Today, there is advanced and specifically designed mining hardware available in the market, which makes Bitcoin mining even more competitive. The costs of mining have also taken a hike. There are factors such as electricity that need to be taken into account.
Since it is not smart anymore for an average person to mine on their own while aiming for profits instead of just buying Bitcoin, the co-location services can be really useful. If you are not getting profits from mining Bitcoin, an affordable co-location service allows you to mine other cryptocurrencies like DASH with the potential of high-profit returns.
DASH, also known as Xcoin, Darkcoin, etc., is a form of cryptocurrency that is not controlled by Canadian government or an individual entity. It is basically based on Bitcoin technology but with some differences in the form of anonymous transactions, instant confirmation, low fees and X11 algorithm.
A co-location service can assist you with any mining hardware for any kind of mining in an affordable manner. There are quite a few benefits of using a co-location service for profitable mining.
Mining in a Budget
With the help of a co-location service, you will be able to mine under a strict budget. The recommended budget for used AMD Graphic Cards from Amazon is $300 to $400 USD, while for used CPU it is $250-$400 USD. When you opt for a co-location service, the required budget will be from $49 to $150 USD.
Long-term Cost Savings
Heavy and inadequate power supplies are the biggest reason why mining can get very costly. When you are looking to cut down expenses, the first thing you need to target is your electricity cost. The key here is to set up an efficient power supply that will result in long-term electricity cost savings. Also, a co-location center has low temperatures all the time, saving you the high electricity bills which are due to air cooling.
The Right PSU
While you should be looking to cut electricity costs with efficient power supply, you must not cheap out on the PSU. Power supplies are usually the most important components of a server as they are crucial for the system’s stability, longevity, and efficiency. You must look for the right PSU for you with proper voltage and ampere.
You can directly ship the items from the manufacturers to the co-location facility. This is convenient because it enables you to transport the equipment to the facility and have it up and running in less than 24 hours.
It’s a hassle to set up and manage mining equipment at home and you will also need constant air conditioning to fight the heat coming from the hardware, which inevitably results in high electricity bills. Especially in Toronto, electricity costs are not favorable for mining, which makes colocation the best option. Moreover, some of the colocation datacenters started to use fresh air cooling and that ends in lower monthly cost to house your mining device.