6 Crypto Mining Myths That Need to Be Busted
There are a whole load of misconceptions out there about mining and we want to address these head-on. If you’ve seen any of our presentations, we cover these in detail but here’s a quick rundown of the most common myths…
Myth#1 Having a rig is complicated
How do I set a rig up?
Our rigs are plug-and-go. Our friendly team are always around to help if you get stuck!
Where would I put the rig?
They will happily live anywhere you would put a normal computer. It just needs to be somewhere that is well ventilated, not damp and where it isn’t likely to be knocked. Otherwise, we can host it for you so you don’t have to worry about a thing.
Myth#2 You should mine ASIC
GPUs power rigs that mine a wide range of cryptocurrencies most powerfully, making them the ‘Swiss Army Knife’ of mining equipment.
We get asked all the time about Bitcoin and Ethereum mining (ASIC) but this is not the most profitable coin to mine in the vast majority of cases. Your money is more secure in GPU equipment due to its unrivalled flexibility and asset value.
Myth#3 It’s too expensive in the UK
We’re totally transparent with figures. Here’s the rundown of electricity costs for our rigs (based on average UK 12p per kw/h domestic electric cost):
6 card 2080 = A maximum of 1100w optimised or £100 per month domestic/£83 commercial
This is proportional so 1 card effectively uses 1100/6 so you can calculate how much power you would use for rigs and farms of various sizes. Often coins can use lower than 1100w so would cost less to run.
Even when mining has been the poorest we’ve ever seen, profits are still severable times electricity costs.
Myth#4 GPU Mining is too technical
It’s actually super simple at your end. If you can copy and paste, you’re qualified. We’ll sit down and go through everything in our offices or over video call to make sure you’re happy with the tech. All your questions will be answered in the User Guide we send to customers on purchase.
Myth#5 I’ll need to regularly replace the cards
The 2080s are currently the most efficient cards on the market. They are designed for high power gaming so they are used to stop-start, high-low activity. Like a car engine on the motorway, they are actually happier running at a lower temperature and power setting, 24 hours a day as in our rigs.
All parts, including the cards, come with a minimum 1 years manufacturers’ warranty. In addition, all cards operate individually so the rig will keep mining with five even if one needs replacing.
Myth#6 Mine when the market is high
This is the most unfortunate of all the myths. When the market dips in dollar or fiat value, people are quick to forget that you are still mining virtually the same amount of coins – it is only the dollar value of these coins that has fallen.
It makes just as much sense to mine when the market is pulling back as you’re just gathering crypto and waiting for the huge upswing to profit which we all know is coming in the future. Even when the market is low, mining still outperforms traditional investments by multiple times.