The Bitcoin mining equipment has evolved considerably since the advent of cryptocurrencies. Originally, this business activity didn’t require any special rig at all. It was enough to have a standard computer. In 2022, the estimated market size of the BTC ASIC sector amounted to 8,850 million USD. By 2031, it’s projected to reach 19,081 million USD. Dozens of brands are competing in this niche, regularly introducing new technologies to their hardware. In this article, we’ll analyze the milestones of the BTC mining equipment advancements. We’ll see which changes miners and manufacturers face and how they overcome them. You’ll get to know how to mine at a profit in any circumstances.
Inside every computer, there is a central processing unit (CPU). When the BTC network was small and the mining difficulty was low, the CPUs efficiently solved cryptographic puzzles. One could mine the pioneering cryptocurrency with the same laptop that they used for their work or studies.
Over time, the network expanded. It required more computational power to cope with the hashing puzzles. CPUs failed to meet the new standards and miners had to replace them with more advanced solutions.
Graphics processing units (GPUs) enabled BTC miners to remain profitable for a few more years. Compared to CPUs, they worked faster and made the network more secure.
During this period, miners began to join forces by forming pools. A pool can include a multitude of participants but it operates as a single entity. When the rig that belongs to one member solves the puzzle, the reward is distributed among the entire pool. The larger part of it you own, the more generous your reward share.
In 2013, application-specific integrated circuits (ASICs) came into play. Unlike their predecessors, these machines lack any other purpose. Mining is their unique mission. They differentiate themselves from GPUs thanks to much higher efficiency, coupled with more modest energy consumption. An air-cooled ASIC Bitcoin miner generates a loud noise, so it’s impossible to place it in your bedroom. Its water-cooled counterparts can be less noisy – but at the same time, they’re more expensive.
Previously, miners could select whether to act solo or join a pool. ASICs deprived them of the freedom of choice. Acting within a pool became the only way to secure a palpable income. The only alternative was and is to create a Bitcoin mining farm, which requires huge investments and technical expertise.
Roughly every four years, the reward per mined block within the BTC network drops by 50%. This is called halving. This inevitable event helps to combat inflation and maintain a healthy demand for the asset.
Mining can and should remain profitable after each halving. The scarcity of the asset always boosts its price. Even if you earn fewer Bitcoins, you’ll be able to convert them into larger amounts of fiat currencies.
However, it’s vital to switch to the most advanced equipment to balance your rewards and expenses. In 2024, one of the most noteworthy products is the Bitmain Antminer S21 series. Bitmain is the leading Chinese ASIC manufacturer. Its Antminer brand has been a firm favorite among miners from all parts of the globe.
The S21 machine boasts the following specifications: 200 T / 3,500 W / 17.5 J/T. It’s spot-on for mining at a profit after the halving that took place in April 2024. ECOS enables you to purchase the S21 and host it in the Free Economic Zone. Another option is to rent it for a fixed period. The third possible way out is to select a cloud mining contract on the basis of the same ASIC.
One of the hottest industry trends is integrating AI into ASICs. This technology can boost the efficiency of solving crypto puzzles. Besides, it can contribute to more rational electricity consumption, which is one of the key vulnerabilities of the industry.
Mining is detrimental to the environment because it requires large amounts of energy. Entrepreneurs tend to place their mining farms and data centers away from urban areas where electricity is expensive. More and more of them try to leverage solar and wind power which can be cheaper and leaves a lower carbon footprint. The usage of environmentally friendly technologies can attract more investors to the industry and make national governments more supportive of it. That’s why ASIC manufacturers carry out intense research to make their business more sustainable from an ecological point of view.
ECOS relies on renewable energy in its activities and strives to develop eco-friendly Bitcoin mining. Our mining farm consumes up to 40% of all renewable energy produced in Armenia. This includes the energy of water, wind, and the sun. Our goal is to completely switch to renewable energy sources. By doing so, we want to set a good example for all the other players in the crypto industry.
Today, a cheap Bitcoin miner can cost you a few hundred American dollars. The most advanced models can have a price tag of $6,000 or even higher. To generate a substantial profit, you’ll need to purchase not one but several machines. In a few years, they will become obsolete because the next halving will take place and a more advanced generation of hardware will hit the market.
This said, buying the equipment has two major drawbacks:
Prohibitive upfront costs
Necessity to thoroughly calculate your upcoming expenses and income for years ahead
However, the market is highly volatile. Your calculations will hardly be precise and you should be ready for surprises.
To make your life easier, you can rent Bitcoin miner. You won’t even need to see or touch the machine to start making money on it. Your task will boil down to transferring the fee to the provider. Their skilled and experienced staff will set up and maintain your rig – and promptly repair it if needed. The provider will transfer your rewards to you according to a fixed schedule.
A more modern alternative to renting the rig is cloud mining. Here is how it works with ECOS:
Sign up for the platform and activate the free trial period. You can benefit from the “TryBeforeBuy” promo code immediately after registration. It will provide you with a free test drive for 3 days.
Select the contract with the optimal duration, hashing power, and pricing on the Promo page. Alternatively, you can create a custom contract with individual conditions yourself, using ECOS online calculator.
With ECOS, you will receive your rewards daily. This is the standard payout frequency. However, some providers may transfer the mined coins to you every few days or several times per day.
Monitor mining efficiency through the ECOS mobile app. You won’t have to interfere in the process because the provider's staff will do everything for you.
The logic behind remote mining is very simple. Since the crypto prices tend to fluctuate, providers appreciate the chance to get regular payments. Some accept them only in crypto while others work with fiat funds too. Their clients generate revenues thanks to the growing asset prices. As we explained above, the BTC price is bound to rise steadily.
Regardless of whether you rent an ASIC or its hashing power, it’s essential to choose a reliable Bitcoin miner hosting provider. Such a company ticks these boxes:
Has been around for at least several years and has made a good reputation for itself
Is located in a territory with cheap electricity, where cryptocurrencies and mining are legal
Has hired a strong team with impressive technical, financial, and managerial competencies
Offers an extensive range of ASICs to its clients
Charges reasonable fees
Is entirely transparent about terms of work
Provides fast and knowledgeable customer support
Has a website and mobile app with an intuitive interface, so that entry-level miners can join their business with minimal efforts
ECOS from Armenia meets all these criteria. It’s situated in the free economic zone where miners are exempt from taxes for 25 years. ECOS is one of the household names in its sector and sets the bar high for the other providers.
Since the inception of the pioneering cryptocurrency, the equipment for mining it has gone a long way. To make a profit in this business activity in the 2020s, it’s necessary to use ASICs. These are dedicated mining machines, not suitable for any other type of task. The Antminer S21 is among the most noteworthy current market leaders. Solo mining doesn’t make sense anymore, so you’d better join a pool. An easier way out is to rent an ASIC or hashing power from a reliable provider. The provider will take care of all the technical aspects in exchange for a fixed fee from you. You’ll be monitoring your mining performance through a handy app.
<100 subscribers
