
Table of Contents
Welcome back to the world of crypto mining
It is always a pleasure to kick-start or continue a conversation around one of the most challenging yet rewarding aspects of the crypto space – crypto mining. For newcomers to the world of cryptocurrency, mining represents a foothold into the digital asset marketplace. For more experienced miners, it’s a significant source of income and an exciting passionate hobby. Nonetheless, each miner, new or experienced, has their route to take in this vast universe of opportunities.
Our Journey: Where we started and where we are headed
Sometime back, my friend Andy and I embarked on this journey with a video on the introduction to crypto mining. We found ourselves spiraling into a series of discussions that we never actually planned to start. The video focused on getting into crypto mining, providing recommendations and important red flags for both newcomers and skilled persons in this space. But herein lies the question – what happens after you become a crypto miner?
This question invited numerous potentially varied responses, that today, we decided to do a part two of our crypto mining series, in an attempt to offer some guidance on the subject.
Crypto Mining: Now What?
1. Taking profits
One of the most challenging decisions any crypto miner has to make is when to take profits. Every miner has their plan and strategy for turning a profit or receiving a return on their initial investment. My friend Andy, for instance, is comfortable with paying all electricity and hosting costs out of pocket while stockpiling the coins for a considerable amount of time before cashing out. His model adheres to the idea that there is more to gain from waiting for a significant bull run, despite the risk of potentially losing out on some coins.
2. Managing risk
However, the risk tolerance of each miner differs, as do their goals. While some are more short-term oriented, wanting an immediate fiat return on their investments, others are more conservative and interested in a more long-term strategy. Therefore, the decision to cash out early or hold onto their coins for longer depends on whether a miner can afford to pay costs out of pocket, their risk tolerance, and ultimately, their personal goals.
3. Expanding Your Mining Operations
As profit starts to roll in and experience builds up, most miners start looking into growing their operations. However, before delving into buying more mining hardware, it’s essential to consider the risk management and risk tolerance. Planning to buy new mining hardware should not be based on immediate profitability or return on investment.
4. Buying and Selling Hardware
When investing in hardware, miners should consider the technology behind the tools they are purchasing. The mining equipment landscape is always changing, and the latest technology today could quickly become outdated. Therefore, miners should avoid buying older models, even if it seems like a deal, to avoid owning outmoded technology and losing out on potential profits. Miners should also be aware of when to sell their hardware. They could consider offloading their equipment when Bitcoin hits new all-time highs to capitalize on the market sentiment.
Conclusion
Crypto mining can be rewarding, but it also brings its level of challenges. For successful mining, one has to have a clear plan and a sound understanding of risk management and market dynamics. Whether you’re new to mining or an experienced player, it’s crucial to learn from others and share your experiences. This sharing and learning not only lead to personal growth but also contribute to the continuous development and growth of the crypto mining community as a whole.
Ok. New miner. Just got my KS0 Ultra. Not to make a lot- but to learn. My issue. I can find plenty of video's like this. BUT I can't find anything solid on how to get started. I got this miner- now what? Any videos on how to get up an running?
Lol Andy. Flux is a scam. AWS doesn’t have competition.
I need help before I punt my KS0 pro to the moon! I keep getting abnormal hash rate and fan speed and I can’t get it to stop!
Depin is where it is at for low power mining. BTC Asic miners are so expensive to run and buy. GPUs are almost dead for mining profits.
My best early project pick was Helium Mobile. Fantastic…
I follow your channel, you make great clips. Please, if you can insert the title in Serbian, Croatian anyway
For someone like myself, who built a 4GPU miner I think in 2020, and although small made some money but right now, there is an information overload. Any investment in anything is risky but when you are bombarded with new hardware coming weekly, video on how you made 100K mining X coin, honestly I feel the real people making money are the mining manufacturers, and limited few of miners who have established themselves early and its paid off and have a business mentality. For newer miners its like throwing the line into the water and hoping for the big one, sporadically mining different coins because its the flavor of the week etc.. That is how it feels to me anyway, unless you are able to really invest in efficient higher mining capable equipment, you may never really make a true profit and again its mining at the right time in the right place.
hey sorry to ask but any chance you have some mining gear that you don't want or use as i am new to mining and am trying to find gear but it cost SOOO much it make it hard to get, understand if not jus thought would reach out to u and ask …P.S love the videos bro u have taught me soo much from watching you
We changed our hosting to BlockOps last month after your recommendation. We couldn't be happier, thank you!!
Do we think sedracoin will moon?
hello i want to ask a question is zeus miner company is trusted for the service etc?
Such a good video
Thanks 👍❤️
Great tips
For the next video can you talk about finding, researching, and knowing what is the best firmware to use. Manufacturers vs custom. Knowing dev fees etc.
Love that you talked about when to sell your hardware. Usually videos just focus on what to buy at any moment in time. When to sell your hardware can be just as important, particularly if you're in a bear market or beginning of a bull market
@The Hobbyist Miner
you never answered my question
Great video guys! Im planning to DCA out starting in 2025, and sell hardware mid 2025. Trying to keep emotion completely out of it, but its hard to do 😮
Thank you. Good discussion.
Always a great time chatting mining with you Hobbyist!
Thank you brothers ✝️🙏
Stacking my mining profits into osmium nodes for the rest of the year
Why don't you two bring out your own podcast that would be really interesting.the hobbyist & Andy podcast