Maximize Your Crypto Mining Profitability
Energy Monitoring Made Easy
So, You Mine Cryptocurrency…
You’re a part of a very exclusive group of people. It’s estimated that just over 100 million people are holders of crypto, with 1 million of them being miners. That puts you in a group of individuals that amounts to 0.0001% of the earth’s population. If you don’t mine cryptocurrency and would like to know why someone would even bother being a part of something so new and theoretical, I can tell you why – it’s profitable!
How is Cryptocurrency Mining Profitable?
To answer that, let me explain what crypto currency mining is. Unlike Fiat currency (government issued cash), cryptocurrencies are decentralized and use blockchain technology; this means you don’t have to go through a bank to send money, and makes it impossible to hack or cheat transactions. In order for this to work, someone needs to verify the transaction and record its occurrence. To make these transactions a part of the blockchain, multiple computers race to solve a very complex math equation involved in verifying the legitimacy of the transaction. The process of competing to solve the equation first prevents any one entity or bank from monopolizing a crypto network. The computer to verify the transaction is rewarded with cryptocurrency, often Bitcoin (BTC), Ethereum (ETH) and many other coins. In short, your computer will do math work for a network, and if successful, you’ll be rewarded with money. As more computers battle to solve the equation first, the more difficult the equation becomes, preventing monopolization of a network. Unfortunately, as the difficulty increases, so does the need to have better, faster equipment capable of processing the information it’s trying to solve. This equipment often involves owning multiple graphics cards (GPU), or ASIC miners, which are not cheap to buy, and use a lot of electricity. This is where the profitability comes into play.
Electricity costs can eat away at your profits, but even worse, not knowing how much power your rigs are using can be detrimental to your whole operation.
How Can I Track and Log My Power Usage?
Purchasing and installing an Eyedro monitoring system is your first step to maximizing your profits.
Below is an example of my 9 gpu rig. I installed an Eyedro device using an inline power splitter. Looking at my MyEyedro data, I could see that my rig had a drop in power usage, which could only mean one thing; I was losing money! After seeing this visualization of money loss, I tried to solve my issue immediately; I was having vram overheating issues. I wouldn’t have realized this without having my energy monitor connected.
Keep Track of Peak Energy Costs and Monthly Bills
Monthly utility bills data including monthly and daily totals can be viewed in the MyEyedro Bills plugin. Billing History allows you to view a year’s worth of monthly totals at a glance. You’ll be better able to determine your overall crypto mining profitability using these MyEyedro tools.
Enter your utility rates to keep track of daily peak energy costs such as in the time-of-use rate configuration below.
Monitor Your Rigs
If you’re a crypto miner and want to maximize your profits, make sure you get an energy monitor connected to your rigs right away. Your hardware could be having issues you don’t know about, and that means you’re wasting money. Why would you want to waste money?
– Darren Morrison
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