The relevance of mining in 2020: tips for mining bitcoin

In 2009-2010, to mine Bitcoin you only needed to download and run the software on a personal computer.Many early miners eventually became millionaires.

But today, cryptocurrency mining is a highly competitive industry with thousands of participants around the world.

Let's consider the most important factors that novice miners need to consider, ways to maximize profits and the best option for bitcoin mining for 2020.

Electricity costs

The profitability of mining Bitcoin determines the price of electricity.

If we talk about specific numbers, then on average mining is profitable in the range of $ 0.04- $ 0.06 per kWh. Large mining facilities sometimes achieve prices up to $ 0.01 per kWh.

If a tariff below $ 0.06 per kWh is available to you, then profitable mining is quite real.

How to mine Bitcoin in 2020?

The efficiency of mining devices is determined by the number of calculations per Joule consumed.

This is where hardware innovations come into play. Since 2013, ASIC miners have knocked out GPUs and personal computers from the race.

Currently, the most effective ASIC devices are:

• M30 Whatsminer - 38 J / TH;
• Antminer S17 - 40 J / TH;
• Innosilicon T3 + - 42 J / TN.

The most popular miner in history isAntminer S9, whose performance is 98 J / TH, but today it is no longer relevant (unless you have access to a free outlet). Cheap electricity can compensate for the use of less efficient equipment, and new models will ensure profitability at higher tariffs.

For 2020, the best option for productionCryptocurrency is cloud mining, due to the flexibility of contracts and more favorable working conditions than mining on its own equipment. The rating of the most reliable cloud mining services can be found here.

Maximize equipment performance with auto tuning

You can increase the performance of ASIC devicesand using auto-tuning software that provides the maximum hash per watt. This is possible thanks to special improvements to the basic chip settings.

Auto-tuning is especially useful for miners with older hardware such as the S9. For example, the Braiins OS operating system, with the right settings, can increase the S9 hashrate by 20-30%.

Typically, auto-tuning does not require prepayment - a fixed percentage is subtracted from the total hashrate. There is no reason not to use this software if it covers commissions.

Immersion cooling for ASIC miners

ASICs produce a significant amount of heat and require cooling in order to maintain efficiency.

Immersion cooling solves this problem. It involves placing ASIC miners in a container filled with dielectric fluid. This will eliminate the cost of air conditioners and other similar installations.

This solution also allows you to mute the noise of devices.

Strategic thinking — a look into the future

Mining allows you to contribute to the decentralization of Bitcoin. In addition, miners produce so-called “virgin bitcoins,” which can be sold at a premium.

Good luck to everyone and before searching for new blocks!

</p>

Rate this publication