Bitcoin mining is a great way to generate a passive income, but it will take a lot of research to begin an operation or mining pool. In the early days of Bitcoin and other cryptocurrencies, you could get away with using a standard computer and mining on your own. As the popularity of Bitcoin increased though, the size of mining operations grew, too.
Nowadays, you’re looking at some heavy investment in creating your own mining pool, and one of the things you will need to get you started is a mining management software. But how do you choose the best one for your needs?
We’re here to help.
Below, we’ve closely examined the ways to root out the best management software for your mining pool. Keep reading now to find out more.
What to Look for in Mining Software
To begin with, though, it’s worth noting that the term ‘miner management’ is now often replaced with another term. Instead, the software is called ‘facility management’ and it should grow with your operation. Scalability is essential.
Next up, look for automation, in particular the automation of curtailment. In the current energy crisis, electricity prices are off the charts and if you’ve done any research, you’ll know that Bitcoin mining is an energy intensive operation. Automation allows you to optimise your usage to get the highest profits available to you without falling mercy to the price of electricity.
A good mining management software tool should also help you to find and resolve problems easily. This could mean a site map which shows miner problems. You also need to get updates on issues quickly, via alerts that come directly to you, and you need to have operations in place to solve day-to-day issues when they arise.
You should be keen to find software that handles financial auditing. Joining a mining pool is essentially relying on them to pay you fairly. Whether intentional or by an accident, miners have been ripped off before so a good mining software should be able to increase trust for all your miners, letting them know that they are being paid as fairly as they ought to be.
We would also suggest a software that supports collaboration and remote usage. Mining operations are rarely ever run by a single person these days, so ensuring that all relevant parties can access the software is helpful to keeping constant watch over operations. Remote management is an effective way of staying on top of any issues and being able to handle things even when you’re not on site.
Lastly, pay attention to the security offered by the software. Whether caused by malicious firmware or an insider, miners are at risk of being messed with. A good management software should be able to protect you from this.
The Best BTC Mining Software
One of the best BTC mining software offerings we have found is the Foreman management software. It offers an easy-to-use interface and is scalable from hobbyists to full-scale operations. In fact, it is already being used in some of the largest mines around the world.
Foreman is SOC 2 Type 2 certified and has been endorsed by some of the biggest players in the industry. It is entirely future proof, so updates to new firmware won’t mess with your operations and it is constantly being updated to suit the trends of the industry.
If you’re looking at starting your own mining operation, then we wholly recommend finding a good piece of Bitcoin management software. It can be the difference between consistently high profits, and a failed mining pool. Take a look at the Foreman software today to see if suits your needs.