As they say, everyone fastens where there is gain.
In the early days, Bitcoin was just a trend among tech geeks; however, after a programmer from Florida traded 10,000 BTC for a $25 pizza, which created transaction value for Bitcoin, the crypto has become increasingly popular. As the BTC price goes up, mining activities have evolved into a major industry, and BTC mining has become a business with enticing returns, which attracted droves of miners.
BTC mining is by no means an easy task. Some beginners may think that they can easily get high returns as long as they make the investment, choose a good mining site, and keep the mining machine running. In reality, however, mining demands both experience and techniques. Given the same investment, inexperienced miners unfamiliar with mining techniques would record less revenue than veteran miners.
Today, we will share the secrets of veteran miners to help you mine cryptos and get high returns with ease.
When to buy mining machines
The cost of mining machines directly determines a miner’s payback period. It should be noted that the value of a mining machine is primarily subject to factors that include hashrate performance, power consumption, and the market price of hashrates. According to the ASIC index provided by TheBlock, the ASIC mining machine with the lowest average power consumption now costs $18 for 1 tera hash per second (1 Th/s). Based on that figure, an Antminer S19 Pro with a rated hashrate of 110 TH/s is worth about $1,980.
Source: TheBlock
The reality corresponds with that estimate. On BitMain, an Antminer S19 Pro is quoted for $1,950. What must be mentioned is that this model, which was launched in 2020, was sold for $11,000 at its price peak in 2021, and there was a lack of supply despite the expensive price. However, in less than a year, the price dropped by 82%. Meanwhile, most other models also suffered a price drop of over 80%.
If you bought an Antminer S19 Pro at the height of the bull market last year, unfortunately, based on the current mining revenue ($0.06 for 1 TH/s), it will take you five years to recover that cost, which indicates the significance of timing.
For miners, the expected payback period should be no more than 24 months. If the electricity price stands at $0.05 kWh, an Antminer S19 Pro generates $6.6 in daily revenue and $2.7 in daily profit (with the electricity bill of $3.9 deducted).
Based on that calculation, the payback period of an Antminer S19 Pro is exactly 24 months at this stage, and the figure could be reduced if the BTC price goes up. This is no financial advice, and miners must judge for themselves whether it is worth it to join the market now.
Choose the right pool
For retail miners, joining a mining pool is the best choice. That said, the market now abounds with various pools, and miners must examine the pools’ brand strength when choosing the right mining platform. Joining a pool without sound tech capacity might lead to operating failures, which would drastically reduce the mining revenue.
As such, choosing the right pool is the key because first-rate mining pools provide not only secure, stable mining networks but also matching products and features that make mining more efficient. Here, we recommend top pools such as AntPool, BinancePool, and ViaBTC. In particular, ViaBTC offers a versatile selection of products and services.
In conventional mining, miners can only mine the coin configured on the mining machine. For instance, to switch from BTC to BCH, miners will have to reconfigure the mining machine address and reboot the machine, which is time-consuming and burns hashrates, especially during significant price swings. As such, miners need a more convenient way to maximize revenue.
In response to that demand, ViaBTC Pool introduced Smart Mining, which automatically redeploys miners’ hashrates to mining cryptos with higher returns according to real-time mining revenue. With Smart Mining, miners don’t need to reboot their machines, saving them both time and energy. Moreover, ViaBTC also supports hourly payments of mining revenue and offers Auto Withdrawal, allowing miners to process their cryptos during extreme market conditions and reduce losses arising from price swings.
Check out how to set up Smart Mining at:
https://support.viabtc.com/hc/en-us/articles/900001528706-What-is-Smart-Mining-How-to-Set-it-Up-
Maintain your mining machines properly
After you identify the right timing to join crypto mining through a satisfying pool, you’ll also need to maintain your mining machines regularly to further boost the mining revenue. A well-maintained machine could run for mining for three to five years; however, if a machine is placed under rough conditions, then it might go bust within just a few months.
Before we go into the methods for maintaining mining machines, let’s first go through the primary causes of machine damage:
1.Mining machines generate massive heat, which can cause overheating in a poorly ventilated environment;
2.The internal components of mining machines can rust due to long-term exposure to humidity;
3.Extreme environmental conditions such as irregular temperatures (too hot or too cold) can also damage your mining machines.
How to maintain your mining machines:
1.Choose a suitable venue, and place your mining machines in spacious, dry, well-ventilated places.
2.Measures should be taken to help your mining machines cool off. This can be done in many ways, including water cooling, wind cooling, and oil cooling, but you should pick the most suitable approach according to your needs, as extra expenses will be required.
3.Regular maintenance and cleaning are essential. Dedusting your machines can not only prolong their service life but also help them maintain high performance. However, as the components of mining machines are delicate, you’ll have to clean them in strict accordance with the relevant instructions.
We hope the article could be helpful to crypto miners.