An ASIC (Application Specific Integrated Circuit) miner is used to mine for cryptocurrencies such as Bitcoin. In fact, this is the only function of these devices, which helps to make them so popular in the mining community. They are far more efficient than the earlier methods of mining, namely CPUs and GPUs. Those older methods are outdated, and they will not work for those who want to make a profit with mining cryptocurrency.
The ASIC miner will mine cryptocurrency that is based on the SHA256 algorithm. They are powerful pieces of equipment that are far more efficient than their predecessors. New models that are more powerful come out on a regular basis, and this makes it possible to keep up with the increased difficulties of mining. The ASIC miners can perform more hashes per second, which makes it possible to increase the potential for profit.
Why Is ASIC the Best Option?
For Bitcoin, the goal of the mining is to provide proof of work when it comes to Bitcoin transactions. The mining will solve blocks in order to earn the Bitcoin reward for the services rendered. These are mathematical calculations that require solving, and it can take a substantial amount of time and power to get through a single block. However, because of their dedication to doing one thing – hashing for cryptocurrency – they are far more efficient and faster than the other options that were popular for years.
Getting Started With ASIC Mining
Still, you will find that simply having one machine that you set up and use from home, mining entirely on your own, is not going to net you the results that you want. Instead, you will need to join a mining pool, as many choose to do, or you will need to have a large number of the machines.
Buying multiple machines can require a large initial investment, of course, and most find that having one or a few machines connected to a mining pool – where resources are combined with other miners – is the better option available. It can lead to faster payouts, although it will be split amongst those who are members of the pool.
Whether you have a single machine or several miners, you need to consider where and how you are going to operate them. While the size might be relatively small for the miners, they tend to be loud and they can get hot. If you do not have the proper setup at home, you might want to consider working with a datacenter that can host the miners for you. Even though you are paying for the cost of the datacenter, it can still be cheaper than keeping them at home. This is especially true when you find a datacenter in a location that has a lower rate for electricity than where you live.
Are They Difficult to Set Up?
If you are going to be setting up the ASIC miner at home, or even remotely, you will need to have an appropriate power supply, and a connection to the Internet via an ethernet cable. You can then hop onto the network and get the ASIC hosting miner up and running with relative ease. If you are going through a datacenter, you will find that it also tends to be easy. In some cases, they will have remote hands that can help you get everything set up, so you can then join your mining pool and start earning.
Those who want to start mining Bitcoin and other cryptocurrencies, and who want to make a profit, need to use an ASIC miner. It is the only viable option today.