There are a lot of stereotypes associated with mining cryptocurrencies, and some of them are an obstacle for those wishing to start mining. Let's take a look at the main myths and find out if they are true.
Most people associate mining exclusively with Bitcoin, and this is quite logical, because BTC is the most expensive cryptocurrency, and its fluctuations are regularly covered in the news.
However, apart from BTC, there are many other cryptocurrencies. For example, Ethereum is in second place in popularity and value after BTC. Moreover, it’s easier to start mining ETH than to start mining BTC. To mine BTC, you need special devices — ASICs. This hardware is designed exclusively for mining and is quite expensive. But ETH can be mined on GPU rigs that consist of video cards.
Yes, mining devices consume a lot of energy, but this doesn’t mean that you will spend all your mining profit on paying bills. There are ways to reduce energy consumption. For example, for ASICs, you can use the Hiveon ASIC firmware, and for GPU rigs, the Hive OS monitoring and management system. In addition, when choosing equipment, you should pay attention to its factory specifications. Some devices allow you to achieve the same hashrate as other models, but at the same time consume less power.
Of course, mining can “kill” your video cards. But this will only happen if you don’t take care of them or maximize their performance in the wrong way. Here are some tips to help you protect your cards from premature failure:
Ensure proper heat dissipation.
Keep your devices free from dust.
Balance overclocking and undervolting.
For many people the word “mining” implies a constant presence in the same room where the equipment is located. Why? Here are some “reasons”:
Devices can overheat at any moment — you need to monitor their temperature all the time.
It’s necessary to switch from one overclocking profile to another from time to time — this cannot be done without personal presence.
You need to keep an eye on the farm all the time — what if something happens?
There is logic in these reasons. You really need to monitor the temperature and the farm as a whole, and switching between overclocking profiles will help to achieve better performance and lower power consumption. But you don’t have to live in the same room as the equipment to do all of this.
Using Hive OS, you can receive notifications on Telegram or Discord — if something happens, you will discover it immediately. You can also use a mobile app — it allows you to monitor and control devices from anywhere. Another useful feature is Scheduler. Using it, you can set up automatic switching between overclocking profiles. This way you can control your farm on the go.
Many mining systems are based on Linux, it’s true. However, their use doesn’t require prior completion of Linux courses. For example, in the case of Hive OS, you will only need knowledge of some commands if you decide to enter the command remotely via Shell. Our knowledge base has a list of the commands you need, so you shouldn't have any problems. In addition, the support team is always ready to help.
Well, now mining is really not as profitable as it was in 2009. But it's still pretty lucrative. The cost of cryptocurrencies is stable and growing, and the equipment, compared to 2009, has become much more powerful. It’s still not too late to start mining cryptocurrency, but in order to join the ranks of miners, you have to remember the following:
Nobody knows how long the market will remain in such a positive state. Today BTC is worth over $50,000 and ETH is over $1,500. But that can change at any moment.
ETH is about to switch to proof-of-stake. Of course, not in the next couple of days, but when this happens, mining will turn into staking, and the usual equipment will become useless in the context of ETH. Thus, no one can guarantee you a ROI.
The devices are highly overpriced, and some “attractive” in terms of specifications equipment is almost impossible to get. However, you can pay attention to the used devices.
If you decide to start mining in 2021, do so with due diligence. This article will tell you how to do everything in the right way.
There is an element of truth in some stereotypes, but it can be successfully addressed. The rest are almost pure fiction. Don’t believe all the stereotypes in a row, approach mining wisely. Our recommendations will help you with this.