In recent blog posts on this blog, I have given you just the basics of mining. I have explained what jobs a miner does. I have also discussed that the most profitable way to mine is to have multiple income being generated. How and which were up to you to discover for yourself. Now I am going to show you how to mine, and what to really look for.
When you are mining on a peer to peer pool you only have to concern yourself with one difficulty set of numbers. Those numbers are the share difficulty. If you look in the example below you will see that on this particualr coin, a SHA256 coin, the difficulty for the share is low. If you think about this logically the Antminer S3 goes higher than that.
Now look at the pool difficulty for the miners mining. The pool difficulty is also quite low. This will show you that you can get a pretty good share each week or so when the block hits. Not bad for one coin.
This is truly the reason why people fail in mining. One they do not know what to look for,and for two they just think they can just plug in the miner, set the pool and worker and let it go. NOPE! That is not what happens. I have covered most of this on the post of "Life of a Miner" That should tell you what you need to know to even begin this job. If you cannot do it, then perhaps you may need to research Cloud mining and hope to god that, that particular site does not go rouge. But they charge you a maintenance fee, and your reward is your reward. That may be a way for you to go, if you truly cannot understand the technical responsibilities that a miner must do.
During Halloween this year I have had a variety of miners go down. It was days of taking them down, cleaning them, and doing a complete overhaul to put most of them back online. Here it is Almost Christmas, and I am making pretty good on my income, even though, I am now only mining at about 75% efficiency.
So the excuse of the mining calculators, which are never right, are the one thing you must never really set it in stone. This Is mainly because of a few factors:
1.Price of coin mining could increase, dollar value increases.
2.Difficulty goes down due to price drop, More coins will be mined at the same hash rate, which increases the amount
3.More miners enter the peer to peer pool speeding up the block time, which causes more coins for you and faster time a block is completed. This also means a higher dollar amount.
These three are the main factors, but they are not the only ones. This is why the calculator can never be right because these factors alone cannot be calculated ever.
My advice either learn the miner inside and out that you want to use so you can maintain it well, or make sure you have a good cloud mining service with a better contract of a one time payment, and they charge for the maintenance.
When you are mining on a peer to peer pool you only have to concern yourself with one difficulty set of numbers. Those numbers are the share difficulty. If you look in the example below you will see that on this particualr coin, a SHA256 coin, the difficulty for the share is low. If you think about this logically the Antminer S3 goes higher than that.
Now look at the pool difficulty for the miners mining. The pool difficulty is also quite low. This will show you that you can get a pretty good share each week or so when the block hits. Not bad for one coin.
This is truly the reason why people fail in mining. One they do not know what to look for,and for two they just think they can just plug in the miner, set the pool and worker and let it go. NOPE! That is not what happens. I have covered most of this on the post of "Life of a Miner" That should tell you what you need to know to even begin this job. If you cannot do it, then perhaps you may need to research Cloud mining and hope to god that, that particular site does not go rouge. But they charge you a maintenance fee, and your reward is your reward. That may be a way for you to go, if you truly cannot understand the technical responsibilities that a miner must do.
During Halloween this year I have had a variety of miners go down. It was days of taking them down, cleaning them, and doing a complete overhaul to put most of them back online. Here it is Almost Christmas, and I am making pretty good on my income, even though, I am now only mining at about 75% efficiency.
So the excuse of the mining calculators, which are never right, are the one thing you must never really set it in stone. This Is mainly because of a few factors:
1.Price of coin mining could increase, dollar value increases.
2.Difficulty goes down due to price drop, More coins will be mined at the same hash rate, which increases the amount
3.More miners enter the peer to peer pool speeding up the block time, which causes more coins for you and faster time a block is completed. This also means a higher dollar amount.
These three are the main factors, but they are not the only ones. This is why the calculator can never be right because these factors alone cannot be calculated ever.
My advice either learn the miner inside and out that you want to use so you can maintain it well, or make sure you have a good cloud mining service with a better contract of a one time payment, and they charge for the maintenance.
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