This second article on Mining comes at a time, when Mining is much unprofitable now, Host of related companies to mining are sending emails of closure of services or business, well that’s bad for business but not all is bad, you need smart steps ahead to make money now and we are gonna help you in that.
So let’s learn something about the elephant in the room, its ASIC, which drove all our PC out of mining business. So ASIC (application-specific integrated circuit), is an integrated circuit (IC) customized for a particular use, rather than intended for general-purpose use. Particular use here is Mining of cryptocurrencies. An ASIC miner contains hundred to thousand of IC inside, which increases its hashing power multiple times higher than any PC, that’s why when this miner runs on a network your PC is driven out of mining business.so when they run on a network what should we do.
- CPU based Mining- Mine in crypto Like Monero where ASIC cannot dominate the mining market since its CPU intensive mining, so high-end PC, Lapy are still mining profitable in these type of cryptocurrencies. Another type of crypto may not be useful but only CPU based mining is good for you still.
- Mine in Pool- Mining solo is just like fishing solo in a big sea, So its suggested to mine in a pool as it allows you to get your reward early and regularly than hitting jackpot some day or never. Mining in pool is a good practical way to go even if your Device is high end or low end. While pool charges some fee, but it’s rather much small to the tune of 1-2% with big pools and also their mining setup is much easy, there are host of pools out there so just join some and start your mining with them.
- Choose currency to mine in- This is important, not all crypto are now profitable to mine in if you have an ASIC, but some still are, there is this website asicminervalue.com which gives you an idea about which crypto is profitable by how much, its just a third party calculation and result in real mining will depend on your hardware, but it might tell you which crypto is still profitable to mine in, so that you may not start in loss-making mining but just jump to profitable mining if you have an ASIC miner ready.
again you need to remember Factors Impacting Mining Profitability
- There is recurring cost for electricity consumption.
- A fixed upfront cost is for the hardware components or nil if you already have it.
- There is a variable reward from mining crypto in form of fees and reward.
- Price of rewarded crypto changes, so its also variable reward.
- There are continuous other variables in the mining difficulty that impact rewards.
There are various online calculators which can give you an idea of profit/loss you can make in Mining with all related inputs, so follow these smart steps and maybe you can make some money still in this passive money minting business.