To be honest, mining cryptocurrency is not as easy as it seems. We tried to mine cryptocurrency from home and as you can see from our video... it is very loud so we do it in the garage but then its hot so we added fans to keep them nice and cool.... We have learnt a lot about mining cryptocurrency and the experience of mining from home is no doubt invaluable experiences. ( Not to mention we had to hire electrician to help us with the extra electricity need from our L3 miners.) And we had a few blackouts because of these miners running in our "old" house.
While it is fun and all, we have decided to part with some of the L3 miners. Partially because it is not as profitable anymore and partially because our electricity bill is well over $400. So we figure it is time to buy new ones and reinvest the money into another big thing!!
I would like to share a few things about crypto mining with my little experience we have with it tho:
- Crypto mining requires a large upfront cost. for example: an L3 miner was $2500 and a power supply was $50
- Crypto mining needs low electricity ( This is important as we kinda ignored this coz we really want to try mining lol)
- Dont do crypto mining from homes that has old electrical circuit or upgrade it first ( Or you will get some blackouts)
- Choose a good mining pool ( this can increase your profit)
- Choose to file LLC when doing tax so that you can claim your miners and electricity as tax deducible. ( Save you lots in tax!)
- Dont give up ( coz it takes time to learn)
- Let the hot air exit out the room of your miners so cool the room ( Dont overheat the miners or they will break.)
- Sell your miners when its unprofitable. Rinse and repeat!