Table of Contents
Purchasing Cryptocurrency Mining Hardware in a Bear Market
The bear market presents a prime time to purchase cryptocurrency mining hardware. I recently scored a fantastic deal on some Bitcoin mining equipment and wanted to share the story with the fellow miners of my channel, The Hobbyist Miner.
The Bounties of the Bear Market
While the bear market can be somewhat disheartening for cryptocurrency investors, it offers an excellent opportunity for miners. The decrease in the value of various cryptocurrencies means that the hardware needed for mining is also more affordable. The key to benefiting from the bear market’s bounties is faith; a belief that the market will become bullish in the future. Coinbase predicts that even though there’s no set time for economic cycles in crypto, the shift back towards a bull market could happen within the year.
The Mining Hardware: Bitmain Antminer L3++
My recent acquisition consists of two pieces of hardware: Bitmain Antminer L3 pluses. I picked it up at discounted prices, making the purchases worth it, even with the grime and dirt it came with. The Antminer L3++ is a submodel, specifically the 580 model, which can enhance EFICIENCY when installing Hive OS firmware on them.
Sponsored by Nicehash.com
This video wouldn’t be possible without the generous sponsorship from Nicehash.com, the leading hash power marketplace, and home for millions of GPU and ASIC miners. Nicehash is making strides to help alleviate high mining costs by developing ways to bolster miners’ profits. They’ve introduced a new solo mining concept called “Catch the Block” that promises to bring a unique twist to the crypto mining process.
Usage of Bitmain Antminer L3++
So what do these machines do? The Bitmain Antminer L3++ allows me to mine more Dogecoin and Litecoin. The primary goal was to enhance my “bags” of these digital currencies. While the L3 pluses fall short of the L7 models in profitability—given the latter produces higher amounts of Dogecoin and Litecoin—the goal was not to match the L7, but rather, to buy affordable machines to boost my horde of Dogecoin and Litecoin.
Choosing the Right Power Supply
For my mining ambitions, the L3++ came furnished with a Bitmain power supply unit, the APW3++, which supplies 1600W. The challenge here was the excessively loud noise it produced. The solution I proposed involves swapping the power supply with an HP server power supply that supplies 1200W. I had to consult with more experienced miners about whether this would suffice.
Purchases from eBay And Upgrades
The other machine I bought was off eBay, which came with brand new fans, unlike the fans of the other machine, which had a significant amount of wear and tear. The cleaner hashboards and new fans improved the machine’s efficiency significantly, demonstrating the importance of maintenance and upgrades.
The next set of planned upgrades include installing Noctua fans that offer the promise of lower power consumption and less noise. However, the L3++ does have a safeguard that checks the RPMs of fans. To utilize the Noctua fans, it requires installing Hive OS firmware or Blister firmware on the L3++ mining machines and setting it to immersion mode.
Octo Miner 500 Giveaway Promo
In recognition of this significant step for the Hobbyist Miner channel, I joined Octo Miner in a giveaway promo partnership involving 9 other YouTubers. We aim to give away ten prizes to ten lucky winners. Each YouTuber will provide a custom design t-shirt with only 50 shirts available per design.
A portion of the proceeds from the campaign goes to the Water Project, a non-profit that provides reliable water projects to communities in sub-Saharan Africa lacking clean water and sanitation. The contest runs from November 1st to November 29th, and on November 30th, we will announce the winners randomly in a YouTube live stream.
Remember to pursue mining deals in the bear market, it’s prime shopping time!