Bitcoin Miner runs special software programs to earn a small amount of cryptocurrency. This machine can be your PC that runs special programs called “proof of work” to achieve the least amount of cryptocurrency. Bitcoin miners allow bitcoin units to generate uniquely and verify transactions that happen by other miners. In this article, we are going to talk about the fastest bitcoin miner.
In the early days of bitcoin creation, it was very easy to mine bitcoins. So that even home computers could do it. Today, bitcoin mining is done by very powerful computers designed for this purpose, or by a bitcoin miner machine made from the hardware described in the previous essay about Cryptocurrency miners.
What is the method of choosing a bitcoin miner?
In this part of the article, we will discuss what a bitcoin miner device is and how to select the fastest bitcoin miner device. Because of the complexity of bitcoin mining, it is important to invest in hardware that is the right type for our purpose. There are a few characteristics that should be considered when choosing equipment that is well-suited to everyone, including:
- Hash rate is the number of calculations your hardware can perform per second. This is a very important parameter because the higher the hash rate is the better chances of solving a mathematical problem. When the math problem solve, it means that the bitcoin block generated and its reward received by the miners.
- Mining is very competitive. Therefore, to collect rewards, the miner needs to be able to receive these random inputs as quickly as possible. So, it is important to select hardware with a higher speed as the fastest Bitcoin Miner.
How do we evaluate the mining machines?
When a user wants to evaluate a bitcoin miner device, there are usually three basic factors to consider. These factors are as below:
- electricity consumption
- Hash rate
- energy efficiency
The hash is measured in units of MH / S, GH / S, and TH / S. The user can use the hash rate and power consumption figures to calculate how much hash per watt of power consumed by the hardware. For example, if the hardware hash rate is 4,500 MH / S and requires 32 watts of power, it receives 140,625 MH / S per watt.
The hash rate determines the number of guesses a miner can make per second. While personal computers can eventually make millions of guesses, today’s ASICs as the fastest bitcoin miner can calculate large numbers every second. ASIC miners are special devices that are designed to do a single task, which is to mine cryptocurrencies.
What should we consider when buying a miner?
When a company offers a Bitcoin miner for sale, we have to pay attention to the important things. The most important factors that affect the profitability and return on investment of a Bitcoin miner device are:
- The processing power of the device to generate a hash, the higher the hash rate is the higher amount of mined bitcoins. Example: The power of the Antminer S17 + is about 73 TH / S.
- Device power consumption, the higher the power consumption of the Bitcoin miner device in terms of watts, shows the more electricity costs of the miner. Example: Antminer S17 + power consumption is about 2920W.
- The price of the device, the amount of money paid for the purchase of the miner machine, means that the miner bitcoin has to work to get the return on investment, and therefore the return on investment increases.
Apart from the above, we should pay attention to machine life, the sound of machines during operation, weight, size, and dimensions of the bitcoin miner. Many other factors such as bitcoin price, electricity tariff, bitcoin mining network difficulty also affect the return on investment.
What are the top brands of bitcoin mining in 2020?
Mining machine manufacturers vary in terms of reputation and popularity. Currently, the top five manufacturers of miner devices are:
- Bitmain – Manufacturer of Antminer Devices
- Cannan – Manufacturer of Avalon Devices
- Innosilicon – Manufacturer of Terminator Devices
- MicroBT – Manufacturer of Whatsminer Devices
- Ebang – Manufacturer of Ebit devices
What are the solutions to prevent network speed in bitcoin mining?
To maintain network stability and to ensure that miners mine not all bitcoin units quickly, there are some solutions:
- Mining network difficulty is a standard in bitcoin mining. The blocks of the Bitcoin blockchain are generated every ten minutes. If the processing power of bitcoin miners is too high, it means that miners may be able to generate blocks and mine bitcoins in less than ten minutes. For this reason, they always control and adjust the mining problem to achieve the equation solution in ten minutes.
- Halving, every four years there is an event called “halving“. In this event, the network halves the number of rewards given to miners for the mined BTC. This will reduce the amount of bitcoin produced. Currently, after the halving in May 2020, miners produce 6.25 bitcoins every ten minutes.