When it comes to mining there are a lot of things to keep in mind. If you just start without any guidance there is a big possibility of not breaking even or seeing ROI(ROI stands for Return of Investment, It’s when you have taken back the money you invested and start seeing some real profit). ROI IS THE TARGET!!!
NOTICE: Keep in mind that mining is not a printing machine rather than a service. We mine to ensure the security of the protocol FIRST, and we use the minings to cover basic costs and provide coins to the market.Or else there is no fluctuation or coins to go with.(I make money trading my minings and not dumping my coins instantly to the first btc order.)
SHA-256 or Scrypt?(Most common cryptocoin algos)
This is the question. Depends on you. I have chosen scrypt because of the variety of coins I can mine but both have their con and pros.
In order to achieve ROI you have to make some calculations first.
You have to take into account the electricity costs, the miner shipping fees, the possible DOA(Dead on Arrival) miners that you’ll have to return and wait for the operative ones after exchange and other miscellaneous equipment instead of the miner like a controller, a USB hub and so on.
You have to research any coin first before mining it and possibly end up wasting your time and power for on a scam coin that it didn’t even hit an exchange(then you become a bag holder of crap).
If you feel that the coin you are reading and researching has something new to offer to the crypto community then go on, mine it, hold it and when it reaches the top(depends on how someone sets the top for him) sell it and keep at least 20% it might go even higher, you never know.
Another thing you have to keep in mind is the hosting of your machine.
You have to host your machine in a place without dust because if not all most miners use fans and you don’t want to stop your miners every end of the month to de-dust it.(YOU HAVE TO) Also stable electricity 24/7, companies don’t accept returns on damaged miners because of your fault.
Heat is the most common hosting issue after electricity consumption. Your machines have to be cool in order to achieve maximum life span. Heating may harm and damage your miners faster.
The miner program that let’s you point and operate your miners is also very important. It has to be stable and most times you’ll have to go with a pre-made miner applications for your miner specific.
More articles and guides about mining to come soon
You can always go with cloud mining also.
BTC address: 142H1oDcN18FcFhRFtMcMLdS1pBna9W8K4