Cryptocoin mining is a process which involves compiling transactions into blocks and solving computationally demanding calculations. This is how new coins are brought into circulation. First user that solves the calculation gets to place the next block on the blockchain and claim the rewards.
Today it is extremely hard to get rewards as difficulty has gone up due to large amount of powerful miners in the network. To make money you need to have efficient miner and mine only the most profitable coins. The specialized hardware costs a lot of money and you need to know what you are doing in order to make profit. The mining unit and software within it is not hard to setup and for that reason there's no need to get into details how to run these machines. If you are going to purchase one you will find more detailed instructions and suitable settings from Bitcointalk.org mining section.
Below you can find more information about ASIC mining hardware and cloud mining services. Consider twice and go for the one that suits best for your needs.
What is the best miner for me?
There are two types of asic miners available: SHA-256 miners that support Bitcoin, Peercoin and other SHA-256 variants and Scrypt miners that you can use for Litecoin, Dogecoin etc. As you probably know already Bitcoin mining has become extremely hard and you need powerful miner to be able to make a profit. Scrypt mining is also very hard novadays and many times less profitable that Bitcoin mining. Choosing the right coin is crucial to make a profit.
If you're not sure what you are doing or just want to try mining we recommend that you don't invest large amounts of money to a mining hardware and try cheaper equipments first. That fact is that cheap units are not going to generate enough revenue and you will never break even but it is still a very good way to introduce yourself to bitcoin mining and hopefully saves you from making bigger mistakes in the future. It is very important that you learn the basics first.
If you want to mine properly we have listed below the most profitable miners available. Remember that you also need good ATX power supply to be able to run miners successfully. Any ATX unit thas is efficient enough will do but some will perform better than others in long term and under heavy load. There are also special power supplies available that are designed to run with mining units but there is no real advantage other than more sleekier design.
Bitcoin miners (SHA-256)
If you want to get decent Bitcoin miner that gives the best hash rates for the money we recommend that you consider one of the following miners. There are lot of miners on the market but most of them are not worth the price. Don't waste your money for something that you can't never break even and only generates dust for you.
Bitmain Antminer S9 is the most powerful and efficient miner at the moment yet it is very compact when compared to previous models such as S5. The unit consist 189 BM1387 chips and is built using TSMC's 16nm FinFET technology. S9 can produce hash rates up to 13000 GH/s while using only 1275W of power. It means that power efficiency is 0.098 W/GH ±7% which is a big improvement over S7. The cooling is comparable to S7: The casing is unpainted aluminium and each chip contains its own heatsink instead on one large one. Hashing module contains two fans that are fully computer-controlled. Please notice that you need three high quality ATX powers to run this beast.
Few units are already available through Amazon so be fast if you want to get one!
Antminer S7 is a predecessor of S9 and version 7 can get up to 5.06 TH/s @ 0.25W/GH. It isn't nearly as efficient as the latest model but still allows you to get decent hash rates and make profit. Antminer S7 uses BM1385 chip (28 nm) which is twice as power efficient than S5. It also has more dence configuration and uses over 100 chips more than S5 model in the same space. This rigid unit can be purchased through Amazon and while it isn't the latest technology you can get one pretty cheap at the moment.
Altcoin miners (Scrypt)
Scrypt mining is becoming harder all the time. Although Scrypt ASIC mining is fairly new thing compared to SHA-256 there are some units on the market that work very well for the purpose. The bad news is that it is very hard to get one and most of the makers are unable to produce the units in larger batches. That's why we would revert back to GPU mining for now. GPU mining is NOT DEAD and it is a great option for variety of coins at the moment. You just need to make careful decisions and mine the right coins to maximize your profit. We recommend Mooncoin (ASIC) and Zcash (GPU) today but things might change when new coins are released. Check What To Mine regularly to keep up the trend.
Wolf V1 is a Scrypt ASIC miner that you can pre-order at the moment. Estimated shipping date is Q4 2016 and Q1 2017 but it is very unlikely that you get the actual unit by then. The project has been around for a while now but there are still no units available for consumers. It is expensive, hard to get and uses lot of power (5000W) but that is the reality of the ASIC mining today. Wolf V1 claims that the true hashing power is up to 2000 Mh/s. The power supply is included with the unit. Even though the unit is not available at the moment it is worth to look for one and wait if there will be changes in the future. If you happen to be a lucky one and find a reak Wolf Miner somewhere just buy it!
ATX Power Supply
To be able to power up the miners you need good ATX power supply. Even if your miner would be the best of the best it is useless without a reliable power source. Selecting the right PSU for your miner is VERY important and not as straight forward as you might think. You need more than just loads of output power. Voltages have to remain steady and PSU needs to be able to run 24/7 for a long times without maintenance. Energy efficiency is also a big factor if you want to make profit as much as you can.
We recommend 80PLUS Platinum certified devices as it guarantees that your PSU is designed to be as efficient as possible. Below we have selected the most reliable PSU that have excellent price-performance ratio. We recommend power supplies with 1200-1600W output power. You're free to select the one that will be sufficient for your miner.
EVGA SuperNOVA P2 PSUs are 80PLUS Platinum certified power supplies for people who are serious about mining. These are perfect PSUs to pair with Antminers and other high-end equipments. 1600W version with 94% efficiency offers reliable power source and the best profitability in the long run. Multi-rail design, over power/under power/over voltage/short circuit protection and intelligent thermal control make sure that your miner is safe and ensures maintenance-free operation. EVGA also offers modular design which helps to optimize the airflow and get rid of unneeded cables. The unit itself is near perfection and with 10 year warranty it is hard to beat.
If you don't need 1600W power you might want to check smaller versions of the same PSU. It is the best power supply on the market and while it costs a bit more it is very affordable price for such a great device. You can find the best prices from the link below!
If you don't want to invest money to buy your own mining hardware, this is your best alternative. Cloud mining means using remotely located processing power that one can get through mining services. All you have to do is to purchase hashing power to your account and start mining cryptocoins. No special hardware, maintenance or knowledge is required as the company does all the work for you. Also, remember that if bitcoin price suddenly increases cloud mining can be very profitable. People who purchased hashing power when the price was low are guaranteed to make a profit. Below you can find the most profitable cloud mining services available.
NiceHash is a new innovative service that offers cloud mining services for almost every popular cryptocoin available. What makes NiceHash so special is that you can buy or sell hashing power directly. No contracts or limitations involved and you only pay for valid shares. NiceHash is basically a gateway for people who are offering hashing power and people who like to rent it to make a profit. If you already own a mining rig NiceHash is a great way to sell your unused hashing power!
To get hashing power you have to offer the highest bid on the market place. Your bid will determine how much hashing power you will get from the service. It is actually very simple and convenient process and helps you to get control of your rates. You can cancel orders at any time and buy new ones if you want. Make sure that you only mine the most profitable coins to maximize your profit.
Genesis Mining was founded in 2013 to offer competitive cloud mining services for long time investors. There are already several thousands of happy customers who trust Genesis Mining and the number is growing every day. While Genesis Mining rates are not the best in the business the hashing power you buy will be yours for a lifetime. There are some maintenance fees involved though that cuts your earnings as long as the contract is profitable. Daily payouts are available for your earnings and when you need assistance the support team is readily available.
Genesis Mining offers SHA-256 and Scrypt mining services although at the moment Scrypt mining is out of stock. The current price of bitcoin mining is $0.45/Ghs and you can buy them in predefined packages (smallest purchase is about $22/50GHs at the moment). You can pay also by credit card if you like (min order $50). If you decide to jump in we can help you to get a discount for your purchase!
Use the following promo code when you check out: IKgbNY
Skycoinlab is an innovative cloud mining service that offers very reasonable-priced Bitcoin, Litecoin and alt coin mining. You can mine any major alt coin upon request. Contracts are made for one year and there are no pool or maintenance fees involved. Everything that you mine is pure profit! Payments are made every week to your personal account and you can withdraw your earnings any time you want.
CEX.IO is a reputable company that has been around for a long time. It's not the most profitable way to mine anymore but it has some advantages that you can't find from any other service. Every GHS that you purchase will mine coins for you as long as you hold on to them. You can also trade GHS in unique trading platform. CEX.IO supports Bitcoin, Ixcoin, Namecoin and Devcoin mining.