Cryptocurrency mining is no doubt exciting thing to do for every computing and gadgets lover. Surely it takes some skills or hours of researching (if you are planning to create mining rig only by yourself) but this is possible to do for every of us. Way more important what mistakes novice miners might do and how to avoid them.
Before you buy or build a rig
- Make sure you have a decent place to put it, because space must be good ventilated, with good sound isolation and heat resistance. So you probably do not want to have a rig in your livingroom because of noise, dry air rig creates and higher than normal ambient temperature.
- Decide what cryptocurrency you want to mine and choose your GPU wisely. For example: Currently due to ASICS Zcash mining is no longer worth while on Nvidia cards, also with the ETH pill mining ETH on GTX 1080’s, 1080 ti’s for example is a LOT more profitable and worth while in comparison. So do your research, buy only the best GPU’s available. Mining is not cheap, but rewards might be worth it.
- If you are buying a new rig try to invest more bunch of money buy components in a local stores, because they will offer you a warranty. It is extremely important, because rig components do get broke, so your interest is to have it fixed as fast as possible with no additional financial expenses. As you know components work 24/7 so they are overloaded with work so you better think about that before buying used rigs.
When you have your rig
- Once you have a place for your GPU rig do a research and choose the best possible internet available. TIP: Please, DO NOT USE the wifi connection to rig if possible. Connect Reuter -> Rigs motherboard with Cable. It will give the most stable connection possible. Imagine, your rig is in 10 km from you and suddenly it gets stuck because of non stable wifi adapter or bad weather conditions. Believe me, it happens.
- If you have rent a place for a rig – make sure you get elecricity straigth from local supplier/producer because now some real estate rental brokers started to resell electricity they get from local supplier under their own separate companies.
Before you started mining
- You must understand, that rigs do get stuck, so try to place it in nearest possible place (but it must be good ventilated).
- Once you have a rig you will be forced to clean it at least every 2 weeks. Read our article about How to clean GPU rig for more details. Of course you can clean it once a month, but components works longer when they are always clean.
- When you will start to get revenues and start to calculate your ROI (Return of Investment) make sure you DO NOT SPEND these mined coin. Why? Because you need to understand that mining is not about to make money for a living since the first month of mining. It is for mining as much coins as possible till it’s price grows to a decent level in at least a year. Otherwise you probably invest mined coins in unstable ‘moon shitcoins’ and your mined for example 100$ becomes 50$. Just don’t do that. Reinvestment mined coins into other cryptocurrencies is not so effective thing to do. Of course you decide. I wish you to succeed if you still choose to do so.
- If you are mining in a loss because coin price crashed hard DO NOT STOP mining, because it is possible that part of mining pool contributors will stop their mining and hardness level will be lower what results in more easy mined coins. So you may not mine enough dollars but you will mine more coins which will get back or even more previous price later on (especially if you are mining Zcash or Ethereum).
Yes, cryptocurrency mining is exciting. I do it my self. However if you want to enjoy the process and not have much headache invest in better components and buy parts only with warranty. Also make sure you can implement stable internet connectivity and find legit premises.
Let’s take a flight to see how our rigs looks
Image courtesy of Pixabay.com