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In this article.
The State of Bitcoin mining Today.
Bitcoin mining today is dominated by mining farms, large Bitcoin mining operations with thousands or tens of thousands of ASICs (specialized mining devices) all under one roof. These operations benefit from economies of scale as well as the financial acumen to hedge their operations using futures and options.
As of publication, the Bitcoin hashrate has not quite reached its all-time high from March 2020. However, that won’t last long and at some point over the summer of 2020, the hashrate will break old records. Why is this important?
A high hashrate means that it’s more difficult to make a profit mining Bitcoin. The higher the hashrate the more miners there are (or fewer but more efficient miners) which means you’ll earn less by mining.
So when deciding whether you want to mine Bitcoin you should consider the hashrate and how that will affect your bottom line.
Bitcoin mining Costs.
The two major costs in mining Bitcoin are electricity and equipment costs, I.e. the ASIC miner costs. If you live somewhere with cheap electricity this puts you at an advantage.
In fact, this is why Bitcoin mining is common in China, which has cheap hydroelectric power, as well as in Venezuela, with its cheap, state-subsidized electricity. University dorm room mining, where electricity is a fixed cost per semester, is also increasingly a thorn in university housing budgets. В.
The other cost, the ASIC miner, is nothing to dismiss. A top of the line miner can cost anywhere between $1,000 and $3,000. Again, the small guy who is buying a handful of miners (or just one) is at a big disadvantage to the large mining farms getting a discount by buying in bulk. В.
As expensive as an ASIC is, it’s advisable to buy top of the line equipment as the latest generation of miners usually provide the best ROI. When you look at Amazon and see old ASIC Bitcoin mining rigs selling for $100 each, there’s a reason that they’re that cheap.
These old rigs are so inefficient that the electricity costs dwarf any potential returns вЂ" unless you have a source of nearly free electricity (we do not recommend mining from WeWork or moving to Venezuela).
There is a reason this miner only costs $99. Image credit: Amazon.
To throw another wrench in the gears of profitability, ASIC miners become obsolete faster than anyone would like. If you buy a miner when it first comes out you can typically get between 6 to 12 months of peak efficiency before the next generation comes out and makes your ASIC old news.
You can still mine on older equipment of course but the cost to reward ratio is going to be increasingly disappointing. Also, as shown above it’s not as though you can sell the old rig to recoup your costs. Old ASIC miners are just about worth their weight in high grade firewood.
Finally, you have mining pool fees, cooling fees, mining software fees, the time cost of maintaining your rig, and the set up costs.
An ASIC is as loud as a hairdryer and almost as hot. When you’re mining, you’ll need to keep your rig in a noise insulated container, or somewhere outside, like your shed, which will require some special planning to avoid fires.
So having mentioned those factors, let’s take a look at the next question, is it worth it?
So is Bitcoin mining Worth It? For Most, No.
Is mining Bitcoin worth it? As a financial investment, probably not. For it to make financial sense you would need very cheap (or free) electricity, strong technical acumen to optimize the operation of your ASIC(s), and plain luck.
As an example of how mining might go wrong, you can imagine how well all those people did who started mining in January of 2018…
Anyone who began mining in January 2018 had a very, very rough go of it. Image credit: TradingView.
If you still want to mine BTC, a tool like a Bitcoin mining profitability calculator can be a great resource to help you decide whether mining Bitcoin is worth it. You can select different coins, input the cost of your electricity and so forth.
One consideration when running a cost-benefit analysis is that a Bitcoin ASIC will allow you to mine several different coins, including BTC, BCHSV, and BCH among others. So you can switch between networks to arbitrage opportunities.
That being the case, mining BTC is usually the most profitable opportunity and you shouldn’t count on a financial windfall from mining other coins.
Still, it does appear likely that we’re entering into a new crypto bull market. Or at the very least, that another protracted depression in prices is fairly unlikely. You can probably count on prices at least remaining where they are now, if not going higher as we move toward 2021.
Probably the best way to look at mining is as a hobby. Mining may be profitable, it may not be, but the experience is where the enjoyment comes from. Setting up the mining rigs, learning about Bitcoin, contributing to network security and bragging to your friends that you do some Bitcoin mining on the side. All part of the fun.
From a strictly financial point of view the best way to make money is probably to buy Bitcoin from an exchange and hold it in your wallet. But if you have a realistic idea of what mining will be like, and how much you can expect to earn, then by all means it’s worth it.
Here’s How You Can Still Benefit From Bitcoin’s Rise.
All signs point toward a new crypto bull market. Arther Hayes, the CEO of Bitmex, has suggested Bitcoin will be $20,000 again by the end of 2020. Macro trader turned Bitcoin bull Raoul Pal doesn’t give a timeline but he suggests Bitcoin is headed to $100,000 in the not too distant future. Plan B, a prominent crypto analyst, is calling for $288,000 sometime by 2024.
The very best way to benefit from this potential upside for most people will be buying Bitcoin and keeping it somewhere safe.
Given all of the costs associated with Bitcoin mining, and the unfortunate advantage that large mining operations have from buying ASICs and electricity in bulk, it’s not likely that you’ll earn a positive return from investing a few thousand dollars in Bitcoin mining.
Buying Bitcoin and storing it safely is the best strategy for most people.
Once you’ve purchased your Bitcoin, it’s paramount that you store it safely. Billions (with a B) of dollar’s worth of cryptocurrency are stolen every year. Nobody thinks it will happen to them, until it does, and centralized exchanges are notorious for losing customer funds.
One of the best ways to store your Bitcoin, as well as any other cryptocurrencies that you’re invested in, is with the Exodus wallet. Exodus is one of the most well reviewed wallets in the cryptocurrency ecosystem thanks to a couple of important features:
It supports over 100 crypto assets It’s both easy to use as well as visually appealing Exodus is the only cryptocurrency wallet that supports desktop, mobile, and hardware wallet (Trezor) integration Exodus allows you to exchange your Bitcoin for other cryptos right from your wallet - without creating an account! You can sync your wallet balances between desktop and mobile There is 24/7, fast human support if you ever need help From left to right: Exodus on Trezor, mobile, and desktop. Download Exodus BTC wallet.
It’s important to be realistic. There are too many articles that make it sound like Bitcoin mining is an easy way to make a quick buck.
Bitcoin mining is firmly in the hands of the big players and they have all of the advantages, from cheap equipment and electricity to dedicated engineers who do nothing all day, every day, but optimize operations.
If you’d like to mine as a hobby that’s awesome! Contribute to the network and earn some coin on the side. Just make sure that you’ve already got some Bitcoin safely tucked away so that, fingers crossed, when a new bull market begins you can benefit from rising prices.
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.
Is Bitcoin mining Worth It in 2020?
One of the most talked-about terms in 2018 and 2019 was Bitcoin. Everyone was informed about this cryptocurrency, were you also paying attention? If not, sit back & relax! Here, we will talk about bitcoin a bit more, and we will tell you all there is to know in 2020, and you will stay up to date! Also, we will help you determine and finally figure out if this is the right move to make sometimes soon, or if you should skip on mining!

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Bitcoin

How to know if bitcoin is for you?
Not everyone is a professional when it comes to crypto values or Bitcoin in particular. This is why you can have a simplified version and a lot of help with Dinksfinance.com and on their website.
There, they will help you download and run custom operating systems, and will help you out with:
All of your transactions are handled a lot easier.
Basics of Mining.
With the help of basic software, you can do complex calculations on the layers of a digital lock.
Bitcoin mining Work.
Here, person transaction fees can be paid for their enforcements. New bitcoins are also being built every day!
Buy Bitcoin Gold with USD.
Just by depositing 150 dollars, you can buy bitcoin gold straight if possible.
They also have amazing customer support + you will understand all there is to know, no matter if you are a beginner or a professional when it comes to Bitcoin!
So, is Bitcoin mining worth it?
So, if you are a beginner, this fun fact will interest you. Did you know how long it takes to mine just 1 Bitcoin? Ten minutes! So, how much time do you have, how much are you willing to spare, and how much money do you want to invest in your little mining machines?
Bitcoin mining today is dominated by thousands ASICs (which are specialized mining devices) that are all placed under one roof!
The Bitcoin hashrate didn't reach its all-time potential since March of 2020. Luckily, this won't last for too long and you can expect this hashrate to break old records sometimes by the end of the year.
The higher the hashrate - the harder the chances to make a profit. If the hashrate is high, you can expect a lot of miners.
What are the Bitcoin mining costs?
You will spend most of your money on electricity as well as the equipment costs. If you are lucky enough to live somewhere where the electricity is super cheap - this is a major advantage, and you should give mining a chance!
Most mining is done in China since they have super cheap power.
The ASIC miner can cost you around $1,000 to $3,000. However, people who buy in bulks may get a discount, which makes the price even more affordable!
Also think about the pool fees, cooling fees, mining software fees, as well as the time cost of maintaining your rig.
Once you think about all of these factors it is time to reconsider and question yourself - is mining still worth it in 2020?
Is it worth it?
Before and while it was the most-talked topic (back in January of 2018), Bitcoin was having its rough start.
Nowadays, there are Bitcoin calculators that can help you decide if mining Bitcoin is worth it, which makes the process and your money investments a lot safer and easier to do!
Usually, mining BTC is the most profitable opportunity.
However, once you look at the overall picture, you can expect that prices remain where they are now. However, they will progress as we move into 2021.
How to understand mining, and what to do about it?
The best way to look into it and to think of it is as a hobby. For some, it can be profitable. However, sometimes, the journey and the experience can be even more fun than the end goal itself!
You should enjoy setting up the mining rigs, learning about Bitcoin, as well as investing a smaller amount of money into your first attempts. Start slow and proceed gradually6.
Source: FX Empire.
How to benefit?
According to some stats as well as the CEO of Bitmex, Arther Hayes, Bitcoin will be around $20,000 by December 2020, or by January 2021. Also, Bitcoin is headed to $100,000 in the near future. Some analysts also believe that it could be around $288,000 sometime by 2024!
What is the best way to profit or benefit from Bitcoin? Buy it in the near future, and store it somewhere safe.
You probably will not make a positive return of a thousand dollars in the next month or so, but it may take years for you to profit (so, be ready for it).
Source: MIT Technology Review.
What should you watch out for?
Have you purchased your very own, first, Bitcoin? It doesn't matter which one is it, all crypto values should be stored properly and safely. Why? Well, did you know that billion dollar's worth of cryptocurrency is stolen every year?!
Make sure to invest proper time & care when hiding your Bitcoins. Some experts recommend that you get yourself an e-wallet, such as an Exodus wallet. This one as well as similar wallets can support over 100 crypto assets + they are super easy to use and navigate through and on your own!
Source: The Conversation.
Summing it up: Top 3 reasons to proceed with Bitcoin.
Proceed if you have cheap electricity and you can store your machines at one facility with ease, and you have space to spare. Choose the right and reliable mining pool and that pays out every day. You can even mine directly to an exchange. However, investing in an e-wallet may seem like a safer way to do it. Source: Planet Compliance.
Ready for your new Bitcoins?
Are you ready to explore the world of mining? Although 2020 may not be the best year for Bitcoin, it seems like its bright future is ahead! If you don't mind waiting around till 2021, give it a go! However, if you are someone who is quite impatient and you need profit today, rather sit this one out.
Depends on how much hardware you have and the cost of electricity where you'll be mining. If the cost of electricity is high, likely not, and if you don't have an ASIC mining rig, also likely not.
If you have moderate to low electricity cost, probably, but you'll need an ASIC to see any major returns--a CPU/GPU won't cut it.
You can use an ASIC miner, a GPU, or a CPU to mine Bitcoin. You'd have to download Bitcoin's blockchain, a mining program, and connect to/establish a mining pool.
This is a simple question with a complex answer. There are a few different factors that influence whether or not Bitcoin mining will be worth it for you. Even with the rising Bitcoin price, the set-up fees and electricity costs may outweigh the revenue that you'd earn through mining.
The primary factors that affect your Bitcoin mining profitable are:
Mining difficulty and rewards Hash rate Operational costs.
Mining difficulty and rewards.
The mining difficulty determines the complexity of the algorithm you need to solve when creating a new block of transactions. As more miners join the network, the difficulty increases making Bitcoin harder to mine.
The reward for mining a block is currently 12.5 Bitcoin . This reward is cut in half every 210,000 blocks with the next "halving" set to occur in 2020. Ideally, the price of Bitcoin will increase enough to outweigh the continuing decline of the mining reward.
You should also factor in the conversion rate of Bitcoin to fiat if you plan on cashing out at any time. With the volatility of Bitcoin's price, this could greatly affect your profitability.
The biggest unknown when calculating your projected Bitcoin mining profitable is the amount of yearly profitability decline . No one knows how many miners will continue to join the network, so it's nearly impossible to calculate just how much your revenue will decrease each year.
The hash rate is the speed at which your mining rig can solve the algorithm needed to mine new blocks. Although a mining rig with a high hash rate may seem nice, they usually cost significantly more to purchase and operate.
When choosing a miner, you should first figure out how long you'd like to mine for . If you're only planning on mining Bitcoin for a short amount of time, it could be advantageous to pick up a less expensive miner. Even though the hash rate may be lower, you may be able to pay off the initial purchase cost at a faster rate.
Operational costs.
There are a few different costs you need to consider when calculating your Bitcoin mining profitability.
The electrical costs differ based on your electricity rate and the power consumption of your mining rig. Mining rigs are usually listed with their typical power consumption, and you can find your electricity rate on your power bills.
To mine effectively, you'll need to join a mining pool and pay the associated pool fees . A mining pool is a group of miners that work together to mine blocks at an increased rate. The reward of each block is then split amongst the miners enabling you to get paid more regularly. These fees range anywhere from 0% - 5% .
You should also include the upfront cost of buying a mining rig when calculating your potential profitability.
Bitcoin mining profitability calculators.
Once you've figured out some of your costs and mining rig options, you can use a calculator to determine whether or not Bitcoin mining is worth it for you. 99Bitcoins and CryptoCompare both have great calculators for you to use.
If you find that you won't be profitable mining Bitcoin, don't fret. There's plenty of other coins like Monero or Litecoin that you may find more profitable for yourself.
HODL Or Mining: Is Bitcoin mining Worth It In 2020?
Last Updated Jun 26, 2020 @ 13:30.

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The cryptocurrency community is usually divided into three major camps when it comes down to potential ways to earn money.
The first is inhabited by traders, believing that the best way to make profits is to take advantage of the volatility in the market by trading.
The second comes in the form of long-term investors, also known as Hodlers. They believe in a cryptocurrency's (usually Bitcoin's) value and that it will increase notably over the years, so they don't trade it - just hold it.
The third option - enter miners. Those are people who have invested a large amount of money in hardware so that they can mine a particular cryptocurrency. Today we will take a more in-depth look into mining as a whole and will try to answer the question of whether or not it's still profitable in 2020 or miners should use that money to invest directly.
Even though plenty of different coins are "mined," we will provide the examples and explanations using Bitcoin, as it introduced the term "mining" in the industry, being the first-ever cryptocurrency working on this principle.
Bitcoin miners use high-powered computers to solve complex computational math problems, and the whole process is called the "Proof-of-Work" consensus algorithm. The result of this endeavor is two folded - miners "create" new bitcoins, and they also help verify each transaction, keeping the payment network secure and trustworthy.
The latter happens when the miners clump transactions together in "blocks" and then add them to a public record, called "blockchain." By doing this, they are making sure the transactions are accurate, and that double-spending cannot occur.
In return, miners receive bitcoins as rewards for completing each transaction, and the amount of new coins released with each mined block is called "block reward." It decreases in half every four years in a process called...
The Bitcoin Halving Event.
Every four years, the Bitcoin halving slashes in half the rewards that miners receive for their efforts. So far, there have been two previous cases - in 2012 and 2016. The former cut the rewards for a solved block from 50 BTC to 25 BTC and the latter from 25 BTC to 12.5 BTC.
It happens after every 210,000 blocks, and the next one will take place next year, further decreasing the rewards to 6.25 BTC. This brings us to our initial question - would Bitcoin mining be still profitable in 2020 but more on that later.
Bitcoin mining Throughout the Years.
Back in the day when Bitcoin was initially introduced to the public, mining was usually done on personal computers. At that point, profitability was pretty easy, because miners already had the needed equipment, so they didn't need to invest any money to start. Additionally, the biggest competition they had was other miners using the same type of equipment.
Quickly though, this changed with the induction of application-specific integrated circuit chips (ASIC) that offered extremely higher capabilities than the regular personal machine, thus making them obsolete. The bar was notably raised, and adding the high expenses; individuals could no longer compete properly with the new standard. Moreover, this was the time when large Bitcoin mining centers started to emerge with severely powerful machines.
It's worth noting that after ASIC-powered computers started operating, the hash rate of the largest crypto increased dramatically, as well, ultimately making the network much healthier.
BTCHashrate. Source: Binance Research.
Bitcoin mining Allocation.
With the entry of the new and powerful technology and the creation of large mining centers, it became clear that those establishments will be in control of Bitcoin mining. China grew into the most prominent player in this game by controlling 66% of all the hash rate, as Cryptopotato recently reported.
Such a large percentage operated within the borders of the same country could be regarded as a potential issue for Bitcoin. One thing that remains positive, though, is that no single entity has more than 25% of the total control, let alone over 50%.
Bitcoin Hashrate Distribution. Source: blockchain.com.
As we can see in the picture above, Poolin controls around 18.3%, followed by F2Pool - 14.8% - both based in China.
We can also notice that the largest part indicates that it's unknown, which could raise concerns that it may be under a potential attack. However, the report quickly disproves it by clarifying that it appears this way only because they were unable to establish the origin yet.
Is Bitcoin mining Still Worth It Today?
Here comes the big question, but it doesn't have a straightforward answer. It consists more of complex issues that have to be explained before we can determine the outcome. Let's begin with the four major factors that we need to acknowledge.
The cost of electricity to power the computer systems. Mining difficulty The availability and price of computer systems Competition.
The first one is somewhat subjective and depends mainly on the location, as the electricity costs differ depending on where the mining machine is stationed. Also, the bills change with the different seasons, and in most places, the price is lower at night.
The difficulty factor is strongly related to the hash rate of Bitcoin as it measures the transaction validation in hashes per second. The network is designed to produce a certain number of bitcoins per second, and when there are more active miners, the difficulty increases to ensure that the level is of distribution is static.
Even though the availability of computing power sounds like it wouldn't provide any issues, that's not always the case. During the parabolic price increase of 2017 and the increased media attention, Bitcoin mining became extremely popular and lots of people were trying to get in. Rapidly, the hardware became scarce, which also exploded the prices, leaving lots of potential miners "on the street." Nowadays, though, similar equipment can be found more easily and usually cheaper.
The competition could be the most significant factor, as mentioned above. As we can see from the previous paragraph, large mining companies have entered the field, leaving less grinding materials for the individual.
Now we can see why the question doesn't have just a "yes" or "no" answer. In fact, by looking at all of those factors, each future miner should ask himself whether or not it's worth it for him. But before heading to the hardware store to make large purchases with the idea of Bitcoin mining, make sure that you have made all of the needed calculations.
Final Words.
Mining has become a billion-dollar industry in recent years, with so many large players trying to establish further control. However, those changes are generally excluding individual miners, yet many continue to do it and manage to make profits. Next year Bitcoin will go through its third halving, cutting the rewards that miners receive in half to 6.25 BTC.

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On the surface, this might repel potential newcomers who are asking the question if it's not more profitable just to invest in the largest crypto and wait for it to grow over the years. Yet, the growth is not guaranteed; however, by mining, people not only receive BTC as rewards but also keep the network safe and validate the transactions, making them one of the most critical pieces of the Bitcoin puzzle.
Is it worth Mining Bitcoin in 2020?
Many people have been asking themselves if Mining Bitcoin is worth it or profitable. There is massive domination of the landscape by the large scale mining operations. The Bitcoin mining started early by early adopters who could earn 50BTC every 10 minutes. The Bitcoin Guide below will give you a great perspective of why Bitcoin mining is worth it.
Bitcoin Guide: the state of Bitcoin today.
Mining farms, large Bitcoin mining operations, and many specialized mining devices dominate Bitcoin mining in the current world. The economies of scale are the main benefiting factors of these operations.
Bitcoin Harshrate.
Bitcoin Harshrate is a very crucial thing in the mining of Bitcoin. The Harshrate is essential so that if its higher, you will not make maximum profits in Bitcoin. It is because when the Harshrate is higher, the large the number of miners available hence you will earn less.
Is Mining Bitcoin Worth It?
A little miner is digging on graphic card with golden coin. Bitcoin mining and crypto currency concept.
Most of the people see the Mining of Bitcoin as not worth it since it requires cheap electricity, sharp technical insight to operate the ASICs and plain luck. You can use tools such as mine BTC or Bitcoin mining Profitability calculator that will enable you to see if Bitcoin mining is worth it. Here you can choose various coins, add the electricity cost and many other things.
Bitcoin ASIC will help you immensely in mining numerous coins such as BTC, BCHSV, and BCH when operating on a cost-benefit analysis. They will help you in switching between networks to arbitrage opportunities.
Mining BTC is a good thing considering those factors, and mining other coins should not be counted as a financial windfall. If you want to be great in Bitcoin mining, you need to take it as a hobby. It may be profitable or not profitable to you, but bringing enthusiasm is the experience when doing it. It is all fun to create mining rigs, educate yourself about mining Bitcoin, your contribution to network security, and tell your friends or colleagues that you have specialized in Bitcoin mining.
If you want to make more money, purchase Bitcoin from an exchange and then hold it to your wallet. If you have excellent knowledge about Bitcoin mining and how it will look and how much money you will be earning, then it is worth it, and you should go for it. For more bitcoin insights click here.
How to benefit from the rise of Bitcoin.
A great way to earn from mining is to buy Bitcoins and keep it a place where it will be very safe. The Exodus wallet is the best way to store the Bitcoin that you have purchased. Exodus is the most preferred in the world of cryptocurrency due to the following factors:
It gives support to more than 100 cryptocurrencies. It is effortless to use, and its visuals delightful and appealing. It allows the integration of desktop, mobile, and wallet. You can easily exchange your Bitcoin with other cryptos from your wallet, and you do not need to create any account. Offers 24/7 services to the people.
Electricity and equipment costs are the two significant cots of Bitcoin mining. People who live in homesteads that have cheap electricity are at a great advantage. It is the main reason the Bitcoin mining is a big thing in china since it has a very affordable hydroelectric power.
We have another cost, ASIC, which is minor but not to be ignored. The tiny miners' costs between $ 1000-$ 3000 and a person need to buy plenty of them have caused considerable disadvantages to the large firms on receiving discounts when purchasing in bulk. ASIC is very expensive hence advisable to buy the best equipment since the current generation of miners offers ROI. The evidence is on the Amazon s the old Bitcoin mining rigs go for less than even $100.
However, the ASIC miners become very obsolete fast, and it is their major negative thing. It will serve you for approximately 6-12 months in good conditions before the new ones are invented, and yours becomes obsolete after purchasing the ASIC miner. The cost of a reward ratio is very disappointing if you use mine on old equipment. The old equipment once becomes obsolete; it losses value as you cannot sell it to anyone.

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The old ASIC miners are very useless and cannot help you with anything.
A mining pool is another cost of Bitcoin mining. They are collections integrated to share the blocks' rewards in proportion to contributed mining hash power. However, they have a negative aspect as they unfortunately take control of the pools' owners. Yet, Miners have a choice to redirect their power to the various mining pools at any time they want. A mining pool is one of the costs affecting Bitcoin mining. The following are the biggest mining pools.
● Poolin- mines about 18% of all blocks, and it is a public pool. They are found in china and have a website fully in English.
● F2Pool- it mines 17%
● BTC.com- it comprises of numerous public that can be joined. It mines 15%
● Antpool- it is found in China, and its owner is BitMain. It mines 11% of all the blocks.
● ViaBTC- it is the new mining pool that has been in operation for a year. It mines 9% and has majorly targeted the Chinese miners.
● Slush- it is the oldest mining pool and mines 11% of all the blocks. It is the best and most popular pool in the world despite its small size.
● BTC.top- it is a company that cannot be joined and mines 7% of all blocks.
● Bitfury- it mines 3.5%; it is one of the miners that mine the fewer percentage blocks.
Many people have stated that Bitcoin is a straightforward way of making money. However, Bitcoin mining is dominated by huge companies that enjoy numerous advantages such as cheap equipment, electricity, and very experienced engineers that optimize the operations.
Is Bitcoin mining Still Worth It?
Before we get into whether Bitcoin mining is still worth it, let's explain briefly what Bitcoin mining is. Mining involves verifying transactions by solving algorithmic puzzles or finding blocks. This process increases the security of the Bitcoin Network and also earns the miner a small portion of the coins they produce or mine.
We have seen a rising interest in Bitcoin mining since its value rose from about 900$ per coin to about 20,000$ in less than a year. That increase was related to Bitcoin's second halving, and now we are in a similar situation. On May 11, Bitcoin's third halving occurred, and already we are beginning to see trends comparable to the bull run of 2017. And like last time, more and more people are looking to start mining themselves. However, is it still worthwhile to explore Bitcoin mining?
Bitcoin mining Over the Years.
Bitcoin mining has undergone different technological changes in the last decade. The genesis block was created on January 3, 2009. Back then, it was possible to mine Bitcoin using a regular personal computer. CPU mining was prominent in the beginning since there weren't a lot of users or transactions. In other words, the processing power and energy needed to mine were relatively low.
As Bitcoin established a price on the market, people began to realize that they can earn more cryptocurrency by using faster hardware. This gave rise to GPU mining rigs, which were nearly six times more powerful than the best CPU mining hardware.
Shortly afterward, FPGA mining entered the scene. This hardware was able to compute the mathematical operations required to mine Bitcoin twice as fast as the currently available GPUs.
The changes happened quite rapidly, and the influx of people joining the Bitcoin network lead to a steep increase in the mining difficulty. Today, CPU and GPU mining is obsolete. In 2013, the most significant evolution to Bitcoin mining was introduced - the ASIC (Application-Specific Integrated Circuit). ASICs are computers built with only one purpose - to mine Bitcoin.
The super-machines rendered every mining device used before useless. The advent of ASICs further increased the Bitcoin difficulty, an upward trend that continues till today. While there have been new generations of ASICs every year, no new mining technology has emerged since then.
Bitcoin mining and the 'Difficulty' Regulator.
Bitcoin's difficulty works as a regulator to maintain a stable production of verified blocks every 10 Minutes. This variable changes every 2016 blocks or roughly every two weeks. This ensures that Bitcoin production doesn't go too low or too high. The higher the difficulty rate, the lower the amount an individual miner earns, and vice versa.
When it was first introduced, Bitcoin's mining difficulty was 1. As of July of 2020, the difficulty has hit an all-time high at 17.35 Trillion. This difficulty level happened just a few days after the network reached an all-time-high 'hash rate.'
Bitcoin mining Profitability.
Now that we have primed you on mining and difficulty, back to the main topic. So, is Bitcoin mining still worth it? This answer is yes, well, sort of. While there is money to be made from Bitcoin mining, the environment is a bit harsh for individual users. Mining, as it is today, is mainly a competition among large corporations. However, as an individual, if you have the right tools at your disposal, you could make it work.
Some ASICs allow the end-user to customize the hardware. This makes it easier to control the variables that affect profitability. For example, with the right tweaks, you could make an ASIC device require less electricity with minimal decrease in hash rate. In other words, the device can be configured to consume less energy, thus improving your net income since less money goes towards electricity.
It is, however, important for all new Bitcoin miners to find out their breakeven price for their current system setup before committing to a plan. The cost of electricity is the most crucial variable when analyzing how profitable you are going to be.
Some websites can also help you calculate the profitability of a single ASIC device. By simply inputting your device power in TH/S and your electricity rate, you can get a good idea of your total expenses and mining income at the end of each month. Something to keep in mind is that Bitcoin's price is volatile, and the difficulty also changes every two weeks, so earnings for a given device may vary daily.
In closing, Bitcoin mining is still worth it if you have certain things going on for you, like cheap electricity rates and access to efficient and affordable ASICs. And, of course, mining profitability will receive an even greater boost if the Bitcoin price does us all proud.
If you want to make money on the Bitcoin market, you essentially have three choices. You can trade on an exchange, buying low and selling high in much the same way as you would with Forex or shares. You can hold on for dear life, a strategy known as HODLing , which means buying your digital assets and hanging on to them like a long-term investment. Or, of course, you can mine your very own Bitcoins from scratch.
HODLing has created Bitcoin billionaires in the digital currency's early years, but today, is more likely to create controversy and derision. Trading is the activity of choice, and the arrival of user-friendly digital platforms for the smartphone age like Crypto Engine has opened this activity up to amateur traders and investors everywhere.
That leaves mining. The activity has a reputation for demanding high-end and costly hardware, although once you have it up and running, you can essentially set it and forget it. The question is, with the next Bitcoin halving event coming later this year, would miners be better spending that money on one of the other strategies?
A few words about mining.
In case you've always seen mining as some techy activity that you really don't need to know about, here's the quick and dirty on how it works. Miners use their expensive hardware to solve complex mathematical computational problems in what is called the proof of work mechanism. This achieves two objectives. It effectively brings new bitcoins into existence and at the same time strengthens and "verifies" the blockchain.
What's halving got to do with it?
Miners essentially receive bitcoins as a reward for the work they do on the blockchain. This is known as the block reward, and every 210,000 blocks, this amount is halved. It happens every four years, so the block reward has steadily dropped from 50 BTC to 25 BTC to 12.5 BTC. This year, it will drop again to 6.25 BTC.
More work for less reward.
In the early days, Bitcoin miners were a small group of people using personal computers. Over the years, they have multiplied in number and technology has advanced at a similarly exponential rate. Mining in 2020 is big business. China has become a powerhouse in this area, and the top miners use hugely powerful and expensive equipment. Keeping up with the competition means investing more in terms of time and money - yet the block reward is dwindling.
So is it worth it?
Of course, there is no simple yes/no answer to that question. Mining has evolved into a multi-billion dollar industry that is dominated by major players. Having said that, there are still thousands of individual miners out there who are continuing to make profits.
Nevertheless, the overall environment for Bitcoin mining, taken in combination with the forthcoming halving event means that this is not an activity that is likely to attract many newcomers. When you look at it that way, it is unsurprising that when it comes to making money from Bitcoin, trading platforms are by far the most popular tool in the amateur's armory.

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Bitcoin mining can be highly profitable, but it requires power-hungry hardware and a deep understanding of the principles that drive blockchain technology. In order to mine Bitcoin, you’ll need specialized Bitcoin mining hardware called application-specific integrated circuit devices, or ASICs.В.
There are many different ASICs on the market today. These devices have evolved through a highly competitive Bitcoin mining arms race вЂ" the Bitcoin blockchain uses vast amounts of processing power in order to solve extremely complex math problems and secure its network, forcing hardware to become progressively more powerful.
Entry-level Bitcoin mining devices can be relatively low cost, while high-performance miners can range up to over $10,000. When assessing ASIC hardware with the intent of Bitcoin mining, you’ll need to weigh up the power of the hardware versus the amount of power it draws, along with the cost of electricity in your region.
In this article, we break down the 10 best Bitcoin mining hardware machines of 2020, presenting a breakdown of hash rate, power draw, and potential profitability.
What to Consider When Selecting Bitcoin mining Hardware.
Bitcoin mining has changed dramatically since the launch of the Bitcoin network in 2009. During the first few years of Bitcoin network operation, Bitcoin mining could be performed on virtually any home computer with a relatively powerful CPU.
As the Bitcoin network grew, however, the computational processes required to secure the Bitcoin network became increasingly complex, forcing miners to shift to more powerful GPUs in order to keep up with demand.В.
Eventually, the need for hardware with high hash power вЂ" the speed at which mining hardware operates вЂ" resulted in the creation of dedicated ASIC hardware. The highly specialized nature of ASIC hardware allows Bitcoin miners to mine faster, using less electricity.
ASIC hardware is now essential to Bitcoin miners. There are three primary factors to consider when choosing the best Bitcoin mining hardware:
Price:
The price of Bitcoin mining hardware varies based on operational efficiency, durability, and computational power. As a rule, cheaper hardware will deliver lower efficiency and lower profitability. The cost of mining hardware should be incorporated into any profitability analysis, taking the expected lifespan of the hardware into account.
Efficiency:
Bitcoin mining hardware is essentially designed to convert electricity into BTC. If you’re not sure how to choose the best Bitcoin mining hardware, focusing on energy efficiency is the best place to start.В.
Hash Rate:
Hash rate is the rate at which Bitcoin mining hardware is able to make intensive mathematical operations. In simple terms, the higher the hash rate of the hardware, the more likely it is that the miner or mining pool for which the hardware is operating will solve the next block in the Bitcoin blockchain. As a rule, higher hash rate hardware is more expensive.В.
Overall, the best Bitcoin ASIC is the most cost-efficient, most profitable ASIC. The development of ASIC devices has accelerated rapidly over the last decade, with new hardware released on an annual basis that often renders older hardware obsolete.В.
Here are the best ASICs for Bitcoin mining in 2020:
The Bitmain Antminer S5 isn’t the latest offering from the Beijing-based ASIC manufacturer, but still provides excellent value for money and efficiency. Unlike later models such as the S7 and S9, the AntMiner S5 operates a lower power supply of 115 volts, drawing an average of 560 Watts.В.
The low power requirements of the S5 makes it an ideal entry-level Bitcoin mining ASIC that is capable of providing impressive operational efficiency. The S5 generates a hash rate of roughly 1 GH/s for every 0.51 Watts, which equates to 0.51 J/GH.
The S5 is suitable for both hobby miners and entry-level home mining operations, with the added benefit of a low weight profile at just under 2.5KG.В.
2. Bitmain AntMiner S7.
The Bitmain AntMiner S7 is another older model from Bitmain’s highly popular line of ASIC units but remains one of the most popular devices online today. Offering lower power consumption than the S5, the S7 is widespread throughout China-based Bitcoin mining farms and boasts impressive adaptability when used in combination with a robust power supply such as the 1600 watt APW3.
While the S7 does deliver reasonable profit depending on power prices, the efficiency of the unit depends on both the power supply used and ambient temperature вЂ" the S7 is particularly sensitive to environments warmer than 27 degrees Celsius.В.
Overall, the S7 is most suitable for miners based in cooler climates, as cooling costs can significantly cut into profitability in warmer regions.В.
3. Bitmain AntMiner S9.
The Bitmain AntMiner, widely touted as the most efficient and most powerful Bitcoin miner on the market, offers miners a highly impressive hash rate of 14 TH/s at a surprisingly low power draw.В.
The high hash power of the S9 is delivered by a trio of boards, which feature 189 ships between them. Combined with an Antminer 1600 Watt supply, the S9 yields twice the efficiency of the S7 at 0.1 Joules per Gigahash with a draw of just 300 Watts more than the previous model.В.
A key downside of the S9 is the loud operational volume вЂ" the S9 is unsuitable for home applications, as the sturdy 4.7KG frame has the propensity to magnify operational noise.В.
4. AntMiner T9.
Released in August 2017, the AntMiner T9 remains one of the most powerful ASIC units available on the market today вЂ" as well as one of the most expensive. The T9 is frequently compared to the S9 in terms of performance and efficiency but contains some notable improvements in chip quality that enhance hardware stability.
Later batch AntMiner T9’s consume around 1450 watts, delivering approximately 11.5 TH/s and an efficiency rate of 0.126 J/GH. Profitability analysis based on performance alone places the T9 below the S9 in terms of profitability, but stability enhancements make the T9 a more reliable choice for smaller-scale mining operations.В.
The AvalonMiner 741, released in April 2017, provides hobby and smaller-scale Bitcoin miners with a reasonably powerful miner at an affordable price. Manufactured by Canaan, the 741 is a significant upgrade over the prior Avalon 721 model, integrating a new cooling design and a stronger chipset.
The Avalon 741 comes with 88 chips and a new cooling mechanism that enhances the efficiency of airflow within the device, alongside dual heatsinks mounted around the PCB. Canaan’s 2017 741 miner delivers a hash rate of 7.3 TH/s, with an energy efficiency rate of 0.16 J/GH вЂ" far more efficient than other ASIC units in the same price range.В В.
6. Bitmain AntMiner L3+
Bitmain’s L3+ is one of the most popular ASIC units in the world for Scrypt miners and is focused solely on mining this particular algorithm. The L3+ is based on the BM1485 chip, which provides significant improvements over the chipset used in the previous L3 model вЂ" doubling the hash rate and power draw of the L3.
The L3 provides a hash rate of 504 MH/s, with a power consumption of 800W. Running a higher hash rate with the L3+ results in serious power draw, but the lower price point of the device compared to more expensive models such as the Innosilicon LTCMaster makes the L3+ the best miner for Scrypt.
7. Bitmain AntMiner D3.
The Bitmain Antminer D3 is the precursor to Bitmain’s 2018 D5 ASIC, but is a highly popular device for miners focused on mining Dash вЂ" a cryptocurrency that was originally designed to be ASIC-resistant. The D3 is currently the most efficient miner for mining Dash, and offers major competitive advantages over other devices.
The D3 delivers a hash rate of 19.3 GH/s, with a power consumption rate of just 1350W. The realized efficiency rate of the D3 is 0.07 J/MH. When compared to the iBeLink DM384M, which has similar power requirements and produces only 384 MH/s, the D3 remains the more cost-effective option.В.
8. Dragonmint T1.
Manufactured by Halong Mining, the Dragonmint T1 is an impressively powerful ASIC that delivers 16TH/s with a remarkably low power draw. The T1 consumers 0.015J/GH which, compared to the Bitmain Antminer S9’s power draw of 0.098J/GH, provides a significant advantage over Bitmain-focused mining builds.
The T1 integrates ASICBoos technology, which provides an additional efficiency boost of 20 percent when operating with the Bitcoin algorithm. Notably, the T1 uses the DM8475 chipset, which yields more robust profitability over Bitmain’s S9 offering.В.
9. WhatsMiner M3X.
The WhatsMiner M3X is manufactured by Pangolin Miner, and provides use case-specific functionality for individual miners or mining farms that aren’t restricted by high power consumption and extremely loud operating volume.
While the M3X is not an ideal option for at-home hobby miners, the device itself delivers 12 to 13 TH/s with power consumption that ranges between 1900W to 2100W. Driven by 28nm ASIC chip technology, the M3X is powered through the WhatPower P5 which, notably, won’t run on 110-120V mains voltage and demands 180-240V mains voltage in order to operate.В.
10. Avalon6.
The Avalon6 is currently the best Bitcoin miner for home mining or hobby Bitcoin mining, delivering impressive functionality with a low noise profile and reasonable power draw at an affordable price point.В В.
While the Avalon6 provides a significantly lower hash rate than Bitmains Antminer S7 or S9 at 3.5 TH/s, the extremely low sound emission of the device along with chip array that consists of 80 18nm A3218 chips, the Avalon6 produces only 55dB of noise within 1.2 meters proximity.
The 500MHz standard frequency of the Avalon6 can be tuned via frequency control, which makes it ideal for miners seeking Bitcoin mining hardware that operates efficiently with complex temperature control вЂ" or overclocking opportunities.В.
Additional Considerations.
Determining the best Bitcoin miner for your requirements involves carefully assessing the hash rate of any given miner, temperature control requirements, and power draw. The cost of power in the region you will operate your mining equipment is critical, as this plays a major role in calculating overall profitability.

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