At ViaBTC, we are dedicated to cryptocurrency with rich technological prowess and experience in the global operation of the blockchain industry.
Recently, we’ve held a text AMA on our Telegram together with professional miners from YDHL & 123 Society. See full details.
In case anyone missed it and wanted to learn more about it, our miner partners were also invited to join our Twitter space to talk about their specialization, mining advice, how they view the current market, and more.
We collected many awesome questions about mining opportunities from our Twitter post and discussed them on the Twitter space live.
Listen to the Twitter space recording here.
— — — — — — — — — — — — — — — — — — — — — — — — — — —
Recap of the Twitter Space
Introduction of ViaBTC
ViaBTC was founded in May 2016. It’s a comprehensive global cryptocurrency pool serving about 1, 000, 000 users in over 130 countries and regions with stable and secure services.
We aim to promote the development and build a better future for the blockchain industry, and to realize our vision — “Via Bitcoin, Making the World a Better Place”.
3 reasons why ViaBTC is your optimal choice when it comes to mining:
- We have a team of talents that have top-tier dot-com company experiences. ViaBTC’s stable network is a joint effort of theirs, safeguarding your assets 24/7.
- You can access the visual presentations on our site to easily understand the real-time, and detailed statistics of pools and miners obtainable.
- Low TX fee. PPS+, PPLNS, and SOLO modes are supported.
Introduction of YDHL & 123 Society
YDHL: YDHL started in 2014. We have more than 20 R & D miner centers in many countries and regions. Almost over 50% of our employees are operating personnel who have been in the top companies in the integrated circuit industry. Our core products have long been one of the world leaders in terms of performance.
123 Society: We are a mining community that focuses on sharing the practical operation experience of the global mining industry.
Our services mainly include mining knowledge sharing, daily mining assistance & consultation, and as a female miner in the industry, we want to help women in this space to win.
Many of our community members started mining in 2014, they have a lot of practical experience. We can share their smart mining scheme to help you go through the bull and bear.
Topic Questions
ViaBTC: Any suggestions for noob mining? How can they balance the profits and losses to achieve stable returns?
YDHL: We know Americans have this tax freedom day, which is to count how many days it takes for Americans to earn all the tax part of their money in a year.
After the tax freedom day, the work you do will be working for yourself, and the money you earn is the money you can actually secure in your bag.
Americans do have to pay a lot of taxes as we see.
We can set a daily electricity fee for beginners. Sell part of the profit produced by mining every month and pay the electricity bill.
The electricity-free day is used to count how many days in a month all the coins mined need to be sold to pay the electricity bills. And then, the rest of the coins mined belong to the miners.
To make it break-even, new miners can calculate their own statistics.
Set your electricity-free days every month.
The more electricity-free days, the more healthy is the breakeven state, and the more stable it will be to make money.
ViaBTC: Are there any examples? Let’s say, if I have a specific model, what’s the process like?
YDHL: We can take the ShenMa M21s as an example.
Say Bitcoin is 44, 447 dollars, we use the 54 t / 60 W model, and the machine price is 1,728 dollars per unit.
Then: the daily output of this machine is 11.5 dollars, and the electricity charge accounts for 49.54%.
The electricity charge is 5.7 dollars, and the daily net profit is 5.8 dollars.
That is to say, for this model, after the 15th day of each month, it is your electricity-free day! After that, all the coins mined will be your profit.
ViaBTC: What would affect such days?
YDHL: 3 factors will affect the electricity free day:
- the power consumption per unit hash rate of mining machines and electricity charges;
- the hash rate;
- and the coin price at that time.
The lower the power consumption, the cheaper the electricity, the higher the coin price, the lower the hash rate, the earlier the electricity free day will come.
The hash rate consumption per unit of mining machines will help us decide which model to choose, the electricity fees are decided by mining farms.
See? The whole network’s hash rate is super interesting. Literally speaking, it is the combination of all the hash rates that participate in the mining activities.
The whole network hash rate can help us identify the truthfulness of some news and thus provides us with an objective reference to our choices.
There are actually more miners and mining machines involved even after the hash rate slow-down at the end of last year and the beginning of this year.
Obviously, statistics don’t lie.
ViaBTC: It always goes better and clearer with statistics. Jay, what do you think about it?
YDHL: It’s actually not difficult to profit stably in mining. We need to understand it first.
As long as you have mining machines available, they’re already your profits.
Say, if I invested 100, 000 dollars to buy a mining machine, if the price of Bitcoin rises, your mining machine can actually be sold at a higher price.
What’s more, your break-even status can change due to the price difference of bitcoin. Overall, Bitcoin has been increasing in value over the past 10 years. Profit of the increase in price has surpassed the cost of certain time needed for you to break even.
Back to the topic of breaking even, prices of our mining machines can rise, greatly. So, if the price of a coin gets lower, you can hedge to balance the risks.
This way, for new miners, you can profit stably. Even though the price drops, the hedging will make up for the profit. After that, your mining machines are put into use. You should definitely learn when to use your mining machines and when to not.
ViaBTC: What are the hidden pitfalls for mining?
YDHL: There are many hidden pitfalls in mining, because the mining industry is only 10 years old, and an emerging industry can be full of opportunities and challenges.
We have a list of these, which may be one of the most effective ways to avoid miners falling for these.
Let’s take buying a mining machine as an example.
- Your dealers simply rug. In today’s market, such kinds of fraud rarely happen as we can now buy mining machines through reputable platforms and dealers.
- And also, the mining machine futures trading. Mining machine futures trading is very common and can be affected by chips, mining machine capacity, and mining machine manufacturers’ sales strategies.
- So here comes the trap: the mining machine price is decided by the coin price. When the price of the coin rises, the price of the mining machine will too; vice versa. Some resellers will tell their customers that they have already reserved the mining machines; then the coin price rises. While, some tell their customers they didn’t make the reservation.
- Also, don’t forget about the low-quality machines. Some people simply just peel off the original labels and label the mining machines at higher prices.
- Many mining machines look almost the same, but their functionality differs in hash rate and energy efficiency, we can’t see the difference simply by looking at them. Spend your money wisely.
- There can be problems with second-handed machines. Many second hands are out of their warranty period, so you can’t judge their conditions. Without the guarantee, failures are normal for these second hands, such as problems with dropped boards, chips, and insufficient computing power. Surely, they can be a good option if you are trying to maximize the price and quality balance. If you bought second hands, remember to buy from dealers that offer after-sales services, this should avoid some of the problems.
ViaBTC: Any mining suggestion at a bear market that you can share with our audience today?
YDHL: Mining can certainly pass through bull and bear years, provided that the following are fully taken care of: mining machine cost, electricity cost, and mining machine energy consumption ratio.
The cheaper the mining machine is, the lower the electricity charge, the lower the energy consumption ratio of mining machines, and the smaller the risk. On the contrary, the risk will increase.
Bull and bear markets are different, we can adjust the priority.
First, compare the mining costs between bull and bear markets.
In a bull market, the daily output of mining machines is higher. For the same machines, the proportion of electricity charge is less than 10% every day.
At this time, the mining revenue is high. Therefore, the price of a mining machine comes first, the cost of electricity is second, and the energy consumption ratio is last.
So if you are mining in a bull market: the first is the mining machine cost, the second is the electricity cost, and the last is the mining machine energy consumption ratio.
In the bear market, the daily output of mining machines is less, and the proportion of electricity charge is sometimes even higher than 70%.
At such times, survival comes first. As long as the mining machine keeps working, it will survive. The energy consumption ratio determines the shutdown line.
Mining in a bear market: the first comes to the energy consumption ratio of mining machines, the second is mining machine cost, and the last is electricity cost.
The most critical here is the energy consumption ratio of the mining machine shutdown line.
Top 3 Twitter Questions
Twitter question 1: When will the full bitcoin mining end? And how do transactions work after that? Will the second version of Bitcoin be launched?
YDHL: By the year 2140, 2,100 bitcoins will be produced, and then the full mining will end.
Bitcoins are all mined, if the bitcoin network needs to operate normally, it still needs the miner’s mining machine to pack blocks to ensure that we can make bitcoin transfer.
This requires that the transaction fee of each block can cover the mining cost. After the bitcoins are fully excavated, the transaction fee is the only incentive for the bitcoin network. At that time, no one will know how to operate yet.
I think it is very likely to have the second version of bitcoin launched, evolution is an endless process.
Twitter question 2: As a beginner, I want to know what effect does a change in the price of Bitcoin has on its extraction?
YDHL: The bitcoin agreement stipulates that the reward after every 210, 000 blocks are mined (one block in ten minutes on average, lasts about four years) will be halved. At this rate, it is estimated that 99.99% will be mined in 2060.
According to the bitcoin production halving chart (which was made by us), in 2036, for the mining machines in the world, there will be one Satoshi for each block.
Therefore, Fidelity International expects that in 2035, each bitcoin will be worth $100 million. As we keep mining, the amount of BTC left will keep declining, and the price rises therewith.
Twitter question 3: Which currency is more profitable for mining?😉 Bitcoin — Bitcoin Cash — or LiteCoin?
YDHL: You can mainly focus on bitcoin, supplementation of the other two types in small numbers will be fine.
— — — — — — — — — — — — — — — — — — — — — — — — — — — —
For those who joined our Twitter space today, we’ve prepared massive rewards for you.
Full details are as the following:
Make sure you register your entries: https://gleam.io/U9d70/viabtc-ydhl-123-society-twitter-space (valid until 7 AM, April 3, 2022 UTC)
Reward 1: Top 3 Twitter Questions + Follow @ViaBTC + Tuned in to Twitter Space
1) top most liked question — 150 USDT + 200 mining machine coupons (50 USDT/coupon);
2) 2nd most liked question — 100 USDT + 200 mining machine coupons (50 USDT/coupon);
3) 3rd most liked question — 50 USDT + 200 mining machine coupons (50 USDT/coupon).
See all the questions on Twitter here: https://twitter.com/ViaBTC/status/1509503463683604487
Reward 2: Follow @ViaBTC + Tuned in to Twitter space
1) The first 20 people on Twitter space will win [15 Russian mining machine coupons (50 USDT/each) + 10 Chinese Futures coupons (16 USDT/each)] / person.
2) The rest on Twitter space will win the [4 Russian mining machine coupons (50 USDT/each) + 2 Chinese Futures coupons (16 USDT/each)] / person. First come, first served!
Reward FAQs
Q1: I won the Twitter top question challenge, how do I claim my $USDT and rewards.
A1: Fulfill the task link: https://gleam.io/U9d70/viabtc-ydhl-123-society-twitter-space. The $USDT reward will be distributed into your ViaBTC registered account directly. If you don’t have an account, register here: https://www.viabtc.net/signup. All rewards should be sent out as soon as possible.
Q2: How can I use these mining machine coupons?
A2: YDHL will publish the mining machine price on Twitter (@123_BlingBling) and Instagram (123_BlingBling) every day. According to the daily machine price, you can use it directly by contacting YDHL’s customer service team on Telegram.
Q3: Under what circumstances can I use these coupons?
A3: You can provide the coupons to YDHL to get the corresponding discounts while purchasing the mining machines.
Q4: What would be the expiry date of these coupons?
A4: Russian mining machine coupons can be shown and used within 365 days from the date of issuance, and Chinese Futures coupons can be shown and used within 60 days from the date of issuance.
— — — — — — — — — — — — — — — — — — — — — — — — — — — —
Conclusion
ViaBTC’s Twitter space at 6 AM UTC, April 2, 2022, together with YDHL & 123 Society covered topics about different aspects of mining. It’s great that we get to talk with our mining partners who are sophisticated in this field.
If you find such events helpful and want to learn more about ViaBTC and YDHL & 123 Society, give us a follow on Twitter, we should be hosting more of this kind.
ViaBTC’s Official Channels
Website: https://www.viabtc.net/
Twitter: https://twitter.com/ViaBTC
Facebook: https://www.facebook.com/viabtc
Telegram: https://t.me/TheViaBTC
No endorsement: please note that YDHL shoulders full responsibilities for their marketing activities & merchandise sold to their consumers. In no way is ViaBTC affiliated or responsible for any discrepancies that may occur between YDHL’s customers and YDHL in this regard.
Disclaimer: ViaBTC reserves the right to disqualify any fraudulent, suspicious, bot flooding, front-running, unregistered entrants, select and define winner criteria at its own discretion without prior notice.
