Mining cryptocurrencies is akin to mining precious metals. Crypto miners will initiate the release of new coins into circulation, similar to how precious metals miners will find gold, platinum, or diamonds. Miners must deploy devices that solve complex mathematical equations in cryptographic hashes payable with new currency. Bitcoin uses SHA-256, and Etherium uses EtHash.
Ethereum Mining 101
Ethereum, like Bitcoin, is currently based on a proof-of-work consensus process. All POW-based coins rely on mining for their survival. Miners from all over the world use their time and processing power to solve cryptographically complex challenges in Ethereum mining. Miners will be able to add blocks to the Ethereum blockchain and earn a reward if they are successful.
Mining rigs must always have a steady internet connection. And each crypto miner must also be a part of an online mining pool. Mining pools let miners pool their computational resources to identify and mine blocks on a blockchain. If a mining pool succeeds, the prize is divided among the miners in proportion to their contributions.
Most crypto mining software comes with a mining pool, but crypto fans can now establish their own online. And because some pools make more than others, miners can switch pools at any time.
What is an ASIC Miner?
One popular technique of cryptocurrency mining is ASIC mining. ASIC miners, unlike GPU miners, are made exclusively to mine cryptocurrencies. Hence they create more cryptocurrency units than GPU miners. They are, however, expensive, and as mining difficulty rises, they will quicklyBest Ethereum ASIC Miner for 2021 become obsolete.
Ethereum mining using ASIC miners faces a looming dread with the Ethereum Mainnet merge with the Proof-of-Stake(PoS) system. As such, there are only a few more months remaining before Ethereum ASIC miners can get their ROI. But until then, mine away!
How to Select an ASIC Miner
First things first, go to the website asicminervalue.com. You will see all the miners live profitability. The website lists models and release dates. Hash rate. Power -which is the machine’s wattage. Noise level- ranging from 75 to 80 decibels. An algorithm that shows what coins it can mine. And, profitability per day. This is the net profit after accounting for electricity.
So we put the available data into a spreadsheet to try and compute which ASIC miner provides value for money. And also how long it will take for each machine to get an ROI. So, you have to calculate the expected income per Gh and the miner price per Gh. After which you have to find the average price for all machines.
The ideal goal is to go for a machine that is average or lower in terms of price per Gh. And higher than average for the expected income per Gh. The column ‘A’ shows the amount of time in months that each machine will take to give you an ROI.
After considering all this, we can clearly see that the Innosilicon A10 Pro+ ETH (750Mh) is far superior. Since the others are either not in the market yet or do not check all the boxes. 