Bitcoin mining is a dynamic industry with consistent updates to the hardware, software, pools, price, difficulty and profitability, making it harder to always make money mining with an ASIC miner.
Mining can be a great Bitcoin investment, especially if you have a cheap power source. If you are seeking information on what an ASIC miner is and how much an ASIC miner can make, you have landed on the right page!
But before we move forward it is better to understand how Bitcoin mining works.
In the early stages, Bitcoin mining was largely done with CPU and GPU hardware. But, with the rising prices and greater adoption of decentralized currencies, many investors have flocked towards ASIC hardware. But what is the best ASIC miner to begin with?
ASIC miners are Application-Specific hardware designed with only one purpose, to mine Bitcoins. This means the microchips inside the machine can only work for Bitcoin mining and nothing else. A Bitcoin ASIC miner will only function to generate hashes for Sha-256 algorithms and can’t be used to mine other Cryptocurrencies such as Litecoin or Dash.
Lately, many ASIC mining hardware companies have emerged in markets. Although Bitmain still has a dominant market share when it comes to choosing the best ASIC miner. Bitcoin mining has become competitive and it is not ideal for an average person to mine using their traditional desktop devices. In addition, cheap electricity available in China, Canada and Venezuela have largely made the industry reach its optimum level.
An ASIC miner is as powerful as 700 GPUs 12000 CPUs that could earn investors millions. Thus, going for ASIC hardware would be cost effective and efficient as well. But what is the best ASIC miner and how can you find one?
When it comes to the Best ASIC miner we can rely on some key factors to determine our choices. These include:
How many hashes can your ASIC miner generate? More hashes will generate more Bitcoin but might also require higher consumption. The higher cost of power can easily outperform the effect of Bitcoins your machine can generate. That’s why efficiency is crucial here.
When you fire up your ASIC, you need a lot of power supply to function them well. For this, you would want to buy the most efficient ASIC miner. This is to convert a large amount of electricity into the greatest number of Bitcoins as possible.
When choosing the best ASIC miner, price is the most important factor as it determines how long it will take you to reach your ROI. If you are buying an ASIC worth $500, it is likely that you will cover the cost within a span of 5-6 months. But with high-end powerful ASIC that costs around $2500, reaching ROI might even take a year.
While you can use these factors to find you’re your own ASIC miner, we narrowed down your choices by compiling a list.
Flashing a brand new technology of Nanochips and boasting 16 TH/s, DragonMint is a top option when it comes to starter Bitcoin miners. This mining machine also takes advantage of ASICBOOST to boost efficiency by 20%.
Although, starting from a price of $2720 the DragonMint is not affordable for everyone, but it is still one of the most efficient mining hardware in the industry.
Perhaps, it was designed to meet the growing demand from investors that usually look forward to setting up large Bitcoin mining farms. In addition, it requires 1600W of Power Supply to effectively run DragonMint 16T.
You can also do some quick calculations using various Bitcoin Mining Calculator and see how much profit are you going to make with this machine.
In its inception, the price of a brand new Antminer was around $2000. But thanks to the long bear market, now it only costs around $250. This also brings increased opportunity for new miners to invest in Bitcoin mining.
An Antminer averages around 14 TH/s at its peak and is very efficient than most of the ASIC miners available on the market. Although much of the profits depend on Bitcoin difficulty and the global hashrate, Antminer still features a strong cost-effective option for many beginners.
The hardware consists of 16 Nanometer chips to cater for modern mining needs. However, when it comes to power supply, Antminer S9 is at par with DragonMint and needs the same 1600W PSU.
If you are looking to set up an ASIC miner rig inside your home, then Antminer R4 would be a perfect choice. Coming from the Bitmain Company, this mining hardware was specifically developed to be used and deployed in homes.
Traditional Mining hardware is a lot noisy and causes noise pollution. While having quiet fans and the efficiency second only to the S9 Miner, Antminer R4 can be the perfect solution for hobby miners.
Talking about the hashrate, it can easily average at 9 TH/s, making it the next best ASIC miner in Bitmain Antminer series. The hardware has a power requirement of approximately 845 PSU, which is almost half of DragonMint 16T.
The cost of a new Antminer R4 is around $1000 but you can get a used one in for around $400. Well, the price may not be attractive for many hobby miners, but it’s way cheaper when it comes to efficiency.
This is an ideal ASIC miner specifically designed to meet growing mining needs. This ASIC machine might be one of the most stunning hardware yet. Ebit 11++ costs around $2500 and gives a whopping hashrate of around 44 TH/s.
This type of hardware is best suited for large investors and corporations looking to make Bitcoin mining as additional income in their diversified portfolio. The PSU requirement of Ebang Ebit 11++ is around 1980W.
With low PSU requirements and a high hashrate, Ebang definitely suits the title of Best ASIC miner as of now!
Bitcoin mining industry is rapidly evolving. People are looking for cheap power resources and hardware to make the most from their investments. Companies such as Bitfury and Bitmain have the greatest market share of Bitcoin mining hardware. But with the influx of more corporations such as Halong Mining and Ebit, miners carefully need to choose an efficient mining machine to get a Return on Investment (ROI) as early as possible.
As for choosing the best ASIC miner you carefully need to think about the purpose of your mining. If you are looking for a small setup inside your home, then Antminer R4 would be the perfect fit. Although, you need to invest a little more of your time in Bitcoin mining software and select a pool before getting started.
In comparison, if you were looking to set up a large Bitcoin mining farm, then choosing from Antminer S9 or DragonMint 16T would likely be the way forward.
Before reaching a conclusion it is better to have a brief analysis of Bitcoin mining industry and what factors can influence your profits. Maybe you actually buy plenty of Ebang Ebit 11++ in the coming week and came to know that Halong Mining has released a more efficient mining machine?
Of course, we cannot peek into the future, but at least we can make estimates of Bitcoin mining hashrate and difficulty based on previous data. Maybe it is time for the Bitcoin Mining community to come together and decide on the best ASIC miner.