When the price of cryptocurrencies is low, it is understandable that one would feel despair. Whilst some resort to switching their miners off, there are those who have another approach to making profits. Alas, there are many ways to skin a cat. The same applies when trying to maximise profits from mining cryptocurrencies. There is more than one way to maximise profits.
How to maximise profits from mining
Get the right equipment
The first thing is to make sure you get the right hardware to mine the most profitable cryptos. Start by doing your homework. There are various websites that allows you to easily compare the various cryptocurrencies that can be mined. Coinwarz is a good one! Be sure to also check out the coin’s website to ensure it has a real-world usage, the team is up to the task and its roadmap is in order. Make sure the coin is listed on exchanges and has mining pools. Next, speak to a friendly consultant at Bitmart so that they may advise you which miner is the best one to mine the crypto you want.
An example of a great miner is the Antminer Z9 that is currently available at Bitmart. The ZCash miner uses 1150W power and has a hashrate of 40.8k Sol/s. Click here for more info.
Join a mining pool
Mining pools are great if you are looking to combine your computational resources over a network with other cryptocurrency miners. It’s as easy a signing up for an account and adding a worker.
Transfer your coins from the pool to your wallet
There are a lot of wallets that offer both safe and secure storage for your valuable cryptocurrencies. You can keep your cryptos on a laptop, PC and even your cellphone. This means you can easily and conveniently move your coins from the mining pool to a wallet of your choice. Of course, the best wallets on the market at the moment is the Trezor and KeepKey hardware wallets.
This is where mining becomes tricky. If you decide to sell your Bitcoins or Litecoins or whatever coin your mining on a daily basis, mining will not be very profitable. With that said, Bitmart CEO Jacques Serfontein warns the mining community against this.
“Mining is a game of keeping your input costs as low as possible and ensuring maximum profits. You will not be able to achieve this if you sell the cryptos every day or every week. The best way to ensure your cryptos as extremely profitable is to hold onto them until Bitcoin spikes. This is when mining becomes very profitable and you will see a maximum return on your investment as the value will increase drastically.”
Until Bitcoin moons again, why not brush up on your trading skills by attending the Bitmart Advanced Trading Seminar. Click here for more details. Bitmart is the leading supplier of cryptocurrency mining hardware.