What is your best mining strategy?

[Abiky]

When mining Bitcoins, there are many factors to consider such as power costs, and network difficulty, to determine the best way to get profit from it.

However, it is up to debate whenever which strategy for mining Bitcoins works best, to reduce your chances of loss.

Nevertheless, I would like to know which mining strategy is best, to help increase your chances to ROI in the least time possible. 

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[SFR10]

1. Purchase the most efficient miner out there
2. Don't mine 24/7 until the boards give up (give it a rest so it would serve as a maintenance for few hrs a day)
3. If you have a strong blower (with different levels) try to clean up the present dusts (at least once a week)
4. Refrain from tweaking it (increases chances of failure, one way or another unless your well informed of what your doing)
5. Make sure there's a good air passage in the mining room
6. If you've mined using the hardware for around 6 months and there's a better and more efficient miner out there, sell yours and re-invest.

I haven't included the obvious ones (difficulty and power cost managements) since most likely you already know it.

[Bitcoinsummoner]

I think the only strategy if you are mining bitcoin is better to have a capital money for paying electricity cost and make sure that your place is less 10 cents for every kilowatts or much lesser in order to get roi. much better no cost for electricity like here in my country.. if you can hold your mine bitcoin you can hold it for a long time which waiting for selling if you higher price.. if you are just mining bitcoin and coinvert it into fiat easily you can get your roi fast..

[veleten]

1. Purchase the most efficient miner out there
2. Don't mine 24/7 until the boards give up (give it a rest so it would serve as a maintenance for few hrs a day)
3. If you have a strong blower (with different levels) try to clean up the present dusts (at least once a week)
4. Refrain from tweaking it (increases chances of failure, one way or another unless your well informed of what your doing)
5. Make sure there's a good air passage in the mining room
6. If you've mined using the hardware for around 6 months and there's a better and more efficient miner out there, sell yours and re-invest.

I haven't included the obvious ones (difficulty and power cost managements) since most likely you already know it.

I agre with most of the points SFR made here,but disagree with
"2.Don't mine 24/7" - turning miners on and off,as well as any electrical appliance(or cars) stresses components far worse than if you just kept
your miners on 24/7,but you do have to turn them off once in a month or so to remove dust

noise insulation is also very important if you are mining where you live,after some time them s9 and some of the odler models can be extremly annoying
monitor your miners at least twice a day to make sure there are no connection or low hashrate issues
make sure you are able to send your miners to service if they would break down or malfunction,your equipment life equals your ROI
try to avoid buying second hand miners(unless you like to gamble)buy from a seller or reseller directly so you can always ship them back to the company to be repaired

[QuintLeo]

Don't mine 24/7 is BAD advice for maximising profits.

 If you keep the units reasonably cool, there is ABSOLUTELY NO REASON to ever shut them down from a hardware standpoint.

 

[Abiky]

1. Purchase the most efficient miner out there
2. Don't mine 24/7 until the boards give up (give it a rest so it would serve as a maintenance for few hrs a day)
3. If you have a strong blower (with different levels) try to clean up the present dusts (at least once a week)
4. Refrain from tweaking it (increases chances of failure, one way or another unless your well informed of what your doing)
5. Make sure there's a good air passage in the mining room
6. If you've mined using the hardware for around 6 months and there's a better and more efficient miner out there, sell yours and re-invest.

I haven't included the obvious ones (difficulty and power cost managements) since most likely you already know it.

Nice strategy, mate. I'm always on the lookout for the most efficient Bitcoin miner out there, and I have found the Antminer S9 the most suitable for getting the most out of my investment, now that it is the most energy efficient miner in the world. Still, I would prefer to do this on alternative energy, to be able to save more money and increase my chances to profit from Bitcoin mining.

For maximum cooling, I was thinking more of removing the casing from the Antminer, and leave it out in the open.   

I think the only strategy if you are mining bitcoin is better to have a capital money for paying electricity cost and make sure that your place is less 10 cents for every kilowatts or much lesser in order to get roi. much better no cost for electricity like here in my country.. if you can hold your mine bitcoin you can hold it for a long time which waiting for selling if you higher price.. if you are just mining bitcoin and coinvert it into fiat easily you can get your roi fast..

Thanks for the advice, mate. It is always ideal to have good capital, when starting any mining business, to become successful in the long term if a well thought out strategy is applied. As for electricity costs, it is said that China and Venezuela are the cheapest per kwh so it will be very profitable to setup a small mining farm out there just for starting. I have a couple of friends in China that would help me with this, so I have no problem to get started with my little journey on Bitcoin mining.

While I mostly mine altcoins at home, (since they are much easier to mine especially with GPUs) I will aim to setup a small mining farm over at China, which will be my very own mining business.

One convenient way to store fiat without banks, would be via the use of fiat pegged assets like Tether. That is why, I will convert my mining earnings into Tether to help secure its value in USD (in case Bitcoin drops in price). 

[JANGKRIK BOSS]

I think there is no special strategy in mining, my advice is use the tools the latest mining, mining with S3 S5 or wasteful electricity, S7 or S9 is great because speed and small electrical charges.

[Abiky]

I think there is no special strategy in mining, my advice is use the tools the latest mining, mining with S3 S5 or wasteful electricity, S7 or S9 is great because speed and small electrical charges.

Thanks for sharing your advice, mate. When I choose to start my mining operation, I take two things into consideration: energy and hardware costs. Especially energy costs, as I would look for alternative energy solutions that would help me mine Bitcoins more efficiently, while at the same time maximizing profits.

As Bitcoin mining is partially centralized by chinese mining pools, I will aim to create a mining pool of my own and try to gather as much hashrate as possible, to help decentralize Bitcoin mining even further. Even though I wouldn't make a considerable amount of profit, I will do it to help strengthen the Bitcoin network. I'll see if I can grab one of those S9 miners that will help me save even more in energy costs.

Nevertheless, while Bitcoin mining is a little less accessible due to the fact that the competition is fierce on ASIC hardware, altcoins can be easily mined from within almost any GPU, maximizing your chances to profit even more from it. Just my opinion.   

[Amph]

buying always the new equipment but only until the previous one is obsolete, which is not always when the new one come out

then selling the previous one of course and keep the enw one until the next one and so on, every miner should remain in the one year roi territory at worst

[Zadicar]

Well when we are talking about this strategy then its a common sense thing to bought the latest miners so that we would be profitable in doing mining operations and those steps or guidelines regarding on maintenance is already posted above which means it doesnt need to repeat and i fully agree on those things,

[Abiky]

Well when we are talking about this strategy then its a common sense thing to bought the latest miners so that we would be profitable in doing mining operations and those steps or guidelines regarding on maintenance is already posted above which means it doesnt need to repeat and i fully agree on those things,

Yeah. It would be best to buy the latest mining hardware, and sell them as soon as you make profit. If possible, try to do the mining process using alternative energy instead to help reduce energy costs and increase your chances of profit.

Speaking of mining strategies, you can also try the process of buying and selling mining hashrate via cloud mining services like Hashnest, and expand your way towards making good returns. I have tried this once with Antminer S3 hashrate, and it worked. The good thing here is that you don't need to setup or maintain mining hardware, but still you would have the risk of losing all your BTC if the mining service goes down.

Nevertheless, I'm looking forward to help apply new and efficient strategies each day, that would help me mine BTC at a profitable rate. 

[Fishh40]

Another small point:

Don't forget to use the heat it produces, i think if u use it properly u can heat up a small house with it.
Saw this video few days ago, and i'm actually liking the idee behind it ^^
https://www.youtube.com/watch?v=HbKQ3xCShIA

[Gatorelf]

what is the required minimum internet speed connection for mining 50 Gbs ?  or lets say you have 150 Gbs will hash rate improve significantly if doubled to 300 Gbs? 

just kind of curious right now thanks for any input

[wmabern]

what is the required minimum internet speed connection for mining 50 Gbs ?  or lets say you have 150 Gbs will hash rate improve significantly if doubled to 300 Gbs?  

just kind of curious right now thanks for any input

Mining itself uses VERY little internet bandwidth. A typical home cable or even DSL connection will handle most mining just fine (unless you have a mining farm). The speed of your internet connection will have no effect on your hash rate.

If you are also running a full bitcoin node, it will use a good bit more bandwidth, but should be handled fine by a normal always-on internet connection. Again, there will be no hash rate increase regardless of your internet speed.

Also, I think you are getting hash rate and internet speed confused. When you say "minimum internet speed connection for mining 50 Gbs", I think you have it backwards. If I understand what you're saying correctly, you should say "what is the minimum internet speed connection for mining 50 TH/s". Not measuring by internet speed, but by hash rate.

I hope I've been clear.

[Gatorelf]

what is the required minimum internet speed connection for mining 50 Gbs ?  or lets say you have 150 Gbs will hash rate improve significantly if doubled to 300 Gbs?  

just kind of curious right now thanks for any input

Mining itself uses VERY little internet bandwidth. A typical home cable or even DSL connection will handle most mining just fine (unless you have a mining farm). The speed of your internet connection will have no effect on your hash rate.

If you are also running a full bitcoin node, it will use a good bit more bandwidth, but should be handled fine by a normal always-on internet connection. Again, there will be no hash rate increase regardless of your internet speed.

Also, I think you are getting hash rate and internet speed confused. When you say "minimum internet speed connection for mining 50 Gbs", I think you have it backwards. If I understand what you're saying correctly, you should say "what is the minimum internet speed connection for mining 50 TH/s". Not measuring by internet speed, but by hash rate.

I hope I've been clear.

yes thank you ! I meant Mbps dont know what I was thinking  

I will be mining this year so just checking a few things out

[tbonetony]

My best strategy is to

Turn on the damned machine and let it run as long as it can.

I monitor its temperatures regularly. If i do not notice a meaningful increase, then there is no need to maintain or clean up. I only cleaned up one of my S5 in the past and it had been running for 5 months. Mining is a competition game against time and other players. To receive more rewards, I mess less with the rig.

If you own more than a few rigs, then continuous improvements (CI) is another story.

[Abiky]

My best strategy is to

Turn on the damned machine and let it run as long as it can.

I monitor its temperatures regularly. If i do not notice a meaningful increase, then there is no need to maintain or clean up. I only cleaned up one of my S5 in the past and it had been running for 5 months. Mining is a competition game against time and other players. To receive more rewards, I mess less with the rig.

If you own more than a few rigs, then continuous improvements (CI) is another story.

Great. Thanks for sharing your mining strategy with us. In my case, I do a little mining over at my college's computers running most of the times at full CPU speed. Since, I don't pay electricity fees by using them, I do this little task to make a little spare money. Still, the CPU might burn out if used intensively, but I'm always monitoring the temperature just in case something like this happens.

As for home mining, I own a Gridseed miner as well as GPUs to mine ETH and ETC. The Gridseed has been with me for quite a long time, and I don't mind leaving it for hours even if it tends to burn out since it is very old.

But when I decide to get serious with mining, I will buy an Antminer S9 to mine BTC and will aim to sell it once it becomes obsolete to buy the next big thing in ASIC mining hardware. 

[tbonetony]

My best strategy is to

Turn on the damned machine and let it run as long as it can.

I monitor its temperatures regularly. If i do not notice a meaningful increase, then there is no need to maintain or clean up. I only cleaned up one of my S5 in the past and it had been running for 5 months. Mining is a competition game against time and other players. To receive more rewards, I mess less with the rig.

If you own more than a few rigs, then continuous improvements (CI) is another story.

Great. Thanks for sharing your mining strategy with us. In my case, I do a little mining over at my college's computers running most of the times at full CPU speed. Since, I don't pay electricity fees by using them, I do this little task to make a little spare money. Still, the CPU might burn out if used intensively, but I'm always monitoring the temperature just in case something like this happens.

As for home mining, I own a Gridseed miner as well as GPUs to mine ETH and ETC. The Gridseed has been with me for quite a long time, and I don't mind leaving it for hours even if it tends to burn out since it is very old.

But when I decide to get serious with mining, I will buy an Antminer S9 to mine BTC and will aim to sell it once it becomes obsolete to buy the next big thing in ASIC mining hardware.  

tbh i don't even know how much you would receive by mining on CPU's nowadays. it may not cost your electricity but definitely puts more load on the hardware. i just don't think it's even worth the time one would spend to set it up at all.

on a side note, if you were caught mining on public / college properties for personal gains, you might get into trouble, especially if you mine on more than one computers. it's not hard to be found out.

[shield132]

Your question is like dilemma because mostly we are depending on mining and not mining on us. To my mind it wouldn't be a bad idea to start mining in cold places or in garrage when it's winter and cold outside, not very cold, I mean temperature near 0 celsius degree.
There was given one really best advice from SFR and that's his 6th advice.

[Abiky]

tbh i don't even know how much you would receive by mining on CPU's nowadays. it may not cost your electricity but definitely puts more load on the hardware. i just don't think it's even worth the time one would spend to set it up at all.

on a side note, if you were caught mining on public / college properties for personal gains, you might get into trouble, especially if you mine on more than one computers. it's not hard to be found out.

True. As I do some mining on college computers, I'm aware that I may get caught if seen in public. I try to hide the mining software by running it minimized in the background, while I make a few coins along the way.

Still, I think it would be very ideal to do it on a VPS instead. I know that it wouldn't be profitable mining CPU coins on there, but at least it would be good for fun and learning.

One coin that I've been looking forward to mine is Hodlcoin, since you can put some of your mined coins into "Hodl" mode for a couple of months or even a year to receive even greater rewards.