The AntMiner S5 is the entry level Bitcoin miners who aren’t ready to fork out more than a few hundred rands/dollars. Most users who have bought the device are quite pleased with the results. In terms of today’s mining difficulty and decreasing block reward, in my opinion it is an outdated service as you would not make more than 0.05 BTC. In actual fact you’ll need to run it for about a year and 8 months to get 1 full Bitcoin. Other customers complained about the device being too noisy but unfortunately that’s how most miners are, loud and hot.
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Avalon 6’s great contenders are both the S5 and S7 AntMiners. From the limited amount of reviews that can be found online most are of the opinion that the Avalon 6 is not as loud as its contenders and the hash rate is pretty reasonable. At the current price tag I see no reason to choose it over its competitors, it costs a 100 rands/dollars more than the S7 which has more superior results.
With the Avalon 6 you can generate a revenue of around 0.12BTC a month, which is hardly something you can write home about.
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In the beginning, mining with a CPU was the only way to mine bitcoins and was done using the original Satoshi client. In the quest to further secure the network and earn more bitcoins, miners innovated on many fronts and for years now, CPU mining has been relatively futile. You might mine for decades using your laptop without earning a single coin.
About a year and a half after the network started, it was discovered that high end graphics cards were much more efficient at bitcoin mining and the landscape changed. CPU bitcoin mining gave way to the GPU (Graphical Processing Unit). The massively parallel nature of some GPUs allowed for a 50x to 100x increase in bitcoin mining power while using far less power per unit of work.
While any modern GPU can be used to mine, the AMD line of GPU architecture turned out to be far superior to the nVidia architecture for mining bitcoins and the ATI Radeon HD 5870 turned out to be the most cost effective choice at the time.
Cloud Mining is the process of bitcoin mining utilizing a remote datacenter with shared processing power. This type of mining allows users to mine bitcoins or alternative cryptocurrencies without having to manage their own hardware. A large number of experts in Bitcoin do not recommend mining in general because of how competitive it has become and the fact that effective Bitcoin mining equipment has become very expensive. Also a lot of cloud mining companies are just scams waiting to rip you off. Genesis Mining is one of the legit companies with positive reviews but it is really not worth the investment in my opinion.
- Genesis Mining – This is an easy and safe way to purchase hashpower without having to deal with complex hardware and software setup...
Bitcoin mining is more like a gigantic lottery where individuals compete with their mining hardware against everyone on the network to earn bitcoins. Efficient Bitcoin mining hardware will attempt more tries per second to win this lottery while the Bitcoin network adjusts itself roughly every two weeks to keep the rate of finding a winning block hash to every ten minutes. Transactions are secured in Bitcoin mining and recorded in Bitcon’s public ledger, the block chain. By conducting a random lottery where electricity and specialised equipment are the price of admission, the cost of interupting the Bitcoin network escalates with the amount of hashing power that is being used by mining participants.
Video courtesy of: www.BitcoinMining.com