If you want to get started mining cryptocurrencies, you’ll need the right equipment. While many miners use GPUs to complete mining operations, using an ASIC miner can result in better results. When mining various cryptocurrencies, having an ASIC miner makes it easier to generate profits. With this guide, you’ll know what is ASIC mining and some of the best ASIC miners available.
What is ASIC mining?
ASIC crypto mining is the process of mining cryptocurrencies that use the proof of work (PoW) mechanism using specialized computers. To effectively mine crypto, the computers must solve a puzzle.
A block of information must be verified before being added to the blockchain when using this system. The block contains a complex puzzle that the ASIC computer device must solve. The first person (or people) to solve the problem will be given the opportunity to update the blockchain, for which they will be rewarded with cryptocurrency.
How does ASIC mining work
ASIC miners are tools designed with a single hashing algorithm, which means that they can only mine certain cryptocurrencies. Mining Ethereum requires the use of the Ethash algorithm. The SHA-256 algorithm is the only way to mine Bitcoin. If you want to mine both of these cryptocurrencies, you’ll need to purchase two separate ASIC miners.
ASIC miners can be costly. Prices for these tools tend to fluctuate in lockstep with cryptocurrency prices. ASIC miners become more expensive as cryptocurrency prices and values rise. The total amount of money you can earn from ASIC mining is determined by the cost of your power and the rate at which your ASIC miner of choice consumes energy. Before purchasing an ASIC miner, make sure you consider its hashing power. Miners typically charge between $100 and $120 per terahash.
Solving PoW puzzles before anyone else is extremely difficult. Even with multiple ASIC miners running at the same time, your chances of being the first to solve the primary puzzle are slim. The Bitcoin platform has a hash rate of 190 exahash, which is equivalent to one million terahash.
Even if your ASIC miner has a capacity of 18 terahash per second, your chances of being the first to solve the puzzle are still one in roughly 10 million. To improve your chances, join a mining pool, which allows hash rates to be combined and any rewards to be distributed among pool participants.
How to Start ASIC Mining
The process of mining cryptocurrency with an ASIC miner is relatively simple and straightforward. However, it is not as simple as plugging in the device and mining with it.
Choosing an ASIC miner
The first step in this process is to select the best ASIC miner, one with high energy efficiency and hashing power. Make certain that you do not choose an ASIC miner that is out of your price range. The best ASIC miners are typically the most recent ones introduced to the market, with the most modern and advanced features.
Make sure you have enough room for the ASIC rig you’re putting together. Many miners prefer to set up a large mining area in their garage or basement. The mining rig you build should include hardware such as motherboards, a power supply, a central processing unit, and sturdy frames to hold the devices. The power supply you choose should be able to support the power consumption that your ASIC miners use if you want to avoid complications.
Choosing Mining Software
Mining software is a computer program that connects the mining hardware, the blockchain, and any mining pools. You will be unable to connect the hardware to the correct network or pool if you purchase the incorrect mining software.
When it comes to Bitcoin mining software, some of the most popular options include BitMinter (which has since been discontinued), CGMiner, and MultiMiner. While some mining software is free, the vast majority of the options available to you are paid and require a subscription.
Coins can be mined
The number of cryptocurrencies that can be mined with ASICs is far smaller than the number of cryptocurrencies that can be mined with a GPU rig. ASIC-mined cryptocurrencies include Bitcoin, Litecoin, and several others.
Join a Trusted Mining Pool
This step entails joining the appropriate mining pool for you. While being an individual ASIC miner who performs this process on their own may appeal to you, the chances of being the first to solve the block puzzle are extremely low, which is why joining a pool is highly recommended. Using a mining pool, the computing power of multiple machines is combined to perform mining operations. Any profits from these operations are then divided among the members.
If you want to be certain that the mining pool you join is trustworthy, make sure to look at the pool’s size. To benefit from a higher hash rate, you may need to join a larger pool. Furthermore, determine when the pool in question makes payments and whether any minimum payment requirements have been set.
Power consumption
The most recent generation of ASIC machines is more energy-efficient than GPU rigs, but it still consumes a lot of power. The installation of an ASIC miner in one’s home may necessitate the upgrading of the electrical wiring system to handle the increased power load.
Return on Investment
Despite the unpredictability of crypto mining, there are methods for calculating mining profitability and estimating your return on investment. When performing these calculations, the most important rates to consider are power consumption, BTC prices, energy costs, and the hash rate of your mining rig of choice. Profitability can then be calculated by day, month, or year.
Which ASIC Miner is Best?
While there are many dozens of ASIC miners at your disposal, this section takes a look at 10 of the best ASIC miners on the market.
Antminer S19 Pro
For the time being, the Antminer S19 Pro is the most profitable ASIC miner for Bitcoin and the SHA-256 algorithm. It is made by Bitmain, a leading mining hardware manufacturing company, making it a popular choice among Bitcoin mining companies and individuals.
Few devices are likely to outperform this equipment’s efficiency offer of 29.7 J/TH. The device is built with a next-generation 5nm chip, as well as a second-generation chip dedicated to SHA-256 mining.
In comparison to the other devices on this list, it is unquestionably the most cost-effective and efficient mining device on the market today. It also outperforms the other S19 Series product, the S19, despite being heavier.
If you’re wondering how much money you can make with this ASIC Bitcoin mining equipment, you can expect a daily profit of around $12 with an electricity cost of $0.1/kilowatt.
At this power cost, you expect this device to consume only $7.80 per day while earning $37.23. The annual profit is thus $10,741.95. The annual rate of return is 195 percent. The device is available with a 186-day payback period.
WhatsMiner M30S++
This device achieves a power efficiency of 31J/TH (joules per tera hash), making it one of the few top Bitcoin ASIC miners to do so. It is approximately 16.875″ long, 5.75″ wide, and 8.8125″ tall. When the device is in use, the power efficiency, power consumption, and hash rates do not vary by large margins, according to testing. The algorithm is SHA-256, which is used in Bitcoin mining and over ten other cryptos.
The Whatsminer M30S+ is outperformed by this device. It is made in Shenzhen by MicroBT and comes with a 6-month warranty, a 135-day payback period, and plastic construction. It communicates with the computer via a LAN.
Bitmain Antminer S19
The Antminer S19 is Bitmain’s most recent Bitcoin mining system to hit the market. The system is best suited for cryptocurrency miners who can afford high voltage. The unit comes with an automatic power supply.
The hash rate is approximately 95 Th/s, and the power consumption is approximately 3,250 watts. This ASIC miner is simple to set up and can be completed in a short period of time. Because of the low heat generated by this unit, it can be used in a dry basement, making it one of the best ASIC miners if space is limited. This mining hardware costs between $4,300 and $5,500.
WhatsMiner M32-62T-52W
The Whatsminer M32-62T-52W can mine any cryptocurrency using the SHA-256 algorithm. The hardware is easy to set up and deploy, which allows it to be used with nearly every mining farm. The M32-62T supports 10 additional coins in addition to Bitcoin mining.
Because of its excellent power efficiency, this system is regarded as one of the best ASIC miners. You should be able to make a profit of $10 per day. Buying one of these units will be expensive. This mining equipment, in fact, costs around $6,000.
AvalonMiner 1166 Pro
AvalonMiner 1166 Pro is a cryptocurrency mining software that can mine Bitcoin, Bitcoin Cash, Bitcoin SV, and other SHA-256 cryptocurrencies. It was released in August 2020 and has a significantly higher hash rate and power consumption than the majority of the devices on this list.
It is a popular Bitcoin ASIC mining device because it is manufactured by Canaan, a mining hardware leader and one of China’s national high-tech enterprises.
The device measures 16 nm in size and has an efficiency of 0.042 j/Gh, indicating that it is still profitable Bitcoin ASIC mining hardware to this day. It also has four fans for cooling purposes. Depending on the electricity costs at your location, expect this device to give off $2.77 per day, $83.10 per month, and $1,011.05 per year.
DragonMint T1
The Halong Mining Company’s DragonMint T1 is an ASIC mining device that uses the SHA-256 algorithm. It was released in 2018, and the company worked with a Bitcoin Core developer on it. It is capable of mining Bitcoin, Bitcoin Cash, Bitcoin SV, and seven other cryptocurrencies that employ this algorithm.
Power unit certification by the FCC, EMC, LVD, and CE are among the features. It has a temperature control technique to keep itself cool even during long mining sessions. At 240V, the device employs two 9-blade variable revolution 1480W fans. These prevent the device from exceeding 77 degrees Fahrenheit in temperature.
ASICminer 8 Nano
The ASICminer 8 Nano is extremely durable and can mine cryptocurrency for up to 50,000 hours. The machine, arguably, will continue to work even if 35% of the fans are turned off and can be used in residential areas due to its extremely low noise level when compared to any other machine on this list.
As a SHA-256 algorithm mining device, it can mine all coins based on the SHA-256 algorithm. This can be accomplished with a cool efficiency of 0.044 J/GH10%. The machine’s dimensions are 500mm x 500mm x 235mm. According to user reviews, this machine can earn up to $13.87 per day when mining Bitcoin. The profitability of other coins varies.
Bitmain Antminer S17
The Bitmain s17 is designed for mining SHA-256 algorithms such as Bitcoin, Bitcoin Cash, and Bitcoin BSV. In fact, you can use this device to mine over 40 coins, the majority of which are still profitable. With a profit ratio of 55% and an annual return rate of 126%, it outperforms some of the mining hardware on the list.
The 7nm chip device contains 144 chips and four fans to prevent overheating. It has three, and the device’s dimensions are 178 x 296 x 298 mm, with a payback period of 288 days; this demonstrates Bitmain’s confidence in manufacturing the device.
You expect this device to generate a profit of $12.26 when mining bitcoin at an electricity cost of $0.1 per kilowatt. That amounts to $4,474.90 in annual profits. However, the noise levels are excessive in comparison to the other devices on this list. In addition, the hash rate is lower.
Ebang Ebit E11++
The Ebang Ebit E11++ is a popular Bitcoin mining device that ranks among the best ASIC miners due to its use of a 10nm chip. The mining board includes a fault protection kit that must be connected directly to breakout boards.
Even if you use the board for larger mining operations, cluster management software systems can properly monitor the system. You can also quickly change mining pools and IP addresses. For this miner, the payback period is 470 days. One distinguishing feature is the presence of independent heat sinks that keep temperatures relatively cool. On the other hand, noise levels can be quite high. This unit costs between $3,500 and $4,000.
Jasminer X4
The Jasminer X4 can mine Ethereum as well as any other Ethash cryptocurrency. This model was released in November 2021 and is one of the best ASIC miners due to its excellent ASIC mining hardware performance of up to 2.5 Gh/s. The total power consumption is only 1,200 watts.
To put this ASIC miner’s power into perspective, its performance is equivalent to around 80 GTX 1660 Super GPUs while consuming five times less power. Noise levels are acceptable at 75 decibels. If you purchase the X4, you can make a lot of money. The initial investment, however, is quite high, at around $54,000.
ASIC Mining vs GPU
It is often asked; Is ASIC mining better than GPU mining? If you want to mine cryptocurrencies, you can choose ASIC crypto mining or GPU crypto mining. The majority of cryptocurrencies have been built with the PoW mechanism. Before the introduction of ASIC miners to the market, most miners used the graphics processing units readily found in every computer to solve complex equations rapidly.
In order to verify electronic transactions, GPUs effectively decode cryptographic codes. While GPUs can be used for a variety of tasks, ASIC miners are specifically designed for cryptocurrency mining. Because ASIC miners are focused on mining, they are typically faster and use significantly less energy than graphics processing units. In terms of cost, a GPU is less expensive than an ASIC miner.
ASIC Mining Profitability
Mining is profitable with an ASIC, as their sole purpose and design are based on mining cryptocurrency given their top-range efficiency. Is ASIC mining profitable? Well, the best ASIC miners can increase your chances of profitability, which is why ASIC mining may be a great option if you can afford it. More details are in the table below.
Bottom line
Whether you’re new to mining or have been doing so for years, using an ASIC miner can help you save energy while increasing your profit potential. While these devices are more expensive than GPUs, they are also capable of providing a higher return. If you want to get started with ASIC crypto mining, the ASIC miners on this list will more than suffice.
