Coindesk recently reported that the combined computational power of the mining community is roughly 57 quintillion H/s. It is a staggering number with an overwhelming majority of mining operations situated in the Sichuan province, China. People all over the world are investing in highly efficient rigs to mine BTCs faster than ever before. How can you make your mining operations better?
- Deviating from standards
- Maintenance and upgrading
Depending on when you started mining, you may know different techniques. Sadly, the vast majority of hardware users rarely try to improve their existing setups and end up lagging behind the competition which is an even more pressing issue now when mining is harder than before. Using a combination of different techniques or improving your existing ones is a very important activity for an aspiring miner.
- The type of mining is important. There are two main hardware setups: either FPGA or ASIC. The former one is a wide selection of chips that are modified to suit BTC mining needs. They are slightly faster than both CPUs and GPUs, but may consume a lot of electricity.
ASIC is short for Application-specific integrated circuits which are excellent for very specific algorithms and work well for mining purposes. Mining with outdated PCs is definitely inefficient. - Choose appropriate software. Older mining programs may not be compatible with ASIC builds. There are also many new applications that significantly increase the output of your rigs.
However, you will need to check for new software constantly. New patches and upgrades are released regularly. Another important thing to consider is that some ASIC and FPGA builds require custom software that will enable the chip to work in the first place. - Diversification is key. Recently, some miners started pulling together resources and created so called mining pools. These can be operated by a community of professional miners or a corporate entity.
You can purchase a share in such operation and receive your chunk of profits. While it is not directly related to mining crypto currencies on your own, it can give you a way to diversify your investments and still keep your hand on the pulse of the crypto world.
Some miners forget that they are using physical machines that may break down or start performing worse over time. Focusing on keeping your mining setup as productive as possible while maintaining low levels of power consumption is exactly what you should be doing if you want to earn money by mining BTC. Use specialized software to monitor the productivity of your rigs and upgrade your equipment when needed.
Continuous investments in your mining setup are required in case you are serious about making living by mining BTC. Buy better rigs and make sure that your current ones are in good shape and do not overheat. Turning a room in your house into a specialized facility with racks and air conditioners capable of maintaining a certain temperature in the room can be also very beneficial for your mining efforts.