When it comes to choosing the best cryptocurrency miner, two factors are paramount: price and power consumption. While these two factors are by no means the only things to consider, they’re the best starting point when making your decision about which cryptocurrency miner to buy. To help you choose the best crypto-miner for your needs, we’ve created this simple guide on how to buy the best cryptocurrency miner for you. Just follow these simple steps, and you’ll be mining coins in no time!
Step 1: Calculate your budget
Calculate your budget by setting aside some cash for mining equipment, electricity, cooling and internet fees. If you’re not sure how much you should be spending, search online for help and talk with others who are already involved in crypto mining. Depending on how fast you want to mine your desired coin(s), determine whether you should invest in GPU miners or ASIC miners. GPU miners will offer more flexibility over a long-term period than ASICs but require expensive up-front costs and plenty of space, while ASICs cost less upfront but may not offer as much versatility or resale value as GPUs do once they become obsolete.
Step 2: Identify which cryptocurrencies you’re interested in mining
Depending on your level of experience, you may want to limit yourself to one or two currencies. If you’re a beginner, it’s a good idea to go with Bitcoin—it was one of the first cryptocurrencies and remains dominant in terms of market cap. If you’re an experienced trader who is mainly interested in mining for Ethereum (ETH), it might be worth considering mining Litecoin (LTC) instead. Both are valid options—the decision is all yours!
Step 3: Determine Which Type of Mining is Right for You
The crypto mining world has seen an evolution from miners using GPUs, FPGAs and CPUs all seeking greater hashing power. Some miners use specially designed Application-Specific Integrated Circuits (ASICs), which are built for one single purpose – mining cryptocurrencies like Bitcoin or Ethereum. The latest rise in demand for Ethereum is driving prices of both graphics cards and ASIC hardware, so if you’re looking to get into mining it might be a good time! However, before making your purchase decision read on as we break down each type of hardware available today and help you decide which type is right for you. We’ll also explain what it takes to run these machines, how they work and where you can find support should something go wrong with your new rig.
Step 4: Do Your Research and Choose Wisely
No matter what type of business you’re launching, it’s a good idea to choose a technology platform or framework that will make it easy for you to scale and grow your company. Blockchain technology is still new, so take some time to research various blockchain platforms and determine which one might be right for your business. You can also find out more about Bitcoin mining here. At Buycoinnow we like using Gekko for bitcoin miners as it allows you to automate bitcoin trading. To keep costs down we recommend coinmine one miner Antminer D3 19T mining rigs because they run with very low power consumption allowing more profitability per Bitcoin mined. At BuyCoinNow our tech experts are constantly looking at new technologies and ensuring we only recommend top-quality hardware.
Step 5: Read our reviews and pick out your equipment
Buying your own equipment is a great way to save money, but with so many different hardware manufacturers selling so many different products it can be hard to know which one to go for. To help make your decision easier, we’ve written detailed reviews of some of our favorite brands and products. For example, our Antminer S9 review goes into detail about what makes these machines such a reliable investment (hint: It’s not just about power efficiency), while our Gridseed GPU review details some more complex issues. We also have guides that cover everything from other specific hardware setups like multiple-GPU rigs or solar-powered mining stations through to general advice like how much you should be spending on electricity and cooling costs.
Step 6: What if it doesn’t arrive? What if there are issues?
If you have pre-ordered a product that is not yet in stock, then your focus should be on getting it as soon as possible. If there are any issues with delivery, or if you have any questions about whether or not it will ship by a certain date, contact their customer service. To make sure you get answers quickly, look for direct email addresses or phone numbers on their website. Many crypto companies list links and numbers right on their pages! Use these resources to figure out what is going on with your order and make sure everything will run smoothly.
Pros & Cons
First, let’s talk about some of the things you should keep in mind when considering a purchase. Some of these may seem obvious, but it’s important not to skip over them if you want your investment to pay off: Don’t spend more than you can afford. When buying something as important as a cryptocurrency miner, don’t overextend yourself financially; start small and work your way up if need be. It’s possible that you could go through several different models before finding one that works for you. Be realistic about what type of returns (if any) are possible with your chosen method.