Cryptocurrencies are called the future of the world economy, but today virtual money created without the participation of states and international financial institutions is rapidly gaining popularity, becoming an equivalent means of payment along with the dollar, other paper currencies and even gold. Of course, in parallel, interest is growing in the production (mining) of cryptocurrencies as a means of earning, which led to the emergence of a whole industry producing specialized equipment for mining cryptocurrencies.
What is cryptocurrency mining?
If paper money is printed by the relevant institutions of different countries, then cryptocurrencies are created virtually, without rigid binding to one issue center of money. The production or mining of various cryptocurrencies is called mining, and the process itself is based on solving complex mathematical problems using special algorithms using ordinary computers, special devices or computer systems called trusses.
The process of mining can theoretically be compared with the distribution of files through a torrent network. Each user who connected to the cryptocurrency mining system participates in the work on issuing new coins and at the same time maintains the performance of the entire network, transmitting information about the conducted cryptocurrency transactions in a chain. As a result, both the process of extracting new coins and their further use in mutual settlements have a high degree of security due to the large-scale distribution of computing processes among thousands of users.
It is the high security factor that made cryptocurrencies a popular means of payments in the Internet space and attracted single individuals to the mining process, and then large companies specializing in the production of special equipment for mining.
Cryptocurrency mining equipment
The necessary equipment for mining cryptocurrency
Initially, the equipment for mining cryptocurrency was a common home PC, on which a program was launched that uses the computational power of a processor or video card to calculate mathematical tasks that provide cryptocurrency production. In this way, the most popular currencies began to be mined: bitcoins and litcoins. At the dawn of their existence, the capacity of an ordinary PC was quite enough to process the required amount of data, but with the growth of the released currency, the calculation of new units began to require great efforts, which led to a significant slowdown in the rate of creation of new coins even on the most high-performance computers. Simply put, the cost of mining one coin began to exceed its value.
ASIC System – ASIC Miner
To solve this problem, ASIC-systems were developed, consisting of chips, adapted only to the calculations related to the production of cryptocurrency. The emergence of such equipment launched a new wave of Bitcoin and Litecoin mining mining, at the same time unleashing competition among the manufacturers of ASIC systems, which made it possible to reduce their cost to reasonable limits.
The best bitcoin mining equipment
Equipment for mining bitcoins is in the greatest demand among cryptocurrency “miners”. Today, there are hundreds of different technical solutions from dozens of companies on the market, but ASIC systems from KnCMiner and CoinTerra have proven themselves the best.
CoinTerra was one of the first to enter the market for mining equipment, presenting a line of TerraMiner devices, which has its own liquid cooling system and a set of chips in the arsenal, providing impressive computing power. CoinTerra devices are time tested and proven to be effective not only in terms of power, but also in terms of low energy costs.
The company KnCMiner was the first to use its own developed chips, creating the most high-performance devices, the power of which allowed at the time of release of the first model to earn at least 1.5 Bitcoins per day. At the same time, ASIC systems KnCMiner are approximately 2 times more expensive than CoinTerra devices. However, despite the high price of the devices, it is the equipment from KnCMiner that currently provides the majority of the issue of new Bitcoin coins. There is no KnCMiner equipment in the open sale, it can be purchased only by pre-order through the company’s website.
Other manufacturers offering specialized mining equipment also pay attention to Black Arrow and UFOMiners products. The first company on this list has been present on the market for a long time, and UFOMiners is rapidly gaining popularity, releasing devices not only for Bitcoin mining, but also for other popular cryptocurrencies, including Litecoin .
Mining equipment in 2017
Despite the presence of a large number of mining devices with high performance, in 2017, the year of ultra-high incomes they will not bring because of the mass distribution. In fact, cryptocurrency mining is currently close to a state similar to the situation when the mining era came to a halt on ordinary PCs. It is still possible to earn several hundred dollars a year, but to get tangible profits measured by thousands of dollars, you need to use special cryptocurrency farms, which are computer complexes with a large number of ASIC devices combined into a single computer network.
If we talk about the best equipment for mining in 2017, calculated on the creation of computational farms, then in terms of price / performance ratio the AntMiner S9 and Avalon6 devices are notable for their high energy efficiency and an acceptable price in the range of up to $ 2500 for AntMiner S9 and up to 600 $ for Avalon6. If there is no money for the purchase of ASIC devices, and you want to do mining, then you should pay attention to cloud services that provide equipment for rent. The most successful and proven company in the field of cloud mining cryptocurrency is Genesis Mining.