Best Bitcoin Mining Hardware
Best Bitcoin Mining Hardware
Best Bitcoin Mining Hardware For Beginners
Best Bitcoin Mining Hardware For The Money
Best Bitcoin Mining Hardware, Bitcoin mining hardware plays a very vital role in Bitcoin mining. Earlier when this process was just introduced, miners used the Central Processing Unit or CPU of the computer for mining. However, they faced various problems while using it. It was very slow in response and also used to hang frequently as it utilized lots of resources of the host system.
Therefore, miners came up with the much efficient alternative, that is, Graphical Processing Unit or GPU. This processing unit is embedded in graphic cards of computers. These GPUs are 50-100 times quicker than CPU when it comes to saving data in form of Hash. In addition to it, GPU consumes less power as compared to CPUs.
But the journey didn’t stop here. In 2011, there came a yet faster and efficient alternative for miners. It was the invention of equipment that was specially made for this purpose only. It was a dedicated Bitcoin mining device. These devices are known as Bitcoin mining hardware.
What is Bitcoin Mining?
Before we go ahead with the discussion about the best Bitcoin mining hardware, let’s learn a bit about the process of Bitcoin mining. Bitcoin mining is a computational process. It is very useful process as it serves two purposes. First is that it ensures that transactions are done in a trustful manner, provided that enough effort (computational power) is devoted to block. Second purpose that Bitcoin mining serves is that it creates new Bitcoins in each block. If we look at the process in a bit detailed way then it goes like this:
- First of all, it verifies that the transactions are secure and valid.
- After validating the transaction, it bundles them in a block.
- In third step of this process, it selects the header of the most recent block and enters it into a new block in the form of hash.
- Then, it needs to solve a problem called “Proof of work” problem. The concept of Proof of work is used to ensure the new block was difficult to make. We can say that it checks whether the requirements are met or not.
- Once the Proof of Work problem is solved, then the new block is added to the local block chain. Once inserted to local block chain, it is then propagated to the network.
Now, as more and more miners join the network, the rate of block creation increases. This results in decrease of average mining time. The ideal value for average mining time is approximately 10 minutes per block. Due to decrease in average mining time, the difficulty of mining increases. As mining gets difficult, miners start leaving the network. This result in decrease in block creation rate and average mining time goes back to normal. Once average mining time is normal, again the more and more miner start joining the network and hence the cycle goes on.
Types of Bitcoin mining hardware
The dedicated devices that are used for Bitcoin mining are termed as Bitcoin mining hardware. These devices are of two types, if categorised on basis of technology used. Below are those types:
- Hardware based on FPGA processors: FPGA stands for Field Programing Gate Array. These FPGA processors can be connected to computer via USB and they used much less power than CPU or GPU.
- Hardware based on ASIC processors: ASIC stands for Application Specific Integrated Circuit. ASIC processors are even more efficient than FPGA processors in terms of power consumption and performance. Most of the latest Bitcoin mining hardware are made by using ASIC processors.
There are various Bitcoin mining hardware available and you may choose the best as per your requirements. You must consider following factors while choosing the best mining harware for yourselves:
- Electricity efficiency
If you want to carry on Bitcoin mining profitably, then it is mandatory to have Bitcoin mining hardware. It is so because this hardware helps in solving Bitcoin blocks much faster.
So now let us have a look at little popular Bitcoin mining hardware. Few of them are mentioned below:
- AntMiner S5 Bitcoin Miner Summarized Review:
This Bitcoin mining hardware is a entry level device for Bitcoin miners. It delivers well, if not the best. Most of the miners owning are quite satisfied with this device. Since it is an entry level miner, one should not expect much. However, it may allow you to make at the max up to 0.05 BTC each month in revenue. In other words, you will have to run it for about 20 months to get a full Bitcoin.
Apart from that, it is a bit noisy and generates considerable amount of heat as well.
- Avalon 6 BitcoinMiner Summarized Review:
It is a great option over S5 and S7 variants of AntMiners. It is produces less noise and has a pretty decent hash rate.
With Avalon 6, you make up to 0.12 BTC per month and it is much better than the revenue made by AntMiners S5 variant.
- AntMiner S7 Bitcoin Miner Summarized Review
It is far better than S5 and Avalon 6, in terms of revenue generation. You can make up to 0.15 BTC a month. It can prove to be a good investment in long run. People who are using it are really happy with it.
This is the era where most of the things are done online or on Cloud. Then why not the mining? There are various services providers that provide these services of Cloud mining or Cloud hashing. Cloud Mining helps miners to earn Bitcoin without worrying about issues like managing hardware, electricity consumption’s, installation, noise and heat, etc.
At one end, it is very convenient and quiet and on the other hand one has to be very careful while using these services as there are susceptible to fraud. You must always go for verified cloud mining services in order to protect yourselves from any kind of fraud or theft.