Bitcoin mining process is a computer process whereby mathematical computations are solved to release new bitcoin chains. Miners keep the block chain clean and free from manipulation. This process requires that miners use from cryptographic hash algorithm that is present in the previous block chain to produce the next one. For the miners’ block chain to be accepted by the network, there must be a proof of work in it and this proof of work is called a ‘nounce’. The process of mining Bitcoins is time consuming, expensive and painstaking and is made easier with the right mining kit.
Bitcoins are mined in blocks. It is mined after the miner successfully solves the mathematical computations providing checks in the previous blockchain to rid it of scams. When the miner verifies 1megabyte of bitcoin transactions, they can get the reward of up to 12.5BTC.
Basically, the mining of Bitcoins uses either a graphic processing unit (GPU) or the application specific integrated circuit miner. The equipment used have varying hash rate production capacity and thus offer different cost and varying levels of reward. It is important to note that bitcoin mining is a process that consumes electricity and this is why the parts of the world that produce the highest amount of bitcoins are those that have a relatively low cost of electricity.
There are many miners in the bitcoin mining industry but we will be discussing a few here. As it stands today, the best bitcoin miner is believed to be the AntMiner S9.
The Antminer S9 has a better power consumption efficiency. Seeing as the mining process is power consuming, this singular fact that the Antminer S9 is power efficient makes it useful for long term mining. It has a hash power of 13.5 TH/s- 14 TH/s and has a power efficiency of 0.098J/GH.
Antminer T9: this ASIC equipment is still highly sort after. Besides the fact that it is power efficient, it also has a very good cooling system. The AntMiner T9 is readily available for purchase and is probably the most common. It has a hashrate of 11.5 TH/s- 12.5 TH/s and has a power efficiency of 0.126J/GH.
Antminer R4: this equipment is a home miner that emits very low noise levels. The hashrate of this equipment is 8.6TH/s and its power efficiency is 0.1J/GH
The newer version of the avalonminer is similar to the avalonminer 721 in terms of chips (16nm) but has some new improvements in software and design optimization. The AvalonMiner has a better hashrate production than the older model. The hash rate production for this version is 7.3TH/s. Power efficiency of 0.16J/GH
AvalonMiner 721: this equipment produces 6TH/s. it is produced by Canaan interactive, a company in China that focuses on producing Bitcoin ASICs. The power consumption of the machine between 880w-1000w.
Antminer S7: in 2015, when the ROI on bitcoin was lower and the difficulty in mining it was lower, this equipment was extremely valuable in mining and some people still prefer to use it. the hashrate of this equipment is 4.73TH/s and the power consumption is 1293w.
The Avalon 6 is not as loud as as the typical miner and its hash rate is reasonable
This miner is an excellent equipment for beginners who don’t have the courage to risk much yet. It produces loud sound and can get to really high temperatures.