If you are planning to start mining Bitcoin as a side hustle, then you will need to get a mining rig that can get the job done for you. Choosing the right rig is dependent on various factors, such as if it can generate enough hashing power to compete with other miners and offer an adequate return on your investment.
Today we take a look at some of the best mining hardware that we believe are value for money in 2024. This guide consists of the best options for you, regardless of whether you are looking for a low-cost or a high-efficiency mining rig.
So, let’s get started.
1. Bitmain Antminer S19 Pro
The Antminer S19 Pro is considered one of the best mining rigs on the market for producing Bitcoin. It offers the right balance between hashing power and energy efficiency. However, the S19 Pro does not come cheap.
Hashrate: 84 TH/s
Power Consumption: 1323 W
2. Bitmain Antminer T19
This is a more affordable Bitcoin mining rig from Bitmain that was designed from the ground up to be efficient as well as affordable. Although the Antminer T19 delivers a lower computing power for mining Bitcoin than the S19 Pro, it sells for half the price but has a higher power consumption rate.
Hashrate: 14 TH/s
Power Consumption: 3150 W
3. Canaan AvalonMiner 1246
Avalon Miner is a rig that can mine Bitcoin as well as other SHA-256 standard cryptocurrencies. With a high hash rate of 90 TH/s and power efficiency of 38 J/TH, it is pretty capable and reasonable but highly priced.
Hashrate: 90 TH/s
Power Consumption: 3420 W
4. Whatsminer M30S++
The Whatsminer M30S++ is known to be one of the most powerful Bitcoin mining rigs that is available in retail. The machine allows you to mine Bitcoin (BTC) and Bitcoin Cash (BCH) at a whopping 112 TH/s.
Being more power-intensive than its peers, it is also a lot more expensive than the competition. Therefore, the Whatsminer M30S++ may not be the right choice for someone who is a beginner to crypto mining.
Price: Used Whatsminer M30S++ is currently going for $2,455 on Amazon
Hashrate: 112 TH/s
Power Consumption: 3472 W
5. Canaan Avalon 6
Avalon 6 may be one of the least powerful machines on the list but is affordable and easy to set up. Many users have touted the Avalon 6 as the perfect rig for a home mining setup. Compared to other machines, the Avalon 6 has relatively low noise levels.
Price: Second-hand Avalon 6 is available on Amazon for less than $600
Hashrate: 3.5 TH/s
Power Consumption: 1500 W
6. Dragonmint T1
Dragonmint T1 can be recommended to those looking for a mining rig that consumes less power when mining Bitcoin. The machine manufactured by Chinese firm Halong Mining is a powerful ASIC that delivers 16 TH/s with a remarkably low power draw.
Price: Used Dragonmint T1 is currently listed on Amazon for $1,295
Hashrate: 16 TH/s
Power Consumption: 1480 W
7. Ebang Ebit E11++
Ebang Ebit E11++ is a highly efficient Bitcoin mining rig that delivers a hash rate of 44 TH/s with a power consumption of 1980 W. However, the machine is not quiet and may not be ideal for a home crypto mining operation.
Price: Used Ebang Ebit E11++ sells for $350 on eBay
Hashrate: 44 TH/s
Power Consumption: 1980 W
8. Bitcoin Minetrix
If you are not convinced by the mining rigs mentioned above, then Bitcoin Minetrix could change your mind. This cloud-based mining project is powered by a stake-to-mine concept. Users simply have to buy and stake BTCMTX tokens on the platform to earn credits, which can then be burned in exchange for Bitcoin mining power.
Bitcoin Minetrix was recently launched under a presale campaign, so you can get your hands on the BTCMTX token at discounted prices. The platform does not require you to handle power-hungry and noisy mining rigs as you can earn a passive income from mining in the comfort of your home.
What to Consider When Selecting a Bitcoin Mining Rig?
There are three primary factors to consider when choosing the right Bitcoin mining hardware that fits your needs.
The hash rate refers to the computing power required by the mining hardware to solve intensive mathematical operations to validate and add transactions to a single block on the Bitcoin network.
The higher the hash rate, the more likely that the miner operating the hardware will solve the next block on the blockchain. The caveat here is that mining rigs with higher hash rates tend to be more expensive.
Mining hardware is designed to convert electricity into producing Bitcoin. Energy efficiency should be high on your list of considerations if you are on the hunt for a mining rig.
There are also other factors to consider when choosing mining hardware, like the cost of electricity in your locality, which plays a major role in the overall profitability of your operations.
Always keep in mind that the most affordable option may not be the best option in the long term. The thumb of the rule is that cheaper mining hardware delivers lower efficiency and lower profitability on your investment.