Mining Best Practices

The best practices mentioned here are not necessarily the best solutions, but only the solutions recognized by veteran miners.

1. Miners do not use any wallet apps:
Blockchain can successfully transform the coinage industry, but it cannot successfully transform the payment industry. No matter how easy to use any wallet app claims to be, it is not for ordinary people. The threshold is very high and requires professional knowledge.

2. All mining pools support wallet address mining. Using wallet address mining is the best practice:
The wallet address is independent of the mining pool, which means that the miner's wallet address is universal for all mining pools, but you cannot guarantee that the username registered in all mining pools is the same. The mining pool supports username mining mainly to track the miner's contact information and to keep the miners in captivity to increase the difficulty for miners to switch mining pools at will.

3. Use the deposit address given to you by the exchange to mine, do not use your own wallet address to mine:
Wallet apps are not for ordinary people. They require knowledge. It is not safe to use wallet apps without knowledge, and you will lose dozens of dollars for each transfer (ETH transfer). You must use your exchange deposit address for mining, and do not use any wallet app. It costs dozens of dollars to deposit coins to the exchange yourself, while the mining pool only costs a few cents each time to deposit coins to the exchange for you, because the mining pool itself generates blocks and always transfers at the lowest fee. In addition, it only pays one transfer fee according to the lowest fee for transferring to hundreds or thousands of wallet addresses in one transfer.

4. Username mining takes an extra step. If you have already gone through this step and the bound payment address is the exchange's deposit address, continue to mine with the username.

5. Miners mine, sell and withdraw rather than speculate on coins. The cycle of mining, selling and withdrawing is related to their own computing power and electricity fee cycle, one day, one week, or even one month. In a bull market, mining, selling and withdrawing is already very attractive. Don't be too greedy. If you want to hoard coins, experienced miners have encountered the time when the coin price was shut down.

6. Try to avoid making trouble in a bull market. Graphics card mining machines can mine many currencies, but logically and empirically, the income from mining other currencies is not higher than that from mining ETH in the long run. Looking back, you will find that the result of making trouble is not as high as the income from mining ETH. There will be a currency that replaces ETH, but the timing is not right and the conditions are not mature. If you must make trouble, wait until the bear market.