20 Best Bitcoin Mining Software for 2024 – Compare Crypto Mining Sites

Bitcoin mining can be a lucrative way to get into crypto while also helping blockchains run smoothly. Miners solve complex computational puzzles to validate transactions and receive Bitcoin as a reward for their work.

While many people picture Bitcoin mining as requiring a warehouse full of powerful servers, that isn’t strictly required. Bitcoin mining platforms and apps enable anyone to turn their computer into a Bitcoin mining rig. Some platforms even enable individuals to plug into networks of miners spread around the globe.

In this guide, we’ll review the best Bitcoin mining software for 2024 and explain everything readers need to know about crypto mining.

Best Crypto Mining Software Reviewed

Let’s take a deeper dive into the top Bitcoin mining software to help new miners decide which platform is right for them.

1. Binance Cloud Mining – Overall Best Bitcoin Mining Site Integrated With Binance Pool

Binance Cloud Mining is currently the best Bitcoin mining site on our list. The platform lets you earn Bitcoin without buying or running your own mining machines. Please note that the cloud mining service is a part of Binance Pool and only mines Bitcoin.

You can buy mining power/hashrate from Binance in small increments. The smallest amount you can buy is 1 TH/s, which costs about $23.04 at press time. This price includes the mining power and electricity costs. Please note that each purchase lasts for 90 days.

You get paid daily based on how much Bitcoin is mined. Your earnings can vary due to factors like network hashrate and mining difficulty.

Binance Cloud Mining stands out for its transparency– which clearly indicates potential earnings. This feature is quite beneficial for both new and experienced miners. Moreover, it’s a low-cost and simple way to start mining Bitcoin.

However, it’s important to note that Binance’s cloud mining service is not available to users in the US due to regulatory concerns.

2. CryptoTab – User-friendly Mining Platform Using Idle Computer Capacity

CryptoTab Farm is next on our list of best Bitcoin mining sites. It offers a user-friendly platform that helps mine and earn Bitcoin using the idle capacity of your computer. You can also rent mining power without needing physical hardware.

You can use CryptoTab Farm on a website or by downloading an app. It’s easy to set up – you just need to make an account, and you can start right away. You can use it on computers (Windows or Mac) or as an Android phone mining app.

CryptoTab Farm has different plans you can choose from:

• You can rent “mining slots” – the more you rent, the less each one costs.
• Each slot comes with a free miner that earns about 480 satoshis of Bitcoin per day.

One of the advantages of CryptoTab Farm is the ability to withdraw funds without limits or commissions. It offers many withdrawal options– including Bitcoin and fiat currencies via bank cards. The platform also has a referral program that allows users to earn bonuses by inviting others to join.

How much you earn depends on Bitcoin’s price and how much mining power you have. So, using your device for mining might consume more electricity and make your device wear out faster.

3. Hashmart – Reliable Cloud Mining Service Offering Bitcoin and Ethereum Mining

Hashmart Cloud Mining is next on our list of the best Bitcoin mining sites that let you earn Bitcoin without the hassle of managing physical hardware. The platform launched in 2018 with a primary focus on cloud mining services for Bitcoin and Ethereum– with plans to expand into other cryptos soon.

This cloud mining service offers various contracts, including a popular 12-month Bitcoin plan. You can immediately start mining after the payment–  with daily payouts credited to accounts.

Hashmart also has a few open-ended plans in addition to the 12-month plan for long-term investments. It offers reasonable prices starting from only $52.40.

You can pay using Bitcoin, Ethereum, or even a card to start mining (currency for card payments: EUR, USDT, and RUB).

The platform is relatively easy to use and has transparent operations. You can see how much you earn in real time from mining on your dashboard. It’s also worth noting that the platform offers 24/7 customer service for any queries.

However, one of the platform’s drawbacks is that it claims to offer services in the ‘Asian region’ but doesn’t state the countries. Also, the platform does not yet have an app for iOS.

4. Hashing24 – Established Platform with a Strong Track Record

Hashing24 is a popular cloud mining service that has been around since 2012. The platform is known for its reliable performance and has a good track record of high uptime across its various data centers in Europe and Canada.

You can choose plans that last 12, 18, or 24 months. The cheapest plan starts at about $52 for a year. The platform offers a profit calculator– which makes it quite easy for miners to determine their potential profit levels.

It’s worth noting that you can get discounts if you buy more mining power. For example, you get 5% off on a 100 TH contract. The platform also shows estimated returns of the contract you choose. For instance, if you spend about $174.24 on a 12-month plan, they estimate you could earn about $120.3 at the time of writing.

These contracts come with daily payouts– which you can withdraw immediately. You can pay for a plan with a credit card or with crypto.

If unsure, you can try a free demo account to see how it works. They also have a prompt customer service that’s available 24/7.

5. ECOS – Cloud-based Bitcoin Mining Site Offering Mining Equipment Leases

ECOS is a cloud-based crypto mining platform that makes it easy to lease or buy powerful Bitcoin mining equipment.

Leases for ECOS mining equipment start at only $500 for a 5-year contract. For that price, you get 10.25 TH/s of computing power, which is enough to deliver $1,144 in returns assuming a BTC price of $50,000.

Mining contracts are extremely customizable, giving miners more ways to choose their investment level and profit target. For example, a miner can choose a 30-month contract with a $10,000 investment to get 229.60 TH/s of mining power. That’s enough to deliver an expected return of $25,630 if BTC is at $50,000.

You can also build your own Bitcoin mining farm at ECOS’s datacenter. The company offers remote Antminer S19 Pro machines for $2,900 apiece. The miner owns the machine, but ECOS takes care of operating it. Then it’s easy to monitor performance using the ECOS mobile app.

ECOS primarily mines Bitcoin, but it follows the most profitable tokens to ensure it delivers a steady return for miners. The platform also offers a multi-currency crypto wallet to make collecting mining payouts easy.

6. CoinMiningFarm – Eco-friendly Cloud Mining Using Green Energy Sources

Next on our list of the best Bitcoin mining sites is CoinMiningFarm. It’s a well-known cloud mining site that primarily uses green energy like wind, water, and heat from the earth. This makes it a good choice if you care about the environment.

It currently offers cloud mining services for only Bitcoin, where you can choose different contracts for multiple durations.

If you’re new, you could try a 7-day plan for $500. There’s also a cheaper $50 plan, but it lasts for a whole year. For more experienced miners, there’s a 365-day “diamond” plan. It pays you 1.10% every day. You need to spend at least $1,200 with a cap of $5,499. It’s worth noting that you can only pay using Bitcoin on this site.

Please note that while cloud mining can be an easy way to start with Bitcoin, how much you earn can change based on Bitcoin’s price and other factors.

7. ARK Mining – Versatile Mining Platform Supporting Multiple Cryptocurrencies

ARK Mining is a popular mining site next on our list of the best Bitcoin mining sites. It allows users to rent mining hardware and mine cryptos like Bitcoin, Bitcoin Cash, Litecoin, and Bitcoin SV. 

You can rent mining power for as little as $50 a day or up to $60,000 for 20 days if you want a relatively advanced setup. 

First, you can create an account with your email and password and choose a rental package that fits your budget. After you buy a rental contract, you start earning mining rewards right away. You can pay using different cryptos like Bitcoin, Ethereum, Litecoin, USDC, or USDT.

ARK Mining claims to use the newest mining machines from some of the top companies like Bitmain. 

It also uses new ASIC and GPU hardware and eco-friendly electricity sources like solar panels. They have a free $50 trial where you can test it out and earn $1 daily without paying anything.

8. Awesome Miner – Centralized Mining Dashboard for Operating Multiple Mining Rigs

Awesome Miner is a powerful Bitcoin mining software aimed at mid-sized mining companies and professional at-home miners.

The software serves as a centralized control center for up to 200,000 ASIC miners and up to 25,000 CPU and GPU miners. Miners can see a list of all their machines to control them individually or organize them into groups. This is helpful if a miner has different machines mining different coins or machines located in different locations.

Awesome Miner can help improve mining efficiency with features like automatic token switching based on profitability and power consumption. It also automatically detects mining issues to minimize downtime.

Another benefit to Awesome Miner is that it works with almost every mineable cryptocurrency. The software claims to mine hundreds of tokens and can be used with more than 50 mining software engines.

Awesome Miner’s GUI is surprisingly easy to use considering the power of this software and clearly displays revenue from each mining rig. So, it’s easy to keep track of profitability and estimate revenue into the future.

Awesome Miner also supports multiple users, which is helpful for growing mining businesses. Business owners can set user permissions, enabling them to delegate tasks to employees.

9. HashShiny – Comprehensive Mining Service with Multiple Cryptocurrency Options

Another cloud mining platform that’s become quite popular is HashShiny. It launched in 2017 and offers cloud mining services for Bitcoin, Ethereum Classic, ZCASH, Dash, Litecoin, and Dogecoin. 

You can decide which pools you want to mine– allowing you to find the most profitable pools. The platform also uses the latest ASIC miner and GPU rigs.

The mining starts when you make the payment– with the first payout within 24 hours. You’ll continue to receive payouts daily.

You can also control the Mining by setting up a ‘Switch on’ or ‘Switch off.’ You have complete control permissions on Mining.

The Bitcoin cloud mining 2-year plan starts at $0.55 per 10 GH/S. HashShiny offers an analytical portal where you can access a live Hashrate graph with real-time data within a few seconds.

10. BeMine – High-reward Cloud Mining Without Owning Hardware

BeMine is a popular cloud mining service that lets you earn high rewards without owning mining machines. They offer different ways to start mining:

• You can rent powerful mining computers (called ASIC miners).
• You can buy mining packages.
• They have a particular “Pool Miners” option where you can mine without even having a computer.

Here, it’s worth mentioning that BeMine lets you try mining for free for 13 days. This feature is great if you’re new and want to see how it works before making a long-term commitment. They also have a tool called ‘profitability calculator’ to help users calculate potential returns based on their investment.

The platform also uses AI to make the mining process relatively more profitable by optimizing mining parameters and adapting to market changes.

You can choose from different mining packages that last for multiple duration and mining power. The website is easy to use and has a personal dashboard to track your mining data.

Moreover, it also offers a referral program where you can earn rewards by inviting your friends to invest in its mining contracts.

11. Kryptex – Popular PC-based Mining Platform

Kryptex is a Windows-based crypto mining platform that allows users to leverage their PC’s processing power to mine various cryptos. The platform aims to simplify the mining process for beginners and those with limited technical knowledge.

You can sign up on its platform and start mining within a few minutes of registering. Users can use a “lite” mode when using their computer or “full” mode when the system is idle.

How much you can earn depends on your computer’s performance and how much the electricity costs where you live. Kryptex also offers a mining calculator to estimate potential earnings.

The platform allows you to pay using cryptos like Bitcoin or Ethereum. Alternatively, you can also use a VISA card or Mastercard to make payments. With security features like 2FA, Kryptex uses strong security measures to keep your account safe.

Please note that you need a powerful computer with a good graphics card to earn a good amount. This can use a lot of electricity and might wear out your computer faster.

12. Bitcoin Minetrix – World’s First Stake-to-Mine Crypto

Bitcoin Minetrix ($BTCMTX) is the world’s first stake-to-mine crypto project, allowing investors of all levels to be part of the mining process.

The revolutionary protocol, which has only just launched its token presale, eliminates the need to purchase cash contracts from mining companies or invest in expensive mining rigs. It also removes the danger of losing funds in contract down payments.

The project works by investors purchasing native token BTCMTX – an Ethereum-based ERC20 token – which grants cloud mining credits, which can then be burnt for cloud mining power.

That grants allocated mining time and BTC can then be transferred to personal wallets.

The tokenization of the process allows users to have full control over funds, with BTCMTX tokens able to be unstaked and sold on the open market at any time. The project will have its own dedicated mobile app to allow users to perform all tasks as and when they want to.

The BTCMTX presale has just launched and attracted more than $100,000 of investment in its first hour.

Tokens can be purchased for $0.011 each during the first of 10 presale stages with 2.8 billion of the 4 billion max supply available to presale buyers.

By the final stage the price will be $0.0119, meaning those who purchase early will have an immediate 8% advantage over those who wait. The project’s smart contract has also been audited by Coinsult.

Bitcoin Minetrix has a softcap of $15.6 million and a hard cap of $32 million, with investors needing to spend $10 minimum to secure tokens.

Full information on the project can be found in the whitepaper, or by joining the Telegram group.

13. MultiMiner – Best Bitcoin Mining Software for Beginners to Get Started in Minutes

MultiMiner is a free, open-source crypto mining software that makes it surprisingly easy for anyone to start mining Bitcoin and other top coins. The platform offers a graphical user interface (GUI) and streamlined settings, saving users from the headache of dealing with a command line interface.

One of the great things about MultiMiner is that a new user can get started mining in minutes. The software will automatically download the bfgminer mining engine and offers pre-configured settings to guide new miners.

Miners can manually select the coins they want to mine, but a better option is to let MultiMiner decide which tokens to mine automatically based on profitability. The software can also switch blockchains based on price or mining difficulty. If there are multiple profitable cryptocurrencies to mine, the software can split computational power across them.

MultiMiner supports mining on most major blockchains, including Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, Vertcoin, Megacoin, and more. In total, the software supports mining across more than 20 coins. It’s also configurable to add new tokens that aren’t already supported by default.

MultiMiner also supports a wide range of mining devices. It’s compatible with CPUs, GPUs, ASICs, and FPGAs. Miners can also add cloud-based machines to MultiMiner and control them using the same dashboard.

Mined tokens can be sent to any pool of a miner’s choice. They simply need to enter the pool address and their login credentials to connect MultiMiner.

The software also works across Windows, Mac, and Linux machines. It’s very flexible, making it a great choice for a wide variety of miners.

14. CGMiner – Open-source Command Line Mining Software for Windows, Mac, and Linux

CGMiner is an advanced Bitcoin mining software designed for miners who want to deploy heavy-duty computational resources to earn Bitcoin.

The software is free, open-source, and works across Windows, Mac, and Linux. Notably, it uses a command line interface and doesn’t offer a GUI. So, there’s a learning curve for new miners who aren’t familiar with command line use.

CGMiner is endlessly customizable, enabling miners to connect to all of their mining pools and connected and cloud-based mining rigs. Miners can even decide how to apportion their computational power for each pool to minimize electricity costs, pool fees, and more.

CGMiner is intended for mining major blockchains like Bitcoin, Litecoin, Bitcoin Cash, and Dogecoin, but it can be configured to mine any token. Notably, the software only supports ASIC and FPGA mining rigs—CGMiner will not work for CPU or GPU mining.

The software’s website has a basic how-to guide explaining how to use CGMiner’s command line. However, there’s a lot that’s not explained, so users will need to spend some time getting the software configured for their specific mining setup.

15. EasyMiner – Simple Mining Software Designed for CPU and GPU Mining

EasyMiner is a user-friendly mining software that’s ideal for CPU and GPU mining. It’s perfect for miners who are just starting out mining relatively low-difficulty blockchains like Dogecoin and Litecoin.

The software is very easy to set up and comes with default parameters that enable new miners to start mining Litecoin in just a few minutes. It’s compatible with either the getwork or Stratum mining protocols.

There are 2 ways to use EasyMiner. In Classic mode, miners get to choose what pool to connect to and what crypto token to mine. In MoneyMaker mode, the software will automatically mine Litecoin in EasyMiner’s own pool.

The benefit of MoneyMaker mode is that users can start mining with just a few clicks. Litecoin earnings are paid out every two hours and there are no pool fees. Even better, the first time a user connects to EasyMiner’s pool, they’ll earn a one-time Litecoin reward.

The software is open-source, so it can easily be extended to work with more cryptocurrencies and even with ASIC mining machines. EasyMiner can also be configured as a GUI for more advanced mining software platforms like CGMiner.

16. BFGMiner – Mine Multiple Cryptos Simultaneously using ASIC and FPGA Chips

BFGMiner is an open-source mining software hosted on GitHub. The software is designed specifically for ASIC and FPGA mining, offering advanced features for controlling and monitoring a fleet of mining rigs.

With BFGMiner, miners can control their machines’ fan speeds, monitor overclocking, and quickly redeploy groups of mining machines to a new blockchain.

One of the nice things about BFGMiner is that the software makes it easy to mine multiple cryptocurrencies simultaneously and to mine within different pools. So, miners have a lot of control over how they approach mining as market conditions and electricity costs change.

The drawback is that BFGMiner doesn’t offer auto-switching or other automation features. Miners need to be relatively advanced to decide which blockchains to focus on to manage their risk and profitability.

17. NiceHash – Mining Marketplace for Buying and Selling Computing Power

NiceHash is both a cryptocurrency mining software provider and a marketplace where miners can buy and sell computing power for crypto mining. The platform is a great option for miners looking to get off the ground and scale up as quickly as possible.

With NiceHash QuickMiner software, anyone can start mining using the CPU or GPU in their existing device. It only takes a few minutes to install the software and start mining.

NiceHash Miner is a more advanced software that offers algorithmic switching among blockchains to maximize profitability based on current coin prices.

Miners can also buy hash power through NiceHash. There are hundreds of machines available to rent using a variety of popular mining algorithms. Pricing varies widely by token, hash power, and mining algorithm, but miners can typically get up to 1 TH of computing power starting at 0.0494 BTC per day.

18. Mobile Miner – One of the Best Bitcoin Mining Apps That Turns Every Device into a Mining Rig

Mobile Miner is a beginner-friendly crypto mining software that enables users to harness the processing power of all the devices they already own. It supports CPU and GPU mining across desktop and laptop computers, gaming consoles, smartphones, and even smart TVs.

The platform is very easy to set up. Users just need to install the software on the device they want to mine crypto with, sign in, and then let Mobile Miner go to work. It’s easy to monitor earnings with the Mobile Miner crypto mining app.

The software automatically switches between CPU and GPU mining to achieve the greatest efficiency.

Mobile Miner is best for mining cryptocurrencies with low difficulty, such as Iridium (IRD), Lethean (LTHN), Masari (MSR), and Sumokoin (SUMO). It supports mining more than 100 coins, but not any major currencies. There’s no way to mine Bitcoin, Ethereum Classic, or Litecoin with Mobile Miner.

19. F2Hash – Cloud Bitcoin Mining Software Using Solar-powered Mining Rigs

F2Hash is a cloud mining service that offers ready-to-buy hashpower for mining Bitcoin and other major cryptocurrencies.

The company offers access to powerful mining rigs, including full racks of Antminer S19 Pro machines. Pricing for Antminer S19 Pro plans starts at $5,000 for a one-year contract, with estimated profit of $21,280.

Of course, there are also more affordable plans for beginner miners. The cheapest is $200 for one year and offers 7,000 GH/s of computing power. That’s enough to generate an estimated profit of $822 over the course of the contract.

F2Hash’s mining rigs are powered by solar, so miners can earn a profit without harming the environment. That’s a big difference from other cloud mining companies, many of which have huge electricity use that’s powered by fossil fuels.

Miners can monitor their account balance through the F2Hash Bitcoin mining app, but there’s no work required to maintain or adjust mining rigs.

20. Zionodes – Rent Mining Power from Major Datacenters through the Cloud

Zionodes is a Bitcoin mining marketplace that enables anyone to rent hashpower from datacenters around the world. Datacenters compete to offer the best contracts for mining rigs, ensuring that miners can find value-driven pricing.

New and established miners can also use Zionodes to purchase new hardware outright. The hardware will be installed at an existing datacenter and can be used to start mining within days of purchase.

Miners can use Zionodes software to monitor their mining rigs and remotely control them. That said, miners will still need to install one of the other crypto mining platforms on the rigs they buy or lease, since Zionodes doesn’t actually run mining algorithms.

In the near future, Zionodes plans to roll out its new Hashrate Protocol, which will allow miners to tokenize the mining equipment they own. So, miners can generate income not only through mining, but also re-leasing their equipment to other miners.

What is Bitcoin Mining?

Bitcoin mining refers to the process of validating transactions on the Bitcoin blockchain.

When a transaction is made in Bitcoin, it doesn’t get approved right away. For the transaction to be recorded, a Bitcoin miner needs to solve a complex cryptographic puzzle that ensures the transaction actually occurred as described. Once the puzzle is solved, the transaction is immutably recorded to the blockchain.

On the Bitcoin blockchain, transactions are bundled into blocks so that multiple transactions can be approved with each round of mining.

There are typically many miners competing to solve the puzzle first. Whoever solves the puzzle and validates the block receives newly generated Bitcoin. Right now, the Bitcoin block reward is 6.25 BTC, which is worth nearly $170,000 at today’s Bitcoin price.

Importantly, mining isn’t only for Bitcoin. All blockchains that use a similar proof-of-work validation mechanism also require mining. Other cryptocurrencies that use mining include:

• Bitcoin Cash
• Litecoin
• Ethereum Classic
• Monero
• ZCash
• Vertcoin

Until recently, Ethereum also used proof-of-work validation and required mining. However, Ethereum switched to proof-of-stake validation, which does not require mining, in September 2022.

How Does Cryptocurrency Mining Work?

Cryptocurrency mining is a computational process. Essentially, a group of transactions—called a block—is assigned a cryptographic code. This code, or hash, is 64 numbers and letters, meaning there are millions of possible combinations.

To validate the block and mine Bitcoin or another cryptocurrency, miners must figure out the hash. The only way to do that is to guess codes at random until a miner gets it right.

The upside is that computers can guess millions of hashes every second, and there are usually many miners around the world guessing for each block.

More powerful computers can guess more hashes in less time, which is why high-powered computer chips like ASICs are widely used for Bitcoin mining. It’s possible to use CPUs and GPUs, but they make guesses more slowly. So, miners using these less powerful computing resources have a lower chance of guessing the hash first and claiming the block reward.

How Does Bitcoin Mining Software Work?

Bitcoin mining software makes it possible to mine Bitcoin. Broadly, mining software can be split into 2 categories: mining software that enables users to mine on their own hardware and mining software that enables cloud-based mining.

Mining software that runs on a user’s own hardware simply connects them to the Bitcoin blockchain and starts making guesses. It uses the hardware’s CPU, GPU, or chip to make guesses. Some mining software can coordinate multiple different devices, effectively increasing the number of guesses that a user can make about a block’s hash.

Cloud Bitcoin mining websites enable a user to rent mining hardware in the cloud. Essentially, a user is remotely controlling computers or servers somewhere else in the world, usually in a datacenter. Users can direct those computers to mine Bitcoin or another cryptocurrency just like they would direct their own computer using hardware-based mining software.

The advantage of cloud-based mining is that users can get access to far more computing power than they have for Bitcoin mining at home. An individual might not be able to spend thousands of dollars to buy an ASIC chip, but they can use cloud mining software to rent access to an ASIC chip from a datacenter for far less money.

Is Bitcoin Mining Profitable?

Bitcoin mining can still be profitable in 2024. But to make money mining cryptocurrency, miners have to be smart about how they approach the process.

There are a few paths individuals can take to crypto mining.

Low-cost Crypto Mining

One approach to achieving crypto mining profitability is to keep costs as low as possible. This usually means mining on hardware an individual already owns, such as their home computer or gaming consoles.

In this case, a miner eliminates hardware costs and only has to pay for electricity costs. They can use free Bitcoin mining software like MultiMiner or CGMiner.

The drawback to this approach is that miners likely won’t earn very much. Their computational power is low, so the number of blocks that they’ll win will be low. At-home miners can usually cover their electricity bill and turn a profit, but they should only expect to make a profit of $10-$100 per month in most cases.

Intensive Crypto Mining

Another way to go about Bitcoin mining is to go all-in. Miners need to make a large investment in state-of-the-art ASIC crypto mining rigs, either by buying them outright or leasing them from a datacenter through the cloud. Electricity costs for operating and cooling these rigs will generally be quite high.

The more computational power miners bring online, the more likely they are to win blocks and earn Bitcoin or other cryptocurrencies. As long as the price of Bitcoin is above a certain break-even point, miners will make a profit. Since the scale of mining is larger with this approach, it’s possible for miners to make thousands of dollars per month.

Importantly, the breakeven price for intensive crypto mining varies based on what equipment a miner owns and their operating costs. Most mid-sized Bitcoin mining companies need Bitcoin to remain above $16,000-$18,000 to turn a profit. Individual miners may need Bitcoin to approach $25,000-$30,000 to turn a profit.

Crypto Mining Pools

One other way to make crypto mining profitable for individuals is to join a Bitcoin mining pool. In a mining pool, dozens to hundreds of individual miners band together to mine Bitcoin or another cryptocurrency and share the rewards.

The advantage to this approach is that a group of miners can bring together much more computational power and operating capital than any individual working alone. If a miner has one ASIC chip, for example, they won’t win a Bitcoin block reward very frequently. But if each miner in a 100-person mining pool has an ASIC chip, the pool can compete with major crypto mining companies.

Joining a crypto mining pool typically comes with variable membership costs and minimum equipment requirements, so it’s a similar investment to setting up an individual Bitcoin mining rig. However, a pool can reduce risk and help miners earn a steadier income from mining.

Benefits of Mining Bitcoin and Other Cryptocurrencies

The main benefit of mining Bitcoin and other cryptocurrencies is that miners can receive new crypto tokens. Every time a miner is the first to solve the hash for a Bitcoin block, they receive a reward of 6.25 BTC. That’s worth nearly $170,000 at today’s Bitcoin price.

Miners can hold onto their newly earned Bitcoin if they think the price of BTC will go up. Or they can sell their Bitcoin on the open market to realize a profit and help offset the costs of their mining operation.

Mining other cryptocurrencies yields similar token rewards, although the amount earned for each block varies by cryptocurrency. For example, the current Litecoin block reward is 6.25 LTC (around $400) and the current Ethereum Classic reward is 3.2 ETC (around $50).

Of course, mining also has a benefit for the blockchain network itself. The mining process ensures that transactions are valid before they can be added immutably to the blockchain. So, high competition for mining speeds up transaction processing and ensures that the blockchain is secure.

Costs of Crypto Mining

One of the biggest hurdles to getting into crypto mining is that it isn’t free. Even the most basic mining setups incur costs.

Let’s take a look at how much a new miner can expect to pay.

Equipment Costs

Bitcoin mining equipment requires a major upfront investment. New miners either need to buy a crypto mining rig outright or lease computing power from a datacenter. Either way, they should expect to spend several hundred dollars or more.

To give an idea of costs, here are the average prices of some popular ASIC mining rigs:

• Bitmain AntMiner S19 Pro: $1,800
• Dragonmint T1: $1,000
• Whatsminer M30S++: $2,000

If a miner doesn’t want to buy their own mining equipment, they can lease it from a datacenter. F2Hash offers leasing packages starting at $200 per year, creating a more affordable option for new miners.

Miners can eliminate or greatly reduce equipment costs by using computing equipment they already have at home. However, the mining power of an at-home computer or gaming console is very limited compared to dedicated mining rigs. So, the amount of profit that a miner can make with these devices will be limited.

Electricity Costs

Once a miner owns mining equipment, they need to pay to operate it. ASIC processors use a lot of power to run, so electricity bills can run to hundreds of dollars per month for each machine.

Miners also need to keep their mining rigs cool, which requires air conditioning or a heat exchange system. Cooling systems also take a lot of energy to run, which can further add to electricity costs.

According to CoinGecko, the electricity cost for an individual miner to earn 1 Bitcoin is more than $46,000 in the US. Costs are even higher across most of Europe.

Our guide to Bitcoin mining and energy statistics found that in May 2023 alone, the global energy consumption for Bitcoin mining globally was 95.58 terawatt-hours.

The cost comes down as a miner adds more equipment, since they benefit from an economy of scale. However, this analysis demonstrates that electricity costs are significant when evaluating the overall cost of Bitcoin mining.

Software Costs

A lot of crypto mining sites and software tools are free to use. However, some cloud-based Bitcoin mining platforms do charge a fee above and beyond your equipment rental fee. This can be a fixed monthly software fee or a commission on successfully mined Bitcoin.

Mining pools also charge a fee, usually 1-4% of a miner’s share of each crypto block reward.

Is Bitcoin Mining Legal?

Bitcoin mining is legal in most countries around the world, including the US, UK, and all European countries.

Some countries and some US states are considering limiting Bitcoin mining because of its energy usage, but no countries have yet done so. It’s unlikely that future laws will ban all Bitcoin mining, and instead focus on large mining farms.

There are a few countries where Bitcoin mining is illegal. These include China, Russia, Bangladesh, Egypt, Qatar, Iraq, Morocco, Nepal, Algeria, and Tunisia.

References

• https://bitcoinvisuals.com/chain-block-reward
• https://www.coindesk.com/tech/2020/04/26/the-rise-of-asics-a-step-by-step-history-of-bitcoin-mining/
• https://techcrunch.com/2023/02/08/bitcoin-holding-above-20000-offers-miners-hope-as-margins-become-healthier/
• https://bitcoinmagazine.com/guides/what-are-bitcoin-mining-pools
• https://www.coingecko.com/research/publications/bitcoin-mining-cost
• https://www.forbes.com/advisor/trading/cryptocurrency/bitcoin-halving/
• https://beincrypto.com/bitcoin-miners-beware-2024-halving-out-business/
• https://thedefiant.io/litecoin-completes-third-ever-block-reward-halving
• https://www.cryptopolitan.com/us-states-crypto-mining-protection-laws/

Conclusion

Bitcoin mining software enables anyone to start guessing hashes and compete to earn Bitcoin block rewards. It can be used with an at-home mining setup, professional mining equipment, or leased mining equipment from a data center.

Based on our research, Binance Cloud Mining is the overall best Bitcoin mining software for 2024. It offers a transparent Bitcoin mining platform integrated with Binance Pool and is ideal for low-cost and beginner-friendly mining.

FAQs

Michael Graw

Crypto Expert

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Michael Graw

Crypto Expert

Michael Graw is an experienced writer in the business and B2B tech fields. His articles can be found on Business Insider, Entrepreneur, Tom’s Guide, and TechRadar, and cover everything from corporate finance to crypto and international tech regulation. A prolific copywriter and entrepreneur, Michael has worked with a wide range of SaaS and tech companies and has his finger firmly on the pulse of B2B tech and finance.

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