Been a small miner my self, I have been thinking and testing different ways to be able to achieve long term mining success. For every miner out there success can be measured differently. 100$ profit a month can be huge for some one with a salary of 500$ a month and can be nothing for some one that drives a 2 years old BMW.
So first thing I did was to set a target I wanted to achieve.
Target – 100K USD after a long term mining operation. 1 to 2 years.
After setting a target, I found out that there are basically two ways to achieve it.
- BIG MINER – Throw a lot of money at it!
- SMALL / HOME MINER – Spend some time researching the Crypto World and be smart.
BIG MINER Approach
Throw a lot of money at it!
So you have the money to buy 7 rigs full of 6 NVIDIA GTX 1080Ti cards each and you started mining. All you need to do is to periodically check which is the most profitable currency for your hardware. In our example you got the NVIDIA video cards, so Equihash Coins are your best bet (at least at the moment of writing this article). You can use the Crypto Calculator like the one on your site so see which Coin you should mine as most profitable.
Beware that jumping between different coins constantly will bring you penalties as most pools are designed to prevent jumpers, and they will not give you 100% of what you have mined until you stay certain amount of time in the pool.
Once you start mining your goal is to get the most profitable and sell as fast as possible. That way you will get your money back and start generating profits sooner.
SMALL MINER Approach
IF you don’t have the resources to get 10 or 20 top video cards you will have to get mining something that is still unknown to the mass public. Search for the best algorithm for your cards and check the coins that use them.
In our example you are are a NVIDIA fan and your best algorithm is Equihash.
You can research the cryptocompare.com or cryptocoinmarketcap.com, but this will give you just the well known coins. Then there is the forums – bitcointalk.org and the AltCoins Announcement section. But the traffic there is so fast that the first 30 pages contain topics the have been updated in the last 15 minutes. So even if a new Equihash crypto hits the forum, it will get pushed back so fast, that only few will see it and searching in that forum is not an option :).
So, here is the trick I found to be the best and easiest way to be on the cutting edge of the latest coins from an algorithm.
Follow the pools!
- Find the well known coins that use your algorithm.
- Find their pools – Open their ANN pages in bitcointalk.org and open all the listed pools.
- Check if there are other coins using the same Algorithm that you are searching for.
Once a pool adds a coin, it is really easy to setup the same pool for the next coin that uses the same Algorithm.
In the example of Equihash, you can find really new and unknown to the mass public coins like BitcoinZ, Zero, Vote Coin, etc.
Once you find the new coin – start mining and don’t be scared that it is not listed on an exchange or that it’s price is only 5 Satoshi. There usually is a reason that no one knows about it. Mine a lot – and wait for it to shine 🙂 .
If you liked what you just read or you don’t agree with us, you can always join our discussion at the BitcoinTalk.org and share your opinion.