The principal aim of any business is to make a profit. The same thing applies when it comes to mining cryptocurrencies.  Like any other business, mining needs good resources as well.

Several variables must be considered if you want to maximize profitability and increase your chance of success in the mining world. 

Some of these important factors include:

• Having the right knowledge about what to mine 
• How best to mine cryptocurrencies
• Knowing the right mining equipment to use
• How to minimize mining costs
• How to maximize mining efficiency 

Above all, the kind of hardware you use plays a vital role in helping you achieve your aim in the business of mining cryptos. 

Factors for choosing cryptocurrency mining hardware

But before we talk about the list of the best hardware available on the market, let’s talk about the factors to consider when choosing mining hardware 

Power consumption rate

Undoubtedly, cryptocurrency mining hardware consumes much electricity. So, one of the important features to look out for when you are choosing any hardware is the power rating/consumption. 

The lower the power consumption, the lesser the electricity bill you pay. Although, you can dodge the huge mining electricity bill by sourcing an alternative electric source. That is, you can install a solar panel and generate electricity without having to pay any bills.

Efficiency

Technically, efficiency refers to how much energy you expend to execute the smallest fraction of a task. 

In cryptocurrency mining, efficiency refers to the energy or effort required to mine one Bitcoin. If you have to expend too much energy on mining a Bitcoin, you may soon lose interest and lose all your money. This is why you should choose a high hash rate hardware to save yourself from needlessly expending too much energy on mining. 

Hash rate

This terminology is very popular in the cryptocurrency mining world. It basically refers to the miner’s power.

Hash rate is a measure of the number of guesses a miner can make in a split second while solving a particular mathematical and computational problem. Averagely, a personal computer can make up to one million guesses in a second. 

ASIC can do better; modern-day ASIC hardware can make up to one billion guesses in a second. 

So, considering the level of competition in the market, the best you can do to help yourself is to choose a high hash rate hardware. The higher the hash rate, the higher your chance of making more profits. Hash rate is measured in Mega, Tera, and Giga hashes. 

As of 2019, the first set of bitcoin mining hardware measured up to 14,000,000 mega hashes. 

Price 

For efficient cryptocurrency mining, you need to go for a high-quality and nothing but the best bitcoin miner rigs. 

As a matter of fact, getting a fast, incredible, and unique mining hardware can cost you up to $2000 or even more. Although you can get hardware of lesser price, remember that the more you spend on acquiring mining hardware, the higher your chance of profitability in the market. 

You can still get a $75 miner rig on the market. However, when you consider the level of competition in the cryptocurrency mining business, you may not make any considerable profit with cheap hardware. 

You should be ready to invest hugely in hardware to maximize your chance. Price is one of the factors that affect your profitability.

List of the best 10 Cryptocurrency mining hardware

The best ten mining hardware for cryptocurrency in 2023 are:

• Antminer R4
• Bitmain Antminer S7
• Dragon mint T16
• Avalon Miner 741
• Bitmain Antminer S5
• Pangolin M3X
• Avalon 6
• Bitmain Antminer S9
• Dragon mint T1
• Bitmain Antminer T9

1. Bitmain Antminer R4

China is a leading mining hardware producer and has been producing the best rigs to the market for decades. 

The Antminer R4 is one of their best options in the market today and has features that set it apart from other brands. Bitmain, the mother brand of Antminer products, creatively wired the R4 to produce a total energy efficiency of 0.098J/GH. That is, (0.098 joules per Giga hash). In other words, it’s very efficient. 

While operating,  you will hardly know that the hardware is powered on as a result of low noise production. You can comfortably use the hardware in your bedroom because it doesn’t make any noise like some brands. The fans work incredibly fast which helps with temperature regulation.

It should be noted that the efficiency of any mining hardware can be affected by the heat liberated by the tool. Bitmain, on the other hand, was careful enough to install split air conditioning units in the Antminer R4 as well as a controller that keeps unnecessary noise low.

The major setback of the Antminer R4 is the price. It’s a bit expensive if you are just starting out. The price ranges from $1,000 and even more, depending on where you want it to be delivered. That’s never a deal to fret about, the price is worth it! 

Bitmain Antminer R4 Pros

• Efficient operation
• Quiet workflow

Bitmain Antminer Cons

• Expensive for hobby miners
• Slightly heavy

2. Bitmain Antminer S7

The power consumption rate and weight of Antminer S5 were not encouraging, hence the need for a better version.

Bitmain Antminer S7 hit the market in 2015 as an advanced model over the S5. Since then, this creatively-wired model has been a go-to option for a lot of bitcoin miners.  It has an advertised capacity of 4.73 Th/s.

The design is very impressive and compact. The weight is kept at par with most of the other hardware, measuring a total of 3,900g. At a room temperature of 25 degrees Celsius, its power output is about 1,300W. Averagely, it needs a voltage of 205V to function effectively well. 

Bitmain Antminer S7 comes with a sturdy metal case. That’s another feature that shows that you’ll enjoy the tool for a very long time. However, the major setback is the annoying noise it produces while it’s in use. Apart from this, Bitmain Antminer S7 is nothing short of the standard needed for efficient cryptocurrency mining. It also comes with great support, owing to its popularity.

Bitmain Antminer S7 Pros

• Impressive and compact design
• Availability of parts and guides
• Good hash rate
• Aptly priced

Bitmain Antminer S7 Cons

• Noisy operation

3. DragonMint T1

One of the best mining hardware that has been around for years is the Dragon Mint T16. Made by the new tech company Dragon, this model has been able to make history as the first model to support up to 16 Tera hash per second. No other brand or company made this happen before Dragon. 

Remarkably, this model is very efficient. It boasts of 0.075 joules per Giga hash power consumption.

Considering the low power consumption, this could be one of the best options for you. Amongst mining hardware in its category, Dragon Mint T16 is the most powerful. You can get a unit of Dragon Mint T16 at $2,700. 

For hobby miners, that price shouldn’t be a deal. Remember, you should always be ready to spend on mining hardware if you want a great deal of profitability. 

Dragon Mint T16 Pros

• High hash rate
• Low power consumption
• Dragon Mint T16 Cons

Dragon Mint T16 Cons

• Price unsuitable for hobby miners

4. Avalon Miner 741

When you get to the market and see prices of cryptocurency mining hardware, you may likely be discouraged from taking one up. But with Avalon Miner 741, you’re sure to have a chance to own a rig. This model turns out to be one of the few affordable mining hardware in the market. 

Being affordable, however, does not make it any less excellent hardware. It is produced by the popular tech manufacturer Canaan. Even though it is not as sophisticated as Antminer S9, the Avalon miner 741 still manages to produce an energy efficiency of 0.1 joules per Giga hash. It also produces  7.3 Tera hash per second. 

You definitely want a mining hardware that doesn’t dissipate much heat, and that’s more of a reason to go for Avalon Miner 741. It has a cooling system that gently breezes the 88 chips on the circuit board and allows it to function as a single unit. Avalon miner 741 is one of the best in terms of efficiency and output power among other cryptocurrency mining hardware you can see in its price range. 

It’s also easy to setup and there are plenty of tutorials available online

Avalon Miner 741 Pros

• Easy to set up
• Plenty of online tutorials
• Good cooling mechanism
• Balanced power consumption and output

Avalon Miner 741 cons

• None

5. Bitmain Antminer S5

Antminer S5 is not the latest in the Antminer series. The S7 and S9 models are way advanced in terms of operation, but the Antminer S5 has amazing features too. Starting from its efficiency, Bitmain Antminer S5 produces about 0.51 joules of energy output per Giga hash.

The hardware is powered by a 115-volt external source to attest to its efficiency. Only about 550 watts of electricity is needed for it to operate maximally. 

In essence, you’re definitely not going to pay more electricity bills with a Bitmain Antminer S5. So, these amazing features make it a go-to option for miners in 2020. 

You don’t need to be a technology-savvy before you can operate the hardware, thanks to its ergonomic feature. Also, this model is lightweight, weighing approximately 2.5kg. Considering the price, Bitmain Antminer S5 is quite affordable. So, you should never worry about that. 

Bitmain Antminer S5 Pros

• Efficient hardware
• Lightweight and affordable

Bitmain Antminer S5 Cons

• Noisy operation

6. Pangolin M3X

For many years, there have been controversies over Dragon mint and Bitmain, as to which of these brands is better. But if you care for a brand between these two, then Pangolin M3X is a great option for you.

The hash rate of this model is also commendable. While a lot of other brands only manage a few over 9TH/s, Pangolin M3X boasts of 12.5 Tera hash per second. Although this is a bit lower than that of the Dragon, it is still a good option for miners in the market. 

If you’re considering a very affordable option, picking a unit of Pangolin M3X will be a very profitable idea. The price goes for as low as $850. If you compare this price to that of Dragon mint and Bitmain products, you would realize it costs about $2000 or more.  Pangolin M3X consumes a lot of electrical energy. It needs an average of 2,100 watts of power for optimum performance.

Lastly, this product is probably the loudest on the market. The noise it produces may not make it the best option for a home setting.

Pangolin M3X Pros

• Good hash rate
• Affordable

Pangolin M3X Cons

• Energy consuming

7. Avalon 6

Another good option available for beginners is Avalon 6. The simplicity employed in building this model makes it very easy for anyone to operate irrespective of their technical knowledge.

Although Avalon 6 is suitable for mining, it does come with a few major drawbacks. One, this model draws up to 1,050 watts. Two, it can only produce a meager 3.5 Tera hash per second. Three, you have to buy its power supply separately as it doesn’t come with it from the factory.

But that should not discourage you.

Avalon 6 has good sides too. Remember its ergonomic feature? That will naturally impress anyone to take it up from the market. The price is very impressive, too. It’s very affordable. A unit of this goes for $550.

Avalon 6 Pros

• Easy to use
• Ergonomic
• Suitable for beginners

Avalon 6 Cons

• Power supply sold separately
• Power-hungry

8. Bitmain Antminer S9

Some products will always stand out amongst their peers, and that’s exactly what Bitmain Antminer S9 aims to do. 

There are many cryptocurrency mining hardware in the market, but they don’t have a hash rate as high as this model. With a whopping 14 Tera hashes per second, the Bitmain Antminer S9 proves to be a great option for the new miner in you. 

The unbeatable hash rate of this model is courtesy of three giant circuit boards on which 189 chips are professionally installed in the hardware. 

Another amazing feature of this hardware is its efficiency. The energy efficiency stands at 0.1J/GH. It is operated with a 1600W power source and consumes more energy than the previous models of Antminer. 

However, this model has two major setbacks- pricey and loud. The noise pollution that emerges while using this hardware might not make it the best option if you want to use it indoors.

Bitmain Antminer S9 Pros

• High hash rate
• Extremely efficient

Bitmain Antminer S9 Cons

• High cost
• Power supply sold separately

9. DragonMint T1

DragonMint T1 must have gotten the suffix “1” from the fact that it possesses the highest hash rate. Hence, trashing out hundreds of mining hardware on the market! 

DragonMint T1 is superb in terms of function and output. You must have seen mining hardware rating up to 14TH/s such as the Antminer S9. But have you seen one rated 16TH/s? Yeah, no other brand could have made that possible except the Dragon Mint.

DragonMint T1 consumes more power than most other options.  It consumes about 1,480 Watts of electricity.

This model is very efficient and effective in carrying out the mining function. Considering its price, it’s an expensive option. A unit of T1 costs you no less than $2,729. But whatever the price says, it should never bother experts who cherish the value of this tool as its high hash rate contributes to more profitability in the long run.

DragonMint T1 Pros

• Easy firmware
• Great hash rate

DragonMint T1 Cons

• High power consumption

10. Bitmain AntMiner T9

Last but not the least, Bitmain AntMiner T9 is very reliable and affordable. Although the hash rate of this particular model may not be as high as the S9 model of the brand, it is not bad at all. 

At 3.8 kgs, Bitmain AntMiner T9 comes with amazing features. Consider the chips on its circuit board — it has high-quality chips that do not burn out quickly and can sustain high loads. The hardware quality is better when compared to S9. The case is very sturdy and durable as well. 

For T9 to functions just efficiently, it requires 1,450W of electricity. The efficiency rating is pegged at 0.126J/GH.

T9 is very affordable. You can purchase a unit of this hardware for as low as $500. It makes it a good option for starters that cannot afford pricey hardware yet. 

Bitmain AntMiner T9 Pros

• Good chip quality
• Durable body
• Affordable

Bitmain AntMiner T9 Cons

• Efficiency could be better

Wrapping up

We hope that the list would help you pick out the best mining hardware for your requirements. 

It is best that you look at factors such as the hash rate, power rating, power consumption, and price before buying any cryptocurrency mining hardware. Also, do not forget that the best choices are usually expensive. You should not hesitate to invest more in hardware as it is one of the factors that influence profitability in the bitcoin mining world. 

So what do you think about the guide? Did we miss any other cool piece of hardware? Use the comment box to share your thoughts and do not forget to share this with your friends and subscribe to our newsletter for timely updates.

Also, now that you’re all up to date on hardware, check out our list of mining software to keep you going!