ASICs for Mining: Prices 2024
Digital currency is an asset controlled by a decentralized system of algorithms. Government regulators and central banks do not participate in its issuance. Therefore, the global currency market includes over 10,000 types of coins with a total capitalization exceeding 1 trillion dollars. Cardano, Dogecoin, Litecoin, XRP, BND, Tether, Ethereum, and BTC are among the most widely popular ones. Bitcoin occupies the largest share in the cryptocurrency segment, with a market capitalization of over 507 billion dollars. This coin undergoes a crucial development stage called halving, leading to fundamental changes in the crypto industry. Before determining what changes to expect in mining, it is necessary to familiarize oneself with the basic concepts of its components.
Financial essence of Bitcoin
BTC or Bitcoin is a type of digital currency that was the first to be introduced to the world. The currency got its name from the combination of two words - a unit of information (bit) and a coin. The value of BTC lies in the absence of monopolistic control, blockage, and the impossibility of preventing transactions. Thus, the coin has gained a high level of protection, allowing it to minimize various abuses and fraud.
The main distinctive characteristic of Bitcoin is the reliability of investments, as the price growth is expected to exceed 6000%.
Key notable properties of Bitcoin:
- Bitcoin does not require significant expenses for conducting transactions, and the payment process is instant.
- No possibility of refund. BTC operates as a push system that does not allow transaction cancellations.
- Bitcoin is considered a global currency, allowing payments for various goods and services. Thus, consumers gain freedom of action, regardless of their location.
- Anonymity. Cryptocurrency is free from government control, eliminating the need to confirm personal data. However, the blockchain has universal access.
Digital currency has a finite quantity of 21 million BTC. Because of this, the generation speed has a predictable nature. This property leads to the mandatory halving of Bitcoin, which occurs when the number of blocks reaches 840,000 units. This event entails a reduction in block rewards, an increase in the price of the Bitcoin course, simultaneous generation of its deficit, and an increase in the requirements for computing equipment.
Why do we need miners?
Digital currency is a decentralized currency not subject to the influence of central banks. Therefore, the only way to bring the currency to the market is through the process of mining.
Mining is a unique financial platform where cryptocurrency mining takes place. Extraction occurs by solving mathematical problems using powerful computing equipment (miners). The functionality of devices involves selecting a hash from millions of combinations, after which a reward is received.
To ensure a positive result, ASICs must have high performance in the following characteristics:
- Hashrate - an indicator indicating the equipment's productivity, allowing the calculation of mathematical tasks at high speed.
- Algorithm - different hashing algorithms have different speed capabilities. Advanced codes allow generating a large number of results in a certain unit of time. Bitcoins show positive results using the SHA-256 hashing algorithm.
- Consumption. The main component in the cost article in mining is energy consumption - the lower the indicator, the higher the profitability.
The economic concept of supply and demand for Bitcoin leads to price increases and mining difficulty. This process increases demand for computing equipment, which can eventually lead to the departure of some ASICs from the mining market and the simultaneous appearance of more powerful but expensive devices.
What miners are needed at the time of Bitcoin halving in 2024?
The next Bitcoin halving will occur in March-April 2024. The fourth rebranding event for BTC leads to another redistribution of cryptocurrency in the market. Until the upcoming date, the mining market was led by computing devices with a hashrate ranging from 118 to 120 Th/s. Such models had high performance indicators and a good level of energy efficiency, ultimately allowing for clean profits with good data. The most common models include:
- Bitmain Antminer S19K Pro - hashrate is 120 Th/s, energy efficiency varies within 2.8 kW/h;
- Whatsminer M50 with a hashrate of 118 and 120 Th/s;
- Antminer S21 with a performance of 200 Th/s;
- Antminer T21 with a rate of 190 Th/s;
- Whatsminer M60 - performance of 172 Th/s;
- The KAS model range with the kHeavyHash hashing algorithm is also popular among the population.
The upcoming halving raises questions among mining users - whether to buy new equipment or bet on buying Bitcoin. Crypto industry experts claim that these action algorithms do not interfere with each other. However, buying coins only allows a small enrichment with timely selling. Purchasing miners with high hashrate indicators exceeding 200 Th/s allows for a stable monthly income, which will eventually pay off due to the increase in the value of the digital currency (the approximate course value will vary from 80 to 120 thousand dollars). Mining specialists recommend not delaying the purchase of computing equipment with such indicators, as their price will significantly increase by the specified time. The overall price of miners will increase sixfold.