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July 3, 2023

Top 10 Most Profitable Bitcoin Miners in 2024 [Updated List]

SUMMARY

With the Bitcoin halving date nearing in April 2024, Bitcoin is gaining all the market attention. Moreover, with Bitcoin prices soaring, many miners want to leverage the situation to their advantage with Bitcoin mining.

Bitcoin mining is a complex technological process that demands miners to solve cryptographic puzzles faster and mine Bitcoins. Thus, miners need advanced Bitcoin ASIC miners optimized for the SHA-256 algorithm for efficient Bitcoin mining.

Let’s see the top 10 most profitable Bitcoin mining machines in 2024 that you can leverage for mining Bitcoins.

TABLE OF CONTENT

    Factors Affecting Bitcoin Mining

    Many factors, including technological advancements and the latest mining trends, will impact the Bitcoin mining industry and mining profits. Let’s see the top factors that will affect Bitcoin mining in 2024.

    1. Bitcoin Price

    Bitcoin prices have been steadily increasing due to the upcoming Bitcoin halving event in 2024. That attracted many towards Bitcoin mining, expecting increased profits. Plus, due to the past halving events and market sentiments, the hope for increasing Bitcoin prices will drastically impact the mining industry in 2024.

    2. Mining Difficulty

    With Bitcoin being the most popular cryptocurrency, more miners participate in Bitcoin mining, increasing the mining difficulty. It will again impact the mining rewards. The more the competition, the less possibility of successfully mining blocks and the fewer rewards. However, the increased mining difficulty improves the overall network security, preventing unethical attacks.

    3. Government Norms

    With more and more consumers participating in Bitcoin mining, the possibility of the Government intervening in the mining industry is high. The Government may emphasize new norms that will significantly impact Bitcoin mining. Hence, always check for local rules and regulations regarding Bitcoin mining before getting started.

    4. Cloud Mining

    With every industry reaping the benefits from Cloud technology, the crypto mining industry also has adopted Cloud Mining. Thus, miners can participate in remote mining farms rather than joining physical mining pools and relying on on-premises mining hardware. Cloud mining will have an impact on Bitcoin mining as well. Miners have to wait and watch.

    5. Sustainable Mining

    Though Bitcoin mining is popular, environmentalists and other social activists always condemn its drastic energy consumption and carbon footprint. Hence, mining companies may start using renewable energy resources and adopt green mining in the future. That, again, will impact the Bitcoin mining industry.

    Current State of the Bitcoin Mining Industry

    The rising inflation has always made investors look out for alternative investments. Cryptocurrencies, gold, and real estate are some prominent alternative investments that investors rely on to use as a hedge against inflation. More than buying Bitcoins, investors are also eyeing Bitcoin mining with soaring Bitcoin prices.

    Since Bitcoin mining enables investors to earn Bitcoins without actually investing in it, many are moving towards Bitcoin mining. Moreover, Bitcoin prices increasing steadily at the end of 2023 further attracted many people to Bitcoin. The higher the Bitcoin price, the better the mining rewards.

    The next Bitcoin halving is scheduled in April 2024, when the mining rewards will be reduced to 3.125 from 6.25. Since the halving event will reduce the rewards, limiting Bitcoin supply while increasing the demand. Moreover, with the proposal of Bitcoin ETFs (Exchange Traded Funds) in the US, Bitcoin is becoming a popular investment choice. Industry experts trust that these factors will positively impact the Bitcoin mining industry.

    Hardware Requirements for Bitcoin Mining

    Bitcoin mining needs a specialized mining equipment like ASIC miner with exceptional computing power and ultimate energy efficiency to successfully mine new Bitcoins. Here is what you will need to mine Bitcoins.

    A powerful ASIC miner built specifically for the SHA-256 algorithm with

    • Excellent hash rate
    • Less power consumption
    • Efficient cooling system
    • Appropriate ventilation
    • Mining software compatibility

    Besides the technical specifications of the hardware, buying the hardware from an authentic mining hardware distributor is crucial to reap the maximum benefits.

    Profitable Bitcoin Mining Machines in 2024

    Now let’s see the most profitable Bitcoin mining machines with their features and technical specifications.

    1. Bitmain Antminer S21 (200Th)

    Finely optimized for the SHA-256 algorithm, Bitmain Antminer S21 has an excellent hash rate of 200Th/s and a power consumption of only 3500W. The energy efficiency of Bitmain Antminer S21 is 0.017j/gh.

    Bitmain Antminer S21 Bitcoin Miner

    Manufacturer Bitmain
    Model Antminer S21 200 Th/s
    Release March 2024
    Sizew/o 400 x 195 x 290mm
    Size with 570 X 316 X 430mm
    Weight Net 15400g
    Weight Gross 17100g
    Noise level 75db
    Fan(s) 2
    Power 3500W
    Voltage 220-277
    Interface Ethernet
    Storage Temperature -40-80
    Temperature 0 – 45 °C
    Humidity 10 – 90 %

    2. Antminer S21 Hyd (335Th)

    Bitmain Antminer S21 Hyd (335Th) mining SHA-256 algorithm has a hash rate of 335Th/s at a power consumption of 5360W. The energy efficiency of Antminer S21 Hyd (335Th) is 0.016j/gh.

    Antminer-S21-Hyd2

    Manufacturer Bitmain
    Model Antminer S21 Hydro 335Th/s
    Release March 2024
    Sizew/o 339 X 163 X 207mm
    Size with 570 X 316 X 430mm
    Weight Net 12300g
    Weight Gross 13600g
    Noise level 50db
    Water Flow 8.0 -10.0
    Liquid PH 8.5 – 9.5
    Water Pressure 3.5
    Cooling Hydrocooling
    Power 5360W
    Interface Ethernet
    Storage Temperature -20-70
    Temperature 10 – 45 °C
    Humidity 10 – 90 %

    3. Whatsminer M66S

    Launched by MicroBT, Whatsminer M66S Hydro has a maximum hash rate of 298Th/s at a power consumption of 5513W. The energy efficiency of Whatsminer M66S is 0.019j/gh.

    MicroBT Whatsminer M66S 2

    Manufacturer MicroBT
    Model Whatsminer M66S Hydro
    Release October 2023
    Size 267 x 147 x 401mm
    Weight Net 16000g
    Weight Gross 17000g
    Power Cable Mode 16A
    Voltage 380-480V
    Power 5513W
    Interface Ethernet
    Temperature  5 – 45 °C
    Humidity 5 – 95 %

    4. Antminer T21 (190Th)

    Manufactured by Bitmain and optimized for the SHA-256 algorithm, Antminer T21 has a maximum hash rate of 190Th/s for a power consumption of only 3610W. The energy efficiency of Antminer T21 (190Th) is 0.019j/gh.

    Bitmain Antminer T21 Bitcoin Miner

    Manufacturer Bitmain
    Model Antminer T21 190Th/s
    Release March 2024
    Size w/o 400 X 195 X 290mm
    Size with 570 X 316 X 430mm
    Weight Net 16400g
    Weight Gross 18100g
    Noise level 75db
    Fans(s) 2
    Networking Connection Mode RJ45 Ethernet 10/100m
    Power 3610W
    Voltage 380-415V
    Interface Ethernet
    Storage Temperature -40-85
    Temperature 0 – 45 °C
    Humidity 10 – 90 %

    5. Whatsminer M63S

    Launched by MicroBT, Whatsminer M63S is precisely optimized for the SHA-256 mining algorithm. It has a maximum hash rate of 390Th/s at a power consumption of 7215W. The energy efficiency of Whatsminer M63S is 0.019j/Gh.

    MicroBT Whatsminer M63S -02

    Manufacturer MicroBT
    Model Whasminer M63S Hydro
    Release October 2023
    Size 483 x 663 x 86mm
    Weight Net 27500g
    Weight Gross 30000g
    Coolant Demand Per Machine About 1L
    Power Cable Mode 16A
    Form Factor 4U Blade Rack-mountable
    Voltage 380-480V
    Power 7215W
    Interface Ethernet
    Temperature 5 – 45 °C
    Humidity 5 – 95 %

    6. Whatsminer M63

    Whatsminer M63 from MicroBT is a premium Bitcoin miner mining SHA-256 algorithm with a maximum hash rate of 366Th/s at a power consumption of 7283W. The energy efficiency of Whatsminer M63 is 0.02j/gh.

    MicroBT Whatsminer M63

    Manufacturer MicroBT
    Model Whatsminer M63 Hydro
    Release October 2023
    Size 483 x 663 x 86mm
    Weight Net 27500g
    Weight Gross 30000g
    Coolant Demand Per Machine About 1L
    Power Cable Mode 16A
    Form Factor 4U Blade Rack-mountable
    Voltage 380-480V
    Power 7283W
    Interface Ethernet
    Temperature 5 – 45 °C
    Humidity 5 – 95 %

    7. Antminer S19 XP 140Th

    A product of Bitmain, Antminer S19XP 140Th mining SHA-256 algorithm has a maximum hash rate of 140Th/s at a power consumption of 3010W. It gives an energy efficiency of 0.022j/gh.

    Bitmain Antminer S19 XP 140THs - 2

    Manufacturer Bitmain
    Model Antminer S19XP (140Th)
    Release July – Sep 2022
    Size w/o 400 x 195 x 290mm
    Size with 570 x 316 x 430mm
    Weight Net 14400g
    Weight Gross 16000g
    Noise level 75db
    Fan(s) 4
    Networking connection RJ45 Ethernet 10/100M
    Power 3010W
    Power Efficiency 21.5 ±5%
    Interface Ethernet
    Storage Temperature -20-70
    Temperature 0 – 40 °C
    Humidity 10 – 90 %

    8. Antminer S19 XP Hyd (255Th)

    Manufactured by Bitmain, S19 XP Hydro is a top-notch Bitcoin miner with a maximum hash rate of 255Th/s at a power consumption of 5304W. It gives an energy efficiency of 0.021j/gh.

    Antminer-S19-XP-Hyd-255TH - 1

    Manufacturer Bitmain
    Model Antminer S19 XP Hyd
    Release October 2022
    Size 410 x 170 x 209mm
    Weight 13.10Kg
    Power efficiency on wall @35°C, J/TH(1-1) 20.8 ±5%
    Cooling water cooling
    AC Input Voltage 342-418V
    Power 5304 ±5%W
    Interface Ethernet
    Temperature 5 – 40 °C
    Humidity 10- 90 %

    9. Avalon Made A1466

    Launched by Canaan, Avalon A1466 is a Bitcoin mining machine with a maximum hashrate of 150Th/s – 170Th/s at a power consumption of only 3230-3315W. It gives an energy efficiency of 0.022j/gh.

    Avalon-A1466

    Manufactuer  Canaan
    Model Avalon A1466
    Release September 2023
    Noise level 75db
    Size 271 x 192x 292mm
    Weight 13000g
    Fan(s) 2
    Power 3230-3315W
    Power Efficiency 21.5 – 19.5j/Th
    Interface Ethernet
    Temperature 5 – 35 °C
    Humidity 10 – 90 %

    10. Antminer S19K Pro (136Th)

    Bitmain Antminer S19K Pro is a premium Bitcoin miner with a maximum hash rate of 136Th/s at a power consumption of only 3264W. The energy efficiency of Antminer S19K Pro (136Th) is 0.024j/Gh.

    Antminer-S19K-Pro-136Th - 1

    Manufacturer Bitmain
    Model Antminer S19K Pro 136Th/s
    Release April 2023
    Size 400 X 195 X 290mm
    Weight 13200g
    Noise level 75db
    Fan(s) 4
    Power 3264W
    Voltage 200-240V
    Interface Ethernet
    Temperature 0 – 40 °C
    Humidity 20 – 80 %

    Comparing the Top 10 Bitcoin Miners

    Hash rate, power consumption and energy efficiency determine the mining performance of Bitcoin miners. Hence, let’s compare those features of these top Bitcoin miners to select the suitable miner that matches your mining preferences.

    comparing top 10 bitcoin miners

    Emerging Trends in the Bitcoin Mining Industry

    1. Bitcoin mining difficulty

    With the Bitcoin halving happening in 2024, experts and market observers predict that many new participants will enter the Bitcoin mining industry. The existing Bitcoin miners and the increased number of new entrants will significantly increase the hash rate of Bitcoin mining. For instance, the more miners, the more mining difficulty, which, in turn, demands more hash rate. Thus, miners will need a sophisticated mining rig with an excellent hash rate to solve puzzles quickly and mine Bitcoins successfully.

    2. Renewable energy resources

    Bitcoin mining is an energy-intensive process that can consume large amounts of electricity, leaving carbon footprints that are not good for the environment. Environmentalists and social activists have always criticized Bitcoin mining for its energy consumption. Many established companies, including Tesla, voiced the environmental issues and stopped accepting Bitcoin payments. It led to Bitcoin mining companies leveraging renewable energy resources for Bitcoin mining, reducing electricity consumption and making it environmentally friendly.

    3. Merger and Acquisitions

    Mergers and acquisitions seem to be a definite trend in the crypto mining industry. Established organizations will acquire small mining companies to increase their market share. Thus, they become a potential player in the crypto industry, competing against the numerous players in the market. However, there is a risk of larger companies taking advantage while smaller companies lose hold in the industry.

    Future Outlook of the Bitcoin Mining Industry

    Bitcoin mining is promising though it’s impossible to predict profitability accurately. Here are some speculations that crypto mining experts have uttered.

    1. Cloud Mining

    Almost all industries are leveraging cloud computing to upgrade them in their respective fields. Crypto mining or Bitcoin mining is no exception. Since more and more people started showing interest towards Bitcoin mining, cloud mining is the best option for beginners and novice crypto miners to get started with Bitcoin mining without investing in advanced mining hardware.

    With cloud mining, miners can avail of cloud mining services and mine Bitcoins remotely without the hassle of buying and maintaining a mining rig.

    2. Specialized Mining Hardware

    The need for high computational power to mine Bitcoins faster amidst mining difficulties and competition has led to the emergence of specialized ASIC miners designed explicitly for the SHA-256 algorithm. As more and more Bitcoin miners join the mining landscape, more sophisticated Bitcoin mining machines will emerge.

    3. Alternative Energy Sources

    The drastic energy consumption of Bitcoin mining has always been an environmental concern. Thus, mining companies will switch to renewable energy resources like solar, wind, and hydroelectric for their mining operations in the future. It will help prevent environmental pollution and aid sustainable Bitcoin mining.

    4. Regulatory Affairs

    As the Bitcoin mining industry keeps evolving, so are the mining regulations. The government may incorporate new mining regulations for future trends and potential risks. That will impact Bitcoin mining profitability.

    Bitcoin Price History

    bitcoin price history

    As the graph from Coinmarketcap depicts, Bitcoin prices have been consistently rising in recent years, which indicates an optimistic market.

    Explore the Latest Bitcoin Miners Now

    CONCLUSION

    Bitcoin mining demands specialized hardware with optimal hash rate, excellent energy efficiency, and reduced power consumption to solve cryptographic puzzles faster, mine Bitcoins quicker, and gain significant rewards. The Bitcoin mining machines listed here have maximum hash rate and energy efficiency, which will help you have a successful mining journey. However, apart from mining hardware, consider your electricity costs, mining preferences, and Bitcoin prices before investing in any Bitcoin mining machines.

    FAQs on Top Bitcoin Miners

    • How to select the right Bitcoin mining machine?
    • Consider crucial factors like hash rate, power consumption, energy efficiency, and upfront costs before selecting the mining machine. Also, comparing its specifications and features with other top Bitcoin mining machines is highly recommended for picking the suitable device.

    • Can I join a Bitcoin mining pool?
    • Mining pools allow you to share your computational resources and increase the chances of gaining rewards. However, considering the mining pool fees and checking its reputation is mandatory before enrolling.

    • What are the costs associated with Bitcoin mining?
    • Besides the device cost, the significant cost associated with Bitcoin mining hardware is electricity costs. You may also need to spend on mining pool fees and maintenance costs.

    • Are there any risks associated with Bitcoin mining?
    • Some risks of the Bitcoin mining industry include fraudulent equipment dealers, price volatility, regulatory changes, etc. Hence, staying informed about the Bitcoin market is crucial to avoid potential risks.

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