What’s the best Bitcoin mining hardware in 2024?
Our crypto tax professionals have compiled a list of the top Bitcoin mining hardware, featuring high-performing machines like the Bitmain Antminer S19 XP Hydro (255Th), AntMiner S19 Pro, and MicroBT. Whether you're an experienced miner seeking peak performance, aiming for a balance between hash rate and cost efficiency, or a newcomer looking for an easy entry point into crypto mining, our recommendations cater to various goals.
efore embarking on new Bitcoin mining ventures, conducting thorough research and understanding the associated risks is essential.
Bitmain Antminer S19 XP Hydro (255Th)
Best Bitcoin miner for serious investors
Canaan Avalon Made A1366
Best Bitcoin miner for high-performance mining
MicroBT Whatsminer M50S
Best Bitcoin miner for beginners
Methodology
How our crypto tax professionals selected the best Bitcoin mining machines
Our approach to identifying the most profitable Bitcoin miners involves a meticulous evaluation process undertaken by our team of cryptocurrency experts. We developed this methodology to provide transparency and clarity in our selection of the best Bitcoin miners.
In-Depth Research
Our experts conducted research into the latest advancements in the Bitcoin mining industry and crypto machines. We identify a range of crypto mining machines from reputable manufacturers, taking into account factors such as hash rate, power consumption, price, efficiency, and overall performance.
Criteria Establishment
We established a comprehensive set of criteria based on key factors that miners prioritize when choosing mining hardware. These criteria encompass hash rate, power consumption, price-to-performance ratio, energy efficiency, and long-term profitability potential for each of these crypto mining machines.
Real-World Performance
We gather real-world insights from miners who have used the selected hardware. By considering their experiences, challenges, and achievements, we gain valuable perspectives on the practical implications of each miner's performance.
Comparative Analysis
Our team performs a thorough comparative analysis of crypto mining machines, considering metrics such as hash rate, power consumption, and price. This allows us to identify the crypto machines for Bitcoin that excel in terms of profitability and efficiency.
Expert Recommendation
After rigorous evaluation, we present our expert recommendations for the most profitable Bitcoin miners. These selections are based on a balanced consideration of hash rate, power efficiency, and overall value in crypto machines.
Clear Explanation
Our reviews provide clear explanations for our endorsem*nts. We highlight the standout features of each miner, their advantages in specific mining scenarios, and any potential drawbacks for our selected crypto machines.
Transparency and Objectivity
Our methodology is rooted in transparency and objectivity, to help you identify the best Bitcoin miner for your goals. We maintain independence from hardware manufacturers, ensuring that our recommendations are solely based on the miners' capabilities and potential profitability.
By adhering to this comprehensive methodology, we aim to assist you in selecting the most profitable Bitcoin miner that aligns with your mining goals, budget, and preferences. We encourage users to conduct further research and make well-informed decisions that suit their unique crypto mining goals.
These recommendations are not meant to indicate a given Bitcoin miner will be profitable, as various factors including the market and energy costs impact crypto mining profitability. That noted, these should serve as a solid overview for those getting into Bitcoin mining.
Best Bitcoin miner in 2024
Here are our experts’ selections of the best Bitcoin miners available. The crypto mining space moves quickly, and profitability varies depending on various factors including the price of electricity and market conditions, so always do your own thorough research before making an investment in crypto mining machines.
Bitmain Antminer S19 XP Hydro (255Th)
Best Bitcoin miner for serious investors
The Bitmain Antminer S19 XP Hydro (255Th) emerged as a trailblazer in the world of Bitcoin mining. Officially launched on March 12, 2022, this mining machine garnered attention for its incorporation of liquid cooling technology, setting new standards for effective virtual coin mining and hashing speed.
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Pros & Cons
Pros
Impressive computing power of 255 TH/s with power efficiency at 20.8 J/TH
The per-unit cost remains under $7,000
Exceptional power efficiency compared to previous models and rival devices
Modified hydro-cooling rigs enhance heat dissipation using liquid coolant
Unveiled ANTSPACE HK3 container can accommodate 210 machines, consuming 1 MW of power
Cons
High upfront cost might deter some potential buyers and beginners
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Why our experts picked it
The Bitmain Antminer S19 XP Hydro (255Th) offers remarkable power efficiency and liquid cooling technology. The integration of advanced cooling methods showcases the company's dedication to optimizing operations.
Exceptional power efficiency of 20.8 J/TH
Incorporation of liquid cooling for enhanced performance and heat dissipation
Bitmain AntMiner S19 Pro
Best Bitcoin miner for hash rate v. cost
The Bitmain Antminer S19 Pro stands as a top choice in the Bitcoin mining market. Noted for its remarkable hash rate of 110 Th/s, this machine is positioned as a leader in its category.
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Pros & Cons
Pros
Impressive hash rate of 110 Th/s for high-performance mining
Offers a substantial annual return percentage of 195% with a profit ratio of 137%
Comes with an integrated power supply, streamlining setup
Available on Sesterce mining platform, allowing users easy access
Professional maintenance services provided by Sesterce, minimizing operational concerns
Cons
Higher initial cost compared to other options in its category
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Why our experts picked it
The Bitmain AntMiner S19 Pro stands out for its outstanding hash rate, leading potentially to high profitability. With the convenience of an integrated power supply and Sesterce's professional maintenance services, this crypto machine can mine efficiently.
Remarkable hash rate of 110 Th/s for robust mining capabilities
Integration of a power supply and professional maintenance services by Sesterce, minimizing hassle
Canaan Avalon Made A1366
Best Bitcoin miner for high-performance mining
The Canaan Avalon Made A1366, an upgrade to the popular A10 model, shines as a high-performance Bitcoin mining rig. Chinese manufacturer Canaan released this machine in November 2022, offering a hash rate of 130 terahashes per second. With its user-friendly interface and robust configuration options, this miner targets efficiency and performance.
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Pros & Cons
Pros
Hash rate of 130 TH/s for efficient mining operations
User-friendly interface simplifies device configuration and monitoring
Equipped with 6 fans for effective cooling, preventing overheating
Released as a notable update to the well-received A10 model
Employs an Ethernet interface for seamless connectivity
Cons
Considerable noise level of 75 decibels
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Why our experts picked it
The Canaan Avalon Made A1366 continues the legacy of its predecessor by delivering enhanced performance and a user-friendly experience. With powerful hashing capabilities, efficient cooling mechanisms, and Canaan's reputation as a manufacturer, this rig holds promise for miners who want to optimize their operations.
Hash rate of 130 TH/s for robust and efficient mining
User-friendly interface aids in hassle-free configuration and monitoring
Dragonmint T1
Best Bitcoin miner for low power consumption
The Dragonmint T1, crafted by Halong Mining, presents an enticing solution for energy-efficient Bitcoin mining. Boasting an impressive hash rate of 16 TH/s, this ASIC model excels in both performance and power efficiency, with a power consumption of only 1480 watts.
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Pros & Cons
Pros
Powerful hash rate of 16 TH/s for efficient mining capabilities
Remarkably low power consumption at 1480 watts, contributing to cost savings
Manufactured by Halong Mining, known for quality mining hardware
Used Dragonmint T1 sell for as low as $1,295 on Amazon
Cons
Availability limited to used models
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Why our experts picked it
The Dragonmint T1 stands out as a compelling option for miners who prioritize both performance and energy efficiency. Its combination of a strong hash rate and low power draw makes this an appealing choice.
Hash rate of 16 TH/s for efficient mining with energy-conscious operation
Competitive pricing for a used Dragonmint T1 on Amazon
Ebang Ebit E11++
Best Bitcoin miner for a balance of hash rate and power
The Ebang Ebit E11++ stands out as an efficient choice for miners. Despite its power consumption of 1980 watts, it offers a hash rate of 44 TH/s, striking a balance between performance and energy efficiency.
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Pros & Cons
Pros
Hash rate of 44 TH/s for solid mining capabilities
Efficient power consumption at 1980 watts, reducing energy costs
Opportunity to acquire a used Ebang Ebit E11++ for $350 on platforms such as eBay
Cons
High noise levels may not be suitable for home mining setups.
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Why our experts picked it
The Ebang Ebit E11++ features a blend of hash rate and power consumption. While its energy efficiency adds appeal, its affordability and potential for reduced energy costs make it an appealing option for miners looking to maximize returns.
Hash rate of 44 TH/s, offering competitive mining performance
Strong balance of hash rate and energy efficiency
MicroBT Whatsminer M50S
Best Bitcoin miner for beginners
China-based MicroBT offers the Whatsminer M50S as a budget-friendly option without compromising on quality. Launched in July 2022, this machine offers a hash rate of 126 terahashes per second at a lower cost compared to some competitors. Its cost-effectiveness makes it an attractive choice for miners looking to maximize profit without substantial upfront investment.
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Pros & Cons
Pros
Competitive hash rate of 126 TH/s at an affordable price point
Lower price starting from $2,999, ideal for budget-conscious miners
Utilizes two fans and maintains a noise level of 75 decibels
Built by MicroBT, a reputable manufacturer known for quality mining hardware
Ethernet interface ensures smooth connectivity
Cons
Relatively higher power consumption of 3276 watts
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Why our experts picked it
The MicroBT Whatsminer M50S balances affordability and performance. Its cost-effective nature makes it an appealing choice for miners seeking quality without breaking the bank. With the backing of MicroBT's reputation and competitive hash rate, the M50S is a compelling option for those entering the mining arena.
Competitive hash rate of 126 TH/s at a budget-friendly price
MicroBT's reliability adds assurance to the quality of the machine
MicroBT WhatsMiner M56S
Best Bitcoin miner for quiet operation
The MicroBT WhatsMiner M56S presents a powerful Bitcoin mining solution designed for performance and reduced noise. Released in January 2023, this machine boasts an impressive hash rate of 212 terahashes per second. Its notable feature is water cooling, allowing quieter operation at around 45 decibels, enhancing the overall mining experience.
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Pros & Cons
Pros
High hash rate of 212 TH/s for top-tier mining capabilities
Water cooling mechanism reduces noise, operating at around 45 decibels
Backed by MicroBT's reputation for producing quality mining hardware
Employs an Ethernet interface for seamless connectivity
Cons
Power consumption of 5550 watts requires careful consideration of electricity costs
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Why our experts picked it
The MicroBT WhatsMiner M56S strikes a remarkable balance between power, performance, and reduced noise levels. The integration of water cooling showcases innovative design to enhance the overall mining environment. With MicroBT's track record and advanced features, the M56S offers miners a strong option for efficient and quieter operations.
Impressive hash rate of 212 TH/s for top-tier performance
Water cooling technology reduces noise, providing a quieter mining experience
How to compare crypto mining machines
There are several key factors to consider when comparing crypto mining machines. When reviewing crypto mining machines, consider the following:
Price: Cheapest isn't always best. Lower-priced hardware typically means less efficiency and profits. One piece of information to look out for is the payback period, or rough average time of when a piece of crypto mining hardware might pay for itself from mining returns.
Hash rate: Higher hash rate means better performance, but often comes at a higher price.
Efficiency: Focus on energy efficiency as it's crucial for profitability.
Situation: Regional power costs, specific needs, and noise considerations matter.
Note that crypto mining technology evolves rapidly, so newer models may outperform older ones and further research might be needed to find the best crypto miner for your goals and the current market conditions.
Is crypto mining taxable?
Yes, crypto mining is subject to taxation. Miners need to consider the tax implications on both the income earned from mining rewards and the capital gains realized upon selling the mined cryptocurrencies. The tax treatment varies depending on factors such as location, mining as a hobby or business, and the disposal of mined coins.
How TokenTax can help
TokenTax offers comprehensive support for navigating crypto mining taxes. Our platform provides accurate calculations of crypto profits, losses, and income, ensuring compliance with tax regulations.
We assist in determining the appropriate tax treatment for your mining activities, whether conducted as a hobby or a business. With integration for every exchange, wallet, and platform, TokenTax simplifies the process of reporting crypto mining on your tax return.
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Best Bitcoin mining hardware FAQs
Here are answers to common questions about crypto mining machines, the best crypto miner, and the best Bitcoin miner.
What is mining?
Crypto mining is the process of verifying new blockchain transactions and generating cryptocurrencies like Bitcoin. This involves networks of computers working to secure and validate blockchain transactions.
Miners contribute processing power and, in return, receive new tokens as rewards. These tokens are used to maintain and secure the blockchain.
Which Bitcoin mining hardware has the highest hash rate?
The Antminer S19 XP Hyd, a cutting-edge Bitcoin mining device developed by Bitmain, boasts a remarkable hash rate of 255 terahashes per second (TH/s) using the SHA-256 algorithm. This high hash rate positions it as a leader in mining performance.
Which Bitcoin miner is the most profitable?
Bitcoin miner profitability varies over time and can be monitored. At time of writing, the most profitable Bitcoin miner is the Bitmain Antminer S19 XP Hydro (255Th).
Released by Bitmain on March 12, 2022, this mining machine offers a remarkable hash rate of 255Th/s using the SHA-256 algorithm, all while consuming 5304W of power.
With a power efficiency of 20.8 J/TH, it outperforms its predecessors in terms of both speed and energy consumption.
Can crypto mining be profitable in 2024?
Yes, crypto mining can still be profitable in 2024. The profitability of crypto mining in 2024 will depend, of course, on factors including the price of cryptocurrencies, mining difficulty, and electricity costs.
As the crypto market is notably volatile, it's crucial to conduct a thorough cost-benefit analysis before investing in mining hardware. Stay informed about market trends and continually reassess the profitability of crypto mining to help make informed decisions.
What is the most efficient Bitcoin miner?
The Dragonmint T1, developed by Halong Mining, is one of the most efficient Bitcoin miners. Boasting a hash rate of 16 TH/s and a power consumption of only 1480 watts, the Dragonmint T1 stands out for its impressive performance and energy efficiency. Crypto miners seeking an efficient solution for Bitcoin mining may find this ASIC model to be an appealing choice.
What is the most powerful machine to mine Bitcoin?
The Antminer S19 XP Hydro, a cutting-edge Bitcoin mining device by Bitmain, is one of the most powerful machines to mine Bitcoin. With an outstanding hash rate of 255 terahashes per second (TH/s) using the SHA-256 algorithm, this machine sets a high standard for mining performance. Serious investors and miners looking for top-tier power and speed may find the Antminer S19 XP Hydro to be a formidable choice.
Which Bitcoin mining app is legit?
While there are various mining apps available, it's crucial to exercise caution and thoroughly research before choosing one. Legitimacy can vary, and users should be wary of potential scams.
Among Bitcoin mining apps, NiceHash Miner may be a reliable choice, especially for beginners. With a user-friendly interface and simplified setup, NiceHash Miner makes it easy for individuals to lend their hardware's processing power to the Bitcoin network and earn a passive income.
What is the most effective miner?
The Bitmain Antminer S19 XP Hydro (255Th) is widely regarded as one of the most effective miners in the market. Combining serious hashing power with liquid cooling technology, this mining machine redefines effectiveness in virtual coin mining. Released on March 12, 2022, it remains at the forefront of mining efficiency, offering a balance of high hash rate and energy efficiency that appeals to serious investors seeking optimal performance from their mining activities.
TokenTax reviews take an unbiased approach to our recommendations. When you use our links to buy products, we may earn a commission but that in no way affects our editorial independence.
