Review of mining pools

SIGMAPOOL

Interview with SIGMAPOOL CEO Jahon Khabilov at the World Digital Mining Summit about what a mining pool is, its basic operating principles and features, as well as the importance of choosing a pool for efficient cryptocurrency mining.

RACIB and UMC

The Ural Mining Company, together with the Russian Association of Cryptoindustry and Blockchain, conduct classes to increase mining and cryptocurrency literacy of the population. To understand how it works and how to take up mining efficiently and safely.

What is RACIB

  • Creating a cultural market for cryptocurrencies and blockchain in the Russian Federation
  • Fraud prevention
  • Support for the development of information services based on blockchain technologies

Learn more at racib.com

Mining problems

  • Fraud - there is a big number of one-day companies and financial pyramids on the market that take money and do not supply equipment, or take equipment to a hosting and disappear with the equipment
  • Breakdowns and downtime for mining equipment - breakdowns of a miner is tantamount to downtime
  • Decrease in profitability from mining - especially relevant for new models of miners that go to work on new algorithms, super profitability in the first months of emergence is rapidly falling
  • Bitcoin sale - a large number of fraudulent schemes when selling / buying bitcoin
  • Unreliable hosting - an unreliable partner to whom you can turn in equipment threatens you with downtime, equipment breakdowns
  • Buying mining equipment - the main questions: what equipment to buy for mining, from whom to buy mining equipment?
  • Increased payback period for mining equipment - at the beginning of 2018, the payback period of equipment was 3-4 months, now the payback period ranges from 15 to 20 months, but this is much faster than in the classic business

Successful mining

  • Follow the news - if you want to always stay in the trend, you need to follow the news in the mining world, what is happening on the cryptocurrency market, what new equipment are coming out, what changes are happening in the legislation
  • Understand and understand in mining - to earn on mining just by plugging a miner into a power outlet, it won’t work out that way. There are a lot of nuances in mining that affect profitability, so you should either be well versed or have a reliable partner who manages your assets
  • Communicate with other miners - communicating with other miners will allow you to avoid mistakes or find the most profitable solutions for your mining. We have special chats in various instant messengers in which we exchange experiences and news from the mining world
  • Choose reliable and trusted partners

Security - is the key to success of any miner

  • Legal equipment - buy miners only from trusted market participants, always require documents for the purchase of equipment, documents for placing miners on a hosting
  • Legal electricity is a “white outlet”, it is very important that your equipment is installed on legal electricity, in the case of unauthorized use of electricity, your miners can become material evidence, which will lead to equipment downtime
  • Confidentiality is especially important for private miners, there are many cases when miners made boast of their equipment on the YouTube channel became victims of thefts