ViaBTC | Pro Tips from ViaBTC in “Burger Day Vol.4”
The “Burger In, Bitcoin Out” Vol.4 carried out by ViaBTC on Twitter on December 8th was a great success. Users actively participated in the event by posting burger pics and sharing their answers to “What do you want to know about crypto mining?”. Hundreds of comments were received, and here we’ve selected some of them to answer. All 10 selected askers will share a 300 USDT prizing pool. Congrats!
- What is the most important part for crypto mining?
- Is mining crypto always profitable?
When it comes to crypto mining, the most essential requirement is to procure a mining machine with large hashrates. This is the case because mining describes the process of creating new blocks and verifying blockchain transactions, which requires massive computation resources. Beyond that, miners also need a smooth network and steady power supply to make sure that their machines can keep running 24/7.
Although crypto mining can be profitable, it is not always the case. The profitability of crypto mining is determined by factors including the electricity fee, mining difficulty, and crypto price. For instance, high crypto prices and cheap electricity will make mining profitable. That said, as those factors are volatile, you should think carefully before deciding to venture into crypto mining.
- Is it worth starting cryptomining right now?
- Which kind of crypto is mined the fastest?
- Can crypto mining still be profitable in 2022 and 2023?
Before starting to mine cryptos, you can first use the Profit Calculator function on ViaBTC to determine the daily net profit by deducting the electricity cost, and mining is counterproductive if the figure is negative. That said, you can still start mining if you aim to invest in the future of crypto and are less sensitive to immediate profits. In any case, prudent considerations are always needed.
The block time of Bitcoin stands at 10 minutes, longer than many cryptos. For instance, many cryptos come with a block time ranging from a few seconds to a few minutes. You can also go to the ViaBTC website to check out the block time of cryptos supported by the pool.
The profitability of mining is subject to volatile factors including the electricity fee, mining difficulty, and crypto price, and you will earn handsome profits with cheap electricity and continued crypto growth.
- How can we make sure about the security of crypto mining?
- How can we set up crypto mining?
- How is crypto mining malware executed?
To start with, you can choose a safe, reputable mining pool. Joining such a mining pool mitigates the risk of 51% attacks or other frauds; secondly, you should update your mining software regularly to acquire the latest security patch and repair; finally, you should constantly monitor your mining machines, and prompt responses are required in the event of abnormality, such as a sudden hashrate drop or an increase in rejection rate, which might signal a hack.
The recommended mining configuration depends on the type of crypto you are mining. Cryptocurrencies often use different algorithms, which require different mining machine configurations. At the moment, ViaBTC supports over 10 types of cryptos and offers set-up instructions for all of them. For more details, you can go to Mining Guide in ViaBTC’s Help Center, or you can also reach out to our customer service experts.
4. @polehovskiy: What is the advantage of mining? What is the best thing to mine today? What’s next for ViaBTC?
Crypto is an emerging sector. After several crypto bulls, the industry has built a user base of over 300 million. Meanwhile, the huge demand for crypto transactions attracted a large swath of miners to the industry. From BTC to LTC, many cryptos need miners to ensure the integrity and security of the network. For miners, mining is a profitable business.
You can find out about the most popular and best-rated cryptos during the recent period on Minerstat.
ViaBTC has always been trying to improve its product functions and provide users with more versatile services. Since ViaBTC was launched in 2016, we have explored many innovative functional upgrades, including Transaction Acceleration and Hashrate Fluctuation Notification, as well as financial services like Hedging Service and Crypto Loans. The convenience brought by great products is apparent to all miners who have tried out those functions. Going forward, we will continue to improve our products, build a global presence, and provide better, safer, and more efficient crypto mining services for users across the globe.
- How do you start crypto mining for beginners?
- Can crypto mining make you rich?
- What is the best to do crypto mining?
Before deciding to foray into crypto mining, beginners should first acquire a general understanding of cryptocurrency and the current market conditions. For instance, you can go to Blog and Help Center on the ViaBTC website to read content about crypto and mining.
There is plenty of real-life proof that crypto mining can indeed make people rich. Compared with crypto speculation, mining represents a more stable investment channel. Miners who joined the sector in the early days all made a fortune during the bull markets in 2017 and 2021.
In terms of consensus and user recognition, Bitcoin is clearly the best crypto to mine. Compared to other cryptos, Bitcoin features a stronger consensus, which enables small price fluctuations. As such, if stability is your priority, then Bitcoin will be a good choice.
- How likely that all crypto mining is legit?
- Did crypto mining is safe?
- How effective crypto mining are?
The attitude towards crypto mining varies from country to country, and crypto regulations within the same region may also significantly differ. For instance, anonymous privacy coins such as XMR and ZEC are easily associated with illegal activities like money laundering and fraud, so they are banned from trading and mining in some regions. Therefore, prospective miners should first examine if crypto mining is legal in their region.
You could choose a safe, reputable mining pool. Joining such a mining pool mitigates the risk of 51% attacks or other frauds. Secondly, you should update your mining software regularly to acquire the latest security patch and repair. Last but not least, you should constantly monitor your mining machines, and prompt responses are required in the event of abnormality, such as a sudden hashrate drop or an increase in the rejection rate, which might signal a hack.
Your mining efficiency depends on the configuration of your mining machines. Today, mining difficulty has kept rising, and mining machines are also being upgraded at an increasingly faster pace. Old models released a few years ago are no match for today’s mainstream models in terms of their hashing capacity, which means that they are much less efficient than the latest models. In most cases, the mining revenue cannot even cover the electricity expense.
7. @muraten85801842: Which skills are needed to become a miner?
Before becoming a crypto miner, you need to acquire a rudimentary understanding of the whole crypto ecosystem and get familiar with the steps involved in mining. Plus, market sensitivity is also important, and experience in the hardware structure of mining machines and crypto development will also be helpful.
8. @Thatcher125: Nowadays, there are a lot of scamming platforms out there. How to find the best mining platform? What are all things need to check before choosing a mining platform?
Faced with all sorts of mining pools, both good and bad, new miners can identify an ideal mining pool relying on the following indicators:
- Hashrate: You can find out about the hashrate ranking of mining pools through many blockchain explorers, and the high-ranking pools are often a good choice because a large hashrate proportion in the total hashing power of the blockchain network indicates strength. It shows that the mining pool is working with well-established mining farms and that it is widely trusted by miners. Moreover, years of good reputation are usually typical of such long-standing pools.
- Reputation: Pools with a sound reputation and a full range of tools are also a good choice. Such a pool promises satisfying mining experiences, which also shows you the amount of effort that went into its products & services.
- Tech capacity: The mining race is intense, and you might miss a block reward due to a slight delay. In this regard, only pools with a strong tech background can ensure steady mining revenue.
- Is mining crypto a profitable venture and how much time does it take to get the ROI?
- How much money does it cost to build a good and better crypto-mining setup?
- Before crypto mining, what are the basic thing a person should be aware of?
Crypto mining is a comparatively more stable investment channel, but it is also subject to risks. Mining can lead to losses during a sluggish market, and the right timing is the key to reducing the payback period. The value of a mining machine is determined by multiple factors, including its hashrate level, power consumption performance, and hashrate prices on the market. As such, the payback period of different mining machines also varies. We advise miners to first estimate the payback period of their investment based on the relevant figures through web tools.
The cost of machine modifications also differs, and you can purchase official or third-party firmware to improve your mining efficiency. Moreover, water-cooling, air-cooling, or oil-cooling devices could also be used to cool the mining machines and create optimal working environments. It should be noted that the same device might have different price tags across platforms, and you can look around to get the best quote.
10. @YoalisC85: What is the strategy that you would apply as a Leader at this time that we are closing the year 2022? What do you promise for 2023, what method would you use in your project to win against the competition?
Compared with our rivals, ViaBTC offers tech stability and a versatile product range, which are its main advantages. During the 12 years since the world’s first mining pool was founded, the mining sector has gone through enormous changes. In that process, many pools tried to attract miners with a dazzling array of promotions and tempting subsidies, but many of them eventually failed due to technical weaknesses. When it comes to mining, security and stability are the chief concerns. In that regard, ViaBTC Pool fully updated its bottom-layer tech architecture. Our strong technical capacity has also secured us the lowest orphan rate in the industry, which promises higher mining revenue.
In 2021, we rolled out a series of innovative products. That said, some of our functions and services can still be improved. As such, our priority this year has been the further optimization and restructuring of existing products. For instance, we have improved Auto Withdrawal and upgraded the security protection of accounts. For us, the interest of miners is the №1 priority.
In the future, product improvement will remain one of our focuses. Meanwhile, ViaBTC will keep building a global presence and provide better, safer, and more efficient crypto-mining services for users across the globe.
Thank you all for participating, and congrats to the winners. For those who miss the opportunity, don’t worry. Stay tuned and look forward to the next “Burger Day”!