Mining profitability varies from day to day, and miners know that mining is just a game of statistics. As your income decreases, many of us start wondering how we can increase our profitability. Let’s see what we can do to achieve this together.
There are four things you can do to improve profitability:
- To save energy, use less power.
- Reduce the cost of your electricity
- Use the mining rig as an air conditioner
- Choose the best miner for your needs.
- Reduced energy consumption.
To limit power consumption, you need a program called MSI Afterburner. You don’t need to use a wattmeter to determine the actual power consumption, though it’s recommended.
- Plug your rig into an electrical outlet and measure its power consumption.
- Click here to download and install MSI Afterburners.
- Write down the results of the miner and calculate the power consumption.
- If you want to lower the power limit, use MSI Afterburner to lower the power limit to 85%. Then, write down the power consumption when the power limit was lowered.
- Decrease the power limit of the miner by another 5% (up to 80%), and then write down the power consumption of the miner and its hash rate.
- Keep mining until you notice a drop-off in hash rate.
- Save settings.
With this method, your electricity bill could be reduced by up to 30%.
Reducing the price of your electricity
It’s really easy to use this tool. Switch to a different electricity provider.
Most people haven’t switched electricity providers for a long time. If you are a mining professional, it is recommended that your local miners ask for a quote from you. If you compare the offer you received with the one from your current provider, then consider changing providers if you can find a better deal.
Even if you drop your price by five percent, that could mean a lot and this could be the moment when mining will still be profitable for you.
Using the mining rig as a heater
Most people in the Northern Hemisphere need heating for the next few months. You can use a mining rig to heat your home instead of using an electric heater. It’s cheaper than using an electric heater, too.
Wouldn’t it be better if instead of paying 80 € per month for heat, you could run a rig that earned 80 € and then pay 90 € for electricity instead? You only pay 10 euros for heating.