One major issue with mining crypto is the excess heat that the rig produces. Many people don't even consider this when thinking about building a mining rig. Who knows, maybe some people use it to heat their home. In all seriousness, the heat these machines produce is definitely significant and should be considered. The excess heat can also damage the mining equipment if they are not cooled properly or are overclocked to far.
So what's the solution to the heat issue?
For a start, you should make some investments in ventilation. Anything you can do to cool the mining rig and the room that it occupies should be considered. This could range from opening up all the windows or setting up fans to cool off the rig. Another way to reduce the discomfort of the excess heat is to store the mining rig in a remote place in your home. Maybe the naturally cooler basement would be a suitable place to place a mining rig. Regardless, I definitely do not suggest keeping one of these mining rigs in your bedroom or living room.
Another issue that I've come across in crypto is the issue of not being able to buy and sell most alt coins directly with USD. This is something that has annoyed me since being involved in investing in cryptocurrencies. Initially, I was used to buying and selling all kinds of stocks in companies with USD. When I first wanted to buy my first alt coin that wasn't on Coinbase it was a bit confusing. To this day I do not understand why cryptocurrency exchanges do not support all cryptocurrencies that can be bought directly with fiat money such as USD. Coinbase only supports Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. That means there are only four cryptocurrencies that you can by with the U.S dollar. The rest must be bought with using another cryptocurrency usually Bitcoin or Ethereum. This can make it very confusing to calculate the conversion rate of an alt coin that you are buying.
An easy solution for this problem would be for exchanges such as Coinbase or Binance to provide support. Since Binance doesn't directly deal with USD in such a way it would be a long shot for this exchange. However, there may be hope for Coinbase to broaden their support of alt coins. Coinbase has thus far proven to be very particular in the coins that they support. But not to long ago they only supported three coins. In December of 2017 they added Bitcoin Cash. Coinbase has also been rumored to be adding Ripple, however those rumors so far been untrue. This could be a signal that Coinbase may be adding new coins on their exchange in 2018 and beyond. Currently, if you want to trade many alts, you will have to do so by exchanging Bitcoin or Ethereum. You can then convert those alt coins into Bitcoin or Ethereum and then send it back to your Coinbase wallet in order to sell it for USD. The extra step is annoying and adds a layer of transaction fees. For smaller traders the transaction fees can start to cut into profits.
This extra step leads to another problem. A very costly problem. When sending crypto between wallets you should be very careful that the address is the correct address. Do NOT send Bitcoin from Coinbase to your Ethereum Wallet in Binance! Or vice versa. Make sure you are sending the right coin to the right wallet. Furthermore, make sure you are sending it to the right address as well! If you make a mistake you will lose the whole transaction and you will not be able to get it back.
A simple solution for this is to just double check. Make sure you are looking at the correct corresponding wallets. It's better to take 5 seconds to double check than to make a silly mistake and lose the whole transaction. Another simple step is to double check the address. Look at the first and last characters of an address and make sure they are the same. One simple mistake such as accidentally adding another character will cause you to send the coin to the wrong place. You won't be able to get this money back so it is best to double check. When making big transactions you should check every character. Even with small transactions this would be a good habit to have.
Also worth noting, Hardware wallets are the safest place to store your coins. Keeping your coins on exchanges puts them at higher risk of being stolen. Some hardware wallets can cost a pretty penny but it can be worth it to protect your wealth.
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