Hobby Bitcoin mining can still be fun and even profitable if you have cheap electricity, an efficient bitcoin mining machine and get the best Bitcoin mining hardware.
It’s important to remember that Bitcoin mining is competitive. Today it is not smart for the average person to mine since China’s cheap electricity has allowed it to dominate the mining market. If you want bitcoins then you are better off buying bitcoins.Hobby Bitcoin mining can still be fun and even profitable if you have cheap electricity, an efficient bitcoin mining machine and get the best Bitcoin mining hardware.
What is an ASIC Bitcoin Miner?
Since it’s now impossible to profitably mine Bitcoin with your computer, you’ll need specialized hardware called ASICs.Originally, Satoshi intended for Bitcoin to be mined on computer CPUs. However, Bitcoin miners discovered they could get more hashing power from graphic cards. Graphic cards were then surpassed by ASICs (Application Specific Integrated Circuits).Nowadays all serious Bitcoin mining is performed on dedicated Bitcoin mining hardware ASICs, usually in thermally-regulated data-centers with access to low-cost electricity. Think of a Bitcoin ASIC as specialized Bitcoin mining computers, Bitcoin mining machines, or “bitcoin generators”.
How to Find the Best Bitcoin Miner
There are some important factors to look at when determining which Bitcoin mining ASIC to buy:
Hash rate – How many hashes per second can the Bitcoin miner make? More hashes cost more, which is why efficiency is crucial…
Efficiency – You’ll want to buy the most efficient bitcoin mining hardware possible. Since miners use a large amount of electricity, you want to buy one that converts the most amount of electricity into bitcoins.
Price – How much does the bitcoin miner cost? Cheap mining hardware will mine less bitcoins, which is why efficiency and electricity usage are important. The fastest and more efficient mining hardware is going to cost more.
Don’t try to buy a miner based on only price or only hash rate. The best ASIC miner is the most efficient bitcoin miner. Aim for value.