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In today's issue: With Ethereum's move to proof of stake and bitcoin frozen in a crypto winter, the heat is on (so to speak) for miners to be more profitable.
Your old GPU won't cut it anymore. To make money in crypto mining in 2023, you need blazingly-fast computers and plenty of power.
We're proud to present our list of Best Mining Rigs for 2023, rating the top computers on their prices, energy consumption, and their ability to mine multiple coins. Read on! |
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| | | Must Read Today's most important story for crypto investors. |
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Great overview of the upcoming upgrade to Ethereum, which will prioritize withdrawals of staked assets. In simple terms, crypto investors will finally be able to withdraw all the ETH they've staked to earn rewards.
This raises an important question: will so many people withdraw ETH that the price collapses? Can Ethereum have a "bank run?"
Investor takeaway: The report concludes that such a run is unlikely as investors already have access to liquid staking tokens through services like Lido, which they can freely withdraw.
In our view, however, a bank run on Ethereum is worth thinking about... If only to be ready to scoop up more ETH if the price drops when the upgrade occurs (likely in mid-2023). |
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| Best Crypto Mining Rigs, Rated and Reviewed for 2023 by Matthew Du |
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Crypto mining has become a popular way for tech-savvy investors to generate revenue in the digital assets market. However, as mining becomes more complex and the market becomes increasingly competitive, miners need the best crypto mining rigs (the most blindingly-fast computers) to maximize revenues.
With this in mind, here’s a look at our top picks for best mining rigs in 2023. |
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DragonMint T1
The DragonMint T1 is a powerful ASIC crypto miner for bitcoin and other cryptocurrencies. It’s got ASICBoost to enhance power efficiency. This ASIC miner has a high hash rate, includes DM8575 chips, and is priced competitively. It has a range of features designed for long-term use, including excellent heat dissipation to prevent damage from overheating. (BMJ Score: 4.0) |
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Antminer T9+
The Antminer T9+ is a popular ASIC crypto mining rig used for mining bitcoin and many other assets. It comes with a hash rate of 10.5 TH/s and a power consumption of 1432 watts. The Antminer T9+ is the successor to the Antminer S9, which was long one of the most popular ASIC miners available. It's an excellent option for those looking to mine cryptocurrencies that use the SHA256 algorithm. (BMJ Score: 4.0) |
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Ebang EBIT E11++
The Ebang EBIT E11++ stems from a new generation of crypto mining machines. It has a high-performance, overclocking-enabled processor and provides relatively stable power. These features help to improve mining efficiency and can decrease energy costs. It has a 10nm code chip, Ethernet connection, and a noise level of 75db, meaning it’s more suitable for remote locations. In addition to bitcoin, the Ebang EBIT E11++ mines Terracoin and eMbark (DEM). (BMJ Score: 3.5) |
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AvalonMiner A1166 Pro
The AvalonMiner A1166 Pro provides a high-quality solution for cryptocurrency mining. It’s an ASIC miner for mining bitcoin, Bitcoin Cash, Litecoin and other coins that use the Scrypt or SHA256 algorithms. This crypto mining rig offers an advanced cooling system and an efficient mining speed of 81TH/s. However, it also has considerable noise levels and it's power hungry, meaning it won’t be suitable for every crypto miner. (BMJ Score: 3.0) |
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PangolinMiner M3X
The PangolinMiner M3X is an affordable, energy-efficient crypto mining device and works at temperatures up to 70°C. Its design is reminiscent of the AvalonMiner 761, and it requires a 180-240V voltage. The PangolinMiner M3X works on the SHA-256 algorithm. (BMJ Score: 3.0) |
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Bitmain Antminer S5
Bitmain Antminer S5 is one of the most popular ASIC miners on the market today, and for good reason. Its low price makes it affordable for investors wanting to investigate crypto mining without committing too much financially. However, the low price comes with a few tradeoffs. It has a relatively low hash rate and only mines a handful of cryptocurrencies. (BMJ Score: 3.0) |
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Antminer S19 Pro
Also manufactured by Bitmain, the Antminer S19 Pro is the next generation of crypto mining equipment. It features a high-performance, 7nm ASIC chip, giving it an impressive hash rate of 110TH/s. That performance comes at a price: the rig requires 3250 watts to run. The Antminer S19 requires an Ethernet connection and mines popular cryptocurrencies like bitcoin and Ethereum. (BMJ Score: 3.0) |
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InnoSilicon A10 Pro
The Innosilicon A10 Pro is used primarily for the Ethash algorithm. It’s able to mine Ethereum Classic with an estimated power consumption of 950W, making the InnoSilicon A10 Pro one of the least electrically demanding choices on this list. Unfortunately, the InnoSilicon has a maximum hash rate of 500Mh/s, so it's far behind the other options on this list. (BMJ Score: 3.0) |
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ASICMiner 8 Nano
The ASICMiner 8 Nano mines using the SHA-256 algorithm at 44Th/s. Consuming 2100W and weighing only 27kg, the ASICMiner 8 Nano is a popular option for many small-scale miners. The water cooling system means the entire rig runs at a maximum temperature of 45°C. Combining its relatively low price, low heat production, and low noise levels (47db) makes this product great for at-home use. Not many tokens are supported, though. (BMJ Score: 3.0) |
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Bitmain Antminer S17
The Bitmain Antminer S17 runs on the second-generation BM297 chip, a 7-nanometer chip also used on the Antminer S15. As electricity is the miner’s most costly expense, the Antminer S17 allows for two operation modes: "low power" and "normal." They enable miners to manage their electricity costs dynamically. Weighing 11kg and generating 82 decibels of noise, the Bitmain Antminer is a better option for the mining professional than for the hobbyist. (BMJ Score: 3.0) |
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WhatsMiner M32-62T
The WhatsMiner M32-62T is a mining rig that can be used by small-scale miners. It mines bitcoin, Terracoin (TRC), and Acoin, among others. It’s power hungry, but on the plus side, it has built-in features like dual fans and mines a good mix of crypto assets. With a performance rate of 62TH/s, however, the WhatsMiner M32-62T isn’t as efficient as some other models, and its high noise level means it may not be suitable for residential areas. (BMJ Score: 2.5) |
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AvalonMiner 1246
AvalonMiner 1246 is an ASIC miner from Canaan Creative. It has dual fans and uses algorithms to monitor its performance. This cryptocurrency miner rig has a host of features such as a high hash rate, a fast delivery rate, and automatic monitoring for fault and shutdown notifications. However, anyone considering using the AvalonMiner 1246 for crypto mining needs to weigh up its positive features against the high power usage and noise volumes. (BMJ Score: 2.5) |
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WhatsMiner M30S++
The WhatsMiner M30S++ is an ASIC crypto mining rig running on a 12nm mining chip. It’s suitable for GPU miners who want to mine multiple cryptos like BTC, Bitcoin Cash, Elastos, and Syscoin. Miners can connect the WhatsMiner M30S++ with up to four GPUs, and while the hash rate is impressive, the machine is the most power hungry on our list. (BMJ Score: 2.5) |
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Mining in a meme.
Which Cryptos Should I Mine?
Before you purchase a miner, please consider the “network difficulty” for each crypto you wish to mine. The difficulty determines how much hashing power you’ll need to mine blocks.
This difficulty is what has given rise to bitcoin mining pools; bitcoin is unprofitable to mine by yourself, as this graph from blockchain.com shows. |
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Bitcoin network difficulty (Source: Blockchain.com)
That said, there are still many cryptocurrencies worth mining. Several websites have calculators that can estimate the profitability of various cryptocurrencies depending on hashing power, notably WhatToMine and NiceHash.
However, if you want to try mining as a hobbyist, you could start immediately with one of the more affordable miners and look at it more as an experiment than as an investment venture (learning is always a good investment).
Mining is more than just a money maker; miners help secure digital currency networks and play integral roles in the blockchain revolution. You can also look at mining as your contribution to an industry that has the potential to change the world and increase the value of your portfolio along the way. |
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| | | ICYMI In Case You Missed It |
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| Even more profitable if you invest in solar power. |
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Bitcoin Market Journal is a daily newsletter that makes you a better crypto investor. It's created by John Hargrave, Nick Marinoff, Steve Walters, Anatol Antonovici, Ben Burn, Preetam Kaushik, and Daniel Joel.
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