Given that Bitcoin mining is a multifaceted and ever-changing industry, making money as an ASIC miner is much more difficult than it used to be. Nevertheless, if you can find a cheap mining source, mining can prove to be an excellent Bitcoin investment. If you are searching for information on what an ASIC miner is and how much you can actually make congratulations, you’re at the right place!
How Does Bitcoin Mining Work?
In its infancy, most Bitcoin mining was done with the help of CPU and GPU hardware. However, the rising prices and widespread transition into decentralized currencies caused an array of investors to move towards ASIC hardware.
What is a ASIC Miner?
For those who are yet unfamiliar, ASIC miners are Application-Specific hardware designed with the sole purpose of mining Bitcoins. In other words, the microchips inside these machines can only be used for Bitcoin mining exclusively. In particular, a Bitcoin ASIC miner only functions as a means of generating hashes for Sha-256 algorithms and cannot be used to mine other popular cryptocurrencies.
More recently, there has been a wide variety of ASIC mining hardware companies that have emerged in various markets. This is despite the fact that Bitmain still maintains the lion share of the market as it pertains to choosing the most efficient ASIC miner. Much to the dismay of the average user who may be mining for Bitcoin on their desktops, Bitcoin mining has become a highly competitive sector. Additionally, given that there is cheap electricity available in places such as Canada, China, and Venezuela, this has caused the industry to reach its peak.
An effective ASIC miner can be as lucrative as 700 GPUs 12000 CPUs, potentially earning investors millions. Therefore, investing in ASIC hardware is typically considered a very cost-effective and efficient method. Nevertheless, this is only true provided that you know what the best ASIC miner is and also know how to go about finding one.
How to Choose the Best ASIC Miner
In order to choose the best ASIC miner, you need to beware of some essential factors that can help you make the most effective choice. These factors are as follows:
- Hash Rate: Simply put, the hash rate is defined as the speed at which a compute is able to complete an operation in Bitcoin code. Generally speaking, a higher has rate is preferred, as it increases your possibility of finding your next block and receiving your reward. Nevertheless, more hashes will also require higher consumption. Given that the higher cost of power has the propensity to outperform the effect of Bitcoins your machine can generate, efficiency is absolutely crucial.
- Power and Efficiency: When using your ASIC, it requires a lot of power supply in order for them to function well. This means you should go above and beyond to locate buy the most efficient ASIC miner. This will help you to convert a large amount of electricity into the highest number of Bitcoins as possible.
- Price: When it comes to choosing the best ASIC miner, price is the one of the most important determining factors. This is because the price determines how much time it will take you to reach your ROI. For instance, if you are buying an ASIC that for hundreds of dollars, it will likely take months for you to reach your ROI. On the other hand, a high-end, more powerful ASIC that costs multiple thousands of dollars will likely take a year or more.
The Bottom Line
The Bitcoin mining industry is evolving rapidly. In this age, most people are seeking cheaper power resources and hardware in order to make the most of their investments. When choosing the best ASIC miner for your goal, you need to carefully consider the purpose of your mining. For instance, if you are looking for a relatively small, in-home setup, the Antminer R4 might be a perfect fit. Nevertheless, you will also need to invest more of your time into Bitcoin mining software and select the right pool before getting started. Are you interested in setting up a larger-scale mining operation? Contact us here at D-Central and we will respond as soon as possible!