Bitcoin - the currency that took the digital terrain by storm and paved a path for the cryptocurrencies, wallet and exchange. It is an innovative payment network and an open-source peer-to-peer (P2P) money.
Bitcoin originated in January 2009 by the mysterious and incognito developer or a group of developers that goes by the name Satoshi Nakamoto. The official identity is yet to be revealed.
What makes Bitcoin so popular? The lower transaction fees, decentralized authority and open-source is what makes Bitcoin an innovative payment network.
Bitcoins are released into circulation by a process called Bitcoin Mining. What does Bitcoin mining mean? Read on to grab all the requisite details or call on Bitcoin support phone number for any kind of help regarding bitcoin transactions.
Introduction
Hearing the word Mining would direct your mind to extract minerals by digging deep down into the earth’s crust. And Bitcoin mining might compel you to think that it is the process of extracting bitcoins. But NO! It’s a whole different story.
Bitcoin mining is the process of creating bitcoin currency. Bitcoin cannot simply just be printed (unlike real money; Note and Coin) when more is needed. It has to be mined through different mathematical processes. The transactions are verified and added to the blockchain digital ledger.
In layman terms, Bitcoin maintains a public ledger, Blockchain, which includes past transactions whereas mining is the process of adding new transactions to this ledger. The process introduces more coins into the system.
The primary role of mining is to -
- Allow bitcoin nodes to become secure and unforgeable.
- Forged to be resource-intensive and difficile such that the number of blocks discovered each day is kept steady.
Why the name ‘Bitcoin mining’? The process is called so because it resembles the real mining of other material resources.
It requires great efforts to create a new currency that is sold at rates comparable to gold and silver.
Chapter 1: Understanding Bitcoin mining equipment
Bitcoin mining is a way to get involved with the bitcoin frenzy. In the previous section, we have already discussed the basics of Bitcoin Mining. In this section, we will be discussing how Bitcoin mining can help you make money.
To begin with, Bitcoin charts high on popularity. It stimulated the launch of hundreds of other virtual currencies who are collectively referred to as Altcoins. Then came Bitcoin mining, the backbone of the bitcoin network. Miners provide protection and reaffirm Bitcoin transactions. Also, without Bitcoin miners, the network would be vulnerable to virtual attacks.
Bitcoin mining does -
- Issuing of new bitcoins
- Providing security
- Confirming transactions
The internet claims “Mining is a Profitable and Promising Industry in a Slow Global Economy.” The major profit factors of Bitcoin mining are - Access to cutting-edge ASIC mining hardware, Low electricity costs and Deep knowledge of Bitcoin and business.
1.1 How does the equipment help you make money?
Though Bitcoin mining has so many beneficial determinants, you can make money through bitcoin mining only at the times when the price of bitcoin happens to be high. Also, you would require quick access to equipment/energy supply that lets you mine faster as well as cheaper than other people can.
To mine, if you are buying new equipment, you have to pay for it as well as get it working while conditions for mining are still good. You are solely responsible to pay for the electricity you utilize and the weathering of your equipment.
Remember: You are most likely to mine as part of a pool of miners, and the pool, in turn, will take its little cut.
To complete one unit of mining, the mining reward lessens from time to time since the amount of computing work keeps being adjusted upward in order to keep constant the bitcoin production rate. The power of the world's computing stock increases simultaneously.
The network miners are required to solve more and more complex problems to confirm transactions in order to check how frequently bitcoins are generated. For this, the miners must have more and more powerful equipment to keep abreast. In order to have a chance at being profit-making, miners need to adopt any one of the two approaches -
1) buy exclusive hardware (a bitcoin mining rig)
OR
2) Connect with a cloud mining pool.Only if you have a lot of money to spend, you may begin with bitcoin mining.
To figure out of bitcoin mining is actually profitable for you or not, you should run some calculations. Use a Bitcoin mining calculator to get an idea. The calculator calculates the profitability of bitcoin mining. You simply just need to enter your hardware's hash rate (Gh/s), its power use in watts, and your electricity cost in dollars per kilowatt-hour. Further, it enters current bitcoin difficulty, bitcoin block reward, and bitcoin price automatically.
1.2 What makes hardware better than cloud mining or other forms of earning BTC?
In this section, we are going to study about the Bitcoin mining hardware and why it is better than cloud mining or other forms of earning BTC.
To begin with your mining rig, you need to buy and set up hardware designed for mining bitcoin, and allow it to run 24x7 for solving bitcoin transactions. In turn, this results in a steady flow of payments without your interruption. Easy to use and easy to set up is the major factor that makes hardware a better choice. However, making money is a challenge.
On the other hand, cloud mining requires purchasing time on someone else’s rig. Companies (like Genesis Mining and HashFlare) charge the user based on a hash rate—in simpler terms, your processing power. Some companies also charge a maintenance fee. All in all, cloud miners, that allow you access to bitcoin, come at elevated rates. You might also be required to sign a year-long contract, locking you in. Worse of all, if the value of the cryptocurrency drops, you could be stuck in an unprofitable contract.
Please note - You might be required to replace the hardware in a year or so. Now that you have got the fairer idea on the details of Miners and Mining hardware, let’s proceed to the next section where we will discuss the best BTC miners.
Chapter 2: Best BTC miners
In this section, we have discussed the top 12 BTC miners to help you narrow down the choice. Let’s get acquainted with them along with their features -
AntMiner L3+ comes with four boards each having 288 chips (double of its predecessor). AntMiner L3+ is an easy to use mining hardware which comes with a hash rate of about 504 MH/s and utilizes around 800 watts and sports efficiency of 1.6 J/MH.
Bitmain AntMiner S5 has a power supply of 115 Volts which draws about 560 Watts. The power consumption is low and the unit produces about 1 GH/s for every 0.51 watts consumed in terms of efficiency. The hardware is one of the best Bitcoin miner hardware in 2019.
BitMain AntMiner S7 gained popularity the moment it launched in 2015. It is one of the most popular Bitcoin mining hardware due to its lower power consumption factor. The power utilized is 1600 watt APW3, which is undoubtedly one of the best available in the market. Its efficiency depends on the effectiveness of the ambient temperature and the power supply used.
End your search at Bitmain Antminer S9. With the highest hash rate of about 14 TH/sec, it is currently one of the best and most efficient Bitcoin mining hardware available in the market. The 3 circuit boards featuring a total of 189 chips sums up this high hash rate. It consumes 300 watts which are twice as efficient with about 0.1 Joules per Gigahash.
If you are looking for the affordable Bitcoin mining hardware, AvalonMiner 741 is the one. It was created by a company called Canaan. With a good hash rate of about 7.3 TH/s, efficiency of 0.16 J/GH and an air forming cooling system that allows 88 chips to function as a single unit, it helps keep the miner running all the time.
AntMiner D3 is the best bitcoin mining hardware when it comes to Dash ASIC miners. The hardware is mostly used to first mine dash coins that are converted into Bitcoins and whilst doing so, make increased profits.
It has a hash rate of 15 GH/s and utilizes around 1200 Watts.
AntMiner T9 is a bit expensive as compared AntMiner S9. It consumes around 1450 watts for approximately 11.5 TH/s for Batch 23 and has an efficiency of 0.126 J/GH.
The quality chips of S9 were of a lower quality but the T9 Miner fixed this problem of lower quality.
Dragonmint T16 is the first BTC mining hardware with the hash rate of 16 TH/s hence being exceptional. The hardware requires 1600 W power supply but consumes only 0.075J/GH.
The dragonmint T16 efficiency can be boosted by 20% since it is equipped with the ASICBOOST algorithm.
Pagolin Miner M3X might not be as energy-efficient or effective as compared to other hardware, but it is a bigger unit because of its embedded ASIC chips. It has a draw rate of between 1.8 kilowatts and 2 kilowatts and hence the most power demanding Bitcoin mining equipment. It has a high hash rate of 13 TH/s.
If you are about to begin with BTC Mining, Avalon6 is the best choice. The hardware is easy to set up and is one of the most profitable ones. It utilizes the power of 1050 W and produce 3.5 TH/s.
Avalon6 doesn’t come with its own power supply. You are required to buy it separately. The Avalon6 makes a good unit to run in an office or at home. It secures the network like no other.
You may buy USB Bitcoin miners, but they don’t contribute to any significant profits. If you want to play and just do a timepass then it is a good choice. You can buy one to learn how mining works. Check out the profitability of a USB miner by using the mining calculator.
Best Bitcoin miner 2020
Before jumping to the best bitcoin miner 2020, we are going to get you acquainted with the factors you should keep in mind while buying the best mining hardware -
Hash rate is measured in Megahashes/Gigahashes/Terahashes per second. It is a crucial factor as a high hash rate increases the chances of solving the complex mathematical computations which are important for earning Bitcoin as a reward.
Higher the hash rate, the more profitable the mining.
Investing in Bitcoin mining can cost you enough. Energy cost is one such expense you would have to bear with.
The more powerful hardware you use, the more power it is bound to consume. Consider electricity consumption (in Watts) before purchasing mining hardware. This will give you an idea of the energy costs consumed by the unit. It will also help you determine the viability of Bitcoin mining using the said hardware.
The mining hardware comes with a huge amount of price. If you go for a cheap one, the hardware will collect only a few Bitcoins. The Bitcoin mining hardware which is expensive is unique, fast and efficient. Be ready to shell out some extra money if you wish to make a fortune from the Bitcoin mining business. Go for value and quality in your purchase.
Once you have got the idea of the factors above, you are ready to buy the best bitcoin mining hardware. Read on to figure out the best miner hardware to start with BTC Mining.
The top Bitcoin miners on the market today are:
This miner is 7nm long. With a power consumption of around 2790 watts, the miner can reach 62 Th/s. It has two modes – normal and Pro.
This powerful miner in the market can supply up to 43TH/s. It has a power consumption of 2100 Watts.
Till date, this miner is one of the most impressive miners yet. It is the most efficient miner with an ideal hash rate of 50TH/s and a power consumption of around 2500 Watts.
You can opt for one of the three hardware blindly. However, according to the reviews, Antminer S17 Pro emerges as the best-priced option displaying good performance.
Bonus: Cheap bitcoin mining hardware
If you are determined to mine but tight on budget, USB Miners is the one for you. As mentioned earlier, they are a good choice if your sole purpose is to play with Bitcoin mining. You may also check ASICMiner Block Erupter USB 330MH/s Sapphire Miner, Avalon Nano 3 and 21 Bitcoin Computer.
If you really want to make a profit, check out other Bitcoin mining hardware listed in the blog.
Conclusion
Mining Efficiency is rising day by day and is constantly improving. The mining hardware has evolved from computer CPUs to graphics card GPUs to FPGAs (Field-Programmable Gate Array) and now to ASICs (Application-specific Integrated Circuit).
To make your mining venture profitable, you can consider the listed hardware. The Dragonmint T16 is the best option (as of now) for someone getting started with mining.
It is highly recommended to dive into the details before making the ultimate choice or call on Bitcoin contact number.
Moreover, if you are confused and require more briefing, kindly post your query in the comment section below. We would be happy to answer you!
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