Bitcoin or Cryptocurrency!! It was launched in 2009 but actually became popular in 2017 when it hit the value of $20,000. In 2020, Bitcoin is certainly becoming the part of headlines due to its dramatic rise in price in January (expected to be new -2017), high fluctuation amid COVID 19, and then the famous Bitcoin Halving event expected to take place in May 2020. One of the important processes called Bitcoin Mining is captivating the attention of people due to the expected event of Halving when rewards given to miners will be halved. The community of enthusiastic coders is looking for the best of hardware and software to try their hand on Mining. So, this article of crypto space is totally dedicated to our budding miners and miners looking to upgrade their bitcoin mining hardware systems to mine Bitcoins.
What Is Bitcoin Mining Hardware?
First thing first, What is Mining? Mining is a process to verify the transaction involving Bitcoin, by solving the complex mathematical algorithm and finally updating the block in the blockchain. The process is performed by expertise on their highly upgraded systems connected to the network involved in verifying the transactions. In a way, it is actually a process to dig the Bitcoins or introduce them to the mainstream. Initially, when Bitcoin was introduced, Mining was a simpler task but as the industry started growing and more people initiated solving the algorithms, ultra-powerful computers started to design for the sole purpose of mining. Presently, the Bitcoin mining process can be performed by dedicated miners having Application-Specific Integrated Circuits (ASICs) in their systems or upgraded Bitcoin mining hardware.
Factors To Evaluate Bitcoin Miner Hardware
If you are thinking of mining Bitcoins, you need to evaluate Bitcoin miner hardware before purchasing it and installing it in your system. Majorly, three factors need to be considered:
- Power Consumption: Lower the consumption power means fewer bills as Mining consumes high electricity.
- Hash Rate: Simply, the number of guesses or number of power ASIC allows a miner to solve per second. Higher hash rate, better the chances to verify the transaction.
- Energy Efficiency: It can be calculated as the power required to generate a single use of the hash rate. So, you have to maintain a balance of power consumption and hash rate to optimize efficiency.
Thus, you must consider the mentioned factors to calculate the profitability in the mining process and not relentlessly drain out your money in mining. Let us explore the options of best bitcoin miner 2020 for you.
Best Bitcoin Mining Hardware In 2020
A wide variety of Bitcoin mining hardware will pop when you enter “Bitcoin mining hardware ebay” on any search engine. But not every hardware is as efficient as the best ones available in the market. Some of the bitcoin mining hardware gaining the popularity in Bitcoin space are:
Bitmain Antminer S9i
Pangolin Whatsminer M3X
Halong Mining DragonMint T1
DragonMint T1 launched by Halong Mining is considered as the beast in the sector of Bitcoin mining hardware. But the exceptionally high price lowers down its popularity among novice miners.
It can be concluded that the choice of bitcoin mining hardware depends on the requirements, financial capability, and aspirations of the user. Thus, you must evaluate your needs along with the mentioned factors before purchasing any hardware for mining.
The Bitcoin mining process is a lucrative process and the young coders and problem solvers are showing their interest in digging up the coins rather than just buying from the regular crypto exchanges. The sector not only fulfills the aspirations to receive Bitcoin as rewards but a huge community is considering it as the industry for job opportunities. One or the other day, software and hardware are being updated by the giants to fulfill the needs of Bitcoin miners by providing them maximum hash rate with minimum consumption of power. Some of the best ones are mentioned above in the article to help you in making the smart purchase of your bitcoin mining hardware.