7 Common Mistakes When Choosing A Crypto Mining Container
Today's article will explain the common mistakes made in choosing mining containers and the factors to consider before selecting one. Let's dive in.
Types Of Cryptocurrency Mining Containers
The first step in selecting a mining container is to be educated on the different classes. There are many factors to consider when setting up your personal mining rig and it’s necessary to pick one that’s perfect just for you. There are various classifications for mining containers. They are:
Mobile Or Stationary
The opposite applies to stationary containers. These containers are fixed and cannot simply be transported at the miner’s whim.
Although the mobile miner sounds more appealing, it is important to carefully consider your mining needs before settling for either of the mining containers.
Regular Container vs Custom Frame
Typically, Bitcoin mining trailer is built using regular 20ft or 40ft shipping containers. However, companies such as EZ Blockchain, Power mining, etc., also offer Custom crypto-mining containers.
Already, each mining container is designed for easy transportation and installation but can be further customized for a miner’s needs. So if you’re a miner with specific ideas about your mining rig, a custom mining container may be a better choice.
Air cooling vs Immersion cooling
This is a very important choice to make in mining equipment. Overheating is one of the biggest problems miners face, and choosing an appropriate cooling method is vital.
Air cooling involves the use of ventilation fans and atmospheric air to regulate the temperature of mining equipment. On the other hand, immersion cooling is the practice of completely submerging the mining rig in a thermally-conductive liquid. The latter is globally accepted as the more effective method.
Wattage
Lastly, we have the classification of mining containers according to wattage. Wattage determines the power consumption of mining rigs. Also, most companies offer containers ranging from 1MW to 3MW. The miner should carefully consider their power requirements as well as budget before selecting the wattage of their mining container. Besides, a 1MW container holds approximately 300 BTC miners.
At this point, you are aware of the various classes of miners and you’ve started to lean towards your ideal rig. Perhaps you’d prefer a custom-made, mobile, and immersion-cooled container or just something completely different. In any case, careful research is necessary before selection. There are crucial factors to consider before settling on a cryptocurrency mining container.
Let’s consider each one.
Factors To Consider In Selecting Cryptocurrency Mining Containers
In explaining the classes of containers, we often stated the importance of selecting what suits you best. But how do you know this? Through what criteria do you determine what works best for you? Below are some of the factors to consider in selecting your ideal mining container:
Your Goal
This point might seem ridiculous at first glance. After all, every miner’s goal is to earn rewards for their computational power in some form of cryptocurrency. However, there are still different goals in mining. For example, a miner who is part of a mining pool requires less computational power than one who mines solo.
This is one of the first factors to consider in selecting your mining container. Once you have decided to either mine solo or join a pool, you can then pick the crypto mining trailer that suits your needs.
Mobility
This is another important question for a miner to consider. Do you stay in a place with cheap electricity and favorable regulation for cryptocurrency mining? Or are you on the lookout for a better place? Answering this question will help narrow down the appropriate container for you.
Besides, a stationary container would be a poor choice if you’re still looking for greener pastures electricity-wise. The best thing is first to decide if you will move soon or if you have found your mining goldilocks zone. After this decision is made, you can select between a stationary and mobile mining container. Remember, each miner has different goals. Always keep yours in mind before any decision.
Maintenance
Overheating is the bane of every miner and it often affects the efficiency of mining containers. Therefore, the cooling method chosen by a miner most often determines the amount of maintenance required. For example, immersion-cooled containers require less maintenance and are less prone to overheating. This is not the case for air-cooled. However, overheating might not pose a challenge if you live in a cold region. As always, weigh your needs before making a decision.
Electricity
Regardless of your final decision, this is a factor you must consider.
Budget
How could we forget? We have left the most crucial point for the last. Although it is important to consider your energy needs, mobility, and even your mining goals, all these decisions must be made while considering your budget.
While picking the best miner on the market might seem like a good idea, it is important to remember that cryptocurrency mining is somewhat risky and its profits are irregular.
Therefore, any miner starting out should first set a reasonable budget and then select their mining container within the cost boundary of said budget.
Now you know what factors to consider before selecting a mining container but wait! You are not ready yet. Miners who are just starting out tend to make some common mistakes. Let’s explore them.
7 Common Mistakes Made When Choosing A Cryptocurrency Mining Container
We want you to avoid some common mistakes made by miners. We compiled this list so you can avoid these mistakes and the painful repercussions. Below are 7 of the common mistakes made while choosing a cryptocurrency mining container:
1. Buying less or more than you need
This might seem ridiculous, but many miners often miscalculate their mining needs.
This miscalculation often results in buying fewer or more miners than are necessary.
Buying fewer miners than you need severely cuts down your competitive advantage and reduces your likelihood of earning profit. Each miner is expected to contribute sufficient hash rates even in a mining pool, and your profit depends on how much you contribute.
On the other end, you may make the mistake of buying more than you need. This mistake also comes with its repercussions.
Miners who buy more containers than needed often end up with massive electricity bills, which hinder their profitability. This is already a bad foot to start mining on, excluding the cost of excess mining equipment.
All forms of wastage end up reducing profit in mining, so this is something to watch out for.
Therefore, it is important not to fall into either of the traps.
Do your research and calculate how many miners you need while giving allowances, so you don’t fall short.
2. Not Considering Equipment Lifespan
A common mistake made by novice miners is sacrificing equipment lifespan for cheapness. Many miners who try to cut costs fall into this trap.
Mining equipment is expensive, so it is important to find a long-lasting miner. Miners close to the end of their lifespan often break down easily, perform less efficiently, and overheat frequently. These combined effects often erode profitability in mining.
Moreover, the average well-maintained miner can last between 3-5 years. It is far more profitable to purchase good equipment with promised lifespan than cheap ones which will soon need to be replaced.
3. Electricity:
We cannot overstate the importance of a cheap source of electricity. Energy and electric power costs are the biggest expenses in mining. Also, many miners are stuck in a race, constantly using all their profit to pay energy bills. Therefore, a miner’s profitability is determined by their energy costs. There are various ways to reduce the cost of electricity. One of the ways is to move to a region with lower energy charges. Another method involves selling your excess energy back to the grid or switching to a sustainable source favorable to your location. Whatever choice you make, cheap energy will determine your profitability. Choose wisely.
4. Air cooling vs Liquid Immersion cooling
It is a globally acknowledged fact that overheating results in reduced hash rates, lower productivity, and even reduced miner lifespan. The need for an efficient cooling method birthed both Air cooling and Immersion cooling.
Initially, air cooling appears more affordable, but that’s only in the short term. Over time, immersion cooling provides up to 40% long-term return on investment and it also works in warmer climates.
Besides, immersion cooling is far more effective and boasts about 10 times the heat rejection capacity of air cooling. There is also the possibility of paying in installments if the initial cost is too high.
Regardless, if air cooling is still your choice, a custom mining container may be more appropriate.
5. Security
Many miners neglect security in their calculations. However, it must be considered, especially for large mining rigs in isolated areas. Theft and vandalism can be devastating and lead to massive profit losses.
It is necessary to install security cameras and monitoring software to prevent such occurrences. Another form of security is to provide a few layers of protection against voltage spikes which would hinder productivity. Lastly, having skilled data center engineers who implement tier 3 and tier 4 protocols of work would bring double security to your mining farm.
6. Installation
This is another mistake miners make. They forget to factor in the process and cost of installation. Your mining equipment goes through processes like delivery, installation, cable connection, testing, internet setup, and other software installation before it’s ready to use.
These processes must be factored in alongside their cost and the space required for your mining container.
7. Cost
Just as we mentioned earlier, your budget must be the underlying consideration in any decision you make mining-wise.
Many miners do not carefully consider their budget and end up with regrets. Another major mistake is buying cheaper containers that later cost more in the future.
It is important to calculate your power needs, select the best product for you, use great ventilation and prepare adequately for your mining journey.
Remember, don’t get stuck in the profit for electricity bill race.
Finally, we’ve gone through the common mistakes made by miners at the beginning of their journey. Hopefully, you will avoid these mistakes and make the best choice possible in your mining journey. Goodluck.
Selecting your mining container is a very important decision in your mining journey
And that is why you must carefully consider the factors stated while also avoiding these mistakes.
At EZ Blockchain, we are committed to maximizing the hash rate of your miners, all while increasing your ROI. Also, our cutting-edge immersion technology allows us to increase hash rates, cut down on heat and noise generation, and increase equipment longevity.
Our mission is to breach the gap between the energy sector and the blockchain ecosystem by innovative solutions to the global waste energy problems.
EZ Blockchain revolutionizes crypto mining through the introduction and sale of various mining containers as well as the immersive cooling container, which makes solar and wind crypto mining services more effective.
EZ Blockchain is an innovative company that utilizes bitcoin’s high power consumption as a tool to capture leaking methane from capped wells, flared Gas, and vented gas. We believe in the utilization of waste energy and that solving problems associated with gas flaring and stranded gas problems is a true win-win for both the energy and crypto industries.
