First check out 2 youtube channels that helped me a lot. 1. Cursed Mining and second one is Voskcoin ( watch out, because many scammers are impersonating this guy! Look for the real Voskcoin channel )
Mining is a labour intensive, long term game. If you don’t like hardware and building something with your hands, I won’t advise it at all. Today I spent the whole day building a sound insulating ducting system for just 3 miners and I would gladly do it tomorrow if need be.
Depending on your location, you have to keep in mind the costs of power and your own preparedness for mining at your own costs for at least 2 tot 3 years!!! Because the BEST moment to start mining, is when it’s unprofitable! You have less competition and you mine more coins. It learns you to be very patient and hodl for years if needed.
Also there are many scams when it comes to basic miner sellers. You have to be very careful and do your due diligence.
Also NEVER EVER buy mining gear with credit!!! Just don’t! It’s too damn risky. Be patient, save up some cash ( or start a side hustle to earn more ) and use THAT money for mining gear. When you get your miner, FORGET ALL ABOUT ROI ( the period when your machines pay themselves off ). It’s a myth! You might reach it, ,but you also might not. You have to think in cashflow! Monthly income is important. ROI is not. These numbers will never be accurate anyway. So when you bought your miner, forget that you put X amount of money in your purchase and just focus on your cashflow that it generates.
Also don’t be greedy and don’t go spending mined crypto left and right. BE PATIENT!!! It will pay off in the long run when a new bull market comes. You WILL need to upgrade and replace your machines and you will need capital to do so. So don’t go living from your mining farm just yet. Wait until you have some capital aside and 3 layers of emergency cash to help you during the brutal bear markets. SO mining is best combined with a day job or a side gig when you are starting out.
So you see mining is kinda tricky. You have to believe in crypto 100% and you have to force yourself to be very patient, to learn all the time and to go for the kill, while all the other miners are switching off their machines due to low profitability. It’s a numbers game and in the end it’s very fun and rewarding. It’s only my second year of mining and I love it.
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