btc mining tips

By now, you probably understand what bitcoin is, and what crypto mining means. So let’s go from theorizing to practice. If you’re considering setting up some BTC mining hardware and generating some cryptocurrency, this post will give you all the BTC mining tips you need to know. The first thing you’ll need to do is decide on your hardware. There are a few things to consider before deciding what hardware you’ll be getting.

What do I need to start BTC Mining?

There are 3 main categories for BTC mining hardware: GPUs, FPGAs, and ASICs.
GPU: Graphics cards can be a low-cost way of creating a personal mining operation. Though GPU mining is far less effective than the industry standard, it can be a fun and challenging way to earn some money. Be that as it may, GPU mining is dying these days as people move on to the more powerful ASIC mining hardware. If you’re planning on creating a multi GPU mining set up; make sure to invest in a motherboard that can support multiple boards. This will save you from running several PSUs for different boards.
ASIC: Application Safe Integrated Circuits are one of the best for mining cryptocurrency at lightning fast speeds and relatively low power consumption. ASIC chips are especially for mining, they are often very expensive and time-consuming to produce. Be that as it may, the speeds are unreal. Many ASIC mining units have speeds of 5-500 Gigahashes per second
FPGA: Field Programmable Gate Arrays are integrated circuits designed to be configured after being put together. FPGAs gives mining hardware manufacturers the ability to purchase large volumes of chips, then configure them for BTC mining before implementing them into their own equipment. Because ASICs are solely for mining, they outperform CPUs and GPUs by a landslide. Single chip FPGAs can operate up to around 750 Megahashes per second. Though, those are the high-end versions of FPGAs. It is possible to put more than one FPGA chip in a box.

What about mining pools?

A great BTC mining tip would be to spend some time researching mining pools. If you find a good one that can suit your hardware, you can profit. Mining pools are a group of cryptocurrency miners that all work to solve mining blocks for a reward. These pools provide a way for users can combine their resources and stack their hashing power. There are various different mining pools for each cryptocurrency on the market. As the size of the mining pool increases, the payout decreases. As a result, there are different types of rewards available to miners:
  • Pay-Per-Share (PPS):  A set amount for each member is paid out whenever they contribute a share.
  • Proportional: Users are rewarded proportionally to the amount of share and hashing power contributed by them.
  • Score-based: Newer shares hold prominence over older shares, and users are rewarded proportionally based on the time of submitting their share.
  • Pay Per Last N Shares (PPLNS): Similar to the Proportional reward type, though rewards for each share vary after multiple rounds
  • Full Pay-Per-Share (FPPS): Similar to PPS, however, transaction fees are split among miners. As well as rewards. Miners with higher hashing power are getting more transaction fees.

Be sure to spend some time researching for the mining pool that best suits your needs and specifications in order to maximize your profit. While solo mining is an option, it’s highly competitive, and unless you have 100+ GPUs set up in a mining farm, you’re going to have a hard time successfully mining blocks and adding them in time to get your reward. Mining bitcoin is a highly challenging task if you’re trying to make a profit fast. If you’re trying to make some money with crypto without having to invest large amounts of money, try looking into arbitrage opportunities.

Is it worth it?

BTC mining can definitely be profitable, but it’s gonna cost you a large sum of money just to stay competitive if you’re solo mining. Mining pools can be good, but as so many people are mining bitcoin all over the world, the rewards for each block are fairly low if you’re in a large pool. The truth is, when the market is hot, ASIC or GPU mining can earn you a good amount of money daily. But when the market slumps, the profit you’ll make with your equipment’s income will fall in tandem. The market is a heavy influence in the payout for mining rewards. Together with how many people using mining hardware to take coins off the market. No BTC mining tips will change that.

At this point, most people are either trading their coins to earn a profit on cryptocurrency exchanges, or they’re HODLing. Sometimes, mining and staking altcoins can be profitable, as coins like XMR (Monero) and ADA (Cardano) can be traded against BTC (Bitcoin) on our market with 0% fees. Be sure to do your homework before investing in any mining hardware. Your electricity cost is a huge factor in making a profit with mining, so you’ll need to take some time to calculate your profits.

To Invest or to mine?

A key part of the life of a cryptocurrency investor is deciding if you want to invest or mine. You can read all the BTC mining tips in the world, but if it doesn’t seem profitable for you, chances are it’s probably not. Many started with it when they heard about mining profits. Others were (by some sayings) smarter and they invested right away into cryptocurrency. The same goes for BTC mining and investing in bitcoin.

The truth is bitcoin mining and cryptocurrency mining as a whole will always have their ups and downs. Simply, because the prices are the main factor which determines if you’re going to make X amount of money this month, or if you’ll be dodging your electricity bill instead. There are no special BTC mining tips that will guarantee you success. I remember times when I was making like R50 000 per month after electricity bill. Can you imagine the income? But the prices were at their peak. Now, they are like 5 times less. But, stand your ground and believe, the power of mining will remain!

Conclusion

The truth is, mining difficulty is at an all-time high, and the costs to get competitive with mining BTC are in the thousands. Without an ASIC mining rig, you won’t be making anything close to a profit with bitcoin mining. If anything, the best BTC mining tips would be to trade your crypto for profits on a cryptocurrency exchange, or to HODL your crypto coins. Unless of course, you’re willing to fork out thousands to buy multiple mining rigs and coolant systems.

Do you have any future plans? Are you going to start mining, or are you going to invest right away and buy a bitcoin? Do not forget that bitcoin is a wealth creation mechanism, and if you are into it, as we are, now it’s the time to log in at ice3x.com and buy your first bitcoin. Be a part of a big crypto family and wait for your bright future!

 

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Disclaimer Notice:

This article is intended to educate and should in no way be seen as investment advice or an enticement to use the ice3x.com platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.