricity, and I can have it running 24 hours a day. Give it a try, and if you have any doubts about how to do it, I recommend checking out this article https://easyautomatedincome.com/how-automate-raspberry-pi-mining-profit/ The price of electricity in the United Kingdom varies depending on the type of consumer and the time of day. According to GlobalPetrolPrices.com, the average price of electricity for households in March 2023 was 0.466 USD per kWh1.

This is the Bitcoin-only area and a Pi - or for that matter ANY PC - is beyond useless for mining BTC. Great for running a USB ASIC miner but that is all.
Can they be used to mine crapcoins? Sure but discussion on that belongs in the Altcoin mining areas - not here.

Taklamokon

newbie

Activity: 1

Merit: 0

Quote from: safar1980 on October 10, 2023, 10:08:47 AM

Quote from: paid2 on October 10, 2023, 04:25:33 AM

Quote from: raybucks on October 09, 2023, 04:43:11 AM

I'm genuinely interested in learning from your experience. Could you please share the advanced techniques and strategies you've employed to tackle the growing challenges of increasing difficulty and competition in Bitcoin mining? How have these approaches helped you maximize the profitability and sustainability of your mining operation? Your insights could be valuable for others looking to enhance their knowledge in this area, Like I am.

Assuming that your country's mining laws and regulations are ok, you'll still need to :

-Have access to cheap electricity
-Have access to contracts that deliver sufficient electricity volume
-Have a safe and protected location
-Understand the air circulation in your location
-Having a trusted board repairer nearby
-Having a trusted ASICs reseller
-Choose a pool that shares tx fees to miners

Apart from these points, which for me are the basics for starting an operation, I don't see what strategy you want to "choose" ?. Choose your algo/asics, your coin, and just mine.

Good answer.
But if you do not have the opportunity to purchase cheap electricity, then all other items on this list immediately lose their meaning. In Russia, mining developed because in some regions the cost of electricity is 1.5-2 cents per kilowatt. But after scandals and breakdowns of household transformers in residential areas, they are fighting against miners. If mining is discovered, the equipment will be confiscated

Those ideas seem very interesting to me. Although an effective way to save on electricity consumption while mining is by using a device that allows you to mine while spending very little electricity. I've been using the Raspberry Pi to mine cryptocurrencies, and it's working very well for me. It consumes very little electricity, and I can have it running 24 hours a day. Give it a try, and if you have any doubts about how to do it, I recommend checking out this article https://easyautomatedincome.com/how-automate-raspberry-pi-mining-profit/ The price of electricity in the United Kingdom varies depending on the type of consumer and the time of day. According to GlobalPetrolPrices.com, the average price of electricity for households in March 2023 was 0.466 USD per kWh1.

FP91G

legendary

Activity: 1834

Merit: 1131

Quote from: joker_josue on October 13, 2023, 01:44:47 PM

Quote from: FP91G on October 13, 2023, 01:29:20 PM

Small miners can also mine Bitcoin in their private home or garage if there is cheap electricity. The miner's expenses are only for the purchase of the ASIC, but if the ASIC breaks, then you can lose money. Another problem is that such miners cannot use many ASICs.

What was the possibility of a person creating their own ASIC?

I remember that in 2013-2014, there was a project circulating here on the forum, with all the information needed to build an ASIC miner. There was information about chips to buy and how to program them. Unfortunately, I couldn't find this topic again. But I remember reading something about it.

Not a serious question. To make a new ASIC, large investments are needed and the products may be worse than competitors.

If you want to do lottery mining all your life, with the hope of one day catching 1 block, then you will find several projects:
NERDMINER: Bitcoin lottery miners
https://bitcointalksearch.org/topic/nerdminer-bitcoin-lottery-miners-5466940

paid2

hero member

Activity: 504

Merit: 1065

Crypto Swap Exchange

Quote from: joker_josue on October 14, 2023, 02:49:11 AM

Quote from: NotFuzzyWarm on October 13, 2023, 07:48:59 PM

There are several threads here that carry on with the same idea of building miners but today using chips from Bitfury and Bitmain.

But somehow, is this viable?
Can you name any of these topics that exist today?

Yes it is. Gekkoscience products, or DIY Bitaxe for example

Bitaxe project :
Experimental BM1387 mining hardware
The bitaxeUltra: Open source Bitcoin miner based on the BM1366 ASIC
https://github.com/skot/bitaxe

You can check Gekkoscience R909, R606. Newpac, Compac F, which are all based on Bitmain's ASICs.

There are also other promising DIY Asics projects on the forum, but less accomplished for the moment.

Of course, the aim is not to compete with an S19 or with the last Whatsminer, but to offer DIY and open source alternatives products to hobby and home miners.

joker_josue

legendary

Activity: 1722

Merit: 4711

**In BTC since 2013**

Quote from: NotFuzzyWarm on October 13, 2023, 07:48:59 PM

There are several threads here that carry on with the same idea of building miners but today using chips from Bitfury and Bitmain.

But somehow, is this viable?
Can you name any of these topics that exist today?

morantis2015

jr. member

Activity: 30

Merit: 3

crypto in general, i put in hours to find two things, easy to mine coins, and topic coins, i pack pcs with wallet files from the easy coins, and let them set, check them a month later and again and again, the wallet files and nothing, and many times I end up with some good that being said, my electricity is free, other than that, topical coins, poke coin when pokemon is popular, trump/Hillary during the election

NotFuzzyWarm

legendary

Activity: 3822

Merit: 2703

Evil beware: We have waffles!

Quote from: joker_josue on October 13, 2023, 01:44:47 PM

Quote from: FP91G on October 13, 2023, 01:29:20 PM

Small miners can also mine Bitcoin in their private home or garage if there is cheap electricity. The miner's expenses are only for the purchase of the ASIC, but if the ASIC breaks, then you can lose money. Another problem is that such miners cannot use many ASICs.

What was the possibility of a person creating their own ASIC?

I remember that in 2013-2014, there was a project circulating here on the forum, with all the information needed to build an ASIC miner. There was information about chips to buy and how to program them. Unfortunately, I couldn't find this topic again. But I remember reading something about it.

Designing/making an ASIC mining chip itself? Zero. Making a ASIC-based miner - still being done today.

ASIC's are not 'programmed'. Their logic is hard coded as a fixed set of logic gates and com circuits etched into the silicon chips. The threads you reference were using chips that were designed and produced by companies with very deep pockets and it's the same today. Bitmain, microBt, Canaan, Inosilicon and Bitfury spend 10's of millions of $ for each new chip they release.

There are several threads here that carry on with the same idea of building miners but today using chips from Bitfury and Bitmain.

joker_josue

legendary

Activity: 1722

Merit: 4711

**In BTC since 2013**

Quote from: FP91G on October 13, 2023, 01:29:20 PM

Small miners can also mine Bitcoin in their private home or garage if there is cheap electricity. The miner's expenses are only for the purchase of the ASIC, but if the ASIC breaks, then you can lose money. Another problem is that such miners cannot use many ASICs.

What was the possibility of a person creating their own ASIC?

I remember that in 2013-2014, there was a project circulating here on the forum, with all the information needed to build an ASIC miner. There was information about chips to buy and how to program them. Unfortunately, I couldn't find this topic again. But I remember reading something about it.

FP91G

legendary

Activity: 1834

Merit: 1131

Quote from: joker_josue on October 12, 2023, 11:08:14 AM

Quote from: FP91G on October 11, 2023, 12:20:43 PM

I have no way to compete with large industrial miners who are constantly increasing the number of ASICs.

Unfortunately, mining is already at a level that only large companies in the area can operate. I say unfortunately, because I have the feeling that the mining business has escalated a lot in a short time, making it quickly become very difficult to enter this market. Maybe we don't feel it now, but in the future we may "miss" the small miners. Fortunately, the network is dynamic and will always adapt to changes that arise.

That said, about strategies. The first is to analyze the capital needed for the investment, and be willing to only obtain a return in 2 years (more or less). And a large part of this first return must be for reinvestment. In other words, you must create a plan for 4-5 years, until you actually have constant profitability.

Of course, the value of bitcoin will help accelerate or delay this return on investment. Therefore, you must have a medium-term vision and never a short-term one.

Small miners can also mine Bitcoin in their private home or garage if there is cheap electricity. The miner's expenses are only for the purchase of the ASIC, but if the ASIC breaks, then you can lose money. Another problem is that such miners cannot use many ASICs.

joker_josue

legendary

Activity: 1722

Merit: 4711

**In BTC since 2013**

Quote from: FP91G on October 11, 2023, 12:20:43 PM

I have no way to compete with large industrial miners who are constantly increasing the number of ASICs.

Unfortunately, mining is already at a level that only large companies in the area can operate. I say unfortunately, because I have the feeling that the mining business has escalated a lot in a short time, making it quickly become very difficult to enter this market. Maybe we don't feel it now, but in the future we may "miss" the small miners. Fortunately, the network is dynamic and will always adapt to changes that arise.

That said, about strategies. The first is to analyze the capital needed for the investment, and be willing to only obtain a return in 2 years (more or less). And a large part of this first return must be for reinvestment. In other words, you must create a plan for 4-5 years, until you actually have constant profitability.

Of course, the value of bitcoin will help accelerate or delay this return on investment. Therefore, you must have a medium-term vision and never a short-term one.

FP91G

legendary

Activity: 1834

Merit: 1131

When the Bitcoin hashrate increases by 50 Ehash/s in 2 months and there is little time left before the halving, then it is more profitable to buy this coin.
https://bitinfocharts.com/comparison/bitcoin-hashrate.html#3y
I have no way to compete with large industrial miners who are constantly increasing the number of ASICs.

safar1980

legendary

Activity: 1708

Merit: 1615

Payment Gateway Allows Recurring Payments

Quote from: paid2 on October 10, 2023, 04:25:33 AM

Quote from: raybucks on October 09, 2023, 04:43:11 AM

I'm genuinely interested in learning from your experience. Could you please share the advanced techniques and strategies you've employed to tackle the growing challenges of increasing difficulty and competition in Bitcoin mining? How have these approaches helped you maximize the profitability and sustainability of your mining operation? Your insights could be valuable for others looking to enhance their knowledge in this area, Like I am.

Assuming that your country's mining laws and regulations are ok, you'll still need to :

-Have access to cheap electricity
-Have access to contracts that deliver sufficient electricity volume
-Have a safe and protected location
-Understand the air circulation in your location
-Having a trusted board repairer nearby
-Having a trusted ASICs reseller
-Choose a pool that shares tx fees to miners

Apart from these points, which for me are the basics for starting an operation, I don't see what strategy you want to "choose" ?. Choose your algo/asics, your coin, and just mine.

Good answer.
But if you do not have the opportunity to purchase cheap electricity, then all other items on this list immediately lose their meaning. In Russia, mining developed because in some regions the cost of electricity is 1.5-2 cents per kilowatt. But after scandals and breakdowns of household transformers in residential areas, they are fighting against miners. If mining is discovered, the equipment will be confiscated

paid2

hero member

Activity: 504

Merit: 1065

Crypto Swap Exchange

Quote from: raybucks on October 09, 2023, 04:43:11 AM

I'm genuinely interested in learning from your experience. Could you please share the advanced techniques and strategies you've employed to tackle the growing challenges of increasing difficulty and competition in Bitcoin mining? How have these approaches helped you maximize the profitability and sustainability of your mining operation? Your insights could be valuable for others looking to enhance their knowledge in this area, Like I am.

Assuming that your country's mining laws and regulations are ok, you'll still need to :

-Have access to cheap electricity
-Have access to contracts that deliver sufficient electricity volume
-Have a safe and protected location
-Understand the air circulation in your location
-Having a trusted board repairer nearby
-Having a trusted ASICs reseller
-Choose a pool that shares tx fees to miners

Apart from these points, which for me are the basics for starting an operation, I don't see what strategy you want to "choose" ?. Choose your algo/asics, your coin, and just mine.

raybucks

jr. member

Activity: 102

Merit: 1

I'm genuinely interested in learning from your experience. Could you please share the advanced techniques and strategies you've employed to tackle the growing challenges of increasing difficulty and competition in Bitcoin mining? How have these approaches helped you maximize the profitability and sustainability of your mining operation? Your insights could be valuable for others looking to enhance their knowledge in this area, Like I am.

Topic: Share your Bitcoin Mining Strategies. (Read 321 times)