For the last few months, cryptocurrency rates have been recovering after last year’s correction. The income of miners is growing, although the payback period for the equipment is still long. To enter the market, you need to find affordable components and calculate the potential income. The best mining farms give the highest hash rate at the lowest price. In 2023, top coins can be mined only on asics, GPU rigs are collected for low-liquidity assets – NEXA, Ravencoin, KASPA and Radiant. But video cards allow you to earn at home, and asics are better installed in separate premises (in a warehouse, garage or data center).
Criteria for the best farm for mining
The task of computing is to find the solution to the hash function before other participants. The winner receives a reward in cryptocurrency. Therefore, miners strive to increase the power of farms. To do this, several ASICs or GPUs are assembled into a single network. Small farms consist of 1-2 devices, large – unite thousands of devices.
Manufacturers are constantly improving equipment and offering technological solutions. But not always powerful devices provide high profitability. You need to take into account the factors in the aggregate – hashing speed, power consumption, electricity tariffs and component prices.
Selecting components and installing a farm is not an easy task. You need to know the basics of blockchain and how a computer works. You can buy a ready-made farm, but the price will be higher, which means that the payback period will increase.
Performance
This metric is used to evaluate the effectiveness of the efforts spent. The performance of the best mining farms in 2024 depends on several factors:
- The type of cryptocurrency. There is a constant in any blockchain – the time it takes to generate a block. The greater the total power of the network, the more difficult the task. Therefore, for the extraction of popular coins, productive equipment is needed.
- The cost of electricity. This is the main item of expense for miners. In an unfavorable period, all income goes to pay bills. If the profit is not enough even for electricity, users are forced to stop mining. The lower the tariff, the more the miner will earn.
- Energy efficiency. The parameter determines the energy consumption for the production of 1 H/s. Such a score shows better performance of the equipment than power or hash rate. The technique can quickly solve the hash function and earn a lot, but the income will go to pay the bills.
Hash rate
Transactions on the network need to be validated by miners. To do this, they look for a hash – a unique identifier whose value contains information about all previous blocks. One way to find it is to search through all possible combinations.
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The hash rate shows how many values can be checked in 1 second.
Miners buy productive equipment or choose cheaper models and artificially increase the characteristics. Overclocking allows you to increase the hash rate without cost. But manufacturers do not guarantee stable operation in this mode and do not undertake repairs. That’s why you should overclock devices older than 6 months, which have already paid off most of the cost.
It is possible to increase the hashing speed by 30-40%, but equipment failure is not excluded. In addition, the farm will consume more electricity – you will have to buy a power supply and coolers.
Price
To calculate the profitability of a mining farm, you need to subtract the costs from the income. Equipment is the biggest cost item. The lower the cost and higher the power, the shorter the payback period. Therefore, you need to find a balance – the maximum hash rate at the minimum price.
Optimal models will bring more money than productive but very expensive or cheap and low-powered ones.
To reduce costs, investors buy asics and cards on the secondary market. Experienced miners can find a device in good condition at a reduced price. But for most, it is difficult to identify malfunctions during the initial inspection. The technique can fail before it has had time to recoup its cost. The investor will be forced to stop mining or urgently replace the device.
The best equipment for a mining farm in 2024
Top cryptocurrencies (Bitcoin, Litecoin, Dogecoin) are mined on asics. To increase productivity, the devices are connected in a network. To get a good income, you will need to buy at least 5-8 ASICs. The devices are very warm and noisy, so they are placed in data centers.
Blockchains of little popular coins do not require a lot of computing power – cryptocurrency can be mined on video cards. Miners assemble a rig – 4-6 GPUs in a single case. More often they use one such design or assemble several pieces.
Video cards (GPU)
The best mining farms on GPUs allow you to earn with low costs. The user can reconfigure the rig to mine any cryptocurrency or connect to a pool with automatic mining of the most profitable asset. If you get tired of mining coins, graphics cards are sold on the secondary market or used for other tasks. Unlike ASICs, GPUs released a few years ago are still relevant.
Rig for 4-6 GPUs does not make much noise, so it can be installed at home (on the balcony or in the hallway). But you should not count on big profits. On GPU mining earn 2-5 thousand rubles per month. The table contains the best video cards for December 2023.
Accessories
To assemble the farm will require additional components. They are not involved in mining and perform a service function, so you can buy the cheapest new ones or good ones on the secondary market. But you can save money on not everything – the quality of the power supply depends on the stability of electricity supply to the computing elements. If there is a failure or the PSU burns out, it can lead to premature ASIC/GPU failure.
The power supply should be of Silver or Gold standard (more than 85% efficiency). It is necessary to calculate the required power and provide a reserve of 20-30% in case of overclocking or power surges. In 2023, ExeGate M850, GIGABYTE P1000GM, MSI MPG A850GF are popular.
Other accessories will also be needed:
- Risers (for connecting video cards). There are no serious requirements, but it is better to choose components with a USB 3.0 connector. They have higher bandwidth. You can take any of them, but the imported raisers are more reliable (average working life is 2-3 years). You’ll have to wait longer for delivery, so it’s better to buy with a reserve.
- Housing. You can buy the cheapest model or assemble it yourself. Preference should be given to open designs because of better cooling.
- Power synchronizers. There are no big requirements, so you can save on them. They are required only if the miner connects 2 or more power supplies. Server models are expensive, so users connect several ordinary PSUs in parallel.
- Hard disk. This element is needed only for storing programs and OS, so you can save money. Suitable models are Netac N535S, AMD Radeon R5 Series.
- Processor, RAM, fans, motherboard are involved in mining, so the usual ones are used. The main thing is to choose them at the same time, this will ensure compatibility.
- Software. Utilities can be found in free access. But sometimes it is worth paying, if the application has useful features.
TOP of the best ready-made mining farms in 2024
Now to mine cryptocurrency can be professional marketers and beginners who do not understand the device of the PC. There are companies that are engaged in the assembly and repair of equipment. An investor does not have to look for components on marketplaces or the secondary market. One does not have to think about compatibility and assembly in a rig.
The price of convenience – when buying a ready-made farm, the user cannot be sure of the quality of the components.
The final sum includes the services of picking and connecting the components. In a falling market, the period of return on investment is higher. The situation will change if cryptocurrencies start to grow. The profitability of mining will increase, and the farm can be profitably resold. The table shows the top mining farms for 2023.
Conclusions
In 2023, the crypto market shows positive dynamics. The income of miners has increased compared to 2022, but super profits, as in 2017-2021, are no longer there. The payback period for most of the asics and video cards exceeds 12 months. At the same time, GPUs have a maximum lifetime of 2 years in active mining, while asics have a lifetime of 13-15 months.
The complexity of mining is growing, so not everyone will be able to recoup their investments. The situation will change if the market returns to the tops and sets new highs.
Frequently asked questions
❓ What is downvolting?
It is an artificial reduction in supply voltage. Power costs are reduced by 20-40%. At the same time, the hash rate is lost slightly.
💰 Which miners are the most profitable?
Antminer S19 Pro, WhatsMiner M30S++ and newer asics are the most profitable in bitcoin mining in 2023. The situation in the crypto market is unstable, so the balance of power may change.
🧮 What calculators can predict income?
Whattomine service will calculate which coins were the most profitable. In Minerstat, you can look at the devices used for mining in 2023 and calculate the potential income.
💡 Which farm to buy – on ASIC or GPU?
It depends on your budget and goals. You can make a little money and learn mining on video cards. But for a tangible income you will need ASICs. It is worth preparing for large investments and electricity bills.
🖥️ What programs are needed to overclock video cards?
Miners use software from GPU manufacturers or the universal utility MSI Afterburner. The program works with Nvidia and AMD graphics cards.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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