Mining is the method of confirming a block of transactions or generating new cryptocurrency chains. Miners devote their time and computational resources to solving mathematical puzzles that validate Ethereum transactions. The Ethereum network is built on a Proof-of-Work system, which rewards miners for each new token they make.
Miners must solve hash functions and begin by generating a list of desired hashes based on difficulty. Any miner's primary incentive is to make money; they are credited with each block as well as any transaction fees charged by users.
There’s a lot of hype in the crypto mining industry regarding the new ASIC miners. Let’s see why the upcoming Ethereum ASIC miners are better than bitmain antminer s19 pro or antminers overall.
The Upcoming Ethereum ASIC Miners Will Offer 2000+ MH/S
The hashrate of the new devices is expected to be greater than 2000 MH/s. We're talking about Innosilicon's A11 ETH miner and an upcoming rig from a newcomer to the mining scene, Linzhi, which has been receiving some hype recently. Linzhi Inc. was formed by Chen Min, the former CTO of Canaan, a well-known name for anybody who has been involved with crypto mining for some time, as this was one of the first companies to produce Bitcoin ASIC mines – the Avalon miners.
Linzhi Phoenix E2600M
The Linzhi Phoenix E2600M ETH mining equipment is expected to be available for purchase in March-April of this year, with a price range of 13-15 thousand USD. If they start shipping as planned and you're one of the first to get the rig, you'll only have 4-5 months to mine Ethereum, but you'll still be able to mine other crypto currencies using the Ethash algorithm and smaller DAGs.
Innosilicon A10 Pro
According to the official company website, the Innosilicon A10 Pro ETH Miner is reportedly the top performing dedicated non-GPU miner for Ethash, with 500 MH/s hashrate at 950W of power consumption at the wall, valued at $4388 USD (or 0.125933 BTC), though it is currently sold out.
Innosilicon A11
The Innosilicon A11 ETH miner is expected to produce 2100 MH/s Ethash hashrate while using just 2300W of power and featuring 8GB of memory. The disadvantage is that the price will be higher, most likely in the range of $15-16 thousand USD, with distribution expected to begin in April-June.
Nvidia RTX 3000 series
The Innosilicon product is slower in terms of hashrate and a little costly in terms of price, but it is also more power sensitive and has enough memory for long-term use. Of course, instead of investing in advanced mining hardware that is optimized for a single algorithm, you can use Nvidia RTX 3000 series GPUs to mine Ethereum and pretty much every other GPU-mineable crypto algorithm.
But keep in mind that with the price of the hardware, you wouldn't want to buy one that could only be used for a few months for mining Ethereum (ETH).
Take Home Message
Be it Bitcoin or Ethereum, reasonable hardware and internet access is needed for an investor to mine in order to want to be miners to solve complicated puzzles, the actual method is to compile recent transactions into blocks. The individual who first solves the puzzle is able to put the next block on the blockchain and collect the rewards, including transaction fees related to the transactions carried out in the block, along with a newly released coin, the sum of which is referred to as the block reward. So, what are you waiting for? Start mining today.
