Inside Bitmain Antminer E9
Inside Bitmain Antminer E9
the Fastest Ethereum Miner on the Market
Over the past two years, many cryptocurrencies have skyrocketed in value. The recent Ethereum update, for instance, helped Ethereum’s price go up 20% in a single week and sent Bitcoin back over $40,000. This has caused the crypto market to climb to nearly $1.7 trillion.
Some experts are even predicting that Ethereum could possibly overtake Bitcoin as the biggest cryptocurrency in the world in the next couple of years. If you ever planned on mining Ethereum, now’s a great time to do it. Of course, finding good mining equipment has never been harder.
There’s a huge shortage of GPUs on the market at the moment, and from the look of things, the manufacturers won’t be able to solve this problem for a while. But Beijing-based company Bitmain might have the solution. The Bitmain Antminer E9 ASIC miner, which has an amazing hash rate of 3 GH/s may just be the thing you need.
Bitmain Antminer E9 and the Rise of ASIC Miners
To mine crypto coins, you need to have a powerful computer with a high-performance graphics card. Even before the crypto boom of 2020, these cards were expensive. To create an efficient crypto-mining rig, you needed to spend a few thousand dollars, at least.
The rise in the price of cryptocurrencies is mainly to blame for the shortage of graphic cards. In addition, many resellers saw an opportunity to make a quick buck, so they started hunting and buying graphic cards in bulk. This lead to an increase in prices. GPUs that were priced between $700 and $1,000 at retail were being sold for $2,000 to $4,000.
To end all of this, NVIDIA launched a specific series of graphic cards, aimed mainly at crypto miners. However, even that didn’t seem to improve the situation. As soon as the RTX 3080 hit the market, the resellers started using bots to buy all of these cards and sell them. Amazon and eBay were overflown with overly-priced graphics cards in just a few days.
The shortage not only enraged the gaming community but also forced many crypto enthusiasts that wanted to start mining, look for alternatives. For Ethereum investors, the situation seemed hopeless. However, a beam of hope came from one company: the Chinese crypto giant, Bitmain.
Their Antminer series of ASIC was there to help. ASIC stands for Application-Specific Integrated Circuit and it’s a type of miner that’s been designed for a single purpose: mine crypto coins. While you can use graphics cards for a number of reasons, including play modern games, edit high-quality videos, and design high-resolution images, you can’t do the same with ASIC units.
The company’s newest ASIC miner, the Bitmain Antminer E9 is not only looking like the solution for the current crisis, but it’s also looking like the future of ETH mining, as well.
Antminer E9 as a Solution to GPU Deficiency
One graphics card can’t provide much computing power. An ASIC unit, on the other hand, can really pack a punch. According to company officials, the Bitmain Antminer E9 has the same computing power as 32 RTX 3080 cards and 25 RTX 3090 ones.
These are the same cards that are nearly impossible to find on the market today. You would need a few dozen of them to mine the same amount of Ethereum coins the E9 can. However, you would need to invest a whole lot more money.
The price of GPUs isn’t going down any time soon. And from the look of things, online retailers won’t have the technical know-how to fight off bots any time soon. If you want to invest in mining, an ASIC unit seems to be your best solution.
The unit measuring the power of crypto mining machines is the hash rate. Just a few years ago, an efficient mining rig had an average hash rate of 500 mega-hashes per second. The Bitmain Antminer E9 has a hash rate of 3 giga-hashes per second.
That’s why you’d need so many graphic cards to replicate the work of a single Antminer E9 unit. But how does it compare to other ASIC miners? The second most powerful ASIC miner on the market has a hash rate of only 2.6 giga-hashes per second.
Bitmain Antminer E9 Return on Investment
Of course, the Antminer E9 isn’t exactly cheap. It comes with a price tag of $17,000. For many would-be miners, this seemingly puts the Bitmain Antminer E9 out of their reach. There’s no point in investing all of that money when you don’t know when and how much you’ll be able to make, right? Well, not quite.
One of the best things about the E9 is the fact that it’s worth a lot more than it costs. When first announced, many people believed that the Bitmain Antminer E9 would cost up to $30,000. That’s because, in order to mine the same amount of coins at the same speed on a daily basis, you would need to spend between $50,000 and $60,000. And that’s being generous.
What’s more, you’d need just a couple of months to see a return on your investment. According to most calculations, the machine allows you to earn nearly $250 a day. That’s including the electricity bills. That means you need around 70 days to pay the entire machine off. In less than three months, you can start seeing some serious money with the Bitmain Antminer E9.
Bitmain Conquering the Crypto Market
For years, many Ethereum supporters thought GPU mining was their only option. Bitmain helped ASIC Ethereum mining become popular. Now, they’re trying to conquer the entire Ethereum mining market with the Bitmain Antminer E9.
While it’s not realistic to expect the E9 to single-handedly solve the GPU shortage since Bitmain can’t manufacture it in such large quantities. However, Bitmain is steering the market in the right direction. Expect Bitmain to take a huge chunk of the Ethereum mining market share over the next year or so.