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Here we are in early 2021 having the best months of mining when it comes to profitability however today we will go over six ways plus a bonus one at the end to increase the profitability even more.
It’s important that we remind you that these are just our opinion and experience with mining and are subject to change with time because things move very fast in the mining and crypto world, please remember these are also not financial advice, and you should always do your research before investing or using a service.
Enough talk, let’s get down to business and go over these six tips we prepared for you.
Keep your GPUs at a low temperature
Now, I know that this is a simple tip, and you are probably asking why would lower temperature of the GPUs increase your mining profitability?
When a GPU is filled with dust and dirt it will need a higher fan speed to keep its target temperature and this will result in more power consumption used and with more power wasted the higher the energy bill. Keeping the GPU at a lower temperature not only will keep the power bill low but will also allow for higher overclock values and thus more hashrate. Remember that keeping a GPU clean and working at a lower temperature will also keep the GPU alive for longer and allow us to get more money from mining with it.
Use Nicehash to get paid in Bitcoin
When we compare the price of all the coins we see that Bitcoin is the one coin that loses less it’s value in a bear market. Using nicehash allows us to mine Ethereum or other alt coin but get paid in Bitcoin and if you are a miner that is not selling all his coins every month and hodling it, I would say that keeping it in Bitcoin is usually a better idea looking at the price history.
Please do a more extensive research into these services before you use them.
Use miningrentals to rent your rigs
Miningrentals is similar to Nicehash however you get to pick at what price you want to rent your rigs, so unless there is someone actually renting your rigs for the price you picked your rigs will continue to mine to your normal pool such as e.g. ethermine or nanopool. I personally know people that used this service and got up to 20% more earnings by renting their rigs to others.
You can also pick to rent it and get paid in Ethereum or Bitcoin which is nice.
Don’t sell all your mined coins at once
If you ask anyone that has invested into mining or even directly into the coin they will say that they regret selling too early, historically if we look at the price of Ethereum or Bitcoin it only goes up even if from time to time it goes down looking from the beginning until now the price only went up.
If you can afford to pay the electricity bill and still have some coins left every month I suggest that you keep them and only sell when you see a good opportunity at a higher price.
Basically hodl and find good opportunities to sell when the price is much higher, just 2 months ago Ethereum was at $600 while a few days ago it surpassed $1800 that’s 3 times the value.
Keep up to date with new miners and updates
Sometimes new miners are updated with improvements in their code that can save power or increase hashrate such is the case with Teamredminer that lately has been updating their code to improve the hashrate and power consumption especially for Navi and Radeon VII GPUs.
A good example is our article how to get over 100 mhs on Radeon VII.
Lolminer released recently an update that allows 4 GB cards to mine up to 30 mhs by connecting it directly into the motherboard without a riser. On Nvidia for example we have recently noticed that miners like T-Rex and Nbminer have been performing the best.
Dual mine ETH+ZIL
Dual mining can be profitable specially in a bull market where all the altcoins are going parabolic and their price increases by 10,50 or even 100 times it’s normal value. A good example is ZIlliqa that increased in price a lot in the last months and many miners that dual mined saw their income increase by 10 or even 20% because of it.
We want to refer you to our article how to mine dual mine ETH + ZIL
Bonus: Invest in newer GPU models
Newer models not only hash at a higher hashrate, but they also consume less power per mhs, so investing in newer models will increase the number of coins we get at the end of the month and at the same time reduce the power bill compared to using older models.
Take a look at our article with top five GPUs for mining in 2021.
