Starting mining is not that easy. Getting involved into any new sphere of development, you need to be aware of all the milestones of a deal. Cryptocurrencies require deep understanding of the matter especially when you’ve made up a decision to start mining yourself. In this article, we will share with you top 10 mistakes of beginner miners. Hope you can avoid them!
1) High cost of electricity
One of the rudest mistakes of a beginner miner is to start choosing equipment at first. That’s not the right way. You need to know the price of your power consumption. When the currency is on hype, it may seen profitable for you despite the number of power of expenses. However, you need to understand that the crypto world is not stable and be sure that you don’t lose your investments in the inappropriate moment.
2) Mining coins at rise
Beginners want to catch the flow and hurriedly jump into mining when they see the coin on its peak. They assume that others mine at this rate, consequently, they can also do. Calm down and make no rush. It’s better for you to start with the coins which are lower at price at the moment of your mining start. When you start mining coins at rise, it means you pay for your equipment a triple price.
3) Bad electrics, exhaust or air supply
Before you order equipment, you need to consult a professional electrician. He will make an estimate, set the correct lead-in cable, and distribute the entire load for you through different automatic breakers. You have to be sure that in case the load exceeds a certain point, fusible cutout will work put and everything will switch off. Be sure that you control exhaust and air supply.
4) Buying equipment from unreliable sellers
When you are ready to buy equipment, you have to buy products by reliable sellers. In today’s market, we have a great variety of offers. Use guaranteed sellers to avoid further problems with equipment. Another point is to know the exact type and model of the equipment you are going to buy. If you have doubts, consult a mining specialist before your purchase.
5) Hardware set incorrectly
Set your equipment correctly. Be sure that you’ve made all the proper installation for your equipment especially when you start mining farms. If there are any issues, they ultimately influence the work of the equipment and cost of mining.
6) Absence of backup Internet
You need to have a separate router connected to the main router. The main router will share Internet to it. However, in case of a problem, you will have an additional router that will switch to the main Internet. If you don’t understand how to make a backup Internet, you should apply once to the specialist. He will make all the installations and you then you don’t need to worry about any kind of troubles related to the Internet provider.
7) Wrong choice of a mining pool
Each coin you are mining has pools. You need to choose a pool, which is included to at least top seven pools. According to the statistics, the higher power of the pool, the more blocks it accepts. The less power of the pool, the better awards of the blocks from this pool. However, not all pools have this tendency. If a pool mines two coins, it won’t work.
8) Choosing unreliable wallet
When you mine coins, you have to be sure where all your income is stored. Choose a reliable wallet for your crypto coins. Trezor and Ledger are highly recommended by professional users. These wallets have additional protection from hacking. Another way is to use top crypto exchanges in case if you withdraw money in a short period of time and the sum is not huge.
9) Quit your job
Another mistake of beginner miners is giving up their main work. It’s no use spending all your time on mining only. The only exceptions are the cases when you have industrial mining, for instance, 50 mining farms. In this case, mining becomes your main job and you manage all the issues connected to the proper mining of numerous farms.
10) No smart Wi Fi relay
Smart Wi Fi relay is a cheap device that will help you to control your rigs remotely. You can switch on and off the rigs, restart your router and so on. This device is highly recommended if your farm is located remotely.