Making 1 million dollars Crypto Mining in 2017 seems a little overwhelming at first glance but once you actually start dedicating some time and resources, your investments pay off quickly.
The first thing you want to do is decide your budget and make your wallets. Deciding your budget can be as simple as 10 minutes of looking at how much cash you have to drop on the crypto market. Also, do not forget to make all the wallets necessary or ones that you think you may need. It’s free and simple, there isn’t a reason for you not to take the quick 5 minutes to make the wallets and link a debit card or bank account. Just take your time to choose which wallets would suit you best and save your passwords somewhere!!!
Next, you want to decide where you want to host your rig farm. You can do this from your own house if you have the infrastructure or if you have a relatively small farm. For your own home, I would recommend, less than 5 rigs unless you have the power, air distribution, and internet speeds to compensate for these rigs. If you choose to house your rig inside a hosting facility, then you shouldn't have to worry about infrastructure problems or maintenance issues.
Housing a rig farm inside your own home usually works best from inside a garage or an insulated shed/warehouse. Keep in mind that mining rigs that generate a decent amount of currency will use quite a bit of power and internet bandwidth. You should take into consideration where your house or facility is when considering power costs. Some places cost less cents per kilowatt than others. In respects toward air distribution, you don't need to shove cold air into the room with your rigs, you just need to move the blisteringly hot air off of the graphics cards. You can use air close to 90 degrees fahrenheit as the fresh air just as long as the air inside the rig is constantly moving.
You will also need to consider whether or not you would like to build your own rig, or have one pre assembled. Sourcing parts for your own rig will take a little bit of time, especially to find graphics cards for cheap, but will pay off in the cost reduction of you doing the work yourself. Typically the highest cost in building a rig is your graphics cards. You don’t need a particularly powerful cpu, motherboard, or tons of ram; just as long as your graphics cards are running at a decent hashrate, your rig will rake in the crypto. Look at our article on the best graphics cards to use for crypto mining for more information on GPU’s.
Now you’ve got everything setup, you just need to decide what crypto to mine. Currently at the time of writing this article, Ethereum (ETH) is the best crypto on the market to mine in terms of gather rate vs difficulty and price. Almost all coins are mineable but only some will offer valuable income. For example, Miningstore’s Imperium miner hashes at 230 Mh/s for ETH, and that makes about $400-$500 a month. If we were getting the same hashrate mining Monero (XMR), than we would be making about $12.7M a month. That just goes to show how difficult it is to mine XMR now.
One of the most overlooked aspects to mining, is trading; and i don’t mean just trading, I mean trading quickly, effectively, and for profitability. For example, once you actually gather your crypto from mining, you don’t want to simply sell out immediately. You want to look at the market and sell when your coin is at the highest for the day. The market for crypt o fluctuates every single day and prices go up and down all the time. It’s a very good idea to sell you coins at the high point in the day reinvest by buying back in when the coins are low pirce. This ensures that you walk away with more than just your miners can get you.
In addition to these points, you have to choose how you want to trade your currencies. You can trade coins for USD (or whatever country you are from’s currency) or you can trade coin for coin. If you are trading coin for cash, i would recommend selling at the high point in the market and also selling to individual buyers instead of sites or groups of people. This way, if someone needs the coin enough, you will be able to ask for an above market cost value for them to spend on your coins. Essentially you are trading a coin at 3-8% above the cost that everyone else is selling for. In some extreme cases, buyers have bought BTC from me for nearly 20% above market cost!!
Trading coin for coin is the same principle. Trading (X) amount of BTC for (X) amount of ETH and asking for more ETH than your BTC may be worth due to the volatility of the market or need of the buyer. Other variables will play into this but it is worth noting that it is very likely that once your miner’s deposit hits, you can trade through various different coins throughout the day and then cash out for double what you miner deposited that morning. Then wake up the next day and repeat the process.