These vendors know how much bitcoin the machines will earn, and they know the price of bitcoin. I’ve found that the price for all of these miners is pretty well thought out.
Some Alibaba vendors will create a proof-of-life style video for the rig you’re buying, so you can be sure it was working before they shipped it to you. I can recommend the Antminer S17 series, and there is the Antminer S9, which is a popular, low-cost way to dip your toe into the mining pool. If these newer machines are beyond your budget, you could consider a used machine.
They look like the most cost-effective ($/TH) units available as of the time of this publishing.
#Tom bisio goldfish technique full#
The prices for these are pretty high, so in full disclosure, I’m planning on buying the Canaan Avalon 1246 for my next batch. The machines I can recommend for most everyone are from personal experience, ranked from most to least expensive, are: I’ve bought machines through eBay and from online stores, but I want to walk you through buying from, the Amazon of China. If every other vendor is asking $10,000 for that one rig, but you find a website offering the same machine for $5,000, it is a scam. Hopefully you’ve heard the adage that if something sounds too good to be true, then it probably is. I have my fingers crossed on that second order, but I’m not holding my breath.Īnd let’s not forget about scams. One vendor delivered the machines in July 2021, and the other vendor has promised to deliver them in January 2022. I placed orders with two different vendors for the April 2021 batch. The risk is that the manufacturer may not be able to fulfill that batch. The cost is that in the future, the worldwide hash rate will (probaby) be higher, so those machines will earn less per TH than they do today. These future batches are generally cheaper than in-stock inventory, and feel like a bargain, but there is a hidden cost and risk. This is a caveat emptor situation.Īs you shop around for machines, you’ll probably also come across the idea of buying from some future month’s batch. The reseller may be able to replace/repair the device if it’s a larger organization, but if you’re buying off of another pleb on eBay, you might be buying someone else’s headache.
I purchased 11 used machines and nearly half of them had problems which required that I swap around parts until I was able to bring eight online. If you do go the used route, be aware that you may not get a fully-functioning rig. The used machines are going to look tempting because their price is generally far lower than the new rigs, even on a dollar per TH basis. Many resellers will have new and used equipment for sale. The resellers have figured this out too, so the more TH/s you buy, the higher the price. The speed of these machines is measured in terahashes per second (TH/s) so, the more TH/s you run, the more Bitcoin you earn. You’re going to have to decide how much to spend on a rig. Your second decision is going to be the most painful. I don’t have any experience when it comes to hosted mining, so I’m going to focus on how you can run an ASIC all on your own. The first decision you’re going to have to make is whether to set up and run the machine yourself, or to just throw money at the problem and have a company run your rig for you. They’re orders of magnitude faster than CPU/GPU solutions. These rigs have hundreds of application-specific integrated circuits (ASICs) in them which were designed for hashing transaction blocks in as little time as possible. The fact is that you can only effectively mine Bitcoin with a purpose-built mining computer (aka, a mining rig). Some of the most common questions I see about mining are around which CPU or GPU is best for mining Bitcoin. If the hash rate were more evenly spread around the globe, a single nation would find it impossible to shut down enough of the network to destroy it. Since I care about the Bitcoin network, and I do not live in China, I thought that I could help, in my own modest way, by adding some non-China-based hash rate to the network. As recently as early 2021, one of the biggest concerns around Bitcoin was the fact that a significant amount (if not a majority) of the worldwide mining power (aka, hash rate) was concentrated in China. For every terahash you contribute, the attacker will need an additional 0.5 terahashes (TH) or more, so the more machines we can bring online, the more resistant the Bitcoin network will be to this type of attack.Īnother reason, the reason I became interested in mining, is to help decentralize the network. When you fire up an honest mining rig, you’ll be making a 51% attack that much harder.
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