Are you a crypto miner? If so, then you know all too well that it’s tough going these days. But don’t give up and if you’re new to mining, there is still hope. Lot’s of hope. We’re on the bleeding edge of a cryptocurrency revolution and as a miner, you are both supporting and profiting from it. So if you are about to close up shop on your mining business, check out these 3 strategies first to make big profits.
CRYPTO MINERS GET RICH BY BEING LOCATION INDEPENDENT
Cryptocurrency is an everchanging industry that moves around the globe. With all the new laws and regulations popping up, one crypto friendly country may not be so friendly the next year. So for crypto miners to get rich, they need to be aware of the best country for their operations. Unsurprisingly, the countries with the cheapest electricity are where miners thrive the most.
Mining hardware uses up incredible amounts of energy. So if you live in a country with expensive electricity, making a profit, or even just breaking even in this bear market is hard. Countries like Venezuela, however, have virtually free electricity and is a breeding ground for the most profitable miners in the world. We’re not saying you have to move to Venezuela per se, but just think globally instead of locally.
CRYPTO MINERS GET RICH WITH THE BEST HARDWARE
All people may be 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 rest, you need to invest in the best ASIC mining hardware around.
Ask anyone around and they’ll say the Dragonmint 16T is the premier option for mining hardware. Clocking in at 16.0 TH/s, it’s powerful, fast and efficient. This doesn’t come cheap though. Expect to pay upwards of $2,800 for a single machine. If you want something a little more affordable, then Bitmain’s Antminer series fit the bill The Antminer S7 only gives you 4.73 TH/s but for $489.99 per unit, you can get a nice little collection going.
CRYPTO MINERS GET RICH WITH LOANS
An increasingly popular tool in the crypto mining community is crypto backed lending platforms. These are the ultimate too for HODLers as they allow you to get cash while simultaneously keep their crypto. For miners, that means they don’t have to sell their crypto in this bear market for minimum profit or even a loss. Instead, they can hold on to it and get a loan to pay their business expenses.
Platforms like YouHodler offer BTC, BCH, BSV, ETH, LTC, XRP and more as collateral. With an industry best loan to value ratio of 80% and low interest rates, this is the best value for miners needing a quick loan. Speaking of speed, this platform features credit/debit card and USDT integration for pay in and pay out. So if you need to get your crypto back fast, you can in a matter of minutes with these options. Furthermore, there is no waiting time and intense background checks to sign up. This is not a P2P lending service so anyone can sign up and get cash when they need it.
Mining is not dead but it takes a little more creativity to make a big profit these days. With these three tips, you are on your way to a successful mining career.