Bitcoin mining is and has been the buzzword of the crypto community for the last several years. People have been looking for different methods to mine the most famous cryptocurrency, and while doing so, became innovative and efficient.
Would you believe it? Bitcoin miners are active in Iran despite harsh crypto regulations.
If you’re planning to start mining Bitcoin yourself, you’re in the right place.By the time you’re done reading this article, you will get to know some of the best Bitcoin miners available for you.
What you will learn in this guide:
- The Bitcoin Mining Hardware
- Appraising a Miner
- Top Bitcoin Miners In 2019
- Popular Companies That Operate In Mining Hardware
- Frequently Asked Questions on Bitcoin Mining
The Bitcoin Mining Hardware
Bitcoin mining has become competitive and less profitable over the past few years. And it seems like the only way to remain in the business is by making use of the fastest miner the market has to offer, which happens to be the ASIC miners.
Nowadays, the only way to participate in Bitcoin mining is through dedicated miners known as ASIC miners. As mining evolved, more and more companies became interested in the manufacture of dedicated hardware.
The more competitive Bitcoin mining became, the more the mining hardware upgraded. Miners previously relied on PCs to mine Bitcoin and then later moved on to GPUs (graphics processing unit). Subsequently, the mining hardware evolved to using FPGAs (field-programmable gate array) and finally to the most recent, ASIC (application-specific integrated circuit) mining.
Technology today is working to create smaller chips for ASIC mining so that more powerful miners can be produced. This is important because the smaller the chip, the higher the number of chips a miner can contain, which makes the miner more efficient.
Presently, the smallest chip is a 7nm (nanometer) chip, and it was introduced by Bitmain.
Appraising a Miner
With the continuous increase in the price of Bitcoin and the higher profitability of mining, one of the things that are bound to happen is the influx of more companies into the Bitcoin mining industry. One such company that has already invested in Bitcoin mining hardware is Samsung, and soon enough, more will follow. The result of this will be an increase in the supply of mining hardware and a decrease in its cost.
Some certain features cannot be overlooked if a miner must be properly appraised. They include:
- Energy Efficiency
This calculates the amount of power a hashrate requires. A good miner is one that can mine Bitcoin without draining the pocket through a high electricity bill.
To obtain efficiency, simply divide energy consumption by hashrate.
Hashrate is how powerful a miner is to solve complex math problems. It determines the number of guesses a miner can make in one second. The higher the hashrate, the more capable a miner is.
- Power Consumption
This establishes the electricity consumption of a Bitcoin miner. It is measured in Watts. As its number decreases, the value of the miner increases.
Top Bitcoin Miners In 2019
Yes, there are lots of miners out there, but we advise you to go for only the latest models since they are guaranteed to serve the owner well, with a good return on investment being a plus. It’s only natural to go for the latest updates, tech gadgets and softwares.
Below is a short description of the best Bitcoin Miners on the market:
This miner was released in March 2019, and it is the best Bitcoin miner from Bitmain as at today. The 7nm miner has the capacity of reaching 62 Th/s and has a power consumption of about 2790 Watts. Two modes were included in the design of the miner, and they are normal and Pro.
Innosilicon Terminator T3:
This is one of the most powerful Bitcoin miners on the market. The T3 has a power consumption of about 2100 Watts and can supply up to 43TH/s.
EBIT E12 +:
Launched in August 2019, EBIT as not only impressive; it is among the most efficient Bitcoin miners out there. It has a hashrate of 50TH/s, and its power consumption is pegged around 2500 Watts.
Popular Companies That Operate In Mining Hardware
Sketchy at first, but interesting on the other, the cryptocurrency industry has definitely won the hearts of some leading companies from different sectors. Some have started working on their mini chips for miners, some planned building mining farms, and others are just eager to participate in every aspect of Bitcoin mining.
Here are some of the companies (later expanded the descriptions) that are invested in the Bitcoin economy:
- Canaan Creative
- Bitmain Technologies
- Innosilicon Technology
- Halong Mining
- Zhejiang Ebang Communication
- GMO Internet
Canaan was established by N.G. Zhang in Beijing in the year 2013. At first, it produced FPGAs, the previous mining hardware before ASICs. Canaan ranks as the second-largest producer of ASIC miners in the world.
Bitmain happens to be a leading manufacturer of mining hardware. Founded in China in 2013. Today, Bitmain has become a global brand and has offices in many countries.
The company designed the ASIC miner series called the Antminer for the mining of cryptocurrencies like Litecoin, Dash and Bitcoin.
This hardware company is well known for its customizable miners which happens to be both cost-effective and of high performance. Innosilicon has its design team in North America and China.
Innosilicon is currently making waves in the cryptocurrency mining market with its Terminator series, designed for Bitcoin mining. The company has launched its newest miner known as Terminator T3.
Halong Mining is a new company in the cryptocurrency mining industry. The company wasted no time to thrill the mining community with its DragonMint T1 miner, a powerful miner for Bitcoin, which was unveiled sometime in 2018.
Being a new company made the crypto community a bit skeptical about it, but Halong Mining was able to win the hearts of many by simply delivering on its promise with a high-performance machine.
Halong is affiliated to Samsung and BtcDrak. Samsung is in charge of the production of the mining chips used by Halong for its ASICs.
Bitfury is a Bitcoin software and hardware company established in 2011 in Tbilisi, Georgia. The company’s mining operations is one of the highest on the Bitcoin network hashrate, accounting for up to 5% of hashrate operations.
The company has a wide range of products which include a Bitcoin mining server named Tardis, BlockBox, a portable Bitcoin mining data center and an ASIC mining chip named Clarke.
Zhejiang Ebang Communication:
Ebang’s major operations include the production and sales of fiber optical telecom products and R&D. The company ranks as one of the top manufacturers of ASIC chips in its region.
Ebang miners are highly efficient and powerful enough to rival even top market forces like Bitmain.
The Japanese bigwig, GMO Internet, has joined the Bitcoin miner business and has already introduced its own products.
Aside from Bitcoin miners, the company has interests in Internet infrastructure, which happens to be its primary focus. Other interests the company has include cryptocurrency, mobile entertainment, Internet financial services, and online advertising and media.
GMO Internet has launched many crypto exchanges already and is now venturing into the mining business and cloud mining contracts.
A lot of companies have put in time and resources to ensure that Bitcoin is mined with as little stress as possible. Some other companies that manufacture ASICs include Avalon and Baikal. All the same, Bitmain has remained on top of the ASIC market since its creation in 2013 because of the quality of miners it produces.
Halong, though still new in the industry, has a promising future and could also be a worthy rival of Bitmain in time to come. With companies like Samsung and BtcDrak behind it, possibilities abound. Probably the ensuing rivalry will help tilt the market towards a positive direction.
As for the best miner on the market, the Antminer S17 Pro has proven to be the best choice when compared to other products based on cost and performance. The miner is quite affordable compared to others, and it has an impressive performance.
Frequently Asked Questions on Bitcoin Mining
Can Personal Computers Mine Bitcoin?
No. The current Bitcoin Network hashrate makes it impossible for personal computers to mine Bitcoin. In fact, if that were to be done, it will consume a lifetime and more to mine successfully. The only sure way of mining Bitcoin in 2019 is by using ASIC miners.
What Is The Cost Of A Bitcoin Mining Machine?
There are options for buyers to consider. Either they buy brand new machines, or they go for second-hand ones. So buyers should budget about $1000-$2000 to acquire one, whether new or second hand. Sometimes, the price of machines can increase up to 5x when there is much demand for it with low supply.
Will Bitcoin Mining Go On Forever?
No, it will not. Bitcoin halving has established a rule that schedules 2140 as per last year for Bitcoin mining.
How Profitable Is Bitcoin Mining In 2019?
Bitcoin mining is only profitable enough when you consider the balance of power consumption and the power of the mining equipment. A powerful ASIC miner has the capacity to increase profitability, and cheaper electricity (which is not available everywhere) bill will also go a long way in making the business worthwhile. Combining the two will definitely yield good returns in the long run.
What Is The Number Of Bitcoin That Can Be Mined Daily?
This depends on the type of Bitcoin miner used. For instance, the Antminer S17 Pro with a difficulty factor of 7,409,399,249,090.3 will produce 0.00210413 Bitcoins daily.
What Is The Total Number Of Remaining Bitcoins?
The total number of Bitcoins that are yet to be mined is 3,042,725.0.