bitcoin mining hardware ASIC: Bitcoin mining is crucial as the miners will perform validation of bitcoin transactions and create new coins. Unlike traditional currencies, where there is no limit in printing currencies, in bitcoins, a total of 21 million bitcoins can only be mined. So, the bitcoin world does not know the meaning of inflation. Mining is not an easy process.
The mining is done by a high power computing hardware, which solves complex mathematical functions to validate the block and add them to the blockchain. The mined block can never be altered by any malicious user, thus proving security. The miners will be rewarded with bitcoins on mining new bitcoins.
If you are interested in bitcoin mining to earn more bitcoins, you need to spend more money buying bitcoin mining hardware like ASIC and GPU. With normal desktop computers, the mining process becomes complex consuming lots of electricity and leaving you with only half dollars for a year!! Want to know more about mining hardware? Then jump to the following sections and mine bitcoins using bitcoin hardware. For more information, you can visit Golden Profit
ASIC mining hardware
Bitcoin mining hardware like ASIC will be profitable in the regions where there is cheaper electricity, as they may consume more electricity. As China has cheaper electricity pricing, China stands the first among all bitcoin mining markets. Initially, graphic cards were found to obtain high hashing power. But ASIC overcome by offering huge hashing power when compared to GPU. Satoshi initially tried to mine bitcoins only with CPU; later on, he discovered that they are offering the least hash power, and then came the existence of ASIC. Bitcoin hardware will mine bitcoins; bitcoin wallets are used to store and secure the mined bitcoins.
How to determine the profitability of the mining process
There is a bitcoin mining calculator to check payout using mining hardware, where the miner has to input the hash rate and electricity price. By doing so, the miner will know whether the mining process is profitable or not.
To determine whether the mining process will be profitable or not, the following two factors are very important in bitcoin mining. They are:
- Bitcoin price
- Hash rate of the network.
Recent research, it was found that the bitcoin price increases at the rate of 0.3403% per day from last year. So, try out different pricing rates and choose the one which offers a maximum profit.
Factors for buying ASIC mining hardware
There are many ASIC bitcoin mining in the market. But there are some factors to look for before buying perfect ASIC mining hardware. The factors are:
- Hash rate: This is a very important factor, as the hash rate defines the mining hardware’s efficiency. So, the miner must note how many hashes can be generated per second, and the more the hash, the more the cost.
- Price: There is ASIC mining hardware with different cots. Some may be cheap, but they will be able t0 mine only a few bitcoins. Costly ASIC mining hardware can mine more bitcoins. But decisions are based on electricity consumption before you choose one.
- Effectiveness: So how can you determine the efficiency of the mining hardware? We already know that the mining process will cost you more electricity bills. So, choose hardware that converts the electricity price to the bitcoins you earn.
A bitcoin calculator will determine whether the mining process is profitable or not. But that is not the only thing you must consider. A miner should first check how much electricity will be consumed per hash rate. So, do not fix that; a good bitcoin mining will mine more coins. You must also check whether you pay fewer electricity bills upon using the bitcoin mining hardware.
The Bitcoin miners must not only have ASIC mining hardware. They must also be having the following additional equipment like:
- Cooling fans, as the bitcoin mining hardware, release more heat and due to that, they stop working, which can be avoided by using cooling fans.
- Power supply, to make the mining hardware more efficient.
- Generators, if there is any power shut down.
Thus this article has discussed the need for bitcoin mining hardware and the factors to look for before buying mining hardware.
HussaiN is a full-time professional blogger from India. He is passionate about content writing, Tech enthusiast & computer technologies. Apart from content writing on the internet, he likes reading various tech magazines and several other blogs on the internet.