When it comes to choose a profitable bitcoin mining machine, there are some factors to consider. Wherever in the world you are, to mine your lovely bitcoins, you need a machine. But when it comes to choose a profitable and ideal one, what factors should one consider?
There are various factors influencing the choice we make. Mining machines exist in various kinds, powers, prices, power consumption rates, and brands. The device that you choose to do the act of mining with, determines a coefficient of the profit that you will make through this market. So be patient and careful to make a perfect choice.
The first and foremost factor to consider, in choosing a mining machine to buy, is its power or Hash Rate with which it works. Mining machines are different in the rate of hash. But hash rate is not something you can calculate by a formula. It is determined empirically. To reach this, you should ask someone who has used the same kind of machine and has measured how many hashes per second it actually performs for a given hash algorithm. In general there is no guarantee about the data the seller provides. The best way to figure out your hash rate would be to actually run the hardware and see what happens or to ask someone you trust on, who has utilized the same kind of machine, to inform you.
Next, you have to pay attention to the price. The cheaper your mining machine, the sooner your initial investment will be back. Of course try not to choose a machine so cheap that it has no value. There are different sites and markets where you can see the prices of machines to choose one. At the time of writing this journal, the prices of bitcoin mining machines fluctuate between the range of 300 to 2,800,000 dollars. You should choose the one most appropriate one for your budget and goals.
In addition, you should be aware of the type of hardware of your future machine. Before the advent of GPUs for computing bitcoins algorithm, CPUs were used. However, GPU renders images more quickly than a CPU due to its parallel processing architecture. This is what enables the GPU to carry out multiple calculations at the same time. The CPU has less Arithmetic Logical Units, and so when it comes to hash required proof of work, its performance is slow. As compared to GPU and CPU mining , ASIC is more preferred. Its mining-hardware solves very complex algorithms. On the other hand, GPU and CPU mining hardware decode graphics algorithms and processor-based algorithms, respectively. However, the attraction GPU mining hardware holds is its offer of more hash power compared to CPU and low electricity cost compared to ASICs.
besides the amount of power consumption of the chosen machine is another salient factor to consider. Power is an expensive energy and if you are a professional miner with a professional site for mining power costs surely is one of your most important considerations. So be careful to choose the most efficient mining machine for your trade.
Finally, one can choose among different brands of these digital huge rigs. As you can see, despite the profit potential of mining bitcoin, your bitcoin mining hardware’s upfront and energy costs can actually do harm to your bank account. Picking the wrong hardware could cost you more money to operate than the amount of funds you earn mining bitcoin with it. To avoid losing a profit on your bitcoin mining.