When everyone else heads into the hills to dig, you can make a lot of money selling shovels. It’s important to remember that there are more ways to make money than just mining for gold. It can even factor in the price of electricity in your area. It can help you determine which currency you should start mining, and which parts are best for your rig by calculating their hashrate and power draw. seems a little daunting at first glance but that’s only because it’s incredibly comprehensive. If you haven’t already chosen the crypto you covet or even if you have, we recommend checking out a Mining Calculator. “Bitcoin Chart” by Fabian Figueredo is licensed under CC BY-SA 2.0
So not only do you have to be mindful of your rig’s performance, you need to balance your profits against the increase in your electrical bill. Throwing around hashes in the trillions per second makes a rig mighty hungry, and even moderate mining can make a noticeable impact on your power bill. The day-to-day cost, the incremental loss, is electricity. Of course, that’s just a starting investment. That means spending real money and it could range from hundreds to tens of thousands of dollars depending on the currency you’re chasing and how competitive you want to be. Some mining can be done with the PC you already use, but in most instances getting serious about mining means you’re going to want to invest in a purpose-built system. You’ll also need to consider the investment side of the equation. The more difficult the race, the meaner your machine needs to be. You need to consider the currency’s value and block reward against the difficulty of the hash and how many other miners are chasing the prize. This will influence every other decision you make and it is in itself a complicated question. The first decision you need to make is what currency you’re actually mining. The greater the competition, the more difficult the challenge and if you don’t win the block, that’s a lot of time and literal energy wasted. Even the more obscure blockchains have thousands of miners racing each other to find the winning hash. The first thing that you need to understand is that, just like rushing out to California, buying a pick, and riding your donkey into the hills, mining cryptocurrency is a bit of a gamble. “Bitcoin, bitcoin coin, physical bitcoin, bitcoin photo” by antanacoins is licensed under CC BY-SA 2.0