Are you going to join the ranks of ASIC miners while cryptocurrency is on the rise? But do not know how to do it and whether it is worth dealing with it at all? Here are the answers to your questions.
ASIC is a special device for mining various cryptocurrencies, which is thousands of times more powerful than a regular computer.
The emergence of ASICs on the market happened due to the growing energy costs and the constant increase in the complexity of mining cryptocurrencies. These conditions once "inspired" the developers of mining equipment to create specialized ASIC chips that are capable of solving a large number of tasks, but at the same time have relatively low power consumption.
Decide on the ASIC model. Consider its hashrate and power consumption. Also, decide in advance which coin you plan to mine — perhaps this will simplify the search (for example, Antminer L3+ is more suitable for LTC mining). You can calculate the profitability of a particular model on the Whattomine website. It is enough to enter the cost of your electricity in dollars.
For example, with a value of $0.05, mining BTC on Bitmain Antminer T19 will bring about $25 per day, already taking into account electricity costs (as of March 23, 2021).
Besides, consider the availability of spare parts and the availability of service centers in your area. Remember that you can mine not only at home — you can use the services of mining hotels if you plan to buy a lot of devices, and there is not enough space for them at home.
Choosing mining hardware.
We will collect a list of the top ASIC models in our next tutorial, so it’s will help you make a choice and introduce you to the prices for the most popular models.
Factory hashrate and power consumption levels can be changed for the better — you can increase performance, reduce electricity consumption. There are various firmware for this. After purchasing ASICs, be sure to install custom firmware on them, if possible, otherwise mining will simply be unprofitable. With it, you will earn more and spend less.
How does it work?
For example, the Hiveon ASIC firmware allows you to increase the hashrate, speed up worn-out device chips, and protect your equipment from viruses.
Hiveon ASIC firmware users can enjoy all the advantages of Hive OS for free: manage devices in bulk, monitor hashrate, power consumption, temperature, online/offline statuses of each miner, miner errors, invalid shares, overclocking, adjust access levels, and so on, as well as get support from the largest mining community 24/7.
As for the profitability of the Hiveon firmware, it all depends on the specific ASIC model, hashrate and electricity cost.
For example, on the Antminer T17, at 45 TH/s and the electricity cost of $0.05 per 1 kWt, the Hiveon firmware at stock values will bring $18 more than the official one per month. At the same time, the net income per month from one device will be approximately $166. With an ASIC cost, for example, $2270, the device will pay off in about 13 months, and then it will start to bring a net profit. You can find out more about the profitability of the Hiveon firmware in this article.
Join the pool. Usually, you can earn on a pool much more consistently than when mining alone (solo mining). When choosing a pool, consider its payout model, fee (don't forget about transaction fees), minimum payout, server locations, and difficulty. Hiveon has no fee and covers the transaction fees. Its payout model is PPS+, which is the most recommended option.
Connect your devices, install the firmware and start mining the selected coin. Monitor the condition of your ASICs. Track the temperature, clean the devices from dust, ensure heat dissipation. This will help your devices live longer.
The cryptocurrency is now in a stage of stable growth — for example, the value of BTC already exceeds $56,637 (as of March 24, 2021). Of course, no one can say for sure how long this growth will last, but this does not mean that becoming a miner is irrelevant. Quite the opposite — with modern powerful hardware, mining can bring you good income. The main thing is to approach the issue wisely. Carefully study the specifications of the ASIC before buying, calculate its payback. Don't forget about the benefits of custom firmware, choose a reliable pool with minimal fees, and keep an eye on your hardware. If you follow all these recommendations, you will be able to profit from mining cryptocurrencies.