How to be A Good Miner

[Tanhahaque]

I want to learn clearly that how to do mining. And how can they be good at what need for this site. I am quite interested in this if anyone has any idea to pick up the point and make I like to take a strategy to learn those sources it will be very helpful for me.which is the most powerful site to learn about mining. I need some suggestions for learning well about mining.

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[CryptopreneurBrainboss]

To get more professional responds/ assistance, visit the Mining support board topics on getting started /problems can be found there like "First time/Small miner reference for getting started". Also as you're picking interest in mining then you should consider visting the mining board more often.

If you are wanting to start mining here is what you need...and what you need to know

This is written for home miners/small farms, but can be used as a guideline for most operations. Use this post as a reference for what you need to research, or what questions you need to ask before jumping in.

[mikeywith]

 mining is a game of luck and calculation. you need both to be profitable and since you can't control your luck , at least do your calculations right.

First of all you need to need to know these inputs in order to make a proper calculation.

1- The miner cost   ( depends greatly on where you source it from and the quantity )

2- profitability of the miner based on your power cost  , use this website > www.whattomine.com or if you are lazy enough use this > https://www.apanel.com

once you have those numbers , you need to calculate your ROI ( return of investment)

ROI = miner cost / daily profitability  / 30 = ROI in months.

miner cost ( constant ) while  daily probability is (variable)

depending on the mining difficulty ( how many other people are mining beside you) and the (coin price ) so your ROI can extend and can shrink widely.

most people use current statistics to determine ROI, and then people have different ROI target, to me  , anything that can't ROI in 12 months going to be a loss

simply put 12 months is usually enough time for ASIC manufacturers to come up with next GEN miners that put your miner in obsolete mode.


however this is personal , some people just mine for the sake of it, and i am sure most miners will never ROI , mining last year was everyone's dream, it was so easy to ROI in 1-2 months , prices where high, difficulty was low, you buy anything , put it online and you make decent profit, however now things changed, big players came in, many things changed.

mining now is nothing different from any other business, competition and risk are at all time high. and in most cases you can' be creative to save your investments as there are some factors that are beyond your control.

I do not want to sound harsh but really if you do not have cheaper power than the Chinese miners or at least something similar (3.5 cent / 4.5 cents per kwh) then you are getting yourself in a losing war and the only thing that can save you is spike in prices, and should that happen , you are probably better of holding crypto than miners.

[madnessteat]

I realized that in mining, as in trading, you need to find a good entry point. For example, buy a new ASIC as soon as there was a pre-order. Mine this miner 4-8 months and sell. Today is not the best day to start mining, my opinion.

CryptopreneurBrainboss advise you on good sources of information. Miners are happy to share their experience there.

[jademaxsuy]

There are lots of things to learn first before you become a professional cryptocurrency miner. First is knowledge and skills to understand how mining works with it's disadvantages, advantages and the cost of the equipments. Mining equipment's price varies to the equipment use. There are lots of mining equipments you can buy with different types of speed of it's hash rates per second. In short, the more the equipment cost the more speed it is. Some miners buy cheaper mining equipments but they buy more than one means the more mining equipments the more hash rate per second.

[Pirate Bitters]

You are always better off just buying the coins instead of purchasing mining hardware.

[Velkro]

I want to learn clearly that how to do mining.
How to be A Good Miner

You want learn basics. But i will tell you about beign a good miner.
Good miner plans ahead, good miner knows what he is doing, how to achieve it and if it will profit him in what period of time.
Good miners invest big, earn big and won't share much about their know-how for free or even to anyone because their knowledge is priceless (how to produce money )

[vagrom]

In fact, you can rent the computing power first, experience it, and if it is feasible, buy a mining machine.

[leowonderful]

You are always better off just buying the coins instead of purchasing mining hardware.

This is almost always true, and for most people, buying crypto and holding the coins or doing some trading is the best option for making money from cryptocurrency, though mining does also have its merits and can be profitable for some people (especially those with cheap electrical rates). Difficulty generally makes mining profitability calculators relatively inaccurate past a month or two, though that doesn't mean a mining calculator is useless.

The Bitcoin mining boards are good places to start if you're looking more into Bitcoin mining, whereas the Altcoin mining board is a good place to start if you're looking to mine coins like ETH and anything that's not Bitcoin. The mods are relatively strict about where your posts and threads are located, so try not to post about altcoin mining in the Bitcoin mining boards and vice versa (though I find the Bitcoin mining board is significantly more moderated than Altcoin mining board).

Mining Speculation's a good board if you're looking to discuss upcoming Bitcoin mining gear or future difficulty adjustments, etc.

[Princemachiavelli]

Being a good miner depends on how you perceive the market even in such conditions facing right now. Most miners mine at a loss. But there are still many people who are still mining. I feel this is a matter of having faith in the crypto market as a miner.

Looking at it a miner is technically making history as well speak. Last time I checked there only 1% of the world is in crypto. If this is the issue. The miners are few of the lucky ones still making history.
Don’t put your life savings in this and hope to have a huge boom. Take it slow happiness comes with some suffering involved

If you want to get to mining. First decide if you want to miner bitcoin or Alt coins and this should depend on the amount of power, space, and price of electricity in your area.

After you decide that. On YouTube there are many people who are mining and putting out some information about mining ALT coins and BTC.

Your account on this website is valuable so use it to gain info from the ALT mining section and BTC mining section.

[Kakmakr]

This might be the best time to get into mining, because a lot of the old miners are selling their rigs now. The prices of most Crypto currencies are so low now, that some miners in some countries with expensive electricity are shutting down their rigs and some are even abandoning the scene.

If you live in a country where you have access to cheap electricity, then you might pick up very cheap mining hardware now. Do your homework, before you get into mining, because it is very technical with some very thin profit margins. 

[romelitounknown]

As a newbie in mining, the best first step is to learn the basic terminology in blockchain, cryptocurrency and crypto mining that you could easily found using Google. Learn just the basic and start your own simple mining rig just to experienced what you've learned. From that day by day you'll grow theoretically and actually. Read read and ask to learn new things.

[SihaToken]

Hi. Start from here: https://medium.com/@cryptoweek/mining-101-a-step-by-step-guide-to-starting-your-own-profitable-mining-operation-6e154cd01a3d. It gives a good overview of cryptocurrency mining, how to go about mining and how to do it profitably.

[Cryptoprimes]

I want to learn clearly that how to do mining.
How to be A Good Miner

You want learn basics. But i will tell you about beign a good miner.
Good miner plans ahead, good miner knows what he is doing, how to achieve it and if it will profit him in what period of time.
Good miners invest big, earn big and won't share much about their know-how for free or even to anyone because their knowledge is priceless (how to produce money )

Wow, such a smart explanation.
Even such miners as Bitmain could be a fool. They invested in developing hardware for altcoins, and that was a huge mistake.

[Coyster]

In fact, you can rent the computing power first, experience it, and if it is feasible, buy a mining machine.

It's a whole lot more difficult than that,a whole lot of considerations have to be put in before mining can even be feasible.
Computing power required to mine is enormous,i do not know in what manner you intend to rent it,but it would still cost so much, even in an area with a fairly cheap electricity cost.
Obtaining mining hardware,setting up the rig,and the rest, a whole lot of finance goes into mining,and if one lacks it, it's a no go area

[Hung Yu So]

I want to learn clearly that how to do mining. And how can they be good at what need for this site. I am quite interested in this if anyone has any idea to pick up the point and make I like to take a strategy to learn those sources it will be very helpful for me.which is the most powerful site to learn about mining. I need some suggestions for learning well about mining.

Hi mate, now days, it’s not exactly too profitable to do mining due to various reasons, but if you still want to do it then there are some pretty solid ways to do mining. Try out Cryptolinks, here you get every Crypto details you want, but for you try this https://cryptolinks.com/how-to-mine-bitcoin , as this is the topic you are wanting to know about, I am sure you will LOVE it. Have a nice day, thanks

[leowonderful]

The GPU mining scene still looks pretty bleak even if you've got free or near-free electrical rates as EIP 1234 eventually becomes active and Ethereum mining rewards start dropping; this is likely going to cause GPU mining as a whole to become much less profitable as miners switch to other chains that will also soon rise in hashpower and difficulty.

If you've got near-free electrical rates and you're also looking into mining some BTC, WhatsMiner currently has a sale on their M3 and M3X (click on either bold word for a link to the Whatsminer store) SHA256 ASICs for $50 and $75 respectively. Both units do use around 1.8-2kW of electricity each and don't have great efficiency, but the price-to-hashrate value of these machines is better than what you can get with other machines currently unless you can work out a deal for S9s or a newer Avalon ASIC.

[Theb]

After you read everything, finish setting up your mining rig, and joining a mining pool you should remember the key to profiting from mining is your cryptocurrencies mined having a greater value than your expenses. A lot of people have shutdown their mining operations including big mining farms as what you will be earning is highly dependent on the current market price you have mined. That is why even though the mining difficulty has becoming easier lately still miners are still on a stop on their operations as the market prices right now couldn't catch up to their expenses.

[palpitate]

Have you considered mining now, like did you calculate the profitability? Right now mining will result in a loss unless you have an electricity source and a lot of machines.

[Artemis3]

It comes down to electricity costs. Currently anything above 0.07 kWh is probably not worth it. If you DO have cheap electricity, its simply a matter of purchasing an asic, plug it into a 200v~240v circuit (those are usually found for clothes dryer or air conditioner) and give it internet via lan cable, configure it like you would a router, and mine away. Taking into account the things are VERY LOUD, so you need to find ways to quiet it down if there is people living nearby.

You can get an used S9 asic miner for about $200 nowdays.
Larger operations are another matter entirely, but at least this will get you started.

Remember, without cheap electricity it is not worth it. Unless bitcoin price climbs up.