Topic: What Is The Biggest Mining Problem? (Read 1116 times)

Hes pertaining on those Video Card mining aka GPU mining! I don't know why he said such thing about difficulty  regarding to a connection. What? Operating mining would be classify in two things either on asic mining or gpu mining but if we do talk on general problems regarding on this matter then One important concern is the electricity cost because this would really be a main factor which you would able to identify if you are profitable or not because if you do mine with a very expensive source of electricity then I would say you are just wasting money and your precious time.

Electricity is based upon the efficiency what we can able to mine using higher end miner which is more profitable. Other than we need to manage the miners from the heating issue.
I would start mining process with the ASIC miner is best move to start it. We need to get the correct power supply which matches the miner. We need to check mining profit according to the hash rate and other specifications.

I would say the most difficult part is choosing which coins you want to mine. I would recommend getting ASIC miners that are available and using GPU miners for altcoins like ETH and diversifying your farm so that if one coin tanks, you won't lose tons of profit. Also, something I see many people fail to mention when talking to people looking into getting into mining, be very careful when selling the coins you have made on your miners, and re-invest. What I mean by this is, sell when the coin is at its highest for the day, or trade with someone who wants your coins and is willing to pay a little extra in whatever coin they may have, meaning you make additional profit. Then take that profit and reinvest in the market, buying a token that is low and is expected to come back up, and sell out high. Continue doing this until you can afford another miner. Then as this process continues, you will be gaining exponentially more rewards than just letting this process run passively.

It is indeed correct i guess. Think of a scenario where you just simply set up all the mining equipment and everything without inquiring more experience people who had mined before and read their feedback and advice.

I think you have made a decent decision by asking here.

Please explain to me how an expert electrician can make your electric bills less. AFAIK, a 1400 Watt power draw remains a 1400 Watt power draw, no matter what your electrician does. The only ways to make your electric bill less is either switching to a cheaper plan, underclocking your ASIC so it uses less power, using less ASIC's or upgrading your mining farm so you use more efficient ASIC's. Or am i missing something here?

Or are you talking about tapping electricity from the net ilegally? In which case i'd say that's very bad advice.

the  biggest problem faced by most miners are the electricity cost because mining takes alot of power as a result the electectricty would also cost more. but i think there are country which cost less in electricty. or you could just hire an expert electrician to make your electric bills less.

Ignorance. Is always the biggest problem.

You need a huge hardware that support bitcoin mining. As Linux operating system is good for bitcoin mining. But the main problem is that you make your computer run 24*7 for the proper mining and you may get a huge electricity bill

Cost is the main problem. The SPEC of the mining machine is upgrading and Japan try to get into this race. If miner cannot follow the development of the mining machine, they will be kicked out without mercy.

Electricity and Stability of net would be some of the major problem you would encounter. Be sure to study or do some research before engaging in mining. Also, make sure that your rig would really compensate your rig so better invest a good one so that it could mine you enough to pay for the electric bill and somehow save even for a little. Also, be aware about environment in which you set up your rig even though a cooler to cool down your rig there are still accidents that are unavoidable so be sure to check if your apartment and/or house can support your mining activities to be safe and to prevent further damage if ever.

I'm sorry, but this doesn't make any sense to me....
Difficulty has nothing to do with a connection.
A RIG with high/medium hardware specs??? What do you mean?
Why would some early week be fine, what does this have to do with mining?
Why would there be problems in the next several months, which problems?

the difficult it is connection stable , since you are planning to mine it, using RIG with high/medium hardware specs.
for some early weeks all would be works fine.
but in next several months some problems will comes.

It depends on what you are going to do, if you want to elaborate really what tool do you mean, if you are trying to build a mining tool I would just suggest that you just buy one of those ASICS ant miner in the market they are so much convenient for you and you can set it up by yourself. Less hassle on building and buying the stuffs that you want and it should be cheaper but it totally depends on you. I do think that the biggest problem on building a mining rig is the money because without it how will you get a high hash rate and if you just buy the cheap ones you won't get profit from it and instead you'll get negative plus the electricity cost and if you want to get a high speed internet. There are many con's and pros on building one but i do really prefer on just buying the pre build ant miner.

Before mining any coin be it btc or other altcoin take the below points in consideration : -

- What is your government stand related to cyto currencies?
- if they have approved then check which altcoin you would like to mine.
- Electricity costs atleast in our country is high. Check out your per cost unit.
- Do you have a space available to keep equipment?
- Also the equipment required to mine are expensive so you have money to meet that?

electricity costs and mining difficulties, I think this is the biggest problem
mining difficulties continue to increase, and some areas have expensive electricity costs.

essentially consider mining costs and income

I will think again. But thank you for giving me feedback. Really very useful information for beginners like me.

they're not the same  

To be honest, i used to mine BTC, but i've never gotten into altcoin mining, so my advice might not be 100% correct.
In my personal opinion, BTC mining is more predictable... You know which coin you'll mine (BTC), you can more or less make an educated guess about the diff and price fluctuations (but like i said: it's an educated guess, strange things CAN happen to the BTC network's diff and BTC price in a short period of time). Given your power price, the ASIC's specs and your educated guesses about diff and price, you can more or less try to predict your ROI. With this ROI you can more or less predict if investing in an ASIC is a smart thing to do or not.

Compare this to altcoin mining: in my opinion, the altcoin prices are coupled to BTC (making their FIAT price fluctuate a lot more than BTC's), their diff fluctuates a lot more, new algorithms hit the market all the time... This makes altcoin mining, in my opinion, less predictable. It does mean, however, if you keep monitoring the altcoin mining scene and constantly adjust what you're mining, you might make a lot more profit if you know what you're doing.

A second thing to realise is that GPU's have a much longer guarantee period (a GPU can be under guarantee for 2-3 years, while most ASIC's have a guarantee period of only 90 days).

A thirth thing which might be nice to know is that, generally speaking, the resale value of GPU's is much higher than the resale value of used, older ASIC's. I might be mistaking here, but i also think GPU's don't get outdated as fast as ASIC's...

Sorry in advance I am not clear to convey my point.
Thank you for advising and your advice I am very understanding.
How would you advice me, should I mine using ASIC or mine altcoin using Graphic Cards (RIG)? are they the same?

It's simple ... The biggest problem is Profit !
Things like Electric costs and the continuesly raising mining difficulty will decide wether a coin is still profitable.

Also, if you have equipment already laying around that could reduce your return on investment.
You also need to be on top of your game and switch between coins as the most profit could easily change during a week.
If your starting out now and got some money to spend i would invest that right now in coins that are at a low. These past few days were perfect for that.
Within the next week you can make more profit than you could with mining for a couple of months.

Do you mean you're going to build your own ASIC, or are you planning on setting up a mining farm by yourself?
In the second case, the number one reason people don't make any profit is the power cost... If you want to make some profit, it's best if you pay 5-10 cents/Kwu (the lower the cost, the better offcourse). At higher power costs, you might still be able to make some profit mining altcoins, but chances of ROI'in in a reasonable timeframe while mining BTC are getting rather low at these prices

I am planning to build a mining tool in my home. but before I do that.
I want to know some of the biggest problems in mining.
Would you guys tell me about that?