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Bitcoin mining.

Started by Bitcoin, Feb 14, 2021, 08:32 am

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Bitcoin

Is Bitcoin mining Legal? Can You Mine Them at Home?
The Short answer is yes. But it is not a simple matter of Bitcoin mining being legal as long as you follow your countries rules and regulations ie. "legal requirements" as it may be legal to do so, but illegal if not done with proper licencing, and following safety, and power consumption restrictions, and guidelines (for example)in your specific country. Bitcoin mining has not been declared illegal to mine for the most part and legal in most countries to do so.
Is Bitcoin mining Illegal? Copyright: www.123rf.com/profile_artmagination.
Since rules, regulations, and laws change frequently, its best you consult with the proper tax and legal institutions in your country of origin. Follow the news and keep current with changes in legislation as they occur and you will then always be legal and will not have to constantly be asking yourself is Bitcoin mining legal?
It has been threatened to be shut down for use as a currency in some countries however. China and India have lead the way recently with bans on bitcoin use with mining in China coming under fire as well, with all kinds of mining equipment hitting the markets this year as people in China had to give up on it.
The currency itself has also seen its exchanges shut down like the bitcoin exchange in India. Anytime shutting down of trading or limiting the use of something such as using bitcoin in this case as a digital currency, will also have spin off affects on the mining part of it as well.
How much remains to be seen however, because if a country limits bitcoin use but not the mining of the actual currency, and it is still lucrative to mine it, then use it to cash in from another country's exchange in a different part of the world. Maybe fly somewhere and spend your bitcoins where its friendly and easy to do so.
People will do what they feel can make them the most money in the easiest possible way. If you live in a country where its cheap to mine bitcoin and cryptocurrency, but the use of the currency is not allowed, I would mine the coins and then go vacation and use them or cash them in somewhere else.
Its also has been threatened to be taxed in  for Bitcoin mining. Its not so much it being legal or illegal, its about governments threatening to regulate, and tax, and limit production because of electricity consumption, fears of non regulation and people getting duped for their bitcoins.
These are the main concerns about Bitcoin mining. There are many exchanges to buy and sell bitcoin, and people using bitcoin, and huge industrial operations mining bitcoin so therefore Bitcoin mining is quite legal and open for your participation.
You just need to comply with any rules and regulations and forms of taxation as they arise in the country you mine in. Staying up with any changes in the law of the country you mine in will keep you legal. If your country announces it is regulating mining in some way then its suggested you follow the regulations as they arise, otherwise you will be mining illegally.
Of course planning your mining operation means setting up in Bitcoin mining friendly countries with inexpensive mining costs. Eventually all miners will gravitate to certain Bitcoin mining friendly zones, or countries, like offshore gambling sites did by moving to places like the Isle of Man, and Panama, or how Switzerland became the hub for offshore banking and holding of financial assets, etc. People will mine and gravitate to where its most friendly to do so.
Helpful and interesting resources at other websites:
Bitcoin mining in Canada: A friendly country.
Practical Must Read Resources Here at BitBetBuddy If you own crypto or plan to, then please read these articles.
Is Bitcoin mining Legal or Illegal?
The Peer-to-Peer virtual currency Bitcoin made its debut in the year 2009, and the new era of cryptocurrency began.
While enforcement agencies, tax authorities as well as regulators worldwide are till now debating upon the best practices, one prominent question that is disturbing everyone is - Is Bitcoin mining Legal or Illegal?
The answer to this question depends on the location and activity of the user.
A Short Story of Bitcoin mining.
As we have previously discussed in How Bitcoin mining Works? Bitcoin mining refers to the process of keeping the record of transactions to a public ledger, however, the actual users can stay hidden behind anonymous names.
The ledger is known as Blockchain, and the transactions are recorded into blocks.
Now, the mining process refers to the creation of new blocks of the transactions occurred. Once a new block is created, it is added to the public ledger, aka blockchain. And, this is done by solving complex algorithms using computer processors.
With the passage of time, the algorithms have grown even more difficult. This means that it requires more computer power and time to create a block.
Initially, 50 Bitcoins were rewarded for mining a block, then the number turned to half, and now again half 12.5.
This is what makes mining more difficult and restricts bitcoin money supply.
Essentially, any process can be used to mine bitcoin. But, without a powerful computer processor, you won't have much success.
These days, bitcoin-specific machines are available as Bitcoin mining rig. They are machines particularly designed to mine new bitcoins by solving algorithms needed to create new blocks.
3 Reasons Why Bitcoin mining Is Considered Illegal?
People believe that Bitcoin mining is like counterfeiting money, which is not true at all. Some governments consider bitcoin as a thret, since it competes with national currencies. Bitcoin can can also be mined illegally, which is done by using malicious viruses to hijack people's computer systems, and use their processor to mine bitcoins.
List of Countries Where Bitcoin mining is Legal.
The United States Canada Australia Finland Belgium United Kingdom Bulgaria Germany.
List of Countries Where Bitcoin mining is Illegal.
China  Vietnam Bolivia Columbia Ecuador.
You May Also Read: Blockchain in Agriculture.
Though Bitcoin is now almost 10 years old, there are countries which still don't have explicit systems that restrict, regulate or ban the cryptocurrency.
The decentralization and anonymous nature of Bitcoin is what has challenged many governments on how to allow its legal use while preventing criminal transactions.
However, many countries are still analyzing the ways to regulate the cryptocurrency. Bitcoin, overall, remains in a legal gray area for many countries in the world.
Here are a Few Articles for you to Read Next:
Kapil Gauhar.
Kapil Gauhar is the founder of Blogger's Gyan. He is a Passionate Blogger, a Big Thinker and a Creative Writer. His passion for doing friendship with words and letting people know about the wonders of the Digital World is what motivates him to take writing as a career.
Before talking about the Bitcoin mining hardware, let us understand the basic terminologies, which will help us understand the technicalities involving Bitcoin mining. Recently Samsung has announced that it is going to start designing chips for mining purposes. This information came out in one of the conferences in China, and this proves that competition is going to be tough.
Hash Rate means the number of complex calculations that the hardware can complete in one second. Hash Rate increases the chances of solving complex computations, necessary to earn Bitcoin as a reward. Hash rate is measured in Megahashes or Gigahashes or Terahashes per second. The first mining hardware featured a hash rate of between 336 MH/s and 14,000,000 MH/s.
Given that Bitcoin mining is an investment and you have to be prepared to bear a certain cost to accomplish the mining process effectively, out of which one of the major expense is the energy cost. You can get the approximate cost in the Bitcoin mining calculator as per the Bitcoin mining contract. The more powerful the hardware, the more the electricity you consume. Before purchasing any mining hardware, you should consider the electricity consumption rating in watts, which will enable you to work out the costs of energy consumed by the unit and will help you determine the viability of BTC mining using the said hardware.
The energy consumption and hash rate numbers can help you understand the number of hashes that can be mined from every watt of electricity flowing through the mining hardware. After that, divide the hash rate by the hardware's watt consumption to get the calculation.
Nice Miner is a free Bitcoin miner which can be used by the beginners also and is popular as per the Bitcoin mining pool and Bitcoin mining websites. A USB Bitcoin miner, when connected to the PC with suitable software, performs the mining at a certain hash rate.


Bitcoin

The top 10 best Bitcoin mining hardware are:
BitMain AntMiner S5 BitMain AntMiner S7 BitMain AntMiner S9 Antminer T9 AvalonMiner 741 AntMiner L3+ BitMain AntMiner D3 Dragonmint T16 Pagolin Miner M3X Avalon6.
#1 BitMain AntMiner S5.
Even if Antminer S5 may not be the latest version like other models - S7 and S9, its function is exemplary. The Bitmain Antminer S5 features a power supply labeled 115 Volts, which draws about 560 Watts. Its power consumption needs are low, similar to those running Bitcoin mining computers can accommodate the Antminer S5. The unit produces about 1 GH/s for every 0.51 watts consumed with respect to its efficiency. the S3, the S5's efficiency has improved in comparison to its predecessor. This is one of the best Bitcoin miner hardware in 2020.
#2 BitMain AntMiner S7.
Since its introduction in 2015, BitMain AntMiner S7 has become one of the most popular Bitcoin mining hardware because of its lower power consumption factor. The power supply unit recommended for utilization the S7 is 1600 watt APW3, which is one of the best available in the market, designed specifically for Bitcoin mining. The efficiency of AntMiner S7 depends on the effectiveness of the ambient temperature and the power supply used. But, at room temperature of around 25-degree centigrade, the S7 produces about 1300 watts.
#3 BitMain AntMiner S9.
Bitmain Antminer S9 is one of the best Bitcoin mining hardware available in the market as of now. It has the highest hash rate of about 14 TH/ sec. This high hash rate has been made possible with the courtesy of 3 circuit boards featuring a total of 189 chips. It is one of the efficient Bitcoin mining software available, where it consumes 300 watts more compared to the S7, which is twice as efficient with about 0.1 Joules per Gigahash.
#4 AntMiner T9.
AntMiner T9 is yet another Bitcoin mining hardware which is a bit expensive as compared to the S9. T9 consumes around 1450 watts for approximately 11.5 TH/s for Batch 23 and has an efficiency of 0.126 J/GH. Going by the numbers, S9 is better than the T9. The S9 quality chips were of a lower quality that leads to their reduced stability. But later, the T9 Miner has this problem of lower quality fixed.
#5 AvalonMiner 741.
AvalonMiner 741 is one of the affordable Bitcoin mining hardware which has been created by a company called Canaan. It provides a good hash rate of about 7.3 TH/s with an efficiency of 0.16 J/GH and features an air forming cooling system that enables 88 chips to function as a single unit. It even helps to keep the miner running at all times.
#6 AntMiner L3+
AntMiner L3+ has four boards containing 288 chips, which is double of its predecessor. L3+ is an easy to use mining hardware which comes packing in power having a hash rate of about 504 MH/s and uses up around 800 watts and sports efficiency of 1.6 J/MH.
#7 BitMain AntMiner D3.
AntMiner D3 is the best when it comes to Dash ASIC miners. Most of the miners are using this hardware to first mine dash coins which they convert into Bitcoins and make increased profits in the process. Bitmain Antminer D3 provides a hash rate of 15 GH/s and utilizes around 1200 Watts. It measures 320x130x190mm that actually makes it possible to have a good arrangement when running multiple miners simultaneously.
#8 Dragonmint T16.
Dragonmint T16 is the first BTC mining hardware to achieve the hash rate of 16 TH/s, making it exceptional. It needs 1600 W power supply but consumes only 0.075J/GH against 0.098J/GH in Bitmain's Antminer S9. Because of the ASICBOOST algorithm, the Dragonmint T16 efficiency can be boosted by 20 percent. It is one of the best Bitcoin mining hardware in 2020.
#9 Pagolin Miner M3X.
Pagolin Miner M3X is not as energy efficient or effective as its aforementioned contemporaries but is a bigger unit because of its embedded ASIC chips. It's the most power demanding Bitcoin mining equipment in the market, with a draw rate of between 1.8kw and 2kw. It appeals to people because of its high hash rate of 13 TH/s.
#10 Avalon6.
Avalon6 is one of the best Bitcoin mining hardware for beginners. The setup process is pretty simple and is one of the profitable ones which has been around for a while. From the 1050W it draws, it only manages to produce 3.5 TH/s. Unfortunately, Avalon6 doesn't come with its own power supply and they can be bought separately. The Avalon6 makes a good unit to run in an office or at home that might well lose money but serves a very altruistic purpose by securing the network.
Bitcoin mining might prove to be profitable to some individuals as the equipment is easily obtained and are flexible as per the different environment. They can perform a cost/benefit analysis to understand the breakeven price. There are several web-based profitability calculators that help analyze the cost-benefit equation. Even individuals can join a mining pool to compete against mega-mining centers.



Bitcoin

FAQs on Bitcoin mining Hardware.
Can I mine Bitcoin on my PC?
The least powerful way to mine Bitcoin is through the computer. As it needs a large amount of power consumption, there are heavy machines required to successfully mine Bitcoin, to get rewarded.
2. How many Bitcoins can be mined per day?
144 blocks per day are mined on average, and there are 12.5 bitcoins per block. 144 x 12.5 is 1,800, so that's the average amount of new bitcoins mined per day. Because many miners are adding new hash power, over the last few years blocks have often been found at 9 and a half minute intervals rather than 10.
3. How long does it take to mine a Bitcoin?
It takes 10 minutes to mine one Bitcoin.
4. How do I start mining Bitcoin?
You can refer here to understand the process carefully.
5. Can you make money as a Bitcoin miner?
Yes, you can, once you create a block and you can earn a reward of 12.5 BTC, which should be equally split amongst the miners, who have pooled the resources.
6. What is the most effective Bitcoin miner?
The above-mentioned miners are all effective, but you should do research before going for any.
7. How much does it cost to mine 1 Bitcoin?
As per the recent analysis by Elite Fixtures, U.S. is the 40th cheapest to mine a single Bitcoin, with an average cost of $4758.
8. Are AntMiner s9 and v9 profitable?
Both are good, but s9 is more popular.
9. What is a USB Bitcoin miner?
A USB Bitcoin miner, when connected to the PC with suitable software, performs the mining at a certain hash rate.
10. What is the fastest Bitcoin miner?
Out of all the Bitcoin miners, Dragonmint is considered pretty fast, as it has the highest hash rate of 16TH per second.
Bitcoin mining Hardware: How to Choose the Best One.
Best Bitcoin mining hardware: Your top choices for choosing the best Bitcoin mining hardware for building the ultimate Bitcoin mining machine.
Last Updated: November 19, 2020.
Hey there! Let me welcome you to this guide to choosing the best Bitcoin mining hardware. If you're wanting to get started earning a passive income mining Bitcoin, you've come to the right place. This guide will explain the differences between the top Bitcoin mining rigs on the market today.
If you don't know your DragonMints from your Antminers, don't worry. As usual, I'll be explaining all that to you in an easy to understand way. This guide to Bitcoin mining machines will cover the following:
What is Bitcoin mining. How to pick a Bitcoin mining machine depending on your own circumstances. A look at the top mining units on the market today. I'll cover: the DragonMint T1, Antminer T9+, Antminer R4, Avalon6, Antminer S9, and the PangolinMiner M3X. There will also be hints as to which kind of miner each of these will appeal to. A handy table to help you compare each of the units.
As always, there's loads to get through in this guide to the best Bitcoin mining hardware around. Without further ado, let's begin!
1. What is Bitcoin mining? 2. Mining Hardware Depends on Your Circumstances 3. The Best Mining Hardware 3.1. Best Bitcoin mining Hardware on a Budget - Antminer T9+ 4. Best for Beginners - Avalon6 4.1. Best for Home Use - Antminer R4 4.2. Best if Money is no Object - DragonMint T1 4.3. Antminer S9 - The Next Best Thing to the DragonMint T1 4.4. Best if avoiding Bitmain and Can't Get a DragonMint - PangolinMiner M3X 4.5. Mining Hardware Comparison Table 5. Conclusion.
The role of Bitcoin mining is to verify that transactions on the network follow the rules. To do this, complex computer units are used to check the transactions and broadcast them to other computer systems around the world. The operators of these computer systems are rewarded for their efforts. This reward comes from both the fees that each transaction and a mining reward set by the network itself.
To stop people cheating the network, a system known as "proof-of-work" is used. Proof-of-work is needed before any group (block) of transactions is added to the blockchain. When the computers are performing their proof-of-work, what they're doing is trying to guess a long string of numbers and letters. This string is known as a hash.
Only the computer that correctly guesses the hash can add the block to the chain. Proof-of-work requires computational power and the process is neither quick or cheap. To cheat the network would require so much of an investment that it is not financially viable for someone to try and amend the blockchain. This is the main security feature of the Bitcoin (and other cryptocurrency) networks.
Bitcoin mining used to be able to be performed by CPUs (central processing units) like those found in your computer system at home. However, as more units began to mine the network, the difficulty of the hashes they were trying to guess increased. This made people turn to higher powered processors such as GPUs (graphical processing units). These GPUs are commonly found in high-end gaming PCs.
Today, the hashes are so hard to solve and there are so many miners trying to solve them that only specialist computer systems can solve them. These units use application-specific integrated circuit chips - or ASICs for short. That is what this article is all about!



Bitcoin

Mining Hardware Depends on Your Circumstances.
Although Bitcoin miners are now limited to choosing from a range of ASICs to mine Bitcoin, there are still plenty of options. Picking one will depend on each miner's individual circumstances. Some miners will want a single unit that can work in their spare bedroom. Others will want a couple of affordable ASICs to get themselves started mining for the first time. Finally, there are some people who want to fill a warehouse with the absolute best Bitcoin mining hardware around.
There are lots of things to consider when picking Bitcoin mining hardware. It's important to judge each unit based on their hashing power, their electricity consumption, their ambient temperature, and their initial cost to buy.
There are also some ideological reasons to choose one manufacturer over another. These relate to decentralisation and I'll touch upon some of the issues that surround this later in this article.
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The Best Mining Hardware.
Finally, I can get down to the real topic of this article - Bitcoin mining hardware. I've looking at Bitcoin mining rigs from some of the biggest and best-known manufacturers on the planet to create this list.
I've also tried to group the different devices in terms of the applications that they're best suited for. I'll be giving you my recommendations for Bitcoin mining rigs for:
People on a tight budget. People wanting to mine at home. Those who have never mined Bitcoin before. People who are looking to spend the most on the most power Bitcoin mining hardware around. A couple of alternative choices for professional miners who can't locate enough DragonMint T1s for their operation.
Best Bitcoin mining Hardware on a Budget - Antminer T9+
For Bitcoin miners that are on a budget, one of the best Bitcoin mining rigs around is the Antminer T9+. It can be picked up much more cheaply that most of the other devices on this list. However, don't let the price tag fool you -- it's still a decent machine.
As well as being great for those concerned about the price of their mining unit, the Antminer T9+ is ideal when space is a concern. This is because it features a compact design. This makes it great for cramming lots of units into a mining rig farm. If this is how you intend to use your ASIC miners, you'll be even more glad of the temperature reducing features of the Antminer T9+. You'll be saving a lot of money on extraction equipment too.
In terms of the hardware this unit uses, the Antminer T9+ features 162 of Bitmain's BM1387 chips. This allows it to produce a brilliant hash rate of 10.5 TH/s whilst drawing just 1332W from the wall.
As well as being a great performer, the Antminer T9+ also has an easy to grasp user-interface. This is used to configure various settings and make upgrades to the firmware as new releases come from Bitmain.
Being priced between $550 and $600 per Bitcoin mining rig, the Antminer T9+ is certainly the most affordable unit on our list. You can pick one up from here.
Unfortunately, like the average Bitcoin mining machine, the power supply is sold separately.
Be s t for Beginners - Avalon6.
The next piece of Bitcoin mining hardware I'll be looking at is one for the beginners to Bitcoin mining. The creators of the Avalon6 Bitcoin mining rig, Canaan Creative, built it with simplicity in mind.
The Avalon6 Bitcoin miner is one of the easiest ASIC units to setup. Both the advanced and basic procedure is simple, and this makes the device great for beginners. Unfortunately, it's not the most profitable unit around. From the 1050W it draws from the wall, it only manages to produce 3.5 TH/s.
Whilst it's certainly not going to impress any serious Bitcoin miners, the ease with which you can set up this bit of kit, along with the affordable price tag will make it a great unit for those wanting to get started in the world of Bitcoin mining.
Unfortunately, like most of our units on this guide to Bitcoin mining hardware, the Avalon6 doesn't come with its own power supply. These are sold separately.
There are options to buy the unit itself directly from Canaan Creative, but these are only for bulk orders. Fortunately, it's possible to pick them up in smaller order sizes for around $650 each from here.
Running an Avalon6 (or Any Bitcoin mining Machine) Not for Profit?
As well as being great for beginners, the Avalon6 is a good piece of hardware for those who want to mine Bitcoin without making a profit. This might sound bizarre at first but there is a very good reason why people would want to mine Bitcoin without necessarily generating profits.
Put simply, the more units mining on a cryptocurrency network, the more secure that network is. The robustness of Bitcoin's security comes from its decentralization. There are many hobbyists and passionate developers around the world who either are not able or don't want to mine Bitcoin for a profit. There are many reasons that this could be the case. These include but are not limited to the following:
Not having an area of your home that you want to dedicate to running multiple mining units. Living somewhere very hot meaning that all that equipment running would generate an unbearable amount of heat. The electricity being too expensive to generate a profit from running Bitcoin mining rigs. You're not at home often enough to bother setting up a Bitcoin mining rig farm that could, after all, represent a fire hazard.
The Avalon6 makes a good unit to run in an office or at home that might well lose money but serves a very altruistic purpose - securing the network. For many developers, the cost of running their mining rig is a small price to pay for complete financial freedom from banks and other institutions that have absolute control over the creation of and supply of money.
Bitcoin mining Hardware Reviews & Comparison.
By: Ofir Beigel | Last updated: 6/21/20.
Initially, Bitcoin mining was a simple task even home computers could participate in. Today, mining is done by ultra-powerful computers that are designed for that sole purpose. In this post I'll cover the best mining hardware available today.
Bitcoin mining Hardware Summary.
Nowadays, the only way to participate in Bitcoin mining is through dedicated miners known as ASIC miners. As mining evolves, more and more companies begin manufacturing dedicated hardware.
The top Bitcoin miners on the market today are:
That's Bitcoin mining hardware in a nutshell. If you want a deeper understanding of how to choose your miner keep on reading. Here's what I'll cover:
1. Bitcoin mining Evolution.
Before I get into the various miners on the market today, I want to make sure you're familiar with what Bitcoin mining is. If you already know about the purpose of mining and how it integrates with the Bitcoin network, feel free to skip this part.
If not, here's our Bitcoin mining whiteboard video to get you up to speed:
Mining has moved from being something you can do from the comfort of your own home to a specialized occupation that requires a lot of time and capital.
Miners evolved from using PCs to GPUs (graphics processing unit) and later on to FPGAs (field-programmable gate array) before reaching their current state of ASIC (application-specific integrated circuit) mining.
Today, if you try to mine with anything other than an ASIC miner, you're in for a disappointment. ASICs are built specifically for Bitcoin mining and are therefore the most efficient type of miner out there.
For reference, a single ASIC miner has the equivalent mining power of 700 GPUs. Therefor, the massive move of miners toward ASIC hardware is easily understandable.
Clear evidence of this is the Bitcoin network total hashrate, which has exceeded the incredible milestone of 120 exahash per second (that's 120,000,000,000,000,000,000 hash calculations per second!).
Image courtesy of blockchain.com.
Today's focus is on creating smaller chips for ASIC mining in order to produce more powerful miners. The smaller the chip, the more chips you can put inside a miner, increasing its mining capabilities.
The smallest chip introduced commercially to date is a 7 nm (nanometer) chip by Bitmain and their Antminer S17. However, 5 nm chips are expected to be introduced shortly by Bitmain and Canaan.
2. Evaluating a Miner.
When you want to evaluate a miner, there are usually three main factors you need to check:
How much electricity does the miner consume? This is important since you're going to run a huge electric bill if you mine Bitcoin. This is measured in watts, and the lower the number, the better.
Hashrate.
This is how much power the miner has to solve the mining math problem. It basically measures how many guesses the miner can make per second.
While a personal computer can make a few million guesses per second, today's ASICs can make 1*10^12 guesses per second. The higher you hashrate is, the better.
Energy Efficiency.
While having a high hashrate is good, if you're wasting a lot of energy to get it you'll be losing money in the end.
Efficiency is basically calculating how much power is required to generate a single bitcoin. An efficient miner requires less electricity to mine Bitcoin.
Efficiency is calculated by dividing energy consumption with hashrate. This way you can effectively measure miners against one another.
All of the above factors are important for calculating profitability, so make sure you have them all before proceeding.
Once you have this information, you can insert it into a Bitcoin mining calculator and estimate how many bitcoins you'll be able to mine per timeframe.
Difficulty Factor Hash Rate BTC/USD Exchange Rate BTC/Block Reward Pool Fees % Hardware Cost (USD) Power (Watts) Power Cost (USD/kWh) Duration Calculation Estimated Profit in USD Show Details.
Keep in mind that this calculation will never be 100% accurate since you can't know for sure the exact difficulty measurement at the moment, or what will happen to Bitcoin's price a week from today.
3. Notable Mining Hardware Companies.
Bitmain Technologies.
The most well-known mining hardware manufacturer around, Bitmain was founded in 2013 in China and today has offices in several countries around the world.
The company developed the Antminer, a series of ASIC miners dedicated to mining cryptocurrencies such as Bitcoin, Litecoin, and Dash.
Bitmain is also in charge of two of the largest mining pools around: BTC.com and Antpool.
While Bitmain is respected for its technical excellence and reliable delivery, the company is also criticized by many Bitcoin enthusiasts for a variety of reasons:
Its monopolization of ASIC manufacturing and mining Its role in delaying the SegWit upgrade to Bitcoin Its support and promotion of Bitcoin Cash Its alleged anti-competitive practices Its questionable methods, such as the Antbleed vulnerability and the covert AsicBoost scandal.
It's likely that the bulk of mining equipment today consists of Bitmain miners, based on analysis placing Bitmain's share of the ASIC market at 70%-80%.
However, since these controversial events and some setbacks and closures, Bitmain has adopted a less aggressive business strategy. It's likely that the bulk of mining equipment today consists of Bitmain miners, based on analysis placing Bitmain's share of the ASIC market at 60%-70%.



Bitcoin

MicroBT.
MicroBT or Bit Micro is a relative newcomer to the space but a successful one; they sold 650,000 ASICs in 2019 and are shaping up to be a strong rival to Bitmain and Canaan. They are based in China, specifically the tech production hotspot of Shenzen.
MicroBT manufactures the Whatsminer range of ASICs, and have so far produced 5 series in this range: the Whatsminer D1, M10, M20, M21, and the current generation M30.
The company has certainly enjoyed a strong start, released some competitive products, and it will be exciting to follow their development.
Canaan Creative.
Canaan was founded in 2013 in Beijing by N.G. Zhang. Canaan began as a producer of FPGAs, the mining hardware that preceded ASICs.
In November of 2019, Canaan raised a total of $90 million by listing on the Nasdaq, a tech-focused stock market in the USA. Canaan was the first ASIC manufacturer to list publicly.
Canaan is the world's second-largest ASIC producer. The company has a wealth of experience in electronic design and production. It's clear that this veteran industry player has big plans for its future.
Innosilicon Technology.
Innosilicon is a hardware company with design teams in China and North America, Innosilicon pride themselves on providing low cost, high-performance, fully customizable solutions combined with award winning customer design support.
Their IP can be found in millions of mobile, multimedia and consumer electronic devices such as: tablets, cell phones, HD set-top boxes, TV, cameras, network devices, computing ICs that have achieved leading market shares.
The company has entered the cryptocurrency mining market and introduced the Terminator series for mining Bitcoin, with their latest miner being the T3+ Pro.
GMO Internet.
*June 2020 update: Due to lack of profitability, GMO Internet has stopped producing mining hardware .
Japanese giant GMO Internet has also introduced a line of Bitcoin miners.
While GMO Internet is mainly engaged in the Internet infrastructure business, it also runs other businesses such as online advertising & media, Internet financial services, mobile entertainment, and of course cryptocurrency.
The company has also launched several crypto exchanges and it runs a mining business and cloud mining contracts.
Zhejiang Ebang Communication.
Ebang mainly engages in R&D, manufacture and sales of fiber optical telecommunication products. The company is also one of the largest ASIC chip manufacturers in their region. Ebang miners carry the Ebit brand.
On April 2020 Ebang filed for an IPO on the U.S stock market listing , so the company definitely has big plans for the future.
Bitfury is a veteran Bitcoin hardware and software company formed back in 2011. The company conducts large-scale mining operations on its own and has been known to account for large amounts of the Bitcoin network hashrate.
The company offers several products including an ASIC mining chip called Clarke, an enterprise grade Bitcoin mining server called Tardis and a portable Bitcoin mining data center called BlockBox.
The company has data center operations in Iceland, the Republic of Georgia, Canada and Norway, which process and transmit bitcoin transactions.
The blockbox ac by Bitfury.
4. Best Bitcoin Miners for 2020.
While you can find a wide variety of miners on the market, it's highly recommended to use the latest models out there since they will give you the best return on investment. Here's a short overview of the top miners around.
Buy best cryptocurrency mining hardware 2020.
We offer one of the best cryptocurrency mining shop. In other words if you are looking for high quality and reliable Bitcoin mining hardware, then don't look any further!
Get your optimal hardware for any coin mining. For instance if you are looking for Grin mining hardware or the well known Dash mining hardware, we got it all!
Therefore you are in the right place and can start enjoying coin mining!
Most Profitable Cryptocurrency Mining Equipment.
Obelisk SC1 Immersion.
Bitmain Antminer S17+ 73Th.
Innosilicon A10 PRO ETHMaster 500Mh.
ASICminer Zeon Turbo 400 000 Sol/s.
StrongU STU-U6.
Innosilicon A10 ETHMaster 485Mh.
Bitmain Antminer S17 Pro 53Th.
Bitmain Antminer S17e.
Obelisk SC1 Dual.
Innosilicon T3+ 57T.
Bitmain Antminer S17 56Th.
StrongU STU-U8 Pro.
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At the beginning, most miners used their own CPU for coin mining, but very quickly this was not enough to mine in quantity. Miners then moved to using their Graphic Cards GPUs because they were able to hash data up to 100 times faster and consumed much less power per unit of work.
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Bitcoin mining Hardware Guide.
The best Bitcoin mining hardware has evolved dramatically since 2009.
At first, miners used their central processing unit (CPU) to mine, but soon this wasn't fast enough and it bogged down the system resources of the host computer. Miners quickly moved on to using the graphical processing unit (GPU) in computer graphics cards because they were able to hash data 50 to 100 times faster and consumed much less power per unit of work.
During the winter of 2011, a new industry sprang up with custom equipment that pushed the performance standards even higher. The first wave of these specialty Bitcoin mining devices were easy to use Bitcoin miners were based on field-programmable gate array (FPGA) processors and attached to computers using a convenient USB connection.
FPGA miners used much less power than CPU's or GPU's and made concentrated mining farms possible for the first time.
Today's modern and best Bitcoin mining hardware.
Application-specific integrated circuit (ASIC) miners have taken over completely. These ASIC machines mine at unprecedented speeds while consuming much less power than FPGA or GPU mining rigs. Several reputable companies have established themselves with excellent products.
Two major factors go into determining the best Bitcoin mining hardware: (1) cost and (2) electricity efficiency.
ASIC Bitcoin mining Hardware.
Application-specific integrated circuit chips (ASICs) are Bitcoin mining hardware created solely to solve Bitcoin blocks. They have only minimal requirements for other normal computer applications. Consequently, ASIC Bitcoin mining systems can solve Bitcoin blocks much quicker and use less less electricity or power than older Bitcoin mining hardware like CPUs, GPUs or FPGAs.
As Bitcoin mining increases in popularity and the Bitcoin price rises so does the value of ASIC Bitcoin mining hardware. As more Bitcoin mining hardware is deployed to secure the Bitcoin network the Bitcoin difficulty rises. This makes it impossible to profitably compete without a Bitcoin ASIC system. Furthermore, Bitcoin ASIC technology keeps getting faster, more efficient and more productive so it keeps pushing the limits of what makes the best Bitcoin mining hardware.
Some models of Bitcoin miners include Antminer S5, Antminer U3, ASICMiner BE Tube, ASICMiner BE Prisma, Avalon 2, Avalon 3, BTC Garden AM-V1 616 GH/s, VMC PLATINUM 6 MODULE, and USB miners.


Bitcoin

AntMiner U2.
2 Gh/s 1.0 W/Gh 0.8 ounces Yes N/A.
BPMC Red Fury USB.
2.5 Gh/s 0.96 W/Gh 1.6 ounces Yes N/A.
GekkoScience.
9.5 Gh/s 0.33 W/Gh 0.8 ounces Yes N/A.
For those not interested in operating the actual hardware then they can purchase Bitcoin cloud mining contracts. Being listed in this section is NOT an endorsement of these services. There have been a tremendous amount of Bitcoin cloud mining scams.
Full List of Mining Hardware.
Miner Capacity Efficiency Price AntMiner S1 180 Gh/s 2.0 W/Gh N/A AntMiner S2 1000 Gh/s 1.1 W/Gh N/A AntMiner S3 441 Gh/s 0.77 W/Gh N/A AntMiner S4 2000 Gh/s 0.7 W/Gh N/A AntMiner S5 1155 Gh/s 0.51 W/Gh N/A AntMiner S5+ 7722 Gh/s 0.44 W/Gh N/A AntMiner S7 4.73 Th/s 0.25 W/Gh N/A AntMiner S9 13.5 Th/s 0.098 W/Gh N/A AntMiner U1 2 Gh/s 1.25 W/Gh N/A AntMiner U2 2 Gh/s 1.0 W/Gh N/A AntMiner U3 63 Gh/s 1.0 W/Gh N/A ASICMiner BE Blade 11 Gh/s 7.72 W/Gh N/A ASICMiner BE Cube 30 Gh/s 6.67 W/Gh N/A ASICMiner BE Sapphire 0 Gh/s 7.59 W/Gh N/A ASICMiner BE Tube 800 Gh/s 1.13 W/Gh N/A ASICMiner BE Prisma 1400 Gh/s 0.79 W/Gh N/A Avalon Batch 1 66 Gh/s 9.35 W/Gh N/A Avalon Batch 2 82 Gh/s 8.54 W/Gh N/A Avalon Batch 3 82 Gh/s 8.54 W/Gh N/A Avalon2 300 Gh/s N/A N/A Avalon3 800 Gh/s N/A N/A Avalon6 3.5 Th/s 0.29 W/Gh N/A bi*fury 5 Gh/s 0.85 W/Gh N/A BFL SC 5Gh/s 5 Gh/s 6.0 W/Gh N/A BFL SC 10 Gh/s 10 Gh/s N/A N/A BFL SC 25 Gh/s 25 Gh/s 6.0 W/Gh N/A BFL Little Single 30 Gh/s N/A N/A BFL SC 50 Gh/s 50 Gh/s 6.0 W/Gh N/A BFL Single 'SC' 60 Gh/s 4.0 W/Gh N/A BFL 230 GH/s Rack Mount 230 Gh/s N/A N/A BFL 500 GH/s Mini Rig SC 500 Gh/s 5.4 W/Gh N/A BFL Monarch 700GH/s 700 Gh/s 0.7 W/Gh N/A BitFury S.B. N/A N/A N/A Bitmine.ch Avalon Clone 85GH 85 Gh/s 7.65 W/Gh N/A Black Arrow Prospero X-1 100 Gh/s 1.0 W/Gh N/A Black Arrow Prospero X-3 2000 Gh/s 1.0 W/Gh N/A Blue Fury 3 Gh/s 1.0 W/Gh N/A BTC Garden AM-V1 310 GH/s 310 Gh/s 1.05 W/Gh N/A BTC Garden AM-V1 616 GH/s 616 Gh/s 1.05 W/Gh N/A CoinTerra TerraMiner IV 1600 Gh/s 1.31 W/Gh N/A Drillbit N/A N/A N/A HashBuster Micro 20 Gh/s 1.15 W/Gh N/A HashBuster Nano N/A N/A N/A HashCoins Apollo v3 1100 Gh/s 0.91 W/Gh N/A HashCoins Zeus v3 4500 Gh/s 0.67 W/Gh N/A HashFast Baby Jet 400 Gh/s 1.1 W/Gh N/A HashFast Sierra 1200 Gh/s 1.1 W/Gh N/A HashFast Sierra Evo 3 2000 Gh/s 1.1 W/Gh N/A Klondike 5 Gh/s 6.15 W/Gh N/A KnCMiner Mercury 100 Gh/s 2.5 W/Gh N/A KnC Saturn 250 Gh/s 1.2 W/Gh N/A KnC Jupiter 500 Gh/s 1.2 W/Gh N/A KnC Neptune 3000 Gh/s 0.7 W/Gh N/A LittleFury N/A N/A N/A Metabank 120 Gh/s 1.42 W/Gh N/A NanoFury / IceFury 2 Gh/s 1.25 W/Gh N/A NanoFury NF2 4 Gh/s 1.35 W/Gh N/A BPMC Red Fury USB 2.5 Gh/s 0.96 W/Gh N/A ROCKMINER R3-BOX 450 Gh/s 1.0 W/Gh N/A ROCKMINER R4-BOX 470 Gh/s 1.0 W/Gh N/A ROCKMINER Rocket BOX 450 Gh/s 1.07 W/Gh N/A ROCKMINER R-BOX 32 Gh/s 1.41 W/Gh N/A ROCKMINER R-BOX 110G 110 Gh/s 1.09 W/Gh N/A ROCKMINER T1 800G 800 Gh/s 1.25 W/Gh N/A Spondooliestech SP10 Dawson 1400 Gh/s 0.89 W/Gh N/A SP20 Jackson 1.3-1.7 Th/s 0.65 W/Gh N/A Spondooliestech SP30 Yukon 4500 Gh/s 0.67 W/Gh N/A Spondooliestech SP31 Yukon 4900 Gh/s 0.61 W/Gh N/A Spondooliestech SP35 Yukon 5500 Gh/s 0.66 W/Gh N/A TerraHash Klondike 16 5 Gh/s 7.11 W/Gh N/A TerraHash Klondike 64 18 Gh/s 7.06 W/Gh N/A TerraHash DX Mini (full) 90 Gh/s 7.11 W/Gh N/A TerraHash DX Large (full) 180 Gh/s 7.11 W/Gh N/A Twinfury 5 Gh/s 0.85 W/Gh N/A Avalon USB Nano3 3.6 Gh/s 0.85 W/Gh N/A GekkoScience 9.5 Gh/s 0.33 W/Gh N/A.
U.S.-based asset manager, Digital Asset Investment Management, or DAiM, has launched the country's first employer-sponsored 401K retirement plans supporting Bitcoin.
The outgoing SEC Chairman Jay Clayton, who oversaw the rejection of nine Bitcoin (BTC) exchange-traded funds during his tenure, has told CNBC that "inefficiencies" in.
Mainstream media outlets are finally reporting on the recent rally that saw Bitcoin creep close to its all-time high -- but some commentators appear to be determined to spread.
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A Bitcoin mining calculator allows you to determine how much can you profit from a certain Bitcoin miner. It takes into account all relevant costs, such as hardware, electricity, and fees.
Bitcoin mining calculator Summary.
Enter the hash rate of your Bitcoin mining hardware (mandatory). Enter additional optional information, such as pool fees, electricity costs, etc. The more information you enter, the more accurate the result will be. Results will be displayed automatically in USD (to see the detailed calculation, click "Show Details"). Some values (e.g. the exchange rate) are updated automatically with the latest network stats. However, you can adjust any value manually to simulate possible scenarios.
For a detailed explanation about each part of the calculator keep on reading. Here's what I'll cover:
1. Calculating Bitcoin mining Profitability.
Bitcoin mining secures the Bitcoin network. Without miners, there would be no one to update Bitcoin's ledger, which is known as the blockchain. The more miners you have, the more decentralized and secure the network is. Due to miners' crucial role in the network, an incentive system was designed so that miners will be compensated for providing their services.
Each block mined by miners contains a block reward--a fixed amount of Bitcoins that are paid out to the miner that mined the block.
While mining today is very competitive, it's possible to run a successful and profitable mining operation. Let's outline the many factors that will determine whether or not your mining operation will be profitable.
Hardware Costs.
The up-front cost of mining hardware is usually the largest expense for any new mining operation. Just like good computers cost more money, good mining hardware is expensive. There are three main mining hardware manufacturers today that supply miners on the market.
When purchasing mining hardware, you will want to look at a miner's hash rate measured in Terra Hash (Th/s). A higher hash rate means a more powerful miner.
Miners also generate heat and need to be supplied with electricity. Unless you already have the needed parts, you will likely need to purchase cooling fans and power supplies. Make sure to take these into account and add them into the "hardware cost" section of the calculator.
Hardware Efficiency.
Hash power alone is not enough to determine the quality of a miner. Similar to the way cars are rated by their MPG (miles per gallon), miners are valued by how many Bitcoins they yield according to the electricity they consume.
The reason for that is that miners use massive amounts of electricity, and electricity costs money. In short, you want a miner that has a high hash rate and uses the provided electricity efficiently.
W/Gh (watts per gigahash) is the metric used to display a miner's efficiency. The lower this number, the more efficient the miner.
Electricity Costs.
Electricity costs can make or break a mining operation. A huge monthly electric bill means significant costs on top of the up-front cost of the hardware.
China's cheap electricity is one of the reasons why nearly 60% of Bitcoin's network hashing power is located there. In the United States, for example, most mining hardware is run in Washington State, where power costs are relatively cheap thanks to hydroelectricity. Venezuela's crisis and the cheap electricity resulting from it have made Bitcoin mining extremely profitable there.
Electric costs for cooling are yet another factor to consider, as miners generate significant heat during the mining process. Insufficient cooling may impair your mining operation or even lead to irreparable damage in the hardware. However, there are ways to harness this by-product to your advantage.
Creative miners in cold areas can use the heat generated by miners to heat their houses in the winter. If the heat generated by miners will partly replace your normal heating costs, it can be another way to save money and improve your chances of profitability.
Additionally, miners in cold areas also have an advantage because they may not need to use extra fans to cool the hardware.
Mining Difficulty and Network Hash Power.
In order to keep Bitcoin's inflation in check, as more miners join the network the difficulty is raised i.e. it gets harder to mine. This ensures that Bitcoin blocks are mined, on average, every 10 minutes. In other words, a higher difficulty is indicative of more hash power on the network (i.e more or stronger miners are at work).
Mining revenue is based partially on the current difficulty to mine Bitcoins. Difficulty can (and will) change. Stay alert to advances in mining technology and efficiency to get a better idea of how the network's hash rate and difficulty may look down the line. From past experience, it usually goes up as time goes by (on average 0.4% per day).
Bitcoin Price.
Bitcoin's price is extremely volatile and can't be predicted. Mining Revenue is shown in USD based on the exchange rate at the time of calculation.
This means, you may calculate your profitability today with a Bitcoin price of X and experience a price drop to Y a day afterward that will significantly affect your profitability. In short, be prepared for price movements and understand that Bitcoin's price is a factor that you cannot control.
Unlike Bitcoin's price, the Bitcoin block reward is predictable: every four years (or 210,000 blocks to be exact), the amount of Bitcoins awarded for each block, is cut in half. In 2012, the reward was cut from 50 Bitcoins per block to 25 and is now 12.5 Bitcoins per block. In 2020, this reward will fall to just 6.25 Bitcoins per block, and so forth.