3 Steps To Optimize Your Mining Profits

In the bear market the famous question “which coin is more profitable to mine?” rings even more than ever. But the answer can be much simpler and straightforward than just “check WhatToMine”. A mining management and monitoring system called minerstat establish the whole suite of tools you need to check what is the most profitable to mine for your GPUs or ASICs. These tools are extended into a profit switching tool that allows you to set the advanced profit switch after you have conducted the research. In this post, we will show you how to use these tools to your advantage, find the most profitable coin to mine and set up a simple profit switch between few options, but with advanced settings.

This procedure can be only used with minerstat software and minerstat dashboard. You can use Linux mining OS, Windows GUI miner, or ASIC monitoring software.

Step 1: Benchmark

If you were using any GUI miner, you must have come along the benchmark process – it is a process that evaluates your cards and finds the speeds of different algorithms. Both mining OS and Windows mining software have more than 35 mining clients available, so at the end, there are around 100 options available for the benchmark on minerstat for each type of GPU – AMD or Nvidia. You can benchmark all 100 of them or remove the unnecessary ones and benchmark only those that fit you.

 

Step 2: Export to mining calculator

When the benchmark is finished, minerstat allows you to export the results to their mining calculator. What is great about this mining calculator, it won’t only show you the most profitable coins, but also the most profitable multipool options – such as NiceHash, Mining Pool Hub, or Zpool. For these pools, it is known that they offer a payout in only one currency, even if you are mining different options. When you see the results of the mining calculator, you can click on each coin to learn more about it.

Step 3: Set the profit switch

Now that you have explored the options you have and choose the coins you want to mine, you can set up a profit switch.

  1. Add all wallets and pools to which you will mine to the address editor.
  2. Select the worker.
  3. Select coin or multipool option, pool, wallet, and set up pool’s fee. Advanced options: If you want to select a mining client, because it had better performance for you, select the client from the drop-down (instead of Auto select). It will load you an option and you must click on the wrench icon to setup the config for the client (correct wallet, pool, and other parameters you want to change).
  4. Repeat step 3 to add all coins or multipool you like.
  5. Load hashrate from the benchmark.
  6. Set up % when you want to switch (e.g., if the new potential option is 10% higher than the current).
  7. Set up minimum mining time (e.g., every 6 hours).
  8. Select the reward method if you want to escape spikes. Spikes are the situation when the estimated profitability for coin or multipool suddenly increases but drops in the next iteration.
  9. Save changes.
  10. Activate profit switch in the worker’s config.

And now you have optimized your mining by always mining the most profitable choice that is acceptable by you. If you are a beginner, we suggest you to avoid adding coins with low volume and better focus on multipools until you understand how profit switch works and what are the best settings for your worker, pools, and options.

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