How to mine Bitcoin profitably in 2020

Bitcoin is considered to be the very first cryptocurrency — it appeared on the market more than 10 years ago. At that time, the mining industry was just beginning to gain momentum, and it was easy to make money from mining Bitcoin. It was enough just to download the software, install it on your computer and start mining.

But since then the situation has changed significantly — now many people are engaged in Bitcoin mining, and it has become not so easy to make money on it. But it is still possible, and this article will show you how to mine Bitcoin profitably in 2020.

Choose reliable equipment

Your income directly depends on the right choice of equipment. First of all, pay attention to ASICs, because they are increasingly displacing GPU rigs from the market. When choosing devices, consider the following factors:

• How much do you pay for electricity and how much does an ASIC consume per terahash? Choose the device that consumes the minimum. Otherwise, you will have to spend most of your income on paying your electricity bills.
• What overclocking profiles are available and how much power does the ASIC need to reach them? Choose the model that will allow you to achieve the maximum hashrate, while consuming as little as possible.
• How easy is it to get spare parts for an ASIC and have it repaired in your city? Choose a device that can be “put back in line” as quickly as possible, as prolonged repairs mean equipment downtime and loss of profit.

Pay attention to the following models:

• Bitmain Antminer S19 Pro (hashrate up to 110 TH/s and energy saving up to 29,5 J/Th);
• Bitmain Antminer S17 Pro (easy to overclock, high reliability);
• Old generations of Bitmain Antminer Т17 (easy to overclock, high durability);
• Innosilicon T3 (an improved cooling system).

Take care of ventilation and cooling

ASICs consume a lot of energy, and almost all of it is converted into heat. If devices overheat, their chips will suffer, which will negatively affect hashrate and your income. Accordingly, in order to mine Bitcoin profitably and without downtime, you need to take care of ventilation and cooling.

• Clean your devices from dust regularly — clean ASICs are less likely to overheat.
• Make sure that the room is ventilated enough — if possible, open windows and doors, and install fans, directing them so that the airflow will remove the heat generated by the ASICs from the room.
• Do not install devices too close to each other. Leave some space between them for better ventilation.
• Try immersion cooling (immersing devices in a container of dielectric fluid). Using this method, you can eliminate the purchase of air conditioners and cut costs.

Join the pool

By mining Bitcoin on a pool, not individually, you will receive payments more often, which means that your income will be much more stable. When choosing a pool, consider the following factors:

• Payout model (the most profitable option is PPS+, which means that you will receive a payment for each share that you submit);
• Pool fee;
• Transaction fees;
• Proximity of servers (the closer the server is, the more stable the mining process and, accordingly, your income are).

Install custom Hiveon ASIC firmware

At the moment, profitable Bitcoin mining is almost impossible without custom firmware, and Hiveon ASIC is the best available option:

• Using the downvolting function, you can reduce your energy consumption and cut costs on paying electricity bills. For example, on the stock firmware ASIC Antminer S17E consumes 2700 kW, while the hashrate is 60 TH/s. With the Hiveon ASIC firmware, the device consumes much less power (1314 kW), and the hashrate remains at the same level.
• Thanks to the overclocking function, you will be able to achieve a higher hashrate and increase your income.
• The temperature watchdog reboots the ASIC or stops the mining process if it reaches a critical point, so your devices don't overheat.
• You can also set up the desired temperature of the chips. The temperature will be maintained automatically, which will positively affect their performance.
• The hashrate watchdog reboots the device if the hashrate drops below normal. This will help you to avoid loss of profit.
• The autotuning function adjusts the frequencies of the chips to increase the hashrate and maintain the level of power consumption. This is especially useful for chips that are already worn out — they will last longer and still be nearly as effective as full-fledged working chips.
• Thanks to the built-in wattmeter, you will always be aware of how much electricity your ASICs consume.
• With the Hiveon ASIC firmware, you can use the Hive OS monitoring and management system for free. In this way, you will cut your costs and be able to manage thousands of devices at the same time.

As you can see, profitable Bitcoin mining is still possible even in 2020. To do this, you need to responsibly approach the matter of choosing equipment, provide devices with ventilation and cooling, join the pool and improve the devices with custom firmware.

Submitted August 28, 2020 at 04:32PM by laporiar https://bit.ly/3hDq9Bc