BITCOIN MINING HARDWARE RIGS FOR MINERS IN 2022
One of the first principles of crypto mining is that mining becomes progressively difficult or more compute-intensive which means the difficulty is adjusted by the network in a way that a block is generated every 10 minutes. When hash power in the network increases, the difficulty increases, and vice-versa. Such that the block time is kept constant at 10 minutes. The first set of cryptocurrencies depending on proof of work could be mined with specialized GPUs or computers from home but as the complexity increased over time, a specially designed system for crypto mining was required.
Rob Chang, the founder and chief executive officer of Gryphon Digital Mining, says “The more generalist machines, are no longer competitive relative to the ASICS, and so it’s just not economic for someone to use them.”
An application-specific integrated circuit (ASIC) is an integrated circuit chip that has been designed for a specific purpose. An ASIC miner refers to a computerized device or hardware that uses an ASIC chip for the sole purpose of “mining” digital currency. ^Credit investopedia.com
How to decide which ASIC MINER to choose?
ASIC MINERs have different hash rates and specs how do we decide which is best for our need for mining cryptocurrency?
A higher hash rate means better mining because it increases the miner’s chances of finding a block and reduces power consumption.
TH/s is Terra Hash per second, it means how quickly your miner is processing data from the blockchain and solving the mathematical puzzle to earn the bitcoin. Higher the hash rate higher the speed.
Let’s have a look at different ASIC Miner and their Hash rates
ANTMINER S19J PRO has the highest hash rate of 104 Th/s and has a consumption of 3068W compared to other ANTMINERs. Mining bitcoin with ANTMINER S19 J PRO can get you a monthly profit of around 1306.62 AED
ASIC miners are designed for one hashing algorithm which means they are algorithm-specific miners, ANTMINER S19 J PRO is used to mine for the SHA-256 algorithm. It can mine any cryptocurrency with SHA-256 algorithm as its base. This ANTMINER cannot however mine script-based coins.
ANTMINERs are available not only for BITCOINs but also for mining Ethereum, ANTMINER E9 based on SHA -3 algorithm can mine Ethereum.
ASIC MINERs are improved in specs and performance with each new version launched in the market. Over the years there has been a visible improvement in the specs and performance of BITMAIN ANTMINERs in retails.
Why are the ASIC Miners Limited?
The decryption algorithm for crypto mining is hardcoded into the Integrated circuit chip.
An ASIC chip in 7 nm technology would consume 30% less power than one in 10 nm technology. ASIC chips are not manufactured in high volume as the cost of production is very high, this explains the higher cost of the ASICs. Also, the high cost of these ASIC miners is by design.
The cost and time are intentionally high to weed out potentially bad actors to ensure that the integrity of the blockchain stays secure.
Most of the ASICs used for crypto mining are for SHA -256, the reason is that SHA-256 algorithm is very computationally demanding.
GPU and ASICs
GPUs can be used for games or crypto mining, and have much less risk when compared to ASIC miners but they are less power efficient. With GPU we cannot profitably mine Bitcoin, Litecoin, or any other cryptocurrencies
Fun fact
More than 21 million bitcoins have been issued already, and also the price has been increased dramatically in comparison to the growth in the network, which means the price is going up faster than the mining difficulty
Future is in ASIC miners
The efficiency of ASIC miners can be increased by scaling down the technology nodes
An ASIC miner is a smart choice for a variety of reasons. It can get you a passive income and you will have a crypto mining rig with higher returns up to 65% with respect to the investment you made.
These reasons alone should give you enough incentive to consider getting your own ASIC miner. SEGMENTS CLOUD LLC offers a very extensive collection of ASIC MINERS and expert services to help you with your investment goals and crypto mining.
If you would like to learn more about our range of products please visit segments.ae
