Regardless of your direct experience in the crypto world, most of us have at least considered trading and investing in Bitcoin. What still remains new and rather unexplored though, is Bitcoin mining and what needs to be done to get started with it.
Bitcoin mining can be a hobby or a profession. But in order to get started, one must have a full understanding of the requirements and criteria of Bitcoin mining.
In this article, we’ll learn all about Bitcoin mining and most importantly, what is the best Bitcoin mining hardware of 2023.
What Is Bitcoin Mining?
Bitcoin mining is the process of verifying transactions by solving complex mathematical puzzles. The process is crucial for the addition of new coins and maintenance of the entire public ledger of Bitcoin, known as the blockchain. It is also used to control the problem of double-spending. Bitcoin miners receive rewards for discovering solutions to complex hash problems.
Even though mining is a complicated process, it is greatly profitable. All you need is the right set of software and hardware settings to get started.
How To Choose The Best Bitcoin Mining Hardware?
Since its inception in 2009, there has been a drastic evolution in the way Bitcoin is mined. Initially, moderately powered CPUs could be used to mine Bitcoin from the comfort of your home. But as the Bitcoin network expanded, the process became more complicated, and miners had to move to powerful GPUs to keep up with the increasing demand. GPU had a drawback though—there was a constant need for a cooling system to prevent the device from being damaged from overheating.
At present, an application-specific integrated circuit (ASIC) was created to compensate for the demand for high hashing power. The ASIC provides a high hash rate, which allows miners to mine faster and use much less electricity.
ASIC hardware is now a go-to for every miner and here’s what you should look for when setting up your ASIC for Bitcoin mining:
Hash Rate
The hash rate is the measure of a miner’s performance and is measured in hashes per second (H/s). It is a unit that represents the miner’s computational power to solve the complex mathematical problems that are required to validate transactions on the Bitcoin network and create new blocks. The higher the hash rate, the more powerful the miner, and the better the chances of successfully mining a block and receiving the block reward. When choosing a miner, it is important to find one with a high hash rate that fits within your budget.
Power Consumption
Bitcoin mining requires a lot of energy, and the power consumption of the miner is an important factor to consider. High power consumption means higher electricity costs, which can eat into your profits. Power consumption is measured in watts (W) and represents the amount of electricity used by the miner to run. Look for miners with a high hash rate and a low power consumption to maximize your profits.
Price
The cost of the miner is also an important factor to consider. It’s important to find a miner that offers the best balance of hash rate and power consumption for the price. Don’t be tempted to buy the cheapest miner available, as it may not be the most efficient and may not generate enough profit to cover the cost. The price of the miner can vary widely depending on its hash rate, power consumption, and other features, so it’s important to compare different options before making a purchase.
Size and Noise
Some miners are very large and loud, which may not be ideal for some people. If you plan to use the miner at home, consider the size and noise level of the miner when making your decision. You may want to look for compact and quiet miners that can be easily placed in a home office or living space. These miners usually have a smaller form factor and produce less noise.
Brand Reputation and Customer Support
It’s important to choose a miner from a reputable manufacturer that has good customer support. This will ensure that you can get help and support if you need it. Look for manufacturers that have a good reputation, have been in business for a while, and have positive customer reviews. Customer support is important because it can help you troubleshoot any issues that may arise with the miner.
Compatibility With Your Mining Software
It’s important to choose a miner that is compatible with the mining software you plan to use. Some mining software may not work with certain hardware, so make sure to check compatibility before making a purchase. This will ensure that your miner runs smoothly and that you don’t run into any issues. It’s also important to check if the miner is compatible with the operating system you’re using. Some miners may require specific operating systems to run.
Top 12 Bitcoin Mining Hardware
Here’s a list of the 12 best Bitcoin mining hardware in 2023:
- Bitmain AntMiner S5
- Bitmain AntMiner S7
- Bitmain AntMiner S9
- Bitmain AntMiner S19 Pro
- Bitmain AntMiner D3
- Bitmain AntMiner L3+
- Avalon6
- AvalonMiner A1166 Pro
- AvalonMiner 1246
- Dragonmint T1
- WhatsMiner M30S++
- WhatsMiner M3x
1. Bitmain AntMiner S5
The Bitmain Antminer is an outstanding entry-level choice for miners as it has a combination of high efficiency and low power requirement. When compared to the latest ASIC models, Antminer S7 and S9, it might seem a little outdated, but its efficiency makes it a top choice among hobby Bitcoin miners and beginner’s level mining operations.
- Power supply: 115 volts
- Power consumption: 560 Watts
- Hash rate: 1GH/s every 0.51 Watts
- Lightweight: 2.5kgs
2. Bitmain AntMiner S7
Another model from the Bitmain AntMiner series is the S7 model. Even though it is not among the latest ASIC models, it has much lower power consumption in comparison to S5. When used with a robust power supply, it delivers reasonable profits.
Although the one drawback is that the unit is dependent on ambient temperature. The AntMiner S7 is sensitive to temperatures warmer than 80°F and is suited for cooler climates.
3. Bitmain AntMiner S9
With custom-made heat sinks, high-grade aluminum alloy, high-speed fans, a user-friendly interface, and a high hashing rate, the Bitmain AntMiner S9 is an excellent choice for professional miners. The auto-cooling system of the Bitmain S9 gets rid of hot air and replaces it automatically. It also allows miners to adjust mining settings and update the firmware when required.
Keeping its specifications in mind, it can easily be the best alternative to DraginMint T1, one of the best mining hardware in the market. The AntMiner S9 costs about $2,700 to $3,000, with its power supply unit being sold separately.
4. Bitmain AntMiner S19 Pro
With 110 TH/s of hashing power, the Bitmain AntMiner S19 Pro is a mining beast. It has a power supply of 3250W of power, ± 5%, and average power consumption of 81.4 dB when in operation. Like the AntMiner S7, the S19 Pro is also temperature sensitive and is most productive between 5° to 40°C.
- Hash power: 110 TH/s
- Power consumption: 3250W
5. Bitmain AntMiner D3
Dash, a cryptocurrency originally intended to be ASIC resistant, is most efficiently mined using the Bitmain AntMiner D3. This mining hardware has many added advantages over other mining devices. The Bitmain Antminer D3 has a hash rate of 19.3 GH/s and has an average power consumption of 1350W.
- Hash power: 19.3 GH/s
- Power consumption: 1350W
- Efficiency rate: 0.07 J/MH
6. Bitmain AntMiner L3+
One of the best mining hardware for Scrypt is the Bitmain L3+ that is designed around the Scrypt algorithm. The recent upgrade of the L3+ chipset to BM1485 has significantly improved the hash rate and the power draw of this mining hardware. Even with the enhanced system functionality, the cost-effectiveness of the L3+ makes it stand out among its tough competitors like Innosilicon LTCMaster.
- Hash rate: 504 MH/s
- Power consumption: 800W
7. Avalon6
If you’re a home miner or a hobby miner, the Avalon6 is an impressive and functional choice for you. The low noise and inexpensive power draw make it a good choice for home mining. Even though it has a lower hash rate, the low sound profile (55dB) is a great added bonus for the Avalon6 and is equipped with 80 18nm chips of A3218. The mining equipment also comes with frequency control that is especially used to regulate the frequency from the standard 500MHz.
- Hash rate: 3.5TH/s
- Noise profile: 55dB within 1.2 meters
8. AvalonMiner A1166 Pro
The AvalonMiner A1166 Pro is one of the best in the AvalonMiner series, owing to its hash rate power and power consumption. Even though it’s very expensive, the price is a steal for its power efficiency. The hardware delivers an 81TH/s hash rate and draws about 3.4kW of power.
- Power consumption: 3.4 kW
- Hash rate: 81TH/s
- Hash efficiency: 42J/TH
- Price tag: $2,200 – $2,850
9. AvalonMiner 1246
With a wider temperature range, AvalonMiner 1246 is a heavy-duty mining device. Its design comprises four integrated fans that generate about 75dB noise during operation. So it’s recommended to have a separate mining setup with soundproofing doors. Unlike other temperature-sensitive hardware, the AvalonMiner has a much wider range -5° and 35°C. It also has high efficiency of 38J/TH.
- Power draw: 3.43 kW
- Hash rate power: 90TH/s
- Cost: $4,000 – $5,300
10. Dragonmint T1
If there’s one mining machine that is undoubtedly ruling the Bitcoin mining scenario, it’s the Dragonmint T1. With the best chip design DM8575, the Dragonmint T1 is the first ASIC to reach a hash rate of 16 TH/s.
The efficiency of the ASIC technology gives a push of 20% in its mining operation.
11. WhatsMiner M30S++
WhatMiner M30S++ offers the highest rate of power that is available in the market. In addition, this Bitcoin mining hardware also draws much less power, which makes it one of the most effective ASIC miners offering 31 J/TH. It is designed with the latest Samsung 8nm ASIC chipset.
If the price of Bitcoin stays at its current level, the WhatMiner M30S++ can give you an approximate return on your investment in about a year.
- Power consumption: 3.472 kW
- Hash rate: 112 TH/s
12. WhatsMiner M3x
WhatsMiner M3X is a great option for professional Bitcoin miners. The machine offers very high power consumption and has a very loud sound profile. The device delivers 12 to 13 TH/s and consumes about 1900W to 2100 W of power. It is powered by the 28nm ASIC chipset that demands 180-240V voltage to operate.
- Hash rate: 12 to 13 TH/s
- Power consumption: 1900W to 2100
The Bottom Line
Bitcoin is booming, and its popularity is only expected to grow over time. With this expanding ownership of Bitcoin, mining is also evolving and more companies are trying out crypto mining hardware. From CPU to GPU, and now to ASIC, the steady evolution of crypto mining hardware will only continue to add to Bitcoin’s profitability.
ZenLedger easily calculates your crypto taxes and also finds opportunities for you to save money and trade smarter. Get started for free now or learn more about our tax professional prepared plans!
Best Bitcoin Mining Hardware FAQs
1. Which bitcoin miner is most profitable?
Taking cost and profitability into account, Antminer S19 Pro is the most profitable Bitcoin miner.
2. Will the time it takes to mine 1 bitcoin change over time?
Yes, the time it takes to mine 1 bitcoin will change over time as the mining difficulty increases. The mining difficulty is adjusted every 2016 blocks to ensure that blocks are found approximately every 10 minutes. As more miners join the network, the mining difficulty increases, which means it takes more computational power to find a new block and mine 1 bitcoin.
3. How long does it take to mine 1 bitcoin?
The time it takes to mine 1 bitcoin can vary greatly depending on several factors, such as the mining hardware used, the mining difficulty, and the miner’s computational power. The mining difficulty is a measure of how difficult it is to find a new block and it is adjusted every 2016 block to ensure that blocks are found approximately every 10 minutes. As the mining difficulty increases, it takes more computational power to find a new block, which means that it takes longer to mine 1 bitcoin.
