Cryptocurrency mining is the process which verifies the transactions for different types of cryptocurrency and adds them to the blockchain digital ledger. It is also sometimes referred to as cryptocoin mining, altcoin mining, or Bitcoin mining, simply because Bitcoin is the earliest and the most popular form of cryptocurrency.
Each time a Bitcoin transaction is made, Bitcoin miners are responsible for ensuring the authenticity of the information and updating the blockchain with the transaction. The mining process of these devices involves working with other cryptocurrency or Bitcoin miners to solve complicated mathematical iterations using cryptographic hash functions.
Bitcoin mining was once something you could comfortably conduct at home using your PC and a decently powered GPU or Graphics Processor Unit card. With the advent of other forms of cryptocurrency, it has become increasingly difficult to figure out the legitimacy of the same. Bitcoin mining has become an industry in itself as the device requires powerful graphical mining rigs, cheap electricity, good airflow for cooling, powerful hardware, and proper blockchain processing.
Here are the factors you should consider before selecting the best Bitcoin miners.
Profitability
It is absolutely necessary to join a mining pool that has a good percentage of hashing power in a blockchain network. The hashing power of a Bitcoin network is the measurement unit of the processing power that uses mathematical and cryptography-related operations for security purposes. The best Bitcoin miners have the strongest hashing power as they ensure a failsafe blockchain network. Consistency in payments of execution is also linked to the profitability of the mining pool.
Reputation
Trust and reliability are more important in an economic ecosystem when compared to the traditional business. Thus, when selecting the best Bitcoin miners, select the ones that have a high reputation in the cryptocurrency market. The consistency of the service, uptime, less amount of flaws, and responsibility for timely payments are features of a reputed miner. This not only ensures the stability of the platform but also enables the user to become a part of the mining pool and collaborate on continuous technical improvements.
Interface and user level
There are many parameters that contribute to the performance of ASICs (Application Specific Integrated Circuit) linked with the interface and user experience of the best mining pools. These range from the hash rate to the graphics performance of the equipment. The best Bitcoin miners should always be in control of these factors to be prepared for glitches.
The best Bitcoin miners should also provide constant monitoring of data and statistics. Graphics is one of the most strenuous components of a mining pool. Hence, having a user control panel that performs these calculations and reports unwanted events can be helpful as it reduces the burden of the task itself.
Transparency
Although mining pools provide statistics and indications like the number of minted blocks per hour and the hash rate of the pool, they are not subjected to public review. Hence, there is a high possibility that mining pools can alter the figures to boost their own performance. The best Bitcoin miners take the advantage of the blockchain technology where the users can check the efforts made by every miner connected to their platform every hour.
Support and feedback
It is important for the users in the mining pool that they provide a fast and effective support. The quality and speed of responses influence the perception the users might have about the pool. Feedback is another feature that every user of a mining pool would appreciate. The users should be able to report failures, present improvements, new developments, and features that help in improving the economic ecosystem.
Based on these factors, here are some of the best Bitcoin miners:
Bitmain Antminer S9
Bitminer has been in the frontline of the cryptocurrency mining development for quite some time now. It has a hash power of around 13 to 14 TH per second, which is faster than its predecessors. Drawing around 1300 watts, it is one of the lowest power-consuming Bitcoin miners available for $3000 approximately.
Bitmain Antiminer S7
Although less substantial than its newer counterparts, it is one of the best Bitcoin miners for users on a tight budget. The miner has a hash rate of around 4.7 to 5 TH per second and consumes around 1300 watts of power, which is as low as its counterparts. Although less efficient than most of the other Bitcoin miners, Bitmain Antiminer S7 can be bought under $1000 through some auction sites.
Avalon 741
It is one of the best Bitcoin miners as its efficiency and power are equivalent to the Bitmain Antiminer S9. You can purchase it from several e-commerce websites for around $1500. It offers a hash rate of around 7 TH per second and draws a power of around 1150 watts.
Pangolin Miner M3X
This is one of the most affordable Bitcoin miners with a hash rate of around 12 to 13.5 TH per second. It consumes around 1800 to 2000 watts, making it one of the most power-hungry miners. You can get the same under $1000.
Bitmain Antminer T9
It offers a hash rate of around 11.5 TH per second and has a power consumption of around 1450 watts. Available for around $1060, the ratio of the hash rate and power consumption is what makes it one of the best Bitcoin miners.
