Did you know that the global cryptocurrency mining revenue in 2019 was close to $10 billion? That being said, ASICs made 70% of the sum and GPUs contributed their ‘humble’ 30% respectively. Despite the long crypto-winter that finished in early 2019, the industry made a tremendous profit this year and keeps blooming.
Now, with this year coming to end crypto miners and miners wannabes are wondering what they should expect in 2020 and whether it is possible to raise their profits with the right set of mining software.
But let’s start with the basics.
What Affects Your Mining Profits
Coin Value and Mining Difficulty
According to some expert estimates, the average cost of Bitcoin mining, based on the current level of difficulty, equals $8,000. So, in theory, if the price is higher than $8,000 the miners are going to benefit.
However, it is a little more difficult with the altcoins. If you choose to mine altcoins, you have to be very certain when picking your cryptocurrency. Monitoring price charts, analyzing the market, and reading the news from the altcoin space on a regular basis can make your mining journey a full-time job.
But don’t be scared right away, there are tricks that can be done.
Although Bitcoin and altcoin mining depends a lot on the value of the coin, there is a number of other factors every miner should consider.
The hash rate is basically how much the network is consuming to operate properly and find and solve blocks without major delays. Hash rate is measured in MH/s, GH/s, TH/s, or PH/s. Whenever mining difficulty goes up, the hash rate follows.
Electricity Costs and Power Consumption
When choosing a miner you need to mind two crucial points: the electricity cost and how much power that miner consumes. Then you have to decide what model works best for you. Sometimes, it would be wise to choose less efficient equipment if your power costs are relatively low and sometimes it works better the other way around — you may benefit from decent and powerful equipment even with the high electricity costs by maximizing hash power.
The good news is that you don’t need to do the maths yourself as there’s a bunch of calculators made specifically for the needs of miners.
First, you have to decide if you go with ASICs or graphic cards, then you have to pick the right equipment. Once that’s done, you’re going to need to assemble it (in case you favor GPU), set it up, optimize and constantly monitor your equipment. The bigger your mining farm is, the higher the profit and the less free time you’ll get.
The old-fashioned way is to create a watchdog script that will alert you in case of an emergency. However, it also takes time and requires a certain set of programming skills.
The easy way is to use software that will notify you when your equipment needs to be checked.
Mining pools charge fees and, unfortunately, they often try to pay as little as possible. Other issues include complicated payment schemes and shady data. That’s why choosing a reliable and profitable mining pool is extremely important.
The thing with mining profitability is that it doesn’t fully depend on just one factor, it is the combination of all the factors that nets a profit. The entry point or various hardships along the way may seem unbearable but don’t let them discourage you so quickly.
There’s always a solution
What Tools to Use?
For every problem that we’ve mentioned, there’s a tool that can fix it. But using a bunch of software is also unreasonable and confusing.
CoinFly is an all-in-one ecosystem for miners made by experienced miners who have been on exactly the same journey as you are.
No matter if you choose to go with ASICs or GPUs, CoinFly is an entire ecosystem that was built to take care of all your mining needs.
Easy to Use
You won’t need to do any setting up work manually, just download the COS flash maker utility (Windows and Linux compatible) on a USB flash drive, connect it to your rig and it will automatically detect which hardware or equipment you use and optimize it for you.
The interface is intuitive and you won’t have to think twice while using it.
Proprietary OS and an online portal simplify the process of monitoring and tuning the equipment for optimal performance. In case of an emergency or any important event, the system will immediately alert you.
CoinFly allows you to pick the miner from its list or add one of your own.
Mining the Best Coin
The CoinFly Autopilot mode allows you to automatically switch to mining the most profitable coin at the moment and you can withdraw your funds in any currency of your choice.
It also lets you quickly and efficiently deploy any node in any country in the world to reduce the ping from the pool to your equipment.
Transparent Mining Pools
CoinFly offers a selection of pools that are transparent: they take no extra commission, you’re able to see all the data at any given period of time, and they work at full capacity. As a result, you get 100% percent of the rewards.
Right now the project is on beta-stage and promises to add more features in the near future.