If you are considering the possibility of investing in crypto mining and making it a side gig or a full-time occupation, then there is no denying that you need to build the right rig for the job. Even though bitcoin mining is a lucrative career path and can even set you up for affluence down the road, choosing the wrong mining hardware can cost you greatly, because you will waste financial resources on energy consumption and the upfront costs of product procurement. Your goal as an entrepreneur in the crypto mining industry should be to ensure a positive ROI within the first year, preferably, so you need to find that sweet spot between the product’s price, its mining capabilities, its running costs, and its long-term gain potential.
Of course, you will find many mining hardware options on the online market nowadays, some of which come with a hefty price tag – but even those shouldn’t be your first choice even if money is not a concern. Instead, you need to know your needs, prioritize your goals, and find the ideal solution to either reach your immediate, or your long-term objectives. Here are the best options you should consider for every category of miners.
Let’s start with at the lower end of the spectrum with the Avalon6, a fine choice for novice bitcoin miners looking to avoid a hefty upfront investment and minimize their energy consumption in the process. Of course, for the low price of around $250 US, you can’t expect the Avalon6 to dazzle you with its output, but it is possible to turn a profit, or at the very least break even and learn the ropes of the industry just in time to invest in a more powerful rig. This is a piece of hardware intended for those of you that consider crypto mining to be more of a pastime activity than a profession, but that doesn’t mean that you can’t use it to get into the industry.
Designed by Canaan Creative, the Avalon6 will get you no more than 3.5 TH per second, a modest output for its average 1050W power drain, meaning that you might not earn big, you won’t lose big on the electricity bill, either. It’s a good starting point, but if you’re serious about your future in the crypto mining industry, then you should consider the following options.
Pangolin Whatsminer M3X
It’s 2020 already, so the Pangolin Whatsminer M3X is not a spring chicken by modern standards seeing as it came out two years ago, but that doesn’t mean that it’s not a viable option for semi-professionals in the crypto mining field. In fact, this piece of hardware holds its own in the wake of bitcoin’s volatility and other industry shifts, so it’s a good option for everyone looking to make mining for cryptocurrency their profession. Even if you don’t stick with the Whatsminer over the long term, it’s still a good initial investment.
Boasting a solid 12-13 TH per second hash rate, it certainly gets the job done for most investors, and its fairly reasonable price tag of around $850 US does make it a viable option for intermediate bitcoin traders. That said, two things to keep in mind about this model: it consumes 2000W of power, so you might need to invest more in your electricity bill, but most importantly, it reported to produce a lot of noise – so consider if you are willing to keep it running all of the time.
Bitmain Antminer S9i
Moving on, we have the well-known Bitmain brand, a household name in the industry, and probably one of the most prominent actors in the competitive crypto world. It’s important to know the leading brands because they usually have a wider selection of products that you can choose from. One of their most notable crypto miner solutions is the Antminer S9i, intended to accommodate the needs of aspiring traders and investors who are looking to succeed within the first year. The Antminer S9i appeals to novice and experienced traders because of its 14 TH per second hash rate, and its reasonable price tag.
You can expect this particular rig to set you back some $500 US, and the running costs of keeping it on all the time a reasonable as well, with no more than 1,320W of power consumed at maximum, meaning that you won’t overspend on your electricity bill. The Antminer S9i is reliable and relatively silent, making it a solid choice for those of you looking for an all-around solution.
Halong Mining DragonMint T1
If we were to move up the ladder in terms of hash rate, then we would definitely have to mention the powerful Halong Mining DragonMint T1, which is another viable contender in 2020 and probably for the years to come. While this rig is a powerful one, it’s important to keep in mind that it comes with a hefty price tag, and that it will set you back some $2,000 US, which is not a sum that aspiring traders are usually willing to invest upfront.
Nevertheless, its relatively reasonable power consumption of 1480W is a positive feature, plus the rig boasts a hash rate of 16 TH per second that allows investors to potentially turn a profit faster. Now, this rig requires you to do some math. You need to figure out if it’s really worth it for you, because you need to factor in the hefty initial investment, the running costs, and compare it with the possible gain that its hash rate can generate within a year.
Finally, something for the established business leaders and enterprises looking to diversify into the crypto industry – the BitFury Tardis. This mining rig is an absolute beast, to put it mildly, and it serves to help enterprise-level ventures to reach their crypto mining goals. If money is no object, then you won’t mind paying around $7,000 US for the Tardis, and covering its massive running costs caused by its 6,300W power drain. That said, you can expect to make substantial returns through its 80 TH per second hash rate. If you’re running an established company and have resources to spare, then the BitFury Tardis is the rig you want.
The crypto mining industry is definitely an opportune environment for aspiring investors and traders, however, that doesn’t mean that you can achieve success with just any old rig. Be sure to consider these options to find the perfect product that fits your budget, and will generate a positive ROI as quickly as possible.