Are you a crypto currency miner? If so, you know all too well that things are tough these days. But don't give up and if you're a new miner, there's still hope. Lots of hope. We're on the cusp of a crypto-currency revolution and as a miner, you're supporting it and benefiting from it. So, if you're about to close up store on your mining business, check out these 3 strategies for making big profits first.
CRYPTO-CURRENCY MINERS GET RICH BY BEING LOCATION INDEPENDENT.
Crypto-currency is an ever-changing industry that moves around the world. With all the new laws and regulations that are emerging, one crypto-currency-friendly country may not be the next. So, for crypto-currency miners to get rich, they need to know which country is best for their operations. Unsurprisingly, the countries with the cheapest electricity are the ones where miners thrive the most.
Mining equipment consumes incredible amounts of energy. Therefore, if you live in a country with expensive electricity, it is difficult to make a profit, or even break even in this bear market. On the other hand, countries like Venezuela, where electricity is virtually free, are a breeding ground for the most profitable miners in the world. We're not saying you should move to Venezuela per se, but just think globally rather than locally.
CRYPTO MINERS GET RICH WITH THE BEST HARDWARE.
People may be all equal, but that's certainly not the case when it comes to ASIC mining hardware. There are definitely bold lines that separate the strong from the weak... the valuable from the worthless. It would be nice if cheap electricity was the key to getting rich for crypto miners, but it's just a small piece of a larger puzzle. Crypto mining is very competitive, so if you want to stand out from the crowd, you need to invest in the best ASIC mining equipment.
Ask anyone around and they will say that the Dragonmint 16T is the top option for mining hardware. With a rate of 16.0 TH/s, it is powerful, fast and efficient. It's not cheap though. Expect to pay over $2,800 for a single machine. If you want something a little more affordable, then Bitmain's Antminer series fits the bill. The Antminer S7 only gives you 4.73 TH/s, but for $489.99 a pop, you can build up a nice little collection.
CRYPTO MINERS ARE GETTING RICHER WITH LOANS
An increasingly popular tool in the crypto miner community is crypto-currency backed lending platforms. They are the ultimate for HODLers as they allow them to get money while keeping their crypto. For miners, this means they don't have to sell their crypto in this bear market for minimal profit or even a loss. Instead, they can keep it and get a loan to pay for their business expenses.
Platforms like YouHodler offer BTC, BCH, BSV, ETH, LTC, XRP and more as collateral. With an industry-leading 80% loan-to-value ratio and low interest rates, this is the best value for miners who need a quick loan. Speaking of fast, this platform has credit/debit card and USDT integration for payment and checkout. So, if you need to get your crypto back quickly, you can do so in minutes with these options. Also, there is no waiting time or intense background check to sign up. This is not a P2P lending service, so anyone can sign up and get money when they need it.
Mining isn't dead, but it takes a little more creativity to make big profits these days. With these three tips, you're on your way to a successful mining career.