How To Maximize Mining Profits
In this article, we will show you how to maximize mining profits, reduce your costs, buy your hardware and maintain your equipment.
Getting The Right GPU
When you get into Mining, the hard part is deciding what GPUs you are going to use. So let's go over the different options and hopefully, you will have a better understanding of how to maximize your mining profits:
Used Vs New
Buying used hardware can be risky since you don’t know what issues the components carry. However, if the seller has parts still under warranty then you should be fine if you make sure to transfer it under your name.
MSI has an easy way to transfer warranty for GPUs. Make sure to ask for the receipt of the item in either digital or physical form, when anything happens with the GPU you can have it replaced unless it’s physical damage.
Great platforms for used parts are:
Buying new hardware can be easily bought with safe measures since you always have 1 – 2 years of warranty on the parts.
A great platform for new & used parts is: Nerd Gearz
Old Vs Modern
Is it better to buy what is hot now, or buy the good ol’ hardware?
Most of the time you would always want to get the new releases. New releases will have better support for the future and will sustain more than the old hardware.
Short Term Plan - Old & Used
This plan is good if you have less upfront money, and you want to expand through your mining profits.
Buy a couple of old used graphic cards, generate money, and then use that money to buy the new hardware
- Way cheaper and good for the value
- All over the used marketplace for really good deals
- Hard to sell down the line
- They will degrade quickly and become less efficient
Long Term Plan - Modern & New
Preferred plan if you have a higher budget, Make sure to take up on any good offer in peer-to-peer marketplaces that I listed above. As long as they have the receipt then buy it to save up a nice amount on the new hardware.
- Higher resell value
- The warranty covers at least 2 years ahead
- Will outperform old hardware in the long term
- If we go on a rally like 2017, expect the prices to spike again
- Higher upfront costs
- Some go out of stock pretty quick
Maintenance And Heat
Maintaining your hardware is a really crucial step toward increasing your mining profits and hardware longevity. We will go over a couple of methods to insure the ideal maintenance of your hardware and make sure to set a valid environment and keep it away from anything that can damage it.
Heat is the number one killer for hardware here are a few tips to reduce your heat:
- Cable manage to reduce dust build-up and allows more airflow.
- Regularly dust out your hardware (once a month) dust blocks airflow which leads to increased temperatures.
- Thermal Paste makes a huge improvement. Change the thermal paste on the GPU Core if your warranty expired.
- At Mining Chamber we use a really good one called Arctic MX-4 2019 Edition. It should reduce the temperature by a really good amount. Please make sure to do your own research before taking your GPU apart, it can easily be damaged so look up your model and do it from there.
- Efficient airflow makes your fans blow air from the bottom and exhaust from the top. Heat rises so following that concept will lead to better airflow
The benefits of maintaining your equipment:
- Improve life expectancy
- Improve performance
- Increase Mining Profits
Reduce Your Overall Electric Usage
Electricity is your monthly mining profits killer, so good electricity rates are definitely a big plus, though, it will be a bit of a rough spot to stay profitable. Generally speaking, the electricity that rates from 10 cents kWh and below always tend to be profitable when you mine the trending coins. In this section, we will get over ways you can compensate for bad rates and try to work with them.
If you do not pay for electricity feel free to ignore this section or read it for future purposes.
Reduce your home electricity usage
There are many factors to consider in your electricity bill, from appliances to your phone charger.
Here are some tips on reducing your electricity usage as a whole so you can save up some $ on your electricity bill:
Undervolt your GPUs
Undervolting your cards will reduce your wattage Using astronomically, you can save 100 – 300 watts doing that. Make sure you undervolt with small increments and do research on your specific card before undervolting it. We will be making overclocking tutorials for cards very soon so stay tuned.
Unplug what you don't use
Electronics and appliances that still consume electricity for just being plugged in. Unplug mainly the kitchen appliances (shaker, toaster, etc) to save a bit on electricity.
Keep your GPUs cool
Crank up the Graphic Cards fans, they do use electricity but it is a fraction of how much more it would use if it was running hotter.
Use Gold or Titanium rated Power supplies
Do NOT go cheap on your power supply. Power supplies rank from white to titanium power supplies, the higher the better for safety and efficiency.
Hosting & Cloud Mining
When your electricity rate is way too high, we recommend using hosting services or cloud mining. Hosting is sending your rig to a facility where they have cheaper electricity and charge you a monthly or daily rate that will be cheaper than your current situation. Cloud Mining is buying hashing power through contracts or plans in a mining facility that offers it. They are both risky options so make sure to conduct research before using a service to know that they are credible and trustworthy.
We will provide the best hosting and cloud mining services in an upcoming blog.
Mine Profitable Coins
To make sure you're making the most out of mining mine the most profitable coin for your GPUs. Go over whattomine.com and put in your GPUs, the website isn’t too accurate but you will usually have a higher hashrate than what they show you if you follow our upcoming guides. If you want to support a certain project by mining it then feel free to do so, but we recommend mining the most profitable coin, then exchanging the coins for the ones you are collecting.