Bitcoin Mining Hardware Comparison.
1. Why do we even need Bitcoin mining? Bitcoin is a decentralized alternative to the banking system. This means that the system can operate and transfer funds from . Nvidia's GTX is a new addition to our best GPU for mining list, replacing the AMD Radeon RX , which was almost impossible to buy these days thanks to low stock levels.
The first wave of these specialty bitcoin mining devices were easy to use Bitcoin miners were based on field-programmable gate array FPGA processors and attached to computers using a convenient USB connection.
Application-specific integrated circuit ASIC miners have taken over completely. Several reputable companies have established themselves with excellent products. Currently, based on 1 price per hash and 2 electrical efficiency the best Bitcoin miner options are:.
For a comprehensive comparison of bitcoin mining hardware. Best Bitcoin Mining Hardware Two major factors go into determining the best bitcoin mining hardware: Bitcoin mining is difficult to do profitably but if you try then this Bitcoin miner is probably a good shot. They have only minimal requirements for other normal computer applications. As more Bitcoin mining hardware is deployed to secure the Bitcoin network the Bitcoin difficulty rises.
Furthermore, Bitcoin ASIC technology keeps getting faster, more efficient and more productive so it keeps pushing the limits of what makes the best Bitcoin mining hardware.
Being listed in this section is NOT an endorsement of these services. There have been a tremendous amount of Bitcoin cloud mining scams. Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced. Zcash mining contracts are also available. Hashing24 has been involved with Bitcoin mining since The ever-changing landscape of the mining sector can leave interested parties confused as to the future value of Bitcoin mining hardware and if purchasing this equipment is still a smart move.
Manufacturers are reaping huge bounties from these products. Hence, the continued development of more powerful mining equipment. Mining is the process in which a network computer node adds the next block to the blockchain after completing a difficult math equation known as the Proof-of-Work. This had some serious ramifications as it increased both the cost of obtaining mining equipment, as well as the overall difficulty of the mining sector.
Part of the proof-of-work algorithm is a difficulty adjustment. As more computing resources enter the mining pool, the proof-of-work algorithm makes the mining math problem more difficult to solve.
In , the mining sector saw an explosion in both the value of cryptocurrencies and the difficulty of mining. Only one year later, these results were reduced to around 30 BTC and by , you would have been lucky to mine 3 BTC using this hardware.
Due to the overwhelming demand for BTC mining hardware, there is now a wait associated with purchasing these products. ASIC miners can have waiting periods that can extend for months. It is important to consider difficulty fluctuations during this time. Basically, if you have to wait too long for your mining equipment, it may not be worth it by the time it arrives.
Electricity costs should be one of your main concerns when deciding on what type of mining rig to purchase. You may find that you are losing money if you go with a high-powered mining rig in an area where electricity is expensive.
The overall price of BTC or any other mineable crypto is another determining factor to consider when deciding on purchasing a mining rig that will stand the test of time. When the value of BTC goes up, so does the profitability of mining this crypto. The reward for mining a block is scheduled to half every , blocks.
This means that around May , BTC mining rewards will drop from While this seems like it could crush the mining industry, you must consider that there will only ever be 21,, BTC mined and of that 17,, have already been mined. This means you can expect to see some serious price increases as the number of BTC that are available to be mined diminishes in the coming years. While ASIC mining rigs are far more efficient at mining than their GPU counterparts, you should remember that these chips are only able to mine SHA cryptocurrencies and therefore serve no additional purpose once these tasks are completed.
Some miners available for rent include AntMiner S4s and S5s. Bitcoin mining is difficult to do profitably but if you try then this Bitcoin miner is probably a good shot.
Hashing24 has been involved with Bitcoin mining since David Hamilton aka DavidtheWriter has published thousands of cryptocurrency related articles.