This guide will help you choose the best Bitcoin miner. I understand your will to start mining Bitcoin (it’s not too late, it never is).
It’s a starter’s, basic guide. Meaning, if you’re an experienced miner and have prior experience, this one may not be for you. But if you’re just starting out with Bitcoin mining, keep reading.
We will basically discuss what’s important, what’s not important, and what’s just not to be overlooked.
Let’s get started.
Disclaimer: This article is purely for educational purposes. No guarantee of profit via any mode is claimed here. All your actions and investments are solely your own responsibility. The creators of this article can not be held liable for any of your losses.
Factors to consider when choosing a Bitcoin miner
Here’s everything I look for when picking a Bitcoin miner or technically a ASIC hardware:
- Power/electricity consumption: This is arguably the only “constant investment” for ASIC hardware will need. Hence, the cheaper this is, the more your profit margin. Always pick miners that do not need a lot of electricity. Of course, other factors must be balanced as well.
- Hash Rate: This is the “other factors” I just mentioned. You need a miner that has a high hash rate. What this means for you is, a stronger computer, faster processing power, more money. However, higher hash rate also will draw more electricity. Hence, you need to find a balance between the two.
- Software integration: Of course, you can’t mine just with the hardware. Hence, whatever miner you use must be compatible with the software you intend to mine with. This also means your must have advance knowledge of the software before you start picking your hardware.
- Heat management: Nothing kills electrical equipment faster than heat. ASIC hardware of course generates a ton of heat. Hence, any system that generates less heat is desirable. This also extends the device’s lifetime which translates into saved costs for you.
- Emitted sound: Like all hardware, Bitcoin miners make noise too. Depending on where you are, the social and legal norms, you may have to pay attention to the noise level of your miners. You can also use mining farms to host your hardware. You purchase the hardware but it’s hosted physically at someone else’s farm.
- Future-proof and upgrades: Mining bitcoin is an increasingly difficult task. The required hash rate keeps increasing over time. Hence, going with miners that allow easy upgrades and scalability is a good option. It’s not feasible having to change your hardware frequently, is it?
- Resale hardware: This is a point that you need to consider before investing in ASIC miners. Choose a miner that has good resale value. This allows you to sell the miner at a later time hence decreasing your upgrade costs or just bringing your losses down.
- Legal requirements: Finally, be sure you’ve paid attention to your region’s cryptocurrency as well as mining regulations. Not all counties/places are crypto-friendly. Some may levy a simple fine while others may lead to jail time. Hence, be sure to validate the activity’s legality before indulging in it. A simple search should do it.
How to increase profits when mining Bitcoin?
Simply buying the hardware does not guarantee profits. In fact, it’s often known to cause losses. This is why, there are a few factors you ought to consider in order to make profits on your mining hustle.
- Use a mining farm: Mining farms are basically places where multiple miners pool their resources (processing power) together. This increases chances of them successfully mining a block.
- Shared costs: Costs, primarily electricity costs are shared between miners in a mining pool which brings the total investment down, which increases profits.
- Choose the best payment model: Mining farms charge a fee. You need to compare charges and pick the one that’s best for you.
- Manage electricity costs: A major, and probably only way you can influence your electricity costs are by choosing the region. Pick a region that’s cheaper for electricity and switch to solar power if possible.
Why CPU and GPU mining isn’t viable (not anymore)
Back in 2012, every guy who got a decent graphic card and knew what mining is, was trying to mine Bitcoin.
Problem is, it wasn’t viable then, it isn’t viable now.
For starters, CPUs and GPUs aren’t just strong enough anymore. As explained earlier, the hashrate required to mine Bitcoin increases with time. Hence, it may have worked a decade back but not anymore.
Secondly, the purpose of CPUs and GPUs was never to “mine cryptocurrencies”. As a result, they aren’t optimized for power consumption. In other words, you’d be spending a lot more power and yet your hashrate would be low, almost negligible.
Do note that you may be able to mine different Cryptocurrencies using lower-grade hardware. Not all coins require the exact same processing or block solving capabilities. But then, be sure to research the coin’s value before doing so.
Final words- Beginner’s Guide to Choosing the Best Bitcoin Miner for Optimal Results
I hope your knowledge about Bitcoin miners has increased at least slightly as compared to when you started reading.
As mentioned earlier, this is a pretty basic guide. However, if you follow what’s mentioned here, chances of your success will likely increase.
Do note that Bitcoin mining, and Cryptocurrencies in general are very volatile. Always do your own research before investing/mining a Cryptocurrency.
