2020 has been a year full of both good and bad news. The cryptocurrency rose, but at the same time BTC halving occurred, and Ethereum planned a switch to PoS for December. 4 GB cards are outdated and will soon be out of the Ethereum network. What if you're not ready to get rid of your 4 GB cards right now and want to get the maximum possible profit from them? What difficulties and problems can mining in 2021 bring? Answers, as well as solutions to problems, are in this article.
The Ethereum network plans a switch to Proof-of-Stake. This means that you will no longer need the equipment you are already familiar with — staking doesn’t require this. On the one hand, this is frustrating, especially if you have a large farm. On the other hand, you will no longer have to choose and buy new devices, repair them, monitor their condition, and so on. You will be able to forget about the problem of overheating.
But what to do now? At the moment — nothing. The complete switch to PoS didn’t happen in December, and will not happen in the near future, so in 2021 you can still mine ETH in a standard mode, using existing equipment.
At the end of 2020, the size of the ETH DAG file has grown so much that video cards with 4 GB of memory are left behind. Of course, you can buy new cards and keep mining ETH. But, given the future switch to PoS, will the new cards have time to pay off?
We suggest an alternative solution that does not require the purchase of new equipment. You can simply start mining another coin and then sell it in exchange for ETH. For example:
RVN is currently in the top 150 cryptocurrencies and is actively traded on major exchanges such as Binance.
How easy will it be to sell a coin?
How much does its price fluctuate?
What will be the load on video cards?
How active is the coin project being updated?
Another mining problem in 2021 is too high expenses on paying electricity bills.
Of course, this problem has mostly always been relevant, but in the new year, tariffs are unlikely to decrease, so you should not only be mindful of the fact, but take any actions to minimize costs as much as possible. How to do it?
First, use the Hiveon ASIC firmware. The auto-tuning function will adjust the frequencies of the chips that are already worn out, so that they will use less power and perform more efficiently. The firmware also helps reduce electricity consumption in general.
Second, by using the Hive OS undervolting feature, you can "force" your GPU rigs to consume less power. The Scheduler feature is also useful. For example, at night electricity can be slightly cheaper than during the day. If this is your case, you can create a schedule for your devices. During the day they will operate in the undervolting mode, and at night — in the overclocking mode. Thus, you will save on electricity and not lose your income. What is also important, switching between these modes will happen automatically, your participation is not required — you only need to configure everything once.
Here is another plus — Hive OS allows you to track energy statistics, so you will always know how much electricity your devices consume
Imagine the following: you set up a large farm and hired several administrators and technicians. Everything was going pretty well at first, but one day you discovered that someone was stealing your hashrate. Obviously, this affected your profit.
To avoid this situation, we recommend you to do the following:
Another common issue reported by miners in general — and one which will always remain relevant in terms of monitoring — is temperature. Making sure you keep your cards from overheating is a crucial step which should not be taken lightly.
Ensure you keep them as dust free as possible.
Ensure proper heat dissipation.
Ensure optimal ambient temperatures.
Make sure you monitor temperatures regularly and act on them accordingly when necessary.
Optionally opt for better thermal solutions (paste / pads / fans)
Bitmain plans to release their new 19 series ASICs this year, with the focus and promise to have "efficiency" at the top of its list.
Canaan Creative has also announced their new model — The AvalonMiner 1246 which, when compared to their previous model, is ~30% more efficient.
AMD has announced their upcoming new series scheduled for late 2021 with RDNA3 architecture, with a supposedly ~50% performance increase allowing less energy consumptions and more efficient cooling.
Nvidia is very likely preparing something new, which may be announced sometime in January 2021 — we'll find out more soon.
Cryptomining in 2021 is appearing to be profitable so far. Markets are up, with BTC surpassing its All Time High reaching $41,941.56. ETH is also looking very promising at $1,128.00 currently.
Take care of your hardware, minimize power consumption and use the Hiveon ASIC firmware and Hive OS management and monitoring system to keep your mining operations simple and convenient. Be mindful of this ever changing and evolving spectrum and make sure you do your own proper due diligence when it comes to investing in new hardware.