What Are the Best Bitcoin Mining Hardware Options in 2023?
Bitcoin mining is the creation of new bitcoins by solving complex mathematical problems using specialized computers.
The pseudonymous Bitcoin (BTC) inventor, Satoshi Nakamoto, mined the cryptocurrency’s Genesis Block on Jan. 3, 2009. Since then, bitcoin mining hardware has evolved significantly, from simple CPUs and GPUs to powerful ASICs (application-specific integrated circuits) that can perform billions of hashes per second.
However, as bitcoin mining difficulty increases, so does the competition among miners and the demand for more efficient and profitable hardware.
This article will review the five best pieces of bitcoin mining hardware for 2023 based on their performance, features, and price.
Criteria for Choosing the Best Bitcoin Mining Hardware
In our estimation, the best bitcoin mining machines need to score highly in the following criteria:
- Hash rate: This is the number of hashes (calculations) the hardware can perform per second. The general rule of thumb is that the higher the hash rate, the more likely the hardware finds a valid block and earns bitcoins.
- Power consumptionrefers to the amount of electricity the hardware uses to operate. As with any machine, the lower the power consumption, the lower the operating cost, and the more environmentally friendly the equipment is.
- Efficiency: This is the ratio of hash rate to power consumption. Usually, the higher the efficiency, the more hashes the hardware can produce with less electricity.
- Cost: This refers to the initial investment required to purchase the hardware. If you can get a mining rig relatively cheaply, it can pay for itself faster and generate profits.
- Availability: This is the ease of obtaining and setting up the hardware. The more available the hardware is, the less time and hassle it takes to start mining bitcoins.
The 5 Best Bitcoin Mining Hardware in 2023
Keeping the above criteria in mind, let us now look at five of the best pieces of bitcoin mining equipment for 2023, in no particular order.
Bitmain Antminer S19j Pro
The Bitmain Antminer S19j Pro is a powerful and efficient BTC mining hardware that offers a high hash rate, relatively low power consumption, and voltage compatibility with most global data centers.
Antminer S19J Pro | Source: Bitmain
It is an SHA-256 algorithm miner that can mine bitcoin and bitcoin cash (BCH) with a maximum hash rate of 100 TH/s and a power efficiency of 29.5 J/TH.
The machine has a built-in power supply unit (PSU) that can operate on 200–240V AC input voltage and 20A AC input current. It also has an Ethernet interface for network connections and two fans for cooling.
The S19j Pro is suitable for large-scale mining operations that can afford its high price tag and electricity costs.
Assuming an average difficulty of 25 trillion and an average block reward of 6.25 bitcoins (as of April 16, 2023), you can mine about 0.0008 bitcoins per day or 0.024 bitcoins per month with the Antminer S19j Pro.
It equals about $24.296 per day and $728.88 monthly at the current exchange rate of $30,370 per BTC.
However, to calculate profits, we must also account for the electricity costs, which vary depending on the location and provider.
– The S19j Pro has a high rate of profitability compared to other bitcoin mining machines. According to ASIC Miner Value, it can generate a daily income of $20.66 and a daily profit of $11.87 (as of April 16, 2023), assuming an electricity cost of $0.12 per kWh.
– It has a relatively low power consumption, especially compared to other hardware on the market. According to its manufacturer, the unit consumes 2950 W of power, which means it only uses about 29.5 W per TH/s of hash rate.
– It also has a high level of reliability and durability. Bitmain claims it has put the machine through rigorous quality control standards besides offering a long service life.
– It has a high initial cost compared to other bitcoin mining machines. Per the Bitmain website, the Antminer S19j Pro costs about $2.379 as of the writing of this article, which means it takes about 200 days to break even.
– Because of its popularity, the machine has limited availability compared to other bitcoin mining hardware.
Canaan AvalonMiner 1246
The Canaan AvalonMiner 1246 is an ASIC miner with fast hash rates and high power consumption well-suited for advanced miners.
It comes with a hash rate of about 90 TH/s and a power consumption of 3420 W. This gives it a power efficiency of 38 J/TH, which is better than most of its competitors.
The AvalonMiner 1246 also features a built-in AI chip that enhances its performance and stability. It boasts a simple deployment and easy maintenance design, with four cooling fans and a reinforced structure.
The machine also has a noise level of 75 dB and a weight of 12.8 kg. Additionally, it’s compatible with the AvalonMiner Controller AUC3, which allows you to connect up to five devices to a single controller.
According to ASIC Miner Value, the AvalonMiner 1246 can generate a daily income of $9.03, a monthly income of $270.85, and a yearly income of $3,250.21, based on the current BTC price and mining difficulty.
AvalonMiner 1246 | Source: Canaan.io
– The machine boasts a fast hash rate and stable performance.
– It is compatible with multiple devices.
– It comes from a trusted manufacturer, which, over the years, has consistently developed some of the best BTC mining hardware for personal or commercial purposes and provided reliable after-sales services.
– The AvaloMiner 1246 has notoriously high power consumption and electricity costs. It can set you back by about $9.85 per day, $295.49 per month, and $3,545.86 per year in energy costs, based on an average electricity rate of $0.10 per kWh.
– It also has a relatively high price compared to other models, ranging from $980 to $8,999, depending on the seller.
– It is inordinately heavy and noisy at 12.8 kilos, with a noise level of 75 dB.
– The hardware requires a high voltage of 12 V, which may not be available in some regions.
– It also has a limited operating temperature range of -5 to 35 °C, so it may not work well in extreme climates.
The WhatsMiner M30S++ is bitcoin mining hardware that balances hash rate and power consumption.
It has a hash rate of 112 TH/s and a power consumption of 3472 W. It means the M30S++ has a high energy efficiency of 32.25 J/TH, which can translate into more profits for miners.
The machine uses Samsung 8nm chip technology, which improves its efficiency and longevity. Like the AvalonMiner 1246, the M30S++ has a noise level of 75 dB and a weight of 12.5kg.
It’s durable and reliable, using a dual-tube heat dissipation system and a high-performance fan to stabilize temperature.
Per minerstat.com’s mining calculator, one Whatsminer M30S++ can mine about 0.0002 BTC daily, equivalent to about $6.074 at the current exchange rate of $30,370 per BTC (as of April 16, 2023).
– The M30S++ strikes a good balance between hash rate and power consumption.
– It boasts efficient and long-lasting chip technology.
– Its quality can be relied on, as it comes from a reputable company that offers adequate customer support and a warranty.
– The ASIC miner is easy to set up and operate, as it supports plug-and-play and remote monitoring via API.
– It comes with high electricity costs.
– Its 75 dB-rated noise level may not be conducive for use in residential areas.
– The machine is also relatively expensive, costing around $1,500 per unit.
The Dragonmint T1 is a powerful and efficient ASIC miner developed by Halong Mining.
It claims to be the world’s most efficient miner, with a high hash rate of 16 TH/s and low power consumption of 1480 W.
The equipment uses an advanced chip design called DM8575, which reportedly gives it a 20% boost in performance compared to other ASICs.
It weighs only 6 kg, and, like most machines on this list, it has dual fans that ensure optimal cooling and performance.
According to estimates, the machine can mine 0.0003 BTC per day, equivalent to $9.11 at the current exchange rate of $30,370 per BTC.
Dragonmint T1 | Source: ASIC Miner Value
– The T1 has a much lower power consumption than other hardware on this list.
– It has superior performance, outperforming most other mining machines in terms of hash rate and efficiency.
– The hardware is reliable, as it is manufactured by a reputable company offering customer support and a warranty.
– It also has flexible compatibility and a user-friendly interface that allows it to work with different mining software and hardware and enables you to monitor and control the device remotely.
– The Dragonmint T1 has a high upfront cost, selling for about $2,500 (as of April 2023), which may be unaffordable for some miners.
– It has limited availability, as it is often sold out or out of stock due to high demand and low supply.
– It has a high dependency on electricity, as it consumes about 35 kWh per day, which may increase the operational cost and environmental impact.
– It has limited scalability and cannot be easily upgraded or modified to improve its performance or functionality.
– Like most of the hardware on our list, the T1 produces a loud noise, pegged at 75 dB, which may be annoying or disturbing for some miners or neighbors.
Ebang Ebit 11++
The Ebang Ebit 11++ offers a high hash rate, low power consumption, and excellent heat dissipation. It’s an improved version of the previous E11+ model manufactured by the Chinese ASIC maker Ebang, based on a 10nm chip.
The machine can reach speeds of up to 44 TH/s and consumes approximately 1980 W of electricity. These values give the Ebit 11++ a power efficiency of 45 W/T.
Compared to the other ASIC miners on our list, the Ebit 11++ is considerably lightweight at 5.6 kg. However, it still produces similar levels of noise at about 75 dB.
– It has a high hash rate and low power efficiency compared to other ASICs.
– It features an independent heat sink and excellent heat emission that prevent overheating and increase durability.
– It has a compact, lightweight design that saves space and reduces shipping costs.
– It also has a power supply unit that simplifies installation and operation.
– It produces high noise levels that may disturb some environments.
– Due to high demand and low supply, the machine often has limited availability and is usually quite expensive.
– It requires a stable and cheap electricity source to be profitable.
In this article, we’ve reviewed some of the best bitcoin mining hardware available in 2023. We have compared hash rate, power consumption, and noise level features.
The machines we’ve listed can generate a good return on investment if used in optimal conditions. However, they also have some drawbacks to consider before purchasing them. For instance, many consume copious amounts of electricity, produce annoyingly high noise levels, and are often expensive.
Bitcoin mining can be profitable with the right equipment and cheap electricity. However, it’s also a competitive and risky business that requires a lot of research and planning.
Before investing in any bitcoin mining hardware, you should consider profitability, reliability, and compatibility with your mining software and pool.
You should also be aware of your country’s tax implications and regulations regarding bitcoin mining.
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