9 Best Bitcoin Mining Rigs for 2024 – Compare Crypto Mining Rigs

If you’re planning to mine Bitcoin to generate passive income – you’ll need a suitable mining rig. Your chosen rig needs to generate enough hashing power to compete with other miners and offer an adequate return on your investment.

In this guide, we compare the 9 best Bitcoin mining rigs for 2024. We cover key factors such as power efficiency, maximum hash rate, set-up costs, user-friendliness, and more.

The Top Bitcoin Mining Rigs Ranked

The 9 best Bitcoin mining rigs for 2024 are ranked below:

  1. Bitcoin Minetrix: Instead of spending huge sums on mining rigs, you might consider Bitcoin Minetrix. This new cloud mining blockchain project offers a stake-to-mine concept. Simply buy and stake BTCMTX tokens to earn credits, which can then be burned for Bitcoin cloud mining power. Bitcoin Minetrix has just launched its presale campaign, so you buy BTCMTX tokens at a discounted price. In less than 48 hours it’s already raised over $145k signaling its strong upside potential.
  2. ECOS – Start earning BTC mining rewards with this investment tool. ECOS lets miners access the Bitmain Antminer S21 – offering up to 188 Th/s, with complimentary testing available. You can also conduct cloud mining operations by renting hash rates from ASIC miners. 
  3. Bitmain Antminer S19k Pro: This Bitcoin mining rig offers the perfect balance between hashing power and energy efficiency. Backed by Bitmain and retailing for $2,520, it comes with a hash rate of 120 TH/s. Its power efficiency is just 23 J/TH.
  4. Whatsminer M30S++: Retailing for $2,075, the Whatsminer M30S++ is also aimed at experienced miners looking to build a powerful Bitcoin rig. This mining rig can produce a hashing rate of 112 TH/s. That said, it’s slightly less efficient at 31 J/TH. With an average noise level of 75 dB, the Whatsminer M30S++ likely won’t be suitable for home-based mining.
  5. Halong Mining DragonMint T1: This Bitcoin mining rig comes with a hash rate of 16 TH/s and a power efficiency of 93 J/TH. While less powerful and efficient than other mining rigs, this is reflected in its price. Depending on the merchant, you’ll pay around $1,300. The Halong Mining DragonMint T1 can also mine other SHA-256 algorithm coins.
  6. Bitmain Antminer S19 XP Hyd: If hashing power is your main priority, you might want to check out the Bitmain Antminer S19 XP Hyd. Scheduled for release in October 2023, this Bitcoin mining rig has a maximum hash rate of 255 TH/s. It also comes with a power efficiency of just 20.8 J/TH. However, you’ll need to fork out $8,481 per device.
  7. AvalonMiner 1246: Backed by Canaan Creative, the AvalonMiner 1246 is a reliable SHA-256 rig that mines Bitcoin. It has a high hash rate of 90 TH/s and its power efficiency of 38 J/TH is reasonable. That said, it has a power consumption of 3420W – so running costs could be high.
  8. Ebang Ebit E12: This is an entry-level Bitcoin mining rig that retails for $800 directly from the manufacturer. It has a maximum hash rate of 44 TH/s and a power efficiency of 57 J/TH. However, it has a noise level of 75 dB – so home mining might be an issue.
  9. Innosilicon T3+ 57T: This established Bitcoin mining rig offers a hash rate of 57 TH/s and a power consumption of 3330W. It’s a bit bulky at over 10 KG but small enough for most setups. Depending on the merchant, you find Innosilicon T3+ 57T devices from $750.

Best Crypto Mining Rigs Reviewed

There are many factors to consider when researching the best crypto mining rigs. In addition to pricing, you’ll need to assess the maximum hash rate, efficiency levels, and the reputation of the manufacturer.

These factors will determine whether or not you can generate a return on your investment. Below, we review the 8 best Bitcoin mining rigs in full.

1. Bitcoin Minetrix – New Cloud Mining Initiative With a Stake-to-Mine Ecosystem 

If you don’t want to spend thousands of dollars on mining rigs, Bitcoin Minetrix is a great alternative. This is a newly launched blockchain project with an innovative concept – stake-to-mine. Here’s how it works; users initially purchase and stake the project’s native token, BTCMTX. Users will then passively earn staking rewards.

At any stage, users can burn their BTCMTX tokens in exchange for Bitcoin cloud mining credits. These credits allow you to mine Bitcoin around the clock without needing a mining rig. In fact, you won’t need to worry about high electricity bills, hardware maintenance, or any other pain points associated with Bitcoin mining.

Bitcoin Minetrix presale

Instead, Bitcoin Minetrix already has a fully-fledged mining rig that can mine Bitcoin efficiently. Another benefit is that Bitcoin Minetrix offers flexible mining agreements. You won’t need to commit to a minimum mining contract – you can start and stop mining whenever you want. What’s more, Bitcoin Minetrix is ideal for beginners.

You won’t need to have any technical expertise – simply connect your wallet to the Bitcoin Minetrix website to begin. If you like the sound of Bitcoin Minetrix,  the project has also just launched its presale campaign. This means that you can invest in BTCMTX tokens before they’re launched to the public. Moreover, early presale investors get the best price possible.

Bitcoin Minetrix presale

Currently, you’ll pay just $0.011 per BTCMTX. Like many of the best crypto presales, Bitcoin Minetrix accepts Ethereum, BNB, and Tether as payment. You won’t need to join a whitelist or upload any KYC documents – the presale investment process is instant and anonymous. Moreover, as soon as you’ve purchased BTCMTX tokens you can begin staking them straight away.

Although Bitcoin Minetrix is aimed at investors who want to mine cryptocurrencies cost-effectively, it also offers an upside potential. This is because, after the presale, BTCMTX tokens will be listed on crypto exchanges. This means that over time, the value of BTCMTX tokens could increase. And, as a presale investor, you’ll be investing from the very ground up.

For more details on this innovative stake-to-mine cloud mining project interested investors can explore the Bitcoin Minetrix whitepaper and join the X and Telegram channels. 

Total Supply 4 billion tokens
Presale Supply 70%
Token Price $0.011
Network Ethereum
Token Type ERC-20
Token Ticker $BTCMTX
Minimum Purchase $10

Pros pros

  • Great alternative to expensive Bitcoin mining rigs
  • Innovative stake-to-mine concept offering one-of-a-kind real utility
  • Looking to compete with the best Bitcoin cloud mining sites
  • Burn BTCMTX tokens in exchange for Bitcoin mining credits
  • User-friendly and passive – no technical expertise required
  • Presale campaign just launched – buy BTCMTX tokens at the lowest price possible
  • BTCMTX token rewards distributed at rate of 158.5 per ETH block
  • Staking rewards payable over 2 years
  • Estimated rewards approximately 10,900% p/a

Cons cons

  • $BTCMTX holders have no voting rights when it comes to the mining infrastructure used or the location in which the mining occurs.

2. ECOS – Top Investment Tool Offers the Bitmain Antminer S21, and other Cloud Mining Operations

ECOS is an international investment ecosystem, giving users access to various tools to earn Bitcoin mining rewards. This all-in-one Bitcoin mining solution gives you access to some of the best mining rigs – letting you earn daily BTC mining rewards.

You can use Bitmain Antminer S21 – one of the top-rated Bitcoin mining rigs in the industry. The Antminer S21 produces up to 188 Th/s – which is way above the average number provided by other ASICs. 

ECOS Bitmain Antminer

Notably, the Bitmain Antminer S21 offers a power efficiency output of just 17.5 J/TH – conserving vast amounts of energy. This is a major benefit, considering all the talk about how Bitcoin and crypto mining lead to high energy consumption. 

While this device costs $6,710, users can test drive the Antminer S21 for free. To do so, you must register an account. Activate the ASIC mining rigs by entering the promo code “TryASIC” in the account settings. 

On ECOS, you can also access other popular mining rigs such as the Antminer S19K Pro and the Quickstart Antminer S19K Pro. Through ECOS’s cloud mining feature, users can rent hash rates directly from ASIC miners and start earning BTC rewards. 

Pros pros

  • Offers cloud mining opportunities
  • Access the Bitmain Antminer S21 mining rig
  • Access to multiple mining rigs
  • Get yearly mining rewards of up to $4,415

Cons cons

  • The Bitmain Antminer S21 mining rigs costs over $6K

3. Bitmain Antminer S19k Pro – Super-Efficient Bitcoin Mining Rig With a Hash rate of 120 TH/s

Bitmain Miner S19k Pro is one of the best Bitcoin mining rigs to buy right now. In fact, this is one of the latest releases from Bitmain, which is an industry leader in the Bitcoin mining scene. The stand-out feature here is the power of Bitmain Antminer S19k Pro. Put simply, this Bitcoin rig can produce 120 TH/s – which is more than most ASICs in the market.

This means that you’ll be able to generate more hashes per second and thus – give yourself the best chance possible of solving a Bitcoin mining block. What’s more, the Bitmain Antminer S19k Pro is also one of the best Bitcoin mining rigs for efficiency. The rig comes with a power efficiency output of 23 J/TH.

Bitmain Antminer S19k Pro

The Bitmain Antminer S19k Pro comes with everything you need to get started straight away. This includes an in-built cooling fan, ensuring that your crypto mining hardware doesn’t overheat. It also comes with a dust filter for maximum efficiency. However, there are some drawbacks to consider. First, the Bitmain Antminer S19k Pro comes with a hefty price tag of $2,520.

At this price point, you’ll need to consider your return on investment. After all, one Bitmain Antminer S19k Pro device alone likely won’t be enough for you to compete with other miners. In addition, some users report that the Bitmain Antminer S19k Pro is extremely noisy. This means it might not be suitable for a home-based setup. As one of the best Bitcoin mining rigs for hashing power,  the Bitmain Antminer S19k Pro is often out of stock.

Pros pros

  • Generates hashing rates of 120 TH/s
  • Backed by Bitmain – an industry leader in ASICs
  • All-in-one solution with in-built cooling fans

Cons cons

  • Retails at $2,520

4. Whatsminer M30S++ – Maximum Hash Rate of 112 TH/s but Slightly Less Efficient 

The Whatsminer M30S++ is also worth considering when searching for the best Bitcoin mining rigs. This ASIC device packs a powerful punch – it has a maximum hash rate of 112 TH/s. That said, it’s slightly less powerful than the Antminer S19k Pro.

Moreover, the Whatsminer M30S++ isn’t as energy efficient. On average, its power efficiency rate is 31 J/TH. The Whatsminer M30S++ has been manufactured with long-term usage in mind. It has two in-built cooling fans to minimize maintenance requirements Moreover, the device itself is compact when compared to other powerful mining rigs.

Whatsminer M30S++

One of the main drawbacks is that the Whatsminer M30S++ has an average noise level of 75 dB. This will limit your ability to run the device 24/7 at home. Moreover, although cheaper than the Antminer S19k Pro, this mining rig is still expensive. Currently, it’s listed on Amazon at $2,075.

Pros pros

  • Maximum hash rate of 112 TH/s
  • A lot more compact than other ASICs
  • Two in-built cooling fans to minimize maintenance requirements
  • Solid power efficiency rate of 31 J/TH

Cons cons

  • Average noise level of 75 dB.

5. Halong Mining DragonMint T1 – Cost-Effective Bitcoin Mining Rig That Supports Other SHA-256 Algorithm Coins

If you’re looking for a slightly cheaper option, Halong Mining DragonMint T1 could be the best Bitcoin mining machine for you. Although prices vary depending on the retailer, we found the rig averages $1,300. In terms of performance, the Halong Mining DragonMint T1 has a maximum hash rate of 16 TH/s.

Naturally, this is significantly less powerful than other Bitcoin mining rigs on the market. That said, the Halong Mining DragonMint T1 is renowned for its efficiency levels. With a power consumption rate of 1480W, you’re getting good value for money. What’s more, the Halong Mining DragonMint T1 is also a lightweight option, weighing just 6 KG.

Halong Mining DragonMint T1

However, although smaller than other ASICs, it comes with an average noise level of 75 dB. Nonetheless, the device comes with two in-built cooling mechanisms and it supports over 40 SHA-256 cryptocurrencies. This includes some of the best altcoins, such as Bitcoin Cash. The Halong Mining DragonMint T1 is also compatible with popular mining pools, including ViaBTC and SlushPool.

Pros pros

  • Lightweight design – weighs just 6 KG
  • Supports more than 40 SHA-256 mining coins
  • Average price tag of $1,300
  • Renowned for its power efficiency levels

Cons cons

  • Maximum hash rate of just 16 TH/s

6. Bitmain Antminer S19 XP Hyd – Powerful Bitcoin Mining Rig With a Maximum Hash Rate of 255 TH/s

If budget isn’t a concern and you’re looking for the most powerful Bitcoin mining rig – Bitmain Antminer S19 XP Hyd could be for you. While the S19k Pro is capped at 120 TH/s, this Bitmain rig has a maximum hash rate of 255 TH/s. This means it’s more than twice as powerful.

But what comes with power is a high price – the Bitmain Antminer S19 XP Hyd is retailing for $8,481. The device can be purchased directly from the Bitmain website and shipping commences in October 2023. Although the Bitmain Antminer S19 XP Hyd produces unprecedented power, it’s also very efficient.

Bitmain Antminer S19 XP Hyd

The device has a power efficiency rate of just 20.8 J/TH. Like many top-rated ASIC rigs, the Bitmain Antminer S19 XP Hyd can also mine other cryptocurrencies that use the SHA-256 mechanism. That said, based on its power ability and high efficiency, this mining rig is ideal for Bitcoin. Moreover, the device comes with a hydro-cooling system, which reduces the average noise level to just 50 dB.

Pros pros

  • Unparalleled power – hash rate of 255 TH/s
  • Power efficiency rate of 20.8 J/TH
  • Hydro-cooling ensures an average noise level of just 50 dB

Cons cons

  • Retailing for $8,481

7. AvalonMiner 1246 – Reliable SHA-256 Rig With 4 Cooling Fans 

The AvalonMiner 1246 is a reliable cryptocurrency mining hardware manufactured by Canaan Creative. One of its stand-out features is its high hash rate of 90 TH/s. What’s more, it comes with a power efficiency of 38 J/TH. That said, the AvalonMiner 1246 has a power consumption rate of 3420W.  This means that running the rig 24/7 could become costly.

On the flip side, we like that the AvalonMiner 1246 comes with four cooling fans. This allows the rig to maintain a minimum and maximum temperature of -5℃ and 35℃, respectively. The AvalonMiner 1246 is also popular for its simple setup process and in-built AI chip. In terms of pricing, you’ll need to contact Canaan Creative for a custom quote.

Pros pros

  • Powerful hash rate of 90 TH/s
  • In-built AI chip
  • Comes with four cooling fans
  • Backed by Canaan Creative

Cons cons

  • High power consumption rate of 3420W

8. Ebang Ebit E12 – Entry-Level Bitcoin Mining Rig Retailing for $800  

One of the best Bitcoin mining rigs for entry-level miners is the Ebang Ebit E12. This mining machine retails for just $800 and you can buy it directly from the manufacturer. While UPS shipments are free, you’ll pay an additional $165 if you prefer DHL. Nonetheless, the Ebang Ebit E12 comes with a maximum hash rate of 44 TH/s.

Ebang Ebit E12

It’s not the most efficient mining rig, with a power consumption of 2500W. Moreover, the Ebang Ebit E12 has a power efficiency rate of 57 J/TH. Another drawback is that the average noise level is 75 dB. Once again, this means the device might not be suitable for mining at home. That said, we like that the Ebang Ebit E12 mining rig comes with an independent heat sink, keeping the device cool at all times.

Pros pros

  • Sold directly by the manufacturer for $800
  • Free shipping when using UPS
  • Independent heat sink keeps the device cool
  • Hash rate of 44 TH/s

Cons cons

  • Power efficiency rate of 57 J/TH

9. Innosilicon T3+ 57T – Established Bitcoin ASIC for Under $1,000  

Last on this list of the best Bitcoin mining rigs is the Innosilicon T3+ 57T. Originally launched in 2019, this established ASIC can produce hash rates of 57 TH/s. It has a power consumption rate of 3300W and supports over 40 SHA-256 cryptocurrencies – including Bitcoin.

Innosilicon T3+ 57T

The device comes with two in-built fans and weighs over 10 KG, which is a bit bulky. Its average temperature is between 5-40°C. In terms of pricing, you’ll need to buy this device from the secondary market. We found that prices start from $750. Anything above $1,000 should be considered expensive.

Pros pros

  • Prices start from $750 depending on the retailer
  • Commendable hash rate of 57 TH/s
  • Comes with two in-built cooling fans

Cons cons

  • Power consumption rate of 3300W will result in high electric costs

Our Methodology When Ranking the Best Bitcoin Mining Rigs 

Our methodology when researching the best Bitcoin mining rigs covered many important variables.

This includes:

  • Pricing: You’ll be buying a Bitcoin mining rig to generate investment returns. Therefore, it’s important that you consider the price. In most cases, the more expensive mining rigs come with the greatest capabilities. This means high hashing rates and power efficiency.
  • Hashing Rates: Our methodology evaluated the maximum hashing rate of each crypto mining rig. This is based on the number of terahashes per second (TH/s) the rig can produce. This enables you to determine whether or not the Bitcoin mining rig can realistically compete with other miners.
  • Power Efficiency: We also explored the power efficiency of each Bitcoin mining hardware. Reputable manufacturers display this as the Joules per terahash (J/TH). This determines how much energy the rig consumes for every 1 TH produced. Rigs with a low J/TH scored highly.
  • Manufacturer Reputation: Our methodology also examined the reputation of the mining rig manufacturer. For instance, how long the manufacturer has been in business and how its ASICs are perceived by the broader mining community.
  • Add-On Requirements: We also assessed the completeness of each mining rig. For example, the best Bitcoin mining rigs come as an all-in-one solution. However, some require you to purchase add-ons for full functionality. This often includes cooling devices or power supplies.

Our methodology enabled us to present the 9 best Bitcoin mining rigs for 2024. However, doing your own due diligence will enable you to make an informed decision.

What is a Bitcoin Mining Rig?

Mining rigs are required to mine Bitcoin and other cryptocurrencies. This niche market has evolved rapidly since Bitcoin was launched in 2009. In the early days of Bitcoin, mining could be done at home with a basic desktop device with an in-built central processing unit (CPU). As mining became more popular, graphics processing units (GPU) became a minimum requirement.

Today – Bitcoin is a mega-cap asset, with each BTC token trading for tens of thousands of dollars. The result is that mining has become extremely competitive. The only way to mine Bitcoin is with fully-fledged mining rigs consisting of application-specific integrated circuits (ASICs). These are powerful machines built specifically for Bitcoin mining.

Bitcoin Mining Rig

ASICs can generate huge amounts of hashing power – a minimum requirement to successfully mine Bitcoin. Not only that but Bitcoin mining has become so competitive that standalone ASICs will no longer suffice. Instead, the most effective mining rigs have thousands of individual ASICs connected to the same network. This is what you’re competing against when entering the world of Bitcoin mining.

In addition, Bitcoin mining rigs are not cheap to run. Due to the proof-of-work system, Bitcoin is very energy-intensive. This means that mining rigs consume vast amounts of electricity. The costs are amplified with every ASIC that you run. Another consideration is that Bitcoin rigs are not simple to install. They also require constant maintenance. To avoid downtime, you’ll need to consider the costs and expertise of making repairs.

How Do Bitcoin Mining Rigs Work?

Mining rigs require a significant upfront investment. So it’s important you understand how Bitcoin mining rigs work before proceeding. This section covers everything you need to know.

The Objective of Bitcoin Mining Rigs 

Put simply, rigs aim to mine Bitcoin in the most efficient way possible. Every 10 minutes, rewards of 6.25 BTC are paid to miners. This amounts to over $162,500 based on current Bitcoin prices. Rewards also include transaction fees, which are paid by senders when transferring funds. This makes Bitcoin mining very lucrative.

However, only one miner can win the Bitcoin block reward. This means that there are thousands of miners competing daily. In many ways, the Bitcoin mining framework is far from democratic. This is because the odds of winning mining rewards are determined by hashing power. In other words, the larger the mining rig – the more chance there is of being successful.

This makes it nearly impossible for individuals to successfully mine Bitcoin. Instead, the industry is dominated by large-scale mining rigs worth millions of dollars.

Solving Bitcoin Mining Puzzles 

We mentioned that every 10 minutes, a new Bitcoin block is mined. This contains transactions that need to be verified before being posted to the blockchain. This is the primary role of a Bitcoin miner. The only way to mine a Bitcoin block is to solve a cryptographic puzzle. This is randomly generated by the Bitcoin blockchain every 10 minutes.

The reason it takes an average of 10 minutes to solve the cryptographic puzzle is because they are ultra-complex. This is where Bitcoin mining rigs come in. They utilize a trial-and-error approach by making trillions of guesses each second. This continues until a mining rig correctly solves the puzzle. When they do, they have successfully mined the Bitcoin block and will receive their rewards.

Hash Rate is Crucial   

We mentioned that Bitcoin mining rigs make trillions of guesses every second when attempting to solve the block puzzle. However, the speed and efficiency that mining rigs operate will vary considerably. This is calculated as the hash rate per second. The higher the hash rate, the more powerful it is. In turn, it can make more guesses every second and has a higher chance of winning the mining reward.

This is typically determined by cost. That is, the more expensive the mining rig the more hashes it should produce every second. However, as we cover shortly, power efficiency is also important. This determines how efficiently the mining rig consumes energy.  Going back to the hash rate, minimum requirements have increased significantly in recent years. Long gone are the days of being able to use CPUs or GPUs.

Bitcoin mining rig

What’s more, not only ASICs are suitable on their own. On the contrary, the best Bitcoin mining rigs have an entire factory of ASICs operating simultaneously. This is because of the Bitcoin mining difficulty – which adjusts over time.

  • As Bitcoin has become more valuable, the industry continues to attract more miners.
  • More miners mean that competition is higher. The Bitcoin network will adjust its mining difficulty accordingly.
  • When the mining difficulty increases, so does the amount of hashing power required. Mining rigs without the required power are simply left behind.
  • Bitcoin’s difficulty can also decrease when the number of active miners declines. This often happens when the price of Bitcoin is low.

The Columbia Climate School claims that the Bitcoin mining industry consumes over 150 terawatt-hours of energy annually. To put things into perspective, this is more than the entire population of Argentina. Therefore, as Bitcoin mining machines become more popular, so does the amount of required hashing power.

Evaluating the Bitcoin Mining Hash Rate

  • When you’re researching the best Bitcoin mining rigs, you’ll need to evaluate their hashing rate capabilities.
  • This is usually shown as the ‘TH/s’. This is the number of terahash the mining rig can produce every second. 1 TH amounts to 1 trillion hashes.
  • The more terra hashes per second, the more guesses the mining rig can make. This increases the odds of solving the block reward before other miners.
  • Ultimately, Bitcoin mining is all about hashing power – the more you have the more successful you will be.

Power Efficiency Determines Profitability

We’ve established the importance of hash rates when choosing the best Bitcoin mining rig. However, there’s another important factor to consider – power efficiency.

The reason is simple – you could have the most powerful mining rigs and still not make money. Why? Because Bitcoin mining is extremely energy-intensive. And as your power capabilities increase, so will your energy costs. Crucially, energy is going to be one of your biggest expenses when mining Bitcoin. If you’re paying too much, then you might not make a profit.

This is why you need to understand how power efficiency works. In a nutshell, each mining rig will have its own efficiency levels. This is usually assessed by the J/TH (Joules per terahash). This highlights how much energy the Bitcoin mining rig requires to produce 1 TH of power.

Bitcoin mining hydroelectricity

The best Bitcoin mining rigs have a low J/TH and a high TH/s. In other words, the rig can produce a significant number of hashing power while consuming lower amounts of energy. Ultimately, this will increase your profit margins. After all, you’ll want to spend as little as possible on expenses when mining Bitcoin.

All that being said, your Bitcoin mining energy costs will also be determined by your location. For example, China dominated the Bitcoin mining industry before it was outlawed in 2021. This was partly due to low energy costs when compared to the rest of the world.

What’s more, energy costs will also vary depending on the source. For example, many Bitcoin mining rigs are powered by renewable, green energies. This includes hydroelectricity and solar. In fact, according to the Bitcoin Mining Council, 58.9% of mining rigs were powered by renewable energy in Q4 2022. Not only are these energy sources more cost-effective for mining rigs but also better for the environment.

Why is Efficiency Important When Mining Bitcoin?

  • When mining Bitcoin – you’ll initially want to focus on two metrics.
  • First, the hash rate – which determines how much power your mining rig can produce.
  • In addition, you also need to consider the power efficiency. This will determine how much energy your mining rig consumes.
  • If you’re using a mining rig with poor power efficiency rates, then you’ll be spending more on electricity. This will eat away at your profits and could make Bitcoin mining unviable.

How Much Can You Make From a Bitcoin Mining Machine?

Is Bitcoin mining profitable? Well, unlike a traditional savings account, Bitcoin mining doesn’t come with fixed yields. Instead, your ability to make money depends on a wide range of metrics. But in simple terms, your profit is the amount of Bitcoin you earn minus costs.

Let’s expand on the basics so you can assess whether Bitcoin mining rigs are right for you.

Bitcoin Mining Rig Revenues

You’ll be buying a Bitcoin mining rig to generate revenue. This will be achieved if your rig mines a Bitcoin block. If it does, you’ll receive two different payments – the block reward and the respective transaction fees.

Let’s start with Bitcoin block rewards.

Bitcoin Block Rewards

We’ve established that every 10 minutes, one miner will solve the cryptographic puzzle and earn the block reward. Currently, this pays 6.25 BTC. However, the block reward halves approximately every four years.

  • In 2009, the Bitcoin reward was 50 BTC.
  • It was then reduced to 25 BTC (2012), 12.5 BTC (2016), and 6.25 BTC (2020).
  • The next Bitcoin halving event will happen in 2024. This will reduce the block reward to 3.125 BTC.

If you earned 6.25 BTC in mining rewards today and immediately cashed out – you’d get around $162,500. Naturally, your actual take-home revenues are determined by the Bitcoin price. In an ideal world, you’ll be mining Bitcoin when its price is high. This means your profit margins are wider. Your margins will decline when the price of Bitcoin declines. More on this later.

Bitcoin Transaction Fees

When Bitcoin is transferred, transaction fees need to be paid by the sender. These fees are sent to miners to cover the cost of verifying transactions. However, just like the 6.25 BTC block reward, transaction fees are only collected by the successful miner. This increases the revenue generated when mining a block.

In terms of amounts, this varies depending on how busy the Bitcoin network is. For example, the total Bitcoin transaction fees paid in the past 24 hours was $726,267. Based on 144 daily blocks, that’s an average of just over $5,000.

Four days prior, the total Bitcoin mining fees stood at over $1.39 million. Back in May 2023, daily fees hit a record high of over $17 million.

What Happens to Mining When All Bitcoins Are Minted?

  • Bitcoin has a limited supply, meaning that mining rewards will eventually come to a halt.
  • This will happen when the Bitcoin supply hits 21 million tokens. It’s estimated that this will happen in the year 2140.
  • However, Bitcoin miners will still be motivated to operate – as they’ll receive transaction fees from the block they mine.
  • The assumption is that Bitcoin will be a lot more valuable at this point, meaning mining could still be lucrative.

Break-Even Price of Mining

Now that you know how to calculate your revenues, you’ll need to pay attention to your costs. The most important figure to arrive at is your break-even price. This is the amount of money you’re spending to mine one Bitcoin.

There are several costs that you should include in this figure. Initially, you’ll want to include the cost of the mining rig. Not only will this depend on the type of ASIC but also the number of devices you buy. Then, you’ll need to include your running costs. This includes your electricity expenses. If you allocate funds to maintenance, add this in too.

To offer some insight, TheMinerMag provides some very valuable information on Bitcoin mining costs. It provides the production cost per mined Bitcoin for the 19 largest rigs globally. Interestingly, there is a huge disparity in costs depending on the rig.

For example:

  • Canaan Creative – a Chinese mining company with rig operations around the world, averaged $25,300 per mined Bitcoin in Q2 2023.
  • Then there’s Terawulf – a US-based mining company with rigs in New York and Pennsylvania, which averaged just $14,400 per mined Bitcoin. 91% of Terawulf rigs are powered by zero-carbon energy, potentially reducing its cost price. Terawulf stock is listed on the NASDAQ exchange.

Do bear in mind that these mining companies operate fully-fledged farms. They’re backed by thousands of the most advanced ASICs, resulting in a vast capital outlay. As such, your Bitcoin mining rig costs are likely to be much higher. Nonetheless, you should understand what your break-even price is to assess profitability.

How Much Do Crypto Mining Rigs Cost?

There is a direct correlation between the price of a Bitcoin mining rig and its performance. In other words, the more you pay, the more hashing power you will be able to produce. This is crucial because if you don’t have enough hashing power, you won’t be able to compete with other miners. This means that your mining efforts will be for nothing.

For example, the Bitmain Antminer S19 XP Hyd is one of the most powerful mining rigs available right now. It can produce a maximum hash rate of 255 TH/s. That said, this Bitcoin mining rig will set you back $8,481. At the other end of the scale, the Ebang Ebit E12 retails for just $800. However, it has a maximum hash rate of just 44 TH/s.

Although higher-priced mining rigs get you more power, this doesn’t necessarily mean you’re getting value for money. For example, you’re paying $33 per TH/s when buying the Bitmain Antminer S19 XP Hyd. In contrast, Ebang Ebit E12 is available for just $18.18 per TH/s.

In addition, the efficiency of a Bitcoin mining rig is reflected in its price. As we mentioned, you can have an ultra-powerful setup, but if your devices are inefficient, you might not make a profit. This is because inefficient mining rigs have a much higher power consumption requirement. This means you’ll be consuming more electricity.

Are Bitcoin Mining Rigs Legal?

Bitcoin mining is legal around the world, with a few exceptions. We mentioned earlier that China banned Bitcoin mining in 2021. In the current landscape, the largest Bitcoin rigs are based in the US. This includes Marathon Digital Holdings and CleanSpark.

bitcoin mining rigs

However, although Bitcoin rigs are legal in the US on a federal level, the state of New York banned crypto mining last year.  That said, the ban only impacts mining companies and not individuals.

Outside of the US, Bitcoin mining is banned in several countries – including Morocco, Nepal, Bangladesh, and Bolivia. These countries have an all-out ban on cryptocurrencies in general and not just mining.


In summary, you can access top Bitcoin mining rigs such as the Bitmain Antminer S21 – which costs over $6K. A great alternative is Bitcoin Minetrix. This newly launched project offers a stake-to-mine mechanism.

You won’t need to purchase any expensive rigs – simply stake BTCMTX tokens to earn Bitcoin mining power. Bitcoin Minetrix has just launched its presale campaign, so you can buy BTCMTX tokens at the lowest price possible.


Are Bitcoin mining rigs profitable?

Are Bitcoin mining rigs illegal?

How much does a Bitcoin mining rig make?

How long does it take to mine one Bitcoin with one rig?

What is the best Bitcoin mining rig?

Kane Pepi
Kane Pepi

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…