If you want to mine Bitcoin like a professional, you need to know how to choose the best Bitcoin mining machine. Learn more here.
Cryptocurrencies are ushering in thrilling prospects for our financial future.
Bitcoin, of course, is the most famous cryptocurrency, and it promises a decentralized monetary system free of government meddling and poor stewardship. With soaring inflation, many are looking to cryptos like Bitcoin for relief.
So it makes sense that many people are interested in mining Bitcoin. Before taking that plunge, however, theres a lot to learn, including how to choose the best Bitcoin mining machine.
Thats where this article comes in, so keep reading to find out more about the wild world of Bitcoin mining.
Why Mine Bitcoin?
Ever since cryptocurrencyand especially Bitcoinwas first developed in the late 2000s, digital currency has become commonplace throughout many industries.
Its also true that many countries are now beginning to recognize cryptocurrencies, and have made moves to introduce them into different economic sectors. So the question remains, why mine Bitcoin and other cryptocurrencies?
The simple answer is that mining is what fuels Bitcoinwithout it, there is no cryptocurrency. Mining is the process that makes the whole thing work, and confers legitimacy on the whole enterprise. But there are other, more down-to-earth reasons to engage in this activity. Lets look at a break down of some of these reasons:
- Mining Bitcoin translates into greater acceptance and more flexibility for crypto. Plus, its relatively easy to become a Bitcoin miner. Learning the intricacies of crypto, creating a wallet, and setting up your mining rig isnt too difficult. Finding the best Bitcoin mining machine is really your greatest hurdle.
- Mining helps with the transparency of the process, so all transactions are posted.
- It also works to secure transactions, so that Bitcoin and other cryptos remain trusted alternatives to fiat money.
- Mining maintains the anonymity of Bitcoin payments, so that they cant be traced.
- Somewhat overlooked is the fact that crypto mining is an easy chance to earn Bitcoin, with little in the way of up-front investment.
- Finally, its an opportunity to participate in building the most promising future currency, which Bitcoin and its competitors undoubtedly are.
So, if youve got the money, and enough drive and ambition, theres really no reason not to join the growing ranks of Bitcoin miners.
A Brief Primer on Mining Bitcoin
Now its time to get down to the nitty-gritty, and talk about what mining Bitcoin is really all about.
Simply put, the purpose of mining Bitcoin is to assure that all transactions on the blockchain network are correct. That sounds easy enough, but this process needs sophisticated computer units. These computers crunch the numbers on these transactions, and then transmit their results to other blockchain computers.
So whats in it for you? Well, the people operating these computer networks get a reward, which comes in the form of fees per transaction, as well as rewards offered by the mining network.
The point of mining, you see, is to establish the bona fides of the cryptocurrency. People need to trust these transactions are real, and not the result of cheating or theft. That requires something called proof-of-work. Its a lot like when math teachers force you to write out your process of solving an equation, so they know you didnt just cheat.
Anyhow, computers accomplish this by guessing a block of alphanumerics, which is known as a hash. When the proof-of-work is established, a block of transactions is then added to the blockchain. The computer that makes the correct guess is the one that gets to add a block to the blockchain, and thus snag the reward.
As you can imagine, however, this requires a massive amount of computational energy, and this is not something that comes cheaply. And thats how the system works, since to cheat it would require so vast an expenditure in equipment and energy that it just wouldnt be profitable. So mining is the process that keeps the blockchain secure and valid.
Originally, Bitcoin mining could be done using simple household computers. But that was in the early days. Now, the hashes have become so complex that much more powerful systems are needed. Only specialist computer systems and chips can do the job now, and will discuss some of these later.
Some Considerations Before Purchasing a Bitcoin Mining Machine
These days, Bitcoin mining hardware comes in the form of so-called application-specific integrated circuits, or ASICs for short. Unfortunately, the CPUs and even GPUs of yore are out, but ASICs and Bitcoin mining software come in many different shapes and sizes.
So what to choose? Ultimately, that will depend on a miners circumstances. For the do-it-yourselfer, a single unit in the basement might do the trick. But others prefer a few affordable ASICs to get started in a cryptocurrency mining pool.
Of course, those with the resources to spare might want to set up a whole warehouse with the best Bitcoin mining machines money can buy, as well as the necessary cooling units. It really comes down to what you can afford, but there are a few other considerations. These include, for instance, hashing power, temperature, energy consumption, andof coursecost.
What to Look For in Bitcoin Mining Hardware
Lets look at a few factors to weigh when looking for a Bitcoin mining machine. These are the main criteria that most first-time and even experienced miners need to consider:
Bitcoin miners have gotten a bad rap for the amount of electric power their machines consume. Theres a reason for thistheir computers are working overtime to cycle through various hashes.
Obviously, the most powerful machines will drain the most energy. So one of the most important things any miner should do is assess how much power is available for a Bitcoin mining machine.
Theres a lot that goes into Bitcoin mining. Every mining machine reflects this complexity, and their differing features can influence the quality of mining. One of these is the hash speed or hash rate, which is really just the number of operations the machine performs in a given period of time.
Hash speed is a big deal when choosing a machine. After all, if you choose one thats too slow, youll get left behind by the bigger rigs and your investment will be a waste. The simple fact is that the higher your hash speed is, the quicker youre likely to add your fist block to the chain.
Finally, consider that there are now many different cryptocurrencies than Bitcoin. In many cases, these work on different blockchains and use different block values. So which crypto you want to mine is another consideration when choosing a mining machine.
Bitcoin Mining Machines: A List of Top Contenders
Since were talking about the best Bitcoin mining machines, we might as well look at a few of the top machines on the market.
This is just a look at a few crypto mining machines, from the kind you can install in a Bitcoin mining trailer, to warehouse-grade equipment. But these rigs often show up on any list of the best Bitcoin miners:
- Avalon6: The Avalon6 happens to be one of the more affordable rigs on this list. Nevertheless, that affordability does translate to lower quality operations. The Avalon6 consumes about 1,050 Watts, which realizes a hash speed of 3.5 Terahashes/second (TH/s). And that can be a problem, since this speed can hurt your chances of making a profit. For beginners, however, the Avalon6 might be a good choice.
- Pangolin Whatsminer M3X: This machine is an energy guzzler, pure and simple. Its power consumption is between 1,800-2,100 Watts, which is a lot. Still, that means its hash speed is an impressive 12.5 TH/s. Its more expensive than the Avalon6, but not as pricey as some of the other rigs.
- Bitmain Antminer S9i: Bitmain has a reputation for producing very energy-efficient hardware, while also achieving excellent hash speed. A prime example is the Antminer S9i, which is capable of mining 14 TH/s, while consuming 1,320 Watts, which isnt too bad.
- Halong Mining DragonMint T1: The final entry on our list is the most powerful. The DragonMint T1 can achieve an outrageous 16 TH/s speed, making this machine almost unparalleled in its efficiency. Its an expensive machine, but it will also help put you at the forefront of Bitcoin mining.
Get Your Equipment With Us
So now you have an idea of what goes into choosing the best Bitcoin mining machine.
Of course, setting up an adequate mining operation requires much more than just the actual computing systems themselves. If youre really serious, youll need to equip your outfit with HVAC and cooling units to compensate for the tremendous heat these rigs produce, as well as lighting and other systems.
At Fuelled, we can help supply you with all the equipment your Bitcoin mining operation needs to succeed. So go ahead and contact us today to see how we can help.