Bitcoin mining is developing dynamically every day and requires constant updating of equipment and technology. This, in turn, makes us think and look for new profitable ways to work with cryptocurrency. Mining is a competitive field, despite the fact that it is very profitable. That’s why there is a constant race for computing power, and whoever has the best power earns more. Otherwise, miners can just waste their time and energy. So we’re going to delve deeper into this topic and deal with the questions that apply to the mining business.
The first thing, of course, we will define for ourselves the basic steps that are required to work successfully in this field. Let’s take a look at how to increase the efficiency of bitcoin mining and what we’ll need to do that. And of course, we will consider Antminer s9 profit as one of the best ASICs of the last few years.
The Steps Involved in Mining Bitcoin
Well, first of all, you need to know all the theoretical parts, which then you will apply in practice. To begin with, you need to understand the very essence of mining and how it all works.
The point of mining is to create cryptocurrencies using a special algorithm. A unique block of data is created on the equipment in use, confirming the validity of payments. As a rule, the block contains a hash, the title of the previous block, a random number, and a hash of transactions. The chain with all transactions is called a blockchain. All blocks found are rewarded with rewards. As a rule, they are different for all currencies.
Now let’s see what exactly we need for cryptocurrency mining. This question is of interest to many newbies who have just decided to make money from cryptocurrency. In fact, there are many needs here, the main ones will be discussed below. How much money will be spent on them depends on the miner.
- Choice of Equipment
- Choosing Poole
- Selecting an Exchange and Wallet
These are the three main stages of preparation for mining. Yes, you can say that there is also the choice of the operating system, fork, cooling equipment, and the like. However, all of the above are included in these three general points.
How to Choose the Best Bitcoin Mining Equipment
When it comes to bitcoin mining, it would be absurd to deny that ASICs have competition. Yes, in some ways the GPUs can compete with them, but only in the variety of cryptocurrencies they can mine. If we compare power and speed, then specialized hardware has no rivals.
But the point of this article is precisely to analyze ASICs, so now we will identify the three main factors that will help us choose the best option for mining. After all, they come in different brands and prices, and this can be confusing for beginners because each of them has certain technical characteristics with different pros and cons.
And so, as we said, when it comes to choosing the best bitcoin mining equipment, there are 3 key factors to consider:
- Hashrate
The more hashes a bitcoin miner can make per second, the better for you. More hashes will generate more bitcoins, but may require higher consumption. So efficiency is crucial here.
- Efficiency
Bitcoin mining typically consumes miners a huge amount of electricity. So, it would be better if your hardware can make the most of it and convert the energy into Bitcoins.
- Price
When choosing the best ASIC miner, price is the most important factor because it determines how long it will take you to achieve a return on investment.
However, it is always important to remember that price does not determine the best product, the best ASIC miner is the effective one. Therefore, it is necessary to analyze in detail all the good and bad sides of the equipment you choose.
Choosing the Top ASIC Miner
There are quite a few different models of equipment. Our main task was not to choose the most expensive or the most powerful, but the most functional. It would be suitable for beginners as well as for those who have been in this business for a long time. That’s why we chose Antminer S9 which has already become a classic.
Bitmain’s Antminer S9 is designed to mine on the SHA-256 blockchain algorithm with a hash rate of 13.5 terahash per second. It operates at a power consumption of 1450 W ± 10%, making it one of the most energy-efficient miners. The Bitmain Antminer S9 was first released in 2016 and remains one of the best choices among miners to this day.
Advantages of Antminer S9
- operational efficiency;
- the best ratio of performance to cost-effectiveness;
- autonomy;
- quality cooling system;
- easy setup;
- unpretentiousness in operation;
- the possibility of a full reflash as part of the standard update;
- ability to combine with ashiks of other models into a common mining pool.
In addition to its productivity, the S9 ASIC has the highest energy efficiency among devices created for bitcoin mining (BTS) and its fork, bitcoin cash (BCN). Its enclosure is made of high-strength aluminum and is shaped like an elongated rectangle with coolers on both panels. This clever design solution allows cooling of the internal components through heat removal by directed air flow with the use of a minimum number of fans.As you might have realized, this is a versatile choice that is perfect for any bitcoin mining task.
Conclusion
As you can see, mining is a very complicated business and requires not only a lot of time but also, of course, money. That’s why it’s so important to approach this case responsibly and understand it as well as possible. We have tried to give you as much useful general information as possible in this article. However, remember that you should always carefully analyze and think through everything before you start.
