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Best Cryptocurrency Mining Hardware for 2021

Best Cryptocurrency Mining Hardware for 2021

Amid the global GPU shortage and expired import tariff exemptions, is getting a Bitcoin mining machine still worthwhile? While this may depend on whether Bitcoin remains in the bullish territory or if your electricity cost is relatively cheap, it’s always prudent to take an overview of the market and figure out the best Bitcoin miners.

When it comes to cryptocurrency mining profitability, it all comes down to balancing the initial cost of the Bitcoin mining machine, its power draw, and its hash rate. Once you have these figures, it’s easy to calculate your gains based on Bitcoin’s block reward and electricity cost using this mining calculator. With that in mind, let’s look at which ASIC miner has the optimal balance.

Chinese Canaan Creative is a well-established player in the crypto mining arena. Some would say it is the first company to offer a dedicated ASIC Bitcoin mining machine since its first model in 2013. AvalonMiner 1246 is a heavy-duty mining machine, demonstrated by its four integrated fans, which ramp up to a very uncomfortable noise at 75dB.

This is considered deafening traffic noise, so be prepared to have a dedicated mining space with noise isolation on the door. Nonetheless, it boasts high efficiency at 38J/T.H. Additionally, it comes with many years warranty and an integrated A.I. microchip. As with most ASIC miners, due to high demand, you may find it difficult to find but first, look at the official manufacturer’s page.

Almost equal hash rate power and power draw at twice the price, AvalonMiner A1166 Pro is so highly sought after that it is even more difficult to acquire. This Bitcoin machine has a hash rate efficiency at 42J/T.H., four higher than the AvalonMiner 1246. Although it still costs as much as a high-end P.C., it’s a steal at that power efficiency.

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Unfortunately, it appears that Canaan cut some corners to make it this affordable, as it only comes with 180 days warranty. Also, if you are buying it directly from the manufacturer, you will have to get a minimum of 5 to get them shipped. All five would yield 405 TH/s, netting about $115 per day. It uses the same fans as the previous model, so expect the noise to be equally bothersome.

One of the newcomers to the mining arena launched last year, this super-affordable Bitcoin mining machine uses Samsung’s 8nm chipset. Unfortunately, the latest doesn’t mean the most efficient, as you can tell from its power draw comparable to AvalonMiner 146 but 30% less efficient.

However, it is also 4 – 5 times less expensive than on top-of-the-line ASIC miners, so it’s a solid investment if you intend to have your RoI in less than four months. It offers 180 days warranty and comes bundled with a power supply unit. The M32 series comes in three versions, with the most expensive one yielding 66 TH/s.

Another model from Chinese MicroBT, the M30S++, is a Bitcoin mining machine beast with the highest hash rate power available on the retail market. Surprisingly, its power draw is relatively low, which means it is also one of the most efficient ASIC miners at 31 J/TH. However, with a price tag at a minimum of $10k, you need to be heavily committed to Bitcoin mining.

With a moderately priced electricity cost, you can expect an ROI within 10 to 12 months f the Bitcoin price doesn’t go under its current range ($55k – $57k). Having been released just last October, it too uses Samsung’s latest 8nm ASIC chipset.

Going head-to-head with M30S++, this Bitmain ASIC miner offers 29.5 J/TH efficiencies Combined with a drastically improved boot time and user experience thanks to the updated firmware. It can be considered the best Bitcoin miner on the list. Unlike M30S++, it uses a 7nm TSMC chipset, much like the latest non-mining AMD Ryzen CPUs.

Unfortunately, it cannot be obtained from the manufacturer’s website at press time due to supply chain issues, which seems to be a frequent occurrence.

Chinese Ebang counts itself among the top Bitcoin ASIC manufacturers. Its latest model comes in a classic, compact, tubular design with efficient exhaust and intake fans on both sides. Its software setup is equally efficient with the “Simplify I.P.” setup to commence Bitcoin mining directly via Ethernet quickly.

Covered by one year warranty (half a year for the whole machine, one for the controller), EBIT E11++ is built on a 10nm chipset. Due to its hash rate efficiency that considerably falls behind AvalonMiner, A1166 Pro should be the last on your list if nothing else is available.

Released back in 2014, this model still holds up, accounting for its low electricity consumption and hash rate efficiency at 0.51 J /GH. Likewise, it is incredibly compact at only 2.5kg, while its cooling is greatly helped with an open-top design. It is a perfect fit for those who live in smaller apartments, as it has a maximum noise level of 65 dB

If you already have a formidable P.C., you can try transforming it into a Bitcoin mining machine at no initial cost. Just as games have a minimum system requirement to be playable, Bitcoin mining has a minimum requirement to be profitable:

If you want the best output all-in-one — workstation, uncompromised gaming, mining — for your next P.C., try AMD Ryzen Threadripper 3970X. This would be considered a supercomputer not so long ago, thanks to its 32 cores and 64 threads. It also has a massive cache of 144MB and a power draw of 280W.

As far as cost-effective GPUs go for Bitcoin mining, Nvidia RTX 3070 seems to be the optimal choice if you are lucky enough to even obtain it, let alone purchase it at its original MSRP of $400.

At the current Bitcoin (BTC) price point of $55K, a single, medium-ranged Bitcoin mining machine with 50 TH/s would be able to mine 1 BTC within one year. As you can see, we have long passed the threshold where Bitcoin mining can be effectively done at such a small scale.

Nonetheless, there is an alternative form of crypto mining in the form of cloud mining. For example, StormGain offers a cloud mining service with which you can mine up to 0.0318 BTC per day. This is a legit way of mining without suspicious malware installed on your computer or even a mining rig. Otherwise, StormGain wouldn’t be a member of the Blockchain Association of the Financial Commission.

In the early days of Bitcoin adoption, it was commonplace to employ commercial GPUs for cryptocurrency mining. While people still use that method in areas with cheap electricity, such an approach to Bitcoin mining has long outlived its cost-effectiveness. Bitcoin has initially been coded to be mined by CPU power, not GPU. Only later did Bitcoin core developers decide to harness the greater hashing power of GPUs. Eventually, even they were outclassed by specialized hardware called ASIC miner, standing for Application-Specific Integrated Circuits. Any serious Bitcoin mining farm now consists of ASICs. Otherwise, it couldn’t be profitable.

Although not on the list because it had only been announced last month, it seems that Bitcoin mining machines from BitWats are poised to be the most profitable mining rigs. Out of three, the one with the lowest price, at $5,000, reportedly has 360 TH/s at 550W power consumption.

If true, this could completely upturn the crypto mining business. In the meantime, either WhatsMiner M30S++ or Antminer S19 Pro is the most favored choice among Bitcoin miners.

A single ASIC miner, such as AvalonMiner A1166 Pro, capable of about 81 TH/s, could make about $23 per day. Of course, this is excluding the cost of the unit and ongoing electricity costs. If you are not prepared to invest in an ASIC miner outside of cloud mining with StormGain, you could also join a mining pool.

Mining pools represent coordination with fellow miners, combining computing power to add a new block. Once the block is mined, the block reward is then shared among all the pool participants. As you would expect, most mining pools can be found in China, seconded by Malta, and then in the U.S. There are several mining pools to choose from:

Note that the pool’s region is not relevant to the process so you could join a Chinese pool from the U.S. Also, keep in mind that mining pools are different from cloud mining; as for the former, you must have a mining rig.

Lastly, if some unknown Bitcoin cloud mining or pool mining website seems too good to be true, it’s likely a scam. The biggest such scheme was Bit Club Network when three fraudsters were arrested for pilfering $722 million worth in crypto assets. The common tactic is to promise a share in the hashing power for an initial investment. As befits a true Ponzi scheme, scammers would then also ask the investors to bring in new recruits for rewards.

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