Mining is a constantly evolving process influenced by network difficulty, total algorithm hashrate, and fluctuations in token and coin prices. On top of this, variables like electricity costs and even seasonal weather conditions can significantly affect profitability and ASIC performance. To remain competitive, miners must thus be able to adapt to the changing market conditions.

With the NiceHash custom firmware, miners gain greater flexibility and control of their ASIC devices, enabling them to optimize their ASICs and maximize profitability.

In this article, we will show how miners can utilize the NiceHash custom firmware to adjust their ASICs according to two different mining locations with different electricity prices in order to maximise profits.

Location 1

This location has low electricity prices at 5 cents per kWh, which means miners can increase the hashrate in order to maximise profitability.

At stock settings, the same test ASIC will mine Scrypt with a hashrate of 16.3 GH/s and a power consumption of 3453 W. This means the miner is currently mining at a profit of roughly 17.87 USD per day.

However, utilising NiceHash firmware, the ASIC can be overclocked to achieve a hashrate of 18.01 GH/s with a power consumption of 4194 W. The hashrate increase results in a daily profit of 19.29 USD per day, increasing the profitability by an extra 1.42 USD per day.

This means roughly 40 USD extra profit per month just by optimising the ASIC by using NiceHash Firmware.

*Data as of  8th of October.

Location 2

This location has high electricity prices at 15 cents per kWh, which means that miners must maximise mining efficiency.

At stock settings, the same test ASIC will mine Scrypt with a hashrate of 16.3 GH/s and a power consumption of 3453 W. This means the miner is currently mining at a profit of roughly 9.50 USD per day.

However, utilising NiceHash Firmware, the ASIC can be optimised and underclocked to a hashrate of 15.58 GH/s with a power consumption of 3135 W, thus increasing the efficiency, which results in a daily profit of 9.75 USD per day.

This means that by using NiceHash Firmware to boost mining efficiency, the miner was able to overcome the high electricity costs and further improve profitability.

*Data as of 8th of October.

Learn more about using NiceHash Firmware to optimize your mining in our guides, and use our profitability calculator to calculate the best overclock settings for your electricity cost.

Additional NiceHash Firmware overclock data for other models can be found here.