A few years ago, when I moved back to New York City, I started GPU mining with a 6-card rig. It was profitable for about 1or 2 years, but I didn't scale good enough. So, I scrapped that project, which retrospectively I shouldn't have, and got out of the business for a few years. About 2 months ago, I decided to look into ASIC mining on a whim. I bought a used Bitmain ASIC Miner (L3++) for really cheap with the goal of seeing if I could scale it (and also to warm me up during the winter).
A few months ago, I went on Ebay and decided to search for ASIC miners. I'll be honest with you; I did a shiny object buy without any inclination of wanting to purchase. But after doing a little bit of digging, I searched on WhatToMine to calculate profitability, considering electricity costs, and decided upon the L3++. I figured I would mine part time while managing the wattage output to hold and build my crypto portfolio slowly over time. I also figured it would be the perfect time to use it to heat up my home with the winter looming. It was a win-win, despite having to eat the extra cost of electricity (It's better being cold anyway).
After doing a bit of research I narrowed down to choosing between the now unsupported BlisszOS or HiveOS to manage my mining farm. I ended up choosing Hive because of anecdotal support saying it is better at managing wattage, overclock, and is still updated regularly. I used it for my first GPU mining farm, and they were always reliable to me, so I stuck with them.
Next, I had to choose which mining pool to belong to. After a bit of research, with mining fees into account, I decided upon ViaBTC because they were one of, if not the, largest mining pool for LTC. They also had more options to choose from when it came to profit sharing (PPS+, PPLNS, SOLO). This was important to choose because as a small miner, I wanted to choose the largest one to share the most rewards with. That would make it more affordable for me in order to recoup some of the electricity costs I would be spending.
Keep track with me as I undertake this project. I aim to scale this from a holding perspective, not so much a mining one. I plan on accumulating some crypto and using that to parlay into other crypto-related projects. It may be scaling the farm a bit, or it might lead into more of a buy and hold situation. Stay tuned!
