Cryptocurrencies have garnered the attention of people, as well as, governments all around the world. With its escalating popularity, more and more computing and tech enthusiasts are becoming interested in cryptocurrency mining to earn decent profits.
Cryptocurrency mining is basically a process through which digital currencies are produced. This process includes adding transactions to the blockchain and releasing new crypto coins.
In order to mine cryptocurrency, you will need desktop computer designed for mining with powerful processor; a coin wallet, private database; free mining software package; membership in an online mining pool; hardware setup location; full-time internet connection (2 megabits per second or faster); fan for cool air across the computer; specialized processing device.
Mining requires knowledge, skills or some serious researching to create a mining rig. Even after investing in mining hardware, software and basic set up, novice miners continue making some common mistakes. The mistakes in GPU Mining impact the ability to make a decent profit, therefore it is important to know how to avoid them. For efficient crypto mining, read the following tips:
• Selecting the GPU wisely is crucial as it impacts your mining results. Depending on which cryptocurrency you want to mine, research for the best GPU. Also, the GPU’s power consumption will help you to decide how large a PSU to get. In case you have expensive electricity, you may use software like MSI Afterburner to reduce the power draw.
• Make sure to invest in good rig equipment which comes with a warranty. Since the machinery works 24/7, the components may get damaged. By investing in good parts with warranty, you can fix the issues quickly without additional costs.
• GPU Rig creates noise, dry air, and high temperature. Therefore, select the place for setup which is well-ventilated with good sound isolation and heat resistance. Try to place your mining rig in a larger room in summers and in a compact space in winters.
• Next, it is important to choose the best possible internet connection. It is best to avoid wifi connection and connect the rig with router cable to get a stable connection and better speed. Moreover, get electricity straight from the local supplier, in case you have rent a place for a rig.
• Clean mining equipment works better and lasts longs. Therefore, don’t forget to clean your rig twice a month, or at least once a month for best results. Before cleaning, however, it is necessary to know the proper way to clean GPU rig.
• Once your setup is done and you start mining, don’t get over excited by calculating your ROI (Return of Investment). It is not advised to start spending reward coins from the first month of mining. Earn as many coins as possible and wait till its price goes up. Also, it might not be a wise decision to reinvest mined coins into other virtual currencies.
• Crypto market is highly volatile and the prices keep fluctuating. However, don’t get discouraged by falling prices and keep mining. Miners often stop mining without realizing that if the price gets crashed, many pool contributors will stop their mining. This will lead to lowering the hardness level and easy mining. Therefore, even if the price has dropped, you may earn by mining more coins.
• Heat has negative effects on the GPU, so it is necessary to run your GPU below 80 degrees Celsius. You can achieve around 60° temperature with enough spacing between GPU and through programs, like MSI Afterburner to reduce heat.
Cryptocurrency mining is not only rewarding, but also exciting. However, to avoid a headache, it is better to invest in good-quality mining equipment with some warranty. Moreover, stable internet connectivity and proper premise for setup also play a crucial role.