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How to Choose the Best Bitcoin Mining Hardware

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How to Choose the Best Bitcoin Mining Hardware
December 22nd, 2019NewsComments Off on How to Choose the Best Bitcoin Mining Hardware

It’s no secret that Bitcoin is the world’s most popular cryptocurrency. As more and more people are getting involved in the crypto market, Bitcoin mining is becoming a competitive industry. With all the large data centers and pools available these days, you may wonder what it takes to get involved with mining.

At the time of its launch, Bitcoin was mined on CPUs of laptop or desktop computer. However, as the mining difficulty increased, Bitcoin miners turned to graphic cards to get more hashing power. GPU miners were used for many years before the launch of more superior mining hardware- ASICs (Application Specific Integrated Circuits). As block difficulty increased, all serious Bitcoin miners started using ASICs, usually in thermally-regulated data-centers. The introduction of ASICs has rendered CPUs and GPUs useless. This technology was developed solely for mining with hashrates significantly higher than GPUs. As such when ASICs hit the market, the whole mining scene changed.

What Is ASIC Mining Hardware?

An application-specific integrated circuit (ASIC) miner is a device that is designed for the sole purpose of mining a particular digital currency. There are thousands of cryptocurrencies and each has its own cryptographic hash algorithm. The ASIC miners are designed to mine using that specific algorithm. This means that a Bitcoin ASIC miner can only mine bitcoin. ASICs are superior because these can solve bitcoin blocks faster and use less electricity than FPGAs, CPUs, and GPUs. This type of mining hardware comprises several essential elements, such as

  • A set of microcircuits
  • Memory block
  • Power supply
  • Connector
  • Fans

How to Choose the Best ASIC Miner

When it comes to buying the best ASIC miner, you need to consider a few important factors, as well as your individual circumstances. The most important consideration in this regard is that the cryptocurrency you mine is worth more than what you spend on hardware and electricity. However, for individual miners, the initial investment can be quite pricey. The ASIC miners can be costly to buy upfront and the electricity may cost thousands of dollars in a year. So when it comes to choosing the right mining hardware, make sure to evaluate each available miner based on their hashing power, electricity consumption, ambient temperature, and initial cost to buy. Now read further to know the crucial factors to consider when determining which Bitcoin mining ASIC to buy.

  1. Hashrate

When choosing an ASIC miner, consider how many hashes per second can the device make. It is usually expressed in Gh/s, Th/s or Mh/s. The top ASIC miner manufacturers specify the details of the device hashrate or the speed at which the device can perform mining calculations. You can determine the hashrate requirement by looking at the current bitcoin difficulty. The calculation of existing difficulty to find a hash can help you determine the device performance.

  1. Electricity

Another important factor to look into when selecting the best ASIC miner is electricity consumption. Unless you’re getting free electricity, the cost to power a mining rig can significantly impact your profit. The cost of electricity depends on where you live. To calculate your return on investment (ROI), you need to divide the hash execution performance by the number of electrical watts consumed. If electricity cost is hindering your profitability, you may opt for mining colocation. The mining data centers utilize resources such as hydropower and geothermal power to minimize electrical costs.

  1. Price

Your budget also plays a vital role in your device selection. Before settling on the best bitcoin mining hardware, make sure to consider the amount you can afford to spend on the machine and other expenditures, such as repairs, maintenance, and electricity. If you’re considering the fastest and more efficient mining hardware, remember that these are going to cost more. Your overall investment may also include the cost of buying racks, connectors to tether all of the miners, and buying replacement parts if ever needed.

  1. Efficiency

The top ASIC Bitcoin miners have higher hashrates which increases your chance for a bigger reward. Although a high hash rate is crucial, efficiency is just as important. The best ASIC miner uses energy efficiently so that you have to pay less in electricity costs per hash. To determine the energy efficiency of the miner, you need to check the ratio of consumed energy to hashed power. The device with a lower coefficient is more energy efficient. At present, only a few dedicated mining rig manufacturers are producing ASIC miners that offer a high hash rate and use far less power than a more general piece of hardware.

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