Profit switching can vastly increase income generated by mining. When beginner miners come from the world of gaming, reading about Bitcoin and how they can earn passive income, they are intrigued. Yet they often find themselves unable to mine Bitcoin, and various sources lead them to mining alt coins.
Mining alt coins can still be worthwhile, yet the most profitable changes daily, as coins vary in price and some days, more miners to compete with for rewards. Generally, I’d recommend beginners start off mining Ethereum on one of the popular pools, but it is often not the most profitable for the day and sometimes up to 50% less profitable than the most profitable coin. You’d be better off mining the most profitable coin and exchanging it for Ethereum. Yet there also lies a problem with that, that you need a minimum balance for it to be worthwhile to exchange, and the price fluctuations means that you’re going to have to time the market to get the most of it.
How it’s meant to be done
Here is where profit switching mining comes in. You mine the most profitable coin for the chosen period of time (lets say hour) and it automatically gets put on exchange with many other like-minded people so you don’t need to worry about the transaction fees. Your account then gets credited with a balance in your chosen coin, in which you can withdraw as soon as the minimum is reached (as of writing, you can withdraw as little as $5 by exchanging it for Dash).
Mining Pool Hub in combination to Awesome Miner offers exactly that. You run Awesome Miner on your computer, and it mines for Mining Pool Hub, in which your MPH account will be credited the cryptocurrency.
Here’s a brief guide on setting up process:
- Create a Mining Pool Hub account
- Note down the username used when creating this account.
- Go to ‘Hub Workers’ and create a worker. Note down the workername for later
- Go to ‘Auto Exchange’ and select the currency you want to be paid in.
- Go to that currencies pool page, click wallet, and put in your wallet info and payout interval.
- You can find your API Key under ‘Edit Account’ to track your mining progress.
- Download Awesome Miner.
- Open options and go to ‘Profit Switching’.
- Click the checkbox for ‘Enable Managed Profit Switching’ and also the box for ‘Mining Pool Hub’.
- For Mining Pool Hub, enter: username.workername and change your region to whatever is appropriate.
- Click the new miner button at the top of Awesome Miner and then hit next on the first screen.
- Select “Managed Profit Miner” then go next.
- Fill in miner name and choose Nvidia or AMD for the profit switching profile. Confirm and finish creating miner.
- You may also want to benchmark before you start, under the tools menu.
- In the main window under miner, select the miner and click start. That’s it!
Track your mining progress
I’ve written a web-app that’s free, open source, and does not require any login to track your statistics all in one place. You can visit the login page or using a direct link with your API Key following the URL http://mphwatch.solexstudios.com/<API_KEY> for example http://mphwatch.solexstudios.com/0bfbef832c137478240043c7d430815a940e19ddb481928cf51b811fc02297cd.