The differences between beginners and Expert BTC miners

[Z390]

The common mistakes that beginners make when they want to start mining BTC.

1. If they can't afford a asic miner they go online looking for cloud mining, which ends in tears mostly, because let's be real they aren't profitable anymore.

2. Finding cheap asic miners online, only to end with defeated machine, or landed on a fake websites with too good to be true offers.

3. Not calculating their cost of electricity before purchasing a Bitcoin miner.

4. Looking for free electricity everywhere, which makes some to tap electricity illegally, sooner or later it normally needs to arrest.

5. Cheaping out on wiring, which mostly results in sockets catching fire.

6. Storing their mined BTC on a hot wallet or on an exchange.

7. Buying hardware without proper research, some are more durable than others.


The Expert Ways.
1. Longevity mining, apart from securing the network they understand the value better, they are mostly never in rush to mine and dump, believe me, Miners respect the HOLD word more just like strong investors.

2. They understand the risk when joining mining pools, they don't just find mining pool and connect their hardware, they always choose the best, some pools have increased chances of earning rewards than others.

3. They don't mine straight to the exchange pocket, they understand the risk, instead they choose the best bitcoin wallets, fully decentralised, non custodial BTC wallets

4. Miners are set of people with the strongest mindset that I know, even when BTC value is down a lot, these people keeps mining as far as the electricity bill is still affordable.

5.They don't believe in free electricity, as such don't exists to them.

6. They order their mining hardwares directly from Asic miner companies aka the official, or solid third party sources that have reputations to protect like cryptominerbros, coinminingcentral and others.

[ABCbits]

6. Storing their mined BTC on a hot wallet or on an exchange.

FWIW, hot wallet can meet those criteria.

3. They don't mine straight to the exchange pocket, they understand the risk, instead they choose the best bitcoin wallets, fully decentralised, non custodial BTC wallets

2. They understand the risk when joining mining pools, they don't just find mining pool and connect their hardware, they always choose the best, some pools have increased chances of earning rewards than others.

Fee and payment reward structure (such as PS and PPLNS) also matters.

3. They don't mine straight to the exchange pocket, they understand the risk, instead they choose the best bitcoin wallets, fully decentralised, non custodial BTC wallets

There aren't many mining pool where you can connect to them only using Bitcoin address anyway. These days, many pool expect you to create account.

[FP91G]

Modern ASICs consume a lot of electricity. A beginner miner can at most buy several ASICs to install at home or in a garage or elsewhere.
And then he will need a location where there is inexpensive electricity and the ability to install ASICs. Not everyone has such opportunities and the legislation of many countries prohibits mining without registration and permission.

ASICs are now like industrial equipment, large companies have direct contracts for fast warranty service, and if one of several ASICs breaks down for a beginner, he will receive high-quality service for a very long time.

[shield132]

The real difference between beginner and expert miners are their finances and connections. If you do not have finances and connections, you stay a beginner for almost your whole life but expert miners are on another level. There is a big mining company called Bitfury in my country, they have connections with our oligarch and years ago, they managed to force the government to create an exclusive tax-free zone for Betfury, which means that they import miners and any type of other equipment without paying taxes, this is basically a heaven zone. They also receive electricity at an extremely cheap price, it's so cheap for them that the government forced us to pay for increased prices. Bitfury pays 1/3 of what we pay but they use lots of electricity, more than some of our towns. In 2021, they used 433,6 million kilowatt-hours.

[FP91G]

The real difference between beginner and expert miners are their finances and connections. If you do not have finances and connections, you stay a beginner for almost your whole life but expert miners are on another level. There is a big mining company called Bitfury in my country, they have connections with our oligarch and years ago, they managed to force the government to create an exclusive tax-free zone for Betfury, which means that they import miners and any type of other equipment without paying taxes, this is basically a heaven zone. They also receive electricity at an extremely cheap price, it's so cheap for them that the government forced us to pay for increased prices. Bitfury pays 1/3 of what we pay but they use lots of electricity, more than some of our towns. In 2021, they used 433,6 million kilowatt-hours.

In Russia, electricity for citizens costs an average of 4-5 cents. There are regions where 1 kilowatt costs 2 cents, and there are regions with a price of 8 cents, but this is the price for a voltage of 220 volts. You can buy large volumes of electricity at a voltage of 10,000-15,000 volts, build your own transformer substation, but your price will be 60% less.

There is no other way to get a cheap price for electricity. You will not be able to get such discounts in the household network for electricity transmission.

[mikeywith]

2. They understand the risk when joining mining pools, they don't just find mining pool and connect their hardware, they always choose the best, some pools have increased chances of earning rewards than others.

how do some pools have increased chances of earning more? if this was the case -- there would only exist a single pool in the entire world, assuming the pools have the same fee (most do) and do not have a broken code or do transactions biased blocks, every pool has the same exact chance of earning the same exact rewards.

What matters in choosing a pool is first their integrity and secondly reliability, people who check 1 week's luck for x pool and say it paid more than y pool do not understand how mining works.


4. Miners are set of people with the strongest mindset that I know, even when BTC value is down a lot, these people keeps mining as far as the electricity bill is still affordable.

[philipma1957]

2. They understand the risk when joining mining pools, they don't just find mining pool and connect their hardware, they always choose the best, some pools have increased chances of earning rewards than others.

how do some pools have increased chances of earning more? if this was the case -- there would only exist a single pool in the entire world, assuming the pools have the same fee (most do) and do not have a broken code or do transactions biased blocks, every pool has the same exact chance of earning the same exact rewards.

What matters in choosing a pool is first their integrity and secondly reliability, people who check 1 week's luck for x pool and say it paid more than y pool do not understand how mining works.


4. Miners are set of people with the strongest mindset that I know, even when BTC value is down a lot, these people keeps mining as far as the electricity bill is still affordable.

I am still grinding away at it.

If it were up to me I would lock this thread.