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Cryptocurrency mining equipment

Do you want to make money on cryptocurrency mining? Start by purchasing efficient equipment.

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Let’s figure out what equipment is needed for cryptocurrency mining.

Cryptocurrency mining is becoming the most popular innovative method of earning money in some country. However, it’s impossible to get that done on Nigeria owning to epileptic power supply in the country. 

However, the complication of production technology and special equipment does not frighten seekers of passive profit. But the miner still needs knowledge, experience, luck. And the level of resource costs and the amount of future profit depend on the competent choice of “working devices”.

Processor as an engine of progress

And it all started with the central processing unit (CPU). He found hashes of fresh bitcoin blocks in order to receive a certain reward. But this “holiday” did not last long. The dynamics of the increase in the complexity of BTC networks was such that device updates for mining requests could no longer cope with current tasks. Processors in the blink of an eye are physically and morally obsolete, and power consumption has increased significantly.

Has the problem affected all types of virtual currencies?

The miners of bitcoin and a number of other running altcoins were the first to abandon the operation of processors. Less “promoted” currency is still well mined using outdated equipment.

Video card as a way to earn money

The GPU at the dawn of mining was also very popular with miners.

The GPU performs a large amount of the same type of operations.  Photo: Joseph Greve / Unsplash.comThe GPU performs a large amount of the same type of operations. Photo: Joseph Greve / Unsplash.com

 

Its task is to display graphics on the monitor that indicate the contents of the memory in the computer. It soon turned out that this computer element is capable of performing the same type of operations, moreover, in a large volume.

Is this not a gift to cryptocurrency miners? GPUs were especially useful on so-called farms. Four years ago, miners sold video cards like hot cakes. The result was expected – an increase in the cost of the most popular models. The excitement, however, slowly subsided.

Cause. GPUs in today’s realities are only suitable for mining:

  • ethereum;
  • Ethereum Classic;
  • komodo;
  • green;
  • carbo;
  • monero.

To mine bitcoin or litecoin, the GPU does not have enough power. The video card market, meanwhile, is in a hurry to grab something that has not yet burned out. New model lines are coming out, specially adapted for mining. The most popular manufacturers are Nvidia, AMD, Sapphire and ASUS.

ASIC – crypto mining special forces

The miner’s earnings are largely influenced by the network of virtual currencies. But its complication reduces the profitability of farmers. This problem is solved with the help of so-called “Application Specific Integrated Circuits” (ASICs). Their specific purpose is to solve individual problems.

And this means selecting a device for a specific hashing algorithm in order to:

  • reduction of energy costs;
  • increasing the pace of computing operations;
  • increase in mining productivity (number of mined coins).

The disadvantage of this type of equipment, experts consider a narrow specialization. In other words, any ASIC is “sharpened” for the extraction of only a single specific cryptocurrency. Other algorithms are not available to him.

But developers are constantly complicating devices, setting them up to solve all sorts of problems.

Bitcoin – Choosing the Most Efficient Hardware

We are talking about the most demanded, popular and energy-consuming digital currency.

How to get digital currency?  Photo: Dmitry Demidko / Unsplash.comHow to get digital currency? Photo: Dmitry Demidko / Unsplash.com

 

Miners “throw” everything they have on its production. Any kind of equipment is used. The main question is the justification for its use from an economic and technical point of view. In this regard, ASIC is out of competition.

The “young tigers”, companies that feel the “smell of mining” are taking on the production of equipment for bitcoin mining. Today, the largest supplier of devices for Bitcoin mining is considered to be Bitmain from China with a strong resource potential. Its ASIC Antminer model line is particularly popular with miners. AvalonMiner by Canaan Creative and Ebit by Ebang Communication are also in demand.

The most “running” offers from the Antminer lineup from Bitmain

S9 device. Start of production – 2016. It belongs to the equipment most demanded by miners. Power and performance – average level (hashrate – 16 TH / s). Distinctive properties – lightness and good performance in bitcoin mining “against the background” of the budget cost (about four hundred US dollars). 

The disadvantage is a rather high noise level. Currently, the manufacturer is releasing an improved type of device, adapted to accelerated production rates.

Device S11. The company began to produce this equipment two years after the successful launch of its first popular model on the market. It was then that mining reached its peak. The market acutely felt the lack of devices that correspond to the new realities.

The hashrate of the more recent version is 20 TH/s. Noise and resource consumption figures have been significantly reduced, unfortunately at the expense of weight gain. A device weighing eight kilograms can hardly be called mobile. Nevertheless, S11 is considered budget. It has some pretty impressive specs, including performance. But the model did not particularly show itself on the market. The reason is high competition from other manufacturers offering miners devices with the same advantages at lower prices.

This model (the price is about six hundred US dollars) should be looked for on the selling sites of other suppliers, since Bitmain does not sell it on the specialized market.

S15 device. With this device, the Chinese company entered the market as an unreasonably expensive proposal. $1,500 is a price that not all miners can afford. To justify it, the characteristics were significantly “tightened up”. 

For example, the hashrate reached 28 TH/s. And the consumption of resources (there is an energy-saving mode of operation) remained at the level of 1596 V. The disadvantages of the S15 include a high noise level, which means that it is problematic to use the device in a residential area.

In 2021, the model can be purchased on third-party sites for seven hundred US dollars. The manufacturing company no longer sells it.

Device S17. The manufacturer in the model has increased productivity and power (2385 V). The mass of the device is ten kilograms. There is a power saving mode. The device is considered one of the most popular in the profile market, despite the initial fabulous price of six thousand US dollars. However, the cost of equipment pays off in just one year. Currently, the cost of S17 has halved.

Device S19. The model has been on sale since last year, but is not particularly successful with cryptocurrency miners. Feature of the device: almost all indicators are improved. Its efficiency is much higher than that of the entire previous model range. The regular version costs $2,200. The pro version is about $4,000. The entire batch was originally bought by wholesale buyers – you should not count on a price reduction. Look for the device on the selling platforms of distributors. 

Ethereum and equipment selection features

Miners mine this type of digital currency mainly on farms or using ASICs. Devices from the Chinese company Bitmain enjoy the greatest success. Miners buy mainly models from the Antminer E3 production line. It has been in production since 2018.

Ethereum on a computer motherboard.  Photo: Executium / Unsplash.comEthereum on a computer motherboard. Photo: Executium / Unsplash.com

Power – 800 V.
Hashrate – 180 exahash.

Innosilicon also sells inexpensive equipment. But its graphics cards for mining are of little demand due to financial inexpediency. Such devices allow you to earn only a few dollars a day. To pay for them, you need about three years of continuous operation of the device. During this time, the equipment will become physically and morally obsolete, if you do not take into account the increase in the cost of electricity consumption.

The most popular option is updated models with at least 4 GB of memory. The outdated model range for cryptocurrency mining in modern conditions is no longer suitable.

Mining other types of digital currency

 

Miners most often use an integrated circuit. Its effectiveness is of the most significant order. But this type of mining requires devices that are currently very difficult to buy.

Where should you buy equipment?

 

Most models are sold in virtual stores or on selling platforms. But it’s best to order directly from AMD or Intel. Their products optimally meet all the requirements of miners. The second option is to buy from an authorized dealer.

The problem is that manufacturers, as a rule, sell new equipment only to wholesalers. The demanded devices are presented on the market in a very limited number. But it also needs to be searched on various selling platforms. This circumstance forces buyers to turn to intermediaries, which carries a lot of additional risks.

But there is simply no alternative – you have to “flip through” specialized resources and “offline” stores that sell computer and mining equipment. It costs much more than the usual wholesale price. Therefore, used devices are no less in demand than new ones. If you are lucky, you will get premium equipment for little money with good power, performance and noise reduction.

The “reverse side of the coin” is the possible high wear of devices in the conditions of “wild” operation.

Advice. Buying equipment for cryptocurrency mining without a thorough inspection of all the basic elements by an experienced specialist is unjustified. Please note that it must last at least three years. For home mining, a video card will be enough. To open a farm, you need to purchase several of the latest ASIC models.

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