Are you aspiring to become a Bitcoin miner? Though it’s not an easy business for anyone, still, it can be a very lucrative venture — and especially — if you believe in cryptocurrencies.
Bitcoin mining has many monetary benefits apart from the community work. However, it is a highly competitive business, so you must have an edge in order to be successful in your venture. What does it require to have this edge? Let’s find out.
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How to choose bitcoin mining hardware?
Bitcoin mining started using CPUs during the early days. However, today you can use specialized bitcoin mining machines — ASICs (Application Specific Integrated Circuits). ASICs are super powerful yet more energy-efficient machines than CPUs for minting bitcoins.
And as with any venture, you must determine if it’s profitable before you invest in bitcoin mining equipment, right? Well, there are four essential factors — the bitcoin price, your miner hash rate, the Bitcoin network hash rate, and the electricity pricing (in your area) — that define your endeavor’s profitability.
Let’s understand these factors and how they affect your profits in detail:
- Bitcoin price: Since the bitcoin price is totally uncontrollable, you can try to analyze its long-term value for starting a mining business. Of course, it is a crucial factor, so think about price expectations in the future.
- Miner hash rate: It is the efficiency or speed of the miner to solve Bitcoin network problems. The miner solves the block problems — or complex mathematical computations — to find the next blocks in the network. A high hash rate miner has a high chance of solving the problems, sealing off the blocks, and thus collecting the block rewards.
- Network hash rate: It is the efficiency or speed of the network to solve the problems, i.e., the sum of all miners’ hash rates connected to the network. Bitcoin network attracts additional miners over time; hence, the mining difficulty constantly increases, lowering your profit with time.
- Electricity pricing: ASICs require a high amount of electricity to perform the required computations. It can cut down your profit margin if you live in a country or region where the electricity cost is high. Of course, varied miners utilize a different amount of electricity based per device.
Which is the perfect mining equipment?
An ideal mining equipment will offer a superb high hash rate while consuming almost zero electricity. Of course, it’s not feasible in the real world, but there are some near-to-perfect bitcoin mining hardware — our favorite bitcoin mining equipment — as listed below.
You can determine any bitcoin miner’s profitability using a mining profitability calculator as shared below. You must consider a logical and practical reason behind choosing a bitcoin miner since you cannot switch a mining device as easily as you can switch from an old to the latest smartphone.
Note for given profitability calculations
The profitability metrics given below are computed via Bitcoin Mining Profit Calculator from Buy Bitcoin Worldwide. They consider electricity cost at US$0.1 kW/hour and bitcoin prices at US$4,000 and US$6,000 and use individual equipment’s hash rate and power usage.
Our favorite bitcoin mining devices
Zhejiang Ebang Communication, in one of the manufacturing hubs in China, is one of the world’s largest manufacturers of specialized chips for bitcoin mining machines. The company has announced a new generation of its powerful mining devices, which boasts to be better than the previous model — EBIT E10.
EBIT E11++ uses 10-nm semiconductor technology, allowing it to achieve an ideal hash rate of 44TH/s with a power consumption of 2000W. Hence, the hash rate to power consumption ratio for this mining hardware is 45W/T ±10%.
EBIT E11++ uses an independent heat sink with a robust shell material and a special cooling fan, providing excellent heat dissipation and cooling system. Its “Simplify IP” setup allows you to set up it quickly. Moreover, it connects directly to Ethernet, so you don’t require an additional computer to manage it.
You can purchase EBIT E11++ for US$2,024; its package includes the whole machine’s warranty for half a year and the controllers’ warranty for one year. Finally, let us check out its mining profitability using the mentioned calculator. As you’ll see, it doesn’t earn a profit in the current market (BTC = US$4k).
ASICminer Company is another China-based company, which proclaims to be a leader in cryptocurrency mining technologies. It currently offers three mining machines: ASICminer Zeon 180,000 Sol/s, ASICminer Pro — a model with remote radiators suited for industrial mining farms, and ASICminer 8 Nano.
ASICminer 8 Nano is its best offering — a compact miner that uses the powerful AM0815 (8nm) custom-designed chips for ASICs and offers an efficiency of 0.05J/GH ±10%. It can achieve promising hash rate of 44TH/s ±10% like EBIT E11++, but consumes 2100W ±10% — a little more power than EBIT E11++.
ASICminer 8 Nano utilizes an effective closed-loop noiseless water cooling system for efficient cooling. Moreover, the miner can work efficiently even if 35% of the coolers are not functioning. It includes locks and latches for quick assembly, so you can install it on your mining farm in almost no time.
ASICminer 8 Nano costs US$3,900 if you want it shipped to you or US$1,790 if you intend to install it on their farm. The device accompanies a six-month whole warranty, unlike EBIT E11++. Lastly, ASICminer 8 Nano’s profitability is shown underneath using the mining profitability calculator mentioned above.
A yet another China-based company, INNOSILICON is a leader of all crypto mining hardware, thanks to their Terminator2 and Terminator3 series of bitcoin mining equipment. Among these two series, INNOSILICON Terminator3-43T is one of their new next-generation products that made to this list.
Just like the above two devices, INNOSILICON T3-43T is innovative in design with near-unmatched operability. It’s capable of providing a hash rate of 43TH/s ±5% with a usage of 2100W ±10%, thus gaining efficiency of 48.83W/TH. That said, it’s the best bitcoin miner after EBIT E11++ and ASICminer 8 Nano.
INNOSILICON T3-43T includes two fans that supplement its efficient cooling system. It has a built-in web management portal, therefore it does not require a separate host computer or software to manage the miner. Moreover, you can connect it directly to the Ethernet, just like the other two (above) miners.
This miner costs US$2,279. It typically comes with 180-days parts warranty when you purchase directly from the company. Finally, using the mentioned profitability calculator, INNOSILICON T3-43T’s profitability is shown below.
MicroBT is a China-based company that has built several miners, but most of them avail low hashing power. However, it changed with its latest bitcoin miner — WhatsMiner M10V1, thanks to its careful and intelligent design.
WhatsMiner M10V1 uses 16nm chips and an improved cooling system, providing a combined hashing power of 31 Th/s ±5%. It runs efficiently at 65W/Th, ~220V with electricity usage of 2000W ±10%. Its hash rate and efficiency are lower than all three — EBIT E11++, ASICminer 8 Nano, and Innosilicon T3-43T.
Like EBIT E11++, WhatsMiner M10V1 is a plug-and-play bitcoin miner that connects to the Ethernet. Of course, you must configure it to mine a currency. It has a built-in fan system along with heat syncs on hash boards, however, its cooling system is louder than the other three miners on this list.
WhatsMiner M10V1 is priced at US$925 and offers 180-days parts warranty if purchased from its official website. And lastly, using the mentioned profitability calculator, WhatsMiner M10V1’s potential profitability is shown below.
Bitmain is a China-based cryptocurrency mining chip company that’s widely known for its support for Bitcoin Cash (BCH). It’s the largest designer of ASICs for bitcoin mining, and its first hardware miner — Antminer S1 — was launched in 2013. That said, Antminer S15 is one of its best and latest devices.
Antminer S15 uses 7nm chips offering a hash rate between 28TH/s ±2% and 17 TH/s ±2%. It consumes 1596 W ±7% and 850 W ±7% power at high-performance and at energy-saving modes offering efficiencies between 57J/TH and 50J/TH. In comparison, EBIT E11++’s efficiency is the highest among all.
Antminer S15 connects directly to the Ethernet, like all the mining hardware listed above. Its cooling system generates a roaring noise, thus it’s more noisy than others, making it ideal for a mining farm than a home.
Bitmain Antminer S15 costs US$1,249; it is shipped with a 180-day warranty like most of the miners mentioned on this list. And lastly, using the profitability calculator told above, Antminer S15’s profitability is shown below.
Which equipment to pick?
It all depends on your requirements — as with most devices and tools. There are hardware with the perfect set of three specifications — hash rate, power usage, and cost. And then, there are cost-effective products with good specs. I know it’s hard to take in all this info, so here’s the specs table to help you.
|Equipment||hash rate (TH/s)||Power Usage (W)||Cost (USD)|
|Ebang EBIT E11++||44||2,000||$2,024|
|ASICminer 8 Nano||44||2,100||$3,900|
|Bitmain Antminer S15||28||1,596||$1,249|
That is all about the bitcoin mining equipment aka machines for setting up your own bitcoin mining farm or generating a passive income from your home.