Hobby Bitcoin mining can still be fun and even profitable if you have cheap electricity, an efficient bitcoin mining machine, and get the best Bitcoin mining hardware.It’s important to remember, however, that Bitcoin mining is competitive and today it is not a good idea for the average person to mine.If you want bitcoins then you are better off buying bitcoins.Since it’s now impossible to profitably mine Bitcoin with your computer, you’ll need specialized hardware called ASICs.Table of ContentsBitcoin Mining Hardware ComparisonWhat is an ASIC Bitcoin Miner?Don’t Get ConfusedHow to Find the Best Bitcoin MinerBitcoin Miners for Sale on eBay or AmazonUsed Bitcoin Mining Hardware for SaleJust Want Bitcoins?Hardware ProfitabilityMost Efficient Bitcoin MinersBitcoin Mining Hardware CompaniesBitcoin Mining EquipmentBitcoin Mining Without Hardware?USB Bitcoin MinersOriginally, Satoshi intended for Bitcoin to be mined on computer CPUs.However, Bitcoin miners discovered they could get more hashing power from graphic cards.

Graphic cards were then surpassed by ASICs (Application Specific Integrated Circuits).Nowadays all serious Bitcoin mining is performed on dedicated Bitcoin mining hardware ASICs, usually in thermally-regulated data-centers with access to low-cost electricity.Think of a Bitcoin ASIC as specialized Bitcoin mining computers, Bitcoin mining machines, or “bitcoin generators”.There is Bitcoin mining hardware, which mines bitcoins.There are also Bitcoin hardware wallets, which store bitcoins.There are some important factors to look at when determining which Bitcoin mining ASIC to buy:Hash rate – How many hashes per second can the Bitcoin miner make?More hashes cost more, which is why efficiency is crucial…Efficiency – You’ll want to buy the most efficient bitcoin mining hardware possible.Since miners use a large amount of electricity, you want to buy one that converts the most amount of electricity into bitcoins.Price – How much does the bitcoin miner cost?Cheap mining hardware will mine less bitcoins, which is why efficiency and electricity usage are important.

The fastest and more efficient mining hardware is going to cost more.Don’t try to buy a miner based on only price or only hash rate.The best ASIC miner is the most efficient bitcoin miner.Aim for value.If you’re a hobby miner who wants to buy a couple rigs for your house, eBay and Amazon both have some decent deals on mining hardware.Both new and used bitcoin mining rigs and ASICs are available on eBay.bitcoin pptOne may want to buy used ASIC mining hardware on eBay because you can get better prices.eBay’s customer protection ensures you’ll get a working product.litecoin italianoOther bundled equipment may be included with your purchase depending on the seller.We recommend purchasing the Antminer S7 or the Antminer S9.If you just want bitcoins, mining is NOT the best way to obtain coins.Buying bitcoins is the EASIEST and FASTEST way to purchase bitcoins.Get $10 worth of free bitcoins when you buy $100 or more at Coinbase.You can use a bitcoin mining profitability calculator to determine your estimated cost of return on your mining hardware.Be sure to take electricity costs into account.bitcoin hong kong agreement

Most mining hardware appears profitable until electricity costs are accounted for.Good Bitcoin mining hardware needs to have a high hash rate.But, efficiency is just as important.An efficient Bitcoin miner means that you pay less in electricity costs per hash.The miners in the table below are currently the most efficient Bitcoin miners on the market.The Avalon6 gets 0.29 Watts/GH, but costs more than $200 more than the Antminer S7.The Antminer S7 is more efficient, with 0.25 Watts/GH.bitcoin börse in deutschlandThe Antminer S7 also costs much less, and comes with 4.5 TH/s of hash power compared to the Avalon6’s 3.50 TH/s.The AntMiner S7 is clearly the better option between these two miners, which are currently the most efficient miners available for purchase.To improve your efficiency, there are also companies that will let you order hardware to their warehouse and run the miners for you.You could also cloud mine bitcoins.bitcoin adoption in india

But both options are a lot less fun than running your hardware!Bitmain – Bitmain makes the Antminer line of Bitcoin miners.Bitmain is based in China and also operates a mining pool.BitFury – BitFury is one of the largest producers of Bitcoin mining hardware and chips.Its hardware is not available for purchase.Spondoolies Tech – Spondoolies Tech is an Israeli based mining hardware manufacturer.In addition to a Bitcoin mining ASIC, you’ll need some other Bitcoin mining equipment:Power Supply – Bitcoin rigs need special power supplies to funnel and use electricity efficiently.Cooling Fans – Bitcoin hardware can easily overheat and stop working.ethereum volume by exchangeBuy a sufficient amount of cooling fans to keep your hardware working.You can find Bitcoin mining equipment for sale on eBay.It’s still technically possible to mine bitcoins without dedicated mining hardware.However, you’ll earn less than one penny per month.

Mining bitcoins on your computer will do more damage to your computer and won’t earn a profit.So, it’s not worth it unless you’re just interested to see how the mining process works.You’re best bet is to buy dedicated hardware like the Antminer S7 or Antminer S9.Using a Bitcoin USB miner with your computer was once a profitable way to mine bitcoins.Today, however, USB miners don’t generate enough hashing power to mine profitably.If you just want to get a Bitcoin miner USB to learn, eBay is a good place to buy a cheap Bitcoin miner.Before we start, if you’re new to Bitcoin mining and don’t know what it is watch this short and simple explanation: The short answer would be “It depends on how much you’re willing to spend”.Each person asking himself this will get a slightly different answer since Bitcoin Mining profitability depends on many different factors.In order to find out Bitcoin mining profitability for different factors “mining profitability calculators” were invented.

These calculators take into account the different parameters such as electricity cost, the cost of your hardware and other variables and give you an estimate of your projected profit.Before I give you a short example of how this is calculated let’s make sure you are familiar with the different variables: Hash Rate – A Hash is the mathematical problem the miner’s computer needs to solve.The Hash Rate is the rate at which these problems are being solved.The more miners that join the Bitcoin network, the higher the network Hash Rate is.The Hash Rate can also refer to your miner’s performance.Today Bitcoin miners (those super powerful computers talked about in the video) come with different Hash Rates.Miners’ performance is measured in MH/s (Mega hash per second), GH/s (Giga hash zper second), TH/s (Terra hash per second) and even PH/s (Peta hash per second).Bitcoins per Block – Each time a mathematical problem is solved, a constant amount of Bitcoins are created.The number of Bitcoins generated per block starts at 50 and is halved every 210,000 blocks (about four years).

The current number of Bitcoins awarded per block is 25.However soon enough the block halving will occur and the reward will be downgraded to only 12.5 Bitcoins.Bitcoin Difficulty – Since the Bitcoin network is designed to produce a constant amount of Bitcoins every 10 minutes, the difficulty of solving the mathematical problems has to increase in order to adjust to the network’s Hash Rate increase.Basically this means that the more miners that join, the harder it gets to actually mine Bitcoins.Electricity Rate – Operating a Bitcoin miner consumes a lot of electricity.You’ll need to find out your electricity rate in order to calculate profitability.This can usually be found on your monthly electricity bill.Power consumption – Each miner consumes a different amount of energy.Make sure to find out the exact power consumption of your miner before calculating profitability.This can be found easily with a quick search on the Internet or through this list.Power consumption is measured is Watts.

Pool fees – In order to mine you’ll need to join a mining pool.A mining pool is a group of miners that join together in order to mine more effectively.The platform that brings them together is called a mining pool and it deducts some sort of a fee in order to maintain its operations.Once the pool manages to mine Bitcoins the profits are divided between the pool members depending on how much work each miner has done (i.e.their miner’s hash rate).Time Frame – When calculating if Bitcoin mining is profitable you’ll have to define a time frame to relate to.Since the more time you mine, the more Bitcoins you’ll earn.Profitability decline per year – This is probably the most important and illusive variable of them all.The idea is that since no one can actually predict the rate of miners joining the network no one can also predict how difficult it will be to mine in 6 weeks, 6 months or 6 years from now.This is one of the two reasons  no one will ever be able to answer you once and for all “is Bitcoin mining profitable ?”.

The second reason is the conversion rate.In the case below, you can inset an annual profitability decline factor that will help you estimate the growing difficulty.Conversion rate – Since no one knows what the BTC/USD exchange rate will be in the future it’s hard to predict if Bitcoin mining will be profitable.If you’re into mining in order to accumulate Bitcoins only then this doesn’t need to bother you.But if you are planning to convert these Bitcoins in the future to any other currency this factor will have a major impact of course.In order to calculate all of these parameter and get an answer to our question we will use a mining profitability calculator.here’s a simple mining calculator from 99Bitcoins: KH/s MH/s GH/s TH/s PH/s However, now let’s take a look at a more complex example were we include more factors: Today one of the most advanced miners out there is the Antminer S9.It’s what is known as an ASIC mining rig.It has a mining rate of 14 TH/s.

If we use the simple Bitcoin mining calculator (shown above) you will see that at today’s difficultly you will earn around 1 Bitcoin a month.But of course this doesn’t take into account the hardware cost, electricity cost, pool fees, etc. Let’s try to calculate all of these together.This data was taken from an advanced Bitcoin mining calculator using the following stats: 2% mining pool fees, 25 Bitcoins as a block reward, 14 TH/s hash rate, 1375W power consumption.So after 12 months we should be making around $6,000.However we haven’t deducted the hardware cost yet, so it’s more like $ 3,400.Also, pretty soon the block reward goes down to 12.5 so we’ll actually only be breaking even.Of course this result can change depending on your own electricity cost, the change in mining difficulty and most importantly the change in the price of Bitcoin.So you’re probably not going to get rich by mining Bitcoins at home unless you buy some heavy duty equipment and have very low electricity costs.

Here’s a list of the most efficient Bitcoin mining hardware out there today.There’s not a lot of variety to pick from since home mining is a dying art.88%Read review95%Read review81%Read review83%Read review79%Read review76%Read review70%Read review So even though home mining is an expensive business there are still other option that may be relevant for you to get into the mining game at a lower cost.There a new concept called “cloud mining“.This means that you do not buy a physical mining rig but rather rent computing power from a different company and get paid according to how much power you own.At first this sounds like a really good idea, since you don’t have all of the hassle of buying expensive equipment, storing it, cooling it, etc. However, when you do the math it seems that non of these cloud mining sites are profitable in the long run.Those that do seems profitable are usually scams that don’t even own any mining equipment, they are just elaborate Ponzi schemes.

If you do want to take a look at cloud mining I suggest using Genesis Mining – the only cloud mining company that has been around long enough to prove it’s not a scam.But make sure to do the month before putting your money into any of these plans.One more option you can consider is mining Altcoins instead of Bitcions.Today there are hundreds of Altcoins available on the market and some of them are still real easy to mine.The problem is that because there are so many Altcoins it’s hard to tell which ones are worth investing your time in.Some good examples for Altcoins are Litecoin, Dogecoin and Peercoin.In order to understand which Altcoins are profitable you can find website indexes such as CoinChoose that give you a complete Altcoin breakdown.On CoinChoose you can see the difficulty for each Altocoin, where can you exchange them and what are the chances to profit Bitcoins by mining each specific Altcoin.My guess is that in the long run you could make a profit from Bitcoin mining but only if you invest a considerable amount of money in a good mining rig (e.g.